London pre-open: Stocks to fall amid tariff concerns
By Michele Maatouk
Date: Monday 31 Mar 2025
(Sharecast News) - London stocks were set to fall at the open on Monday following heavy losses in Asia, with Donald Trump's tariffs due to kick in this week.
The FTSE 100 was called to open down around 65 points.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "The tariff talk remains on the headlines as the Liberation Day approaches.
"Risk appetite is nowhere to be found, the US dollar is weak, gold continues to extend gains into uncharted territories and oil bulls remain unreactive to the news that Trump is pissed off with Putin for unveiling plans for the next Ukrainian leadership."
In corporate news, Associated British Foods said Paul Marchant has resigned as Primark chief executive with immediate effect after a woman made a complaint about his behaviour "in a social environment".
Group finance director Eoin Tonge will act as Primark CEO on an interim basis. Marchant's departure follows an investigation, initiated by ABF and carried out by external lawyers. It was not clear whether the complaint was made by a staff member or third party.
"Paul Marchant cooperated with the investigation, acknowledged his error of judgement and accepts that his actions fell below the standards expected by ABF. He has made an apology to the individual concerned, the ABF Board and also to his Primark colleagues and others connected to the business," the company said in a statement.
AstraZeneca said that the US FDA has approved its Imfinzi as the first perioperative immunotherapy for muscle-invasive bladder cancer, based on phase three trial results showing a 32% reduction in recurrence risk and 25% reduction in mortality versus chemotherapy alone.
In the EU, the CHMP had meanwhile recommended approval of Calquence combined with chemoimmunotherapy for previously untreated mantle cell lymphoma, following phase three data showing a 27% reduction in progression or death and a 16.8-month improvement in median progression-free survival.
The developments expanded AstraZeneca's oncology portfolio with new first-line treatment options in bladder and blood cancers.
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