MARKETS pushed higher on Tuesday despite a number of global economic and political uncertainties, as the latest round of US tariffs on Chinese goods looked set to be delayed.
Traders were slightly more bullish as it emerged that certain sanctions in President Donald Trump’s latest shot in the trade dispute would be held back until December rather than a previously announced September date.
David Madden, market analyst at CMC Markets UK, said: “With worries about a recession brewing in Germany, political uncertainty in Italy and violent scenes in Hong Kong, the easing up of hostilities between the US and China has been a welcome change to the doom and gloom of the past few days.”
The FTSE 100 closed 24.18 points, or 0.33%, higher at 7,250.9.
The German Dax was also higher, climbing 0.6%, while the French Cac was up 0.99%.
Meanwhile the pound was mixed, with another set of strong jobs data balanced against fears around a no-deal Brexit.
Sterling fell 0.19% to $1.206, but rose 0.18% on the euro to 1.079.
Meanwhile the simmering down of trade tensions also boosted oil prices.
Mr Madden said: “Oil was given a shot in the arm due to the tariff news, and dealers bought into the energy market in the belief that an easing of trade tensions should equate to a higher demand for oil, particularly in China, which is a major importer of the energy.”
A barrel of Brent Crude oil was trading 5.21% higher at $61.38. In company news, Tui reported a 46% plunge in underlying earnings after taking a hit from the grounding of Boeing’s 737 Max 8 aeroplane and as Brexit dampens demand.
Its shares closed almost flat, down 0.4p at 810.2p.
Retailer Card Factory said it rang up higher half-year sales despite a weaker Father’s Day quarter as fewer customers hit the high street.
Shares fell 5.7p to 156.2p.
Watches of Switzerland was up 1p to 285p after reporting a jump in sales. For the three months to July 28, sales rose 17.8% to £209.4 million, with £155m taken in the UK and £54.4m in the US.
Aviation services provider John Menzies fell 14p to 401p after reporting a pre-tax loss in the first half as it revealed the impact of headwinds in the aerospace industry.
Fashion retailer Superdry has appointed interim chief financial officer Nick Gresham on a permanent basis. Shares ticked up 7.6p to 415.8p.
Online trader Plus500 saw pre-tax profits plunge by 82% to $63.9m (£57m) in the six months to June 30, but its share price soared 118.6p to 690p on news of a share buyback.
The biggest risers on the FTSE 100 were Anglo American up 46.6p to 1,864p, Antofagasta up 20p to 844.8p, Glencore up 5.3p to 236.15p and Mondi up 35p to 1,627p.
The biggest fallers on the FTSE 100 were Auto Trader down 14p to 524p, Hargreaves Lansdown down 41p to 1,955p, Next down 118p to 5,848p and Marks & Spencer down 3.7p to 184.15p.