British stocks mixed after US court blocks Trump tariffs
As of 0952 GMT, the blue-chip FTSE 100 (.FTSE), opens new tab was down 0.05%, while the domestically focussed FTSE 250 (.FTMC), opens new tab rose 0.3%.
The Court of International Trade said Trump had overstepped his authority by imposing across-the-board tariffs on imports from U.S. trade partners.
Markets around the globe rose following the news.
The White House has appealed the decision, which could reach the Supreme Court, but investors welcomed the potential reprieve from tariff volatility that has persisted since April.
The UK was the first country to secure a limited bilateral trade agreement with the U.S., maintaining Trump's 10% tariffs on British exports while expanding agricultural access and lowering U.S. duties on car exports.
Luxury brand Burberry (BRBY.L), opens new tab was among the top gainers on the mid-cap index on Thursday, advancing 2%.
Industrial metal miners' sub-index (.FTNMX551020), opens new tab gained 0.2% as prices of metals in London rose.
Sub-index heavyweights Rio Tinto (RIO.L), opens new tab, Anglo American (AAL.L), opens new tab, Glencore (GLEN.L), opens new tab and Antofagasta (ANTO.L), opens new tab climbed between 1% and 2%
London-listed shares of Atalaya Mining Copper SA rose 5%.
Bond-proxy utilities (.FTUB6510), opens new tab were the biggest laggards on the blue-chip index, falling 2.5%, as the UK government bond yields inched higher on the day, tracking Eurozone peers.
National Grid (NG.L), opens new tab and Severn Trent (SVT.L), opens new tab both shed more than 3%.
Shares of automotive platform Auto Trader (AUTOA.L), opens new tab tumbled 13.8% to a more than one-month low after missing annual revenue estimates.
Market sentiment received an additional boost after the world's most valuable semiconductor firm, Nvidia (NVDA.O), opens new tab, beat estimates for first-quarter sales.
Back home, economic data showed business confidence in Britain's services sector hit a two-and-a-half-year low in the May quarter, with cost pressures rising partly due to employment tax rises.
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The Sun
25 minutes ago
- The Sun
Three men working for Wagner terrorist group convicted of arson attack on London warehouse linked to Ukraine
THREE MEN working for the Wagner Russian terrorist group were yesterday convicted of an arson attack on a warehouse linked to Ukraine. The trio caused £1 million worth of damage to an industrial unit in Leyton, East London, destroying £100,000 worth of satellite communication equipment destined for Ukraine on March 20 last year. An Old Bailey jury yesterday convicted gang members Nii Mensah, 23, Jakeem Rose, 23, and Ugnius Asmena, 20, of aggravated arson with intent to endanger life. Mensah, of Thornton Heath, South London, livestreamed the warehouse blaze to Earl after he and Rose, from Croydon, set fire to the building as Asmena waited in a car. The case is the first to result in convictions of British criminals acting as proxies for the proscribed Wagner Group. Drug dealer Dylan Earl, 20, and Gatwick Airport cleaner Jake Reeves, 23, orchestrated the plot on behalf of the Russian Wagner group of mercenaries. They planned further arson attacks on a restaurant and wine shop in Mayfair and the kidnap of the owner, wealthy Russian dissident Evgeny Chichvarkin. They are the first defendants to be convicted of offences under the National Security Act 2023, designed to thwart attacks in the UK by hostile foreign states. Mrs Justice Cheema-Grubb adjourned sentencing until a date to be fixed in the autumn. Moment flames engulf car outside Keir Starmer's home as man arrested over 'arson' attack on TWO properties linked to PM 1
Telegraph
25 minutes ago
- Telegraph
Princess makes state banquet return in ‘entente cordiale' charm offensive
The Princess of Wales has made a dazzling return to a state banquet for the first time since her cancer treatment as she joined the King and Queen for a royal charm offensive to celebrate the 'entente cordiale'. The Princess, wearing a deep red gown and tiara, was seated next to Emmanuel Macron, the French president, as both listened intently to the King as he honoured his guests with compliments and a little light teasing. The Royal family had spent the day hosting Mr Macron and his wife Brigitte for their state visit, with the Princess making a welcome high-profile return for the full event alongside her husband, the Prince of Wales. After a day of double kisses on the cheek, the Royal family members and Macrons were joined by a host of celebrities for the lavish state dinner at Windsor Castle. The King's speech took in 1,000 years of shared history between Britain and France, with asides from mayonnaise to baguettes, the Norman conquest to Asterix, the French comic book character. 'We would not be neighbours if we did not have our differences,' he said, with 'amicable competition and occasionally even, dare I say, confusion' across cultures. The King also suggested that the famous 'entente cordiale' should now be upgraded to the 'entente amicale': a lyrical gesture of cross-Channel friendship. Over a Franco-British menu created and overseen by Raymond Blanc, the King raised a toast to his French guests during a speech which mixed flattery and fun with a more serious message. Speaking partly in French to 'Monsieur le President', the King said: 'The summit that you and the Prime Minister will hold in London this week will deepen our alliance and broaden our partnership still further.' Adding a list of specifics, from the Armed Forces to artificial intelligence, he added: 'Our security services and police will go further still to protect us against the profound challenges of terrorism, organised crime, cyber attacks and irregular migration across the English Channel '. Guests at the banquet in Windsor Castle – the first held there since 2014 – were serenaded by an orchestra playing an array of music from Vivaldi to pop star Dua Lipa, as well as Daft Punk, the French electronic duo, and songs from the musical Les Miserables. After dinner, port and cognac from the years of the King and president's respective births were served. Continuing a recent tradition