London pre-open: Stocks to jump as US court blocks Trump tariffs
By Michele Maatouk
Date: Thursday 29 May 2025
(Sharecast News) - London stocks were set to jump at the open on Thursday after the US Court of International Trade blocked Donald Trump from imposing sweeping global tariffs.
The FTSE 100 was called to open around 80 points higher.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "The court found that Trump wrongfully invoked emergency laws without an actual emergency. Yes, the exploding US debt is a real issue - but slapping tariffs on everyone isn't the answer.
"The court gave the Trump administration 10 days to 'effectuate' the order but did not specify how the tariffs should be unwound. The whole thing felt like four-year-olds were playing in a room and an adult finally stepped in to stop the chaos.
"Markets responded positively. The CSI 300 is up for the first time in six sessions, the Nikkei is up more than 1%, futures are higher, oil is rising: US crude is now testing the critical 50-DMA resistance, which has held since April 2 = the day the absurd (and now potentially illegal) tariffs were announced and could break it if they can't be maintained."
Investors will also be reacting to the latest results from Nvidia, which were released after the close on Wednesday and sent the shares up nearly 5% in after-hours trading.
Kathleen Brooks, research director at XTB, said: "Nvidia's done it again. They delivered another monster earnings report for the first quarter of this year. Revenues were an enormous $44.06bn of revenue for last quarter, beating estimates of $43.2bn, earnings per share also beat estimates at $0.96, vs. $0.93.
"Net income was slightly below expectations at $19.89bn, however, Nvidia is the ultimate growth company, risk sentiment has jumped in post market trading, so this has been well tolerated by the market."
In UK corporate news, Auto Trader delivered a confident outlook alongside its annual results, with record numbers of both buyers and sellers using the new and used car platform.
The company reported that group revenues rose 5% to £601.1m over the 12 months to 31 March, as 7% growth at the core Auto Trader platform to £564.8m outweighed a 12% decline in sales at the van-leasing division Autorama to £36.3m.
Group operating profits rose 8% to £376.8m.
"Despite broader macroeconomic uncertainties, the UK car market is in good health and we continue to deliver against our strategy to improve car buying and retailing," said chief executive Nathan Coe.
Hiscox announced the appointment of Peter Clarke as chair designate with effect from 1 June, subject to regulatory approval.
He will formally succeed Colin Keogh as chair on 1 July.
It said Clarke will bring extensive executive and non-executive experience across FTSE-listed financial services firms, including previous roles as CEO of Man Group and chair of Lancashire Insurance Holdings.
Ten-pin operator Hollywood bowl held annual guidance after posting a rise in core first-half earnings despite headwinds from a rare sunny UK spring.
The company said EBITDA rose 2.9% to £49.7m. On an adjusted pre-tax basis earnings were down 9.4% to £49.7m.
"The recent warm and dry weather - marking the driest spring in over a century - has had a short-term impact on trading over that period. In response, we have proactively managed margins and costs, maintaining strong operational performance, which remains at historically high levels," Hollywood Bowl said.
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