U.S. may expand Nvidia and AMD’s 15% China chips deal to other companies
Investing.com -- British stocks closed higher on Tuesday after the long weekend, following U.S. President Trump’s announcement over the weekend to delay the 50% tariff on the European Union.
The blue-chip index FTSE 100 gained 0.7% and the British pound fell 0.4% against the dollar to 1.3505.
Meanwhile, DAX index in Germany gained 1%, the CAC 40 in France was flat.
Trump delays 50% EU tariffs
U.S. President Donald Trump said Sunday he would delay his proposed 50% tariff on EU imports until July 9, following a call with European Commission President Ursula von der Leyen.
The announcement marked a shift from Friday, when Trump said the tariffs would begin June 1 due to stalled trade talks.
Von der Leyen welcomed the move, saying the EU is ready to advance negotiations “swiftly and decisively.”
Bodycote revenue slips 6% on-year, but rises 4% from H2 2024
Bodycote PLC (LON:BOY) reported £246 million in revenue for the four months to April, reflecting a 6% year-on-year drop on an organic basis.
Revenues from ongoing operations were down 5% annually but showed a 4% improvement from the second half of 2024.
Elementis shares soar after talc business sale to IMI (LON:IMI) Fabi
Shares of Elementis PLC (LON:ELM) surged over 12% following the completion of its Talc business sale to IMI Fabi S.p.A for an enterprise value of $121 million.
The specialty chemicals firm, listed in London, said it anticipates net cash proceeds of approximately $55 million after accounting for transaction-related expenses.
KFC to invest £1.49 Bln in U.K., Ireland
Yum Brands’ KFC announced on Tuesday its intention to invest £1.49 billion ($2.0 billion) in the U.K. and Ireland over the next five years.
The move is expected to generate more than 7,000 new jobs across its operations and supply network.
KFC also plans to add 500 new locations in the region over the next ten years as part of its long-term growth strategy.
IMF raises U.K. growth outlook
The International Monetary Fund has revised the U.K.’s 2024 growth outlook slightly upward to 1.2%, up from 1.1% projected in April.
It urged Finance Minister Rachel Reeves to maintain her fiscal discipline and borrowing reduction plans.
Despite headwinds from U.S. tariffs, growth is expected to rise further to 1.4% in 2026.
U.K. food inflation accelerates in May,
Food prices in the U.K. continued to climb for a fourth straight month in May, the British Retail Consortium said on Tuesday.
Annual food inflation rose to 2.8% last month, up from April’s 2.6%, and exceeded the three-month average.
Whitbread appoints new Chair
Whitbread PLC (LON:WTB) has appointed Christine Hodgson as its new chair, replacing Adam Crozier, who is stepping down.
AstraZeneca (LON:AZN) wins EU backing for bladder cancer treatment
AstraZeneca PLC (ST:AZN) announced Tuesday that its bladder cancer therapy, Imfinzi, has received a positive recommendation in the European Union.
The company added that the treatment continues to show good tolerability, with no new safety concerns identified.