introduced during the King's reign, an in-palace mixologist created a bespoke cocktail to reflect the visitors' culture: this time, the 'L'Entente' combined British gin with lemon curd and French pastis, garnished with dried French cornflowers and English roses. Guests at the banquet include Sir Michael Jagger, Dame Kristin Scott Thomas, Sir Elton John and David Furnish, writers Joanne Harris and Sebastian Faulks, artist Antony Gormley, England goalkeeper Mary Earps, and Fred Sirieix, the French star of British television programme First Dates. The table arrangement at Windsor Castle, set out in one long sitting, saw Mr Macron placed between the King and the Princess of Wales, while Mrs Macron was seated between the Queen and Prince of Wales on the other side. Addressing his guests, the King said: 'Of course, we would not be neighbours if we did not have our differences. This is a relationship built not only on co-operation and mutual fascination, but also on amicable competition and occasionally even, dare I say, confusion. 'The indomitable Gaul, Asterix himself, and no doubt many of his compatriots since, struggled to comprehend our beloved 'tasse de the avec un nuage de lait' taken at precisely five o'clock in the afternoon... just as we find it impossible to bake a baguette quite as well as your artisans make in France.' Speaking of the 'remarkable rapprochement' in recent years despite the 'profound' cultural 'differences that may never be overcome', he joked: 'This evening we have drunk English sparkling wine made by a French Champagne house. This would have been scarcely believable to at least some of our predecessors.' The King also quoted Sir Winston Churchill, Shakespeare and Charles de Gaulle, alluded to both the Windsor Castle and Notre Dame fires, and spoke warmly of his own state visit to France in 2023. He added: 'My firm belief is that friendship between Britain and France is vital if the liberties and peace of Europe are to be preserved. 'Therefore, as we dine here in this ancient place, redolent with our shared history, allow me to propose a toast to France and to our new entente. An entente not only past and present, but for the future – and no longer just cordiale, but now amicale.' The banquet ended the first full day of the French state visit, which began with a thoroughly British welcome which quickly turned French. From the moment the Mr and Mrs Macron landed at RAF Northolt, greeted by the Prince and Princess of Wales, there were double kisses on the cheek, kisses to the hands, and manly pats on the back and shoulder all around. The King and Queen officially welcomed Mr and Mrs Macron to Windsor at midday, in another tactile encounter in the bright sunshine. Mr Macron embarked on his own charm offensive with the Queen and Princess of Wales, kissing their hands, while Mrs Macron leaned in to Queen Camilla for what seemed to be a catch-up with an old friend – which at one point involved her mimicking the action of riding a horse. The Princess curtseyed to the King twice, apparently unsure if he had seen the gesture of respect the first time. She embraced what has become known as 'diplomatic dressing', honouring the French guests by choosing to wear Christian Dior, while the Queen appeared to take inspiration from the late Elizabeth II by wearing unusually bright green to be seen in the crowd. Meanwhile, the King was seen to have a burst blood vessel in his right eye, said to be 'one of those things' that had developed overnight and was unrelated to any other health conditions. After hearing the national anthems of France and the UK, the Royal family and Macrons split into pairs to step into carriages for the journey through Windsor. The streets were lined with tourists and locals, some of whom waved flags and cheered as the official party rode past. The procession finished in the Windsor Castle Quadrangle, where the King joined the French president to inspect the troops as the Massed Band of the Grenadier Guards and the Scots Guards played L'Entente Cordiale. The music also featured traditional marches and music from France, including Marche Lorraine, La Pere de la Victoire, and Marche Militaria La Ronde. Members of the wider Royal family, including the Duke and Duchess of Edinburgh, and the Duke of Gloucester, joined the King, Queen, Prince, Princess and Macrons for lunch in the State Dining Room, before going on to view items from the Royal Collection. Walking around the bespoke exhibition in the castle's Green Drawing Room, the King joked that Mr and Mrs Macron might like to sip a vintage Cognac as he showed them a bottle of Louis XIII Cognac in a Baccarat Cristal decanter once served to his grandparents and his parents during the 1938 and 1957 state visits. On Wednesday, after sleeping in the private apartments of Windsor Castle, the Macrons will lay flowers in St George's Chapel for the late Queen before rejoining the King and Queen to view a horse given to her by France. For the evening event, the Princess of Wales wore a dark red silk creponne gathered evening gown, with caped back detailing, designed by Sarah Burton for Givenchy. Burton designed the then Catherine Middleton's wedding dress, and now works for the French fashion house. The Princess accessorised with the Lover's Knot tiara, the Royal Family Orders of King Charles III and Elizabeth II, earrings which once belonged to the late Queen, and the GCVO sash and star. Mr Macron spoke partly in English for his own address, in which he relayed his thanks for the King's 'great courtesy' which he called 'testament to your friendship with France' – and raised his own laugh with a literary reference to 'Mr Darcy'. He also spoke warmly of Elizabeth II, repeating his words after her death to tell the Royal family and British guests: 'To you, she was your Queen; to us, she was The Queen'. Summing up the relationship between Britain and France, he said: 'When our Sense and Sensibility overcome our Pride and Prejudice, we are unstoppable.' Finishing his speech, Mr Macron turned to the King to address him directly. 'Now you have created the entente amicale,' he said. 'The entente amicale will be launched in Windsor in 2025 and we want to believe in this new era.'
