Gold prices steady ahead of Fed decision, Trump’s tariff deadline
Investing.com -- U.K. stocks opened lower on Friday, slipping alongside major European indices as trade uncertainty intensified ahead of expected tariff announcements from U.S. President Donald Trump.
As of 1242 GMT, the blue-chip index FTSE 100 dipped 0.2% and the British pound dropped 0.1% against the dollar to above 1.36.
DAX index in Germany slipped 0.5%, the CAC 40 in France dropped nearly 1%.
Glencore (LON:GLEN) reportedly set to continue crude oil supply to Lindsey refinery
Glencore has reached an agreement with the Official Receiver to continue supplying crude oil to the Lindsey oil refinery in Lincolnshire, Sky News reported Friday.
The deal was finalized overnight and ensures that operations will continue at the Lincolnshire facility, which was previously a subsidiary of Prax Group. Several parts of Prax Group entered insolvency proceedings earlier this week.
Under the new arrangement, the commodities giant Glencore will maintain crude oil deliveries to the refinery, helping to preserve the supply chain during the ongoing corporate restructuring process.
Trump’s tariff deadline looms
Trump stated Thursday that the U.S. government would begin sending letters to major economies by Friday detailing the tariff rates their exports will face.
The tariffs are scheduled to take effect from August 1, with rates ranging from 10% to 20% and 60% to 70%.
The July 9 deadline for higher tariff rates is approaching quickly. Despite initial optimism from U.S. officials about numerous potential agreements, only three deals have been announced so far.
Reeves’ major U.K. pension system overhaul
British Finance Minister Rachel Reeves plans to announce a significant overhaul of the United Kingdom (TADAWUL:4280)’s pension system during her upcoming Mansion House speech on July 15, according to the Financial Times.
The proposed reforms will include establishing a commission to conduct a comprehensive review of pension adequacy throughout Britain, addressing long-standing concerns about retirement security.
MJ Gleeson (LON:GLEG) issues second profit warning
Homebuilder MJ Gleeson dropped above 5% after issuing its second profit warning in a month, citing a weak housing market with stagnant selling prices despite increased build costs.
The company has resorted to offering incentives and bulk sale transactions amid weak demand, while planning delays have pushed back site openings.
Mark Knight, CEO of the Gleeson Homes unit, has left the business as part of an organizational turnaround.
EU approves AstraZeneca’s Imfinzi
AstraZeneca (LON:AZN) received approval from the European Union’s regulator for its Imfinzi cancer drug to treat certain forms of bladder cancer.
The medication is already approved in the United States for this indication, with applications currently under review in Japan and several other countries.
(This story will be updated)