U.K. equities slipped in early trading Friday, mirroring losses across major European markets, as investor sentiment weakened ahead of anticipated tariff measures from the United States.
At 07:06 GMT, the FTSE 100 was down 0.3%, while the pound held firm, rising 0.1% against the dollar to trade above $1.36. In mainland Europe, Germany’s DAX fell 0.2%, and France’s CAC 40 declined by 0.8%.
Trump Tariff Announcement Imminent
President Donald Trump announced Thursday that the U.S. would begin formally notifying key trade partners of new export tariffs starting Friday. The new measures, expected to take effect from August 1, include a wide range of tariff rates, reportedly between 10% and 70%.
As the July 9 implementation deadline nears, trade uncertainty continues to weigh on global markets. Despite early optimism around reaching multiple trade agreements, the U.S. has confirmed just three deals so far.
Major U.K. Pension Reform on the Horizon
Chancellor Rachel Reeves is preparing to unveil a sweeping reform of the U.K.’s pension system in her upcoming Mansion House speech on July 15, the Financial Times reports. The overhaul is expected to include the launch of a national commission to assess retirement adequacy across the country, a move aimed at enhancing long-term financial security for pensioners.
MJ Gleeson Issues Another Profit Warning
In corporate news, housebuilder MJ Gleeson (LSE:GLE) has issued a second profit warning in just one month. The company blamed stagnant house prices and surging build costs for deteriorating margins, citing continued softness in buyer demand.
Gleeson has responded by offering sales incentives and exploring bulk transactions to move inventory. It is also grappling with delayed site launches due to planning bottlenecks. CEO of Gleeson Homes, Mark Knight, has exited the company amid a broader reorganization initiative.
AstraZeneca Wins EU Nod for Bladder Cancer Drug
AstraZeneca (LSE:AZN) secured regulatory approval from the European Union for its cancer treatment Imfinzi, which targets specific bladder cancer indications. The drug had already been greenlit in the U.S., and applications are under review in Japan and additional international markets.
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