Telegraph
39 minutes ago
- Telegraph
Leaving ECHR ‘will stop judges making political decisions'
Britain should leave the European Convention on Human Rights (ECHR) in order to stop judges making political decisions, a Tory grandee has said. Lord Lilley, a former Cabinet minister, said the 'vague' terms in which the ECHR was drafted had enabled courts to extend their reach into the political sphere and override parliamentary decisions. In a report for the Centre for Policy Studies, a think tank, he said the most 'egregious' example was the decision by the European Court of Human Rights to back claims that people should be able to seek redress and compensation if their governments failed to take sufficient measures to protect them from climate change. He said this extended the reach of the court to environmental matters, which did not feature in the ECHR at all. This was a consequence of treating the ECHR as a 'living instrument', which enabled the European Court of Human Rights to create new laws in areas never envisaged by original signatory states to the convention, he said. By giving courts power to interpret vague ECHR rights and override parliamentary decisions, the ECHR transferred law-making authority from elected representatives to unaccountable judges, said Lord Lilley. 'This unavoidably politicises judicial decisions and undermines the rule of law,' he added. He said he believed the option of leaving should be considered because there was no consensus or appetite for reform, noting that quitting the ECHR or some of its specific clauses had been considered by successive prime ministers, irrespective of party affiliations. Despite having written the ECHR into British law in the form of the Human Rights Act, Sir Tony Blair asked John Reid, his then home secretary, to consider 'withdrawing from specific clauses' if they led to court rulings that put community safety at risk. 'During his campaign for Tory leader, David Cameron raised the possibility of leaving the ECHR entirely – possibly temporarily – to provoke a renegotiation that, if successful, would enable Britain to rejoin,' said Lord Lilley. ' Theresa May, as home secretary, faced major problems in deporting suspected terrorists and advocated leaving the ECHR.' Lord Lilley said the UK's withdrawal from the convention would not damage its international reputation or weaken its influence. 'The claim that the UK would become a 'pariah' if we leave the ECHR is a baseless nonsense. No one suggests that Australia, New Zealand and Canada are pariah states, even though they rely on parliamentary sovereignty, common law and domestic courts to maintain their freedoms,' he said. 'On the contrary, they are respected as epitomes of freedom. We would be in the same position as them.' He said countries would be unlikely to refuse to co-operate with the UK in tackling cross border crime or people smuggling if it quit the ECHR. 'The EU currently works on these issues with states who are not members of the ECHR or any equivalent international treaty covering human rights. It is inconceivable that the EU would spurn such mutually beneficial co-operation with us if we left the ECHR,' he said. He argued that it would also give the UK greater freedom to reduce the number successfully claiming asylum or refugee status and increase the number of illegal migrants or foreign criminals who could be deported. 'Undermining respect for rule of law' Home Office data show the proportion of asylum claims resulting in positive approval at first instance in the UK had risen from 25 per cent in 2010 to 67 per cent in 2023. Although this was partly explained by the higher proportion of applicants from countries like Afghanistan and Iran, 'it may also reflect the increasingly generous interpretation of human rights legislation in the UK which has been incorporated in guidance to officials', said Lord Lilley. By the end of last year, 42,000 asylum seekers were awaiting the outcome of their appeals, of which around 40 per cent specifically cited human rights. 'This has given rise to suggestions that human rights claims are being made almost automatically in the hope of striking lucky or to delay the process,' said Lord Lilley. 'It is not the fault of judges themselves, but the role imposed on them by the convention to make inherently political decisions, that is politicising our courts and undermining respect for the rule of law itself. I instinctively prefer reform, but that is inconceivable unless Britain is prepared to withdraw until meaningful change is agreed,' he said. 'Leaving would simply mean the UK joining other respected democracies like Australia and Canada that successfully protect human rights through parliamentary accountability without depending on an international court.'
