London pre-open: Stocks seen up; BAT, Chemring results in focus
By Michele Maatouk
Date: Tuesday 03 Jun 2025
(Sharecast News) - London stocks were set to gain at the open on Tuesday following a positive close on Wall Street.
The FTSE 100 was called to open around 10 points higher.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "The month of June started on a bearish note, as renewed trade tensions and mixed economic data dominated the headlines. First, tensions between the US and China notched up another level, with both countries accusing each other of violating agreements and implementing discriminatory measures. It's now uncertain whether Trump and Xi will meet to talk.
"Then, not much progress has been made on the European front - aside from growing frustration in Brussels after the US doubled steel and aluminium tariffs to 50%, effective mid-June. Remember, the deadline for US-EU negotiations is July 9th - almost too soon to be optimistic.
"Meanwhile, tensions between the EU and China are also rising, with the EU deciding not to purchase medical equipment from China, citing 'reciprocity of purchasing.' If Europeans start playing by Trump's rules, the next four years could turn into a global nightmare. At least everyone will get a slice of the horror pie - apparently, that's what global politicians are aiming for."
In corporate news, defence and aerospace company Chemring held annual guidance after a jump in interim profits and record order book amid global geopolitical tensions.
With countries looking to spend more on arms to counter threats from Russia and China, Chemring posted a 12% rise in underlying core earnings to £39.8m while its order book soared by a quarter to £1.3bn.
Elsewhere, British American Tobacco said that full-year revenues were set to come in "slightly ahead" of previous guidance, up 1% to 2% year-on-year, while adjusted operating profits were expected to be 1.5% to 2.5% higher as it returned to both top and bottom line growth in the US.
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