London pre-open: Stocks seen flat; US PPI eyed
By Michele Maatouk
Date: Thursday 13 Mar 2025
(Sharecast News) - London stocks were for a steady open on Thursday as Trump's tariff saga rumbles on.
The FTSE 100 was called to open unchanged at 8541.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "The tariff hell broke loose yesterday after the US imposed 25% tariffs on all steel and aluminium imports triggering a swift response from the EU and Canada. The EU announced tariffs on around €26bn worth of American goods, while Canadians slapped tariffs on CAD30bn worth of US products. Voila, happy Thursday. Let's see who blinks first.
"But anyway, today, investors will keep focus on US producer price inflation; the headline PPI figure is also expected to have benefited from the latest weakening in energy prices. But the soft numbers will certainly be cheered with modest enthusiasm as the tariffs and their implications are unknown: no one knows how long they will stay and how far the retaliations extend. Trump already said that he will retaliate to the EU who dared to respond to his tariffs on metals."
The US producer price index for February is due at 1230 GMT.
In UK corporate news, Bulmers cider maker C&C said underlying operating profits would be "modestly below" target amid weaker consumer confidence and the impact of higher wages and employer taxes introduced in the Budget.
Group revenues are expected to be in line with last year reflecting growth in its distribution business, offset by the impact of the disposal of its non-core soft drinks business in Ireland, the exit of low margin contract brewing volume and softer cider sales in Britain during the key summer trading period.
"Despite these headwinds, the group has made good progress and expects to report underlying EBIT in the range of €76m - €78m, which although modestly below our target due to softer trading across the market in January and February, reflects significant recovery versus the prior year's earnings of €60m," it said.
Halma hailed the "good progress" made during the second half of its financial year to date, with trading conditions across its end markets described as "varied".
Order intake remained ahead of revenues year-to-date and versus the year earlier period.
Halma also said that its adjusted EBIT margins had been supported by a better-than-expected performance in all three of the sectors in which it operated.
The full-year adjusted EBIT margin was now expected to be "modestly above" 21% (UBS: 21%). Management also reiterated its forecast for "good" organic constant currency revenue growth for the full year.
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