London pre-open: Stocks seen lower ahead of Trump tariff announcement
By Michele Maatouk
Date: Wednesday 02 Apr 2025
(Sharecast News) - London stocks were set to fall at the open on Wednesday as investors eyed US President Donald Trump's announcement on reciprocal tariffs.
The FTSE 100 was called to open down around 35 points.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "Today's tariff announcement could give a fresh direction to global markets, but it would be naive to think that today will mark the end of the tariff shenanigans. More likely, it marks the start of another phase of uncertainty and turmoil.
"The real risk isn't just the tariffs themselves but the constant threat of escalation, reversals, and retaliation."
In corporate news, convenience food maker Greencore said it had reached agreement in principle to take over rival Bakkavor in a deal worth £1.2bn after two previous approaches were rejected.
Bakkavor shareholders would be entitled to receive 85p in cash and 0.604 Greencore shares along with the Bakkavor 2024 final dividend of 4.8p a share. Greencore shareholders would own approximately 56% and Bakkavor investors 44% of the combined group.
Wizz Air said in an update that it carried 5.1 million passengers in March, a 6.4% year-on-year increase, with seat capacity up 6.7% and a load factor of 90.5%, slightly down from 90.8% last year.
The low-cost carrier said that despite the shift of Easter to April, March load factor held steady, as it also reported strong forward bookings and higher April fares.
Wizz Air also continued to reduce its environmental impact, cutting carbon dioxide emissions per revenue passenger kilometre by 1.0% year-on-year to 51 grams.
Real estate group Great Portland Estates has signed nine leasing deals over the past three weeks' worth £7.2m of annual rent.
The lettings, which represent 33,500 square feet of office space across six of its buildings, were secured at 14.1% ahead of estimated rental value, as the company pointed to "strong leasing momentum" for its fully managed properties.
Elsewhere, building materials distributor Grafton Group said it has agreed to buy the Irish business of tool and equipment hire specialist HSS Hire for €31.6m.
Grafton chief executive Eric Born said: "This transaction is in line with Grafton's strategy to strengthen our market positions in existing and adjacent markets and will broaden the offering of our Chadwicks business in the Republic of Ireland where we continue to see compelling opportunities for further growth."
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