BRUSSELS (dpa-AFX) - Despite easing trade tensions, the U.K. market is turning in a subdued performance on Thursday with investors largely making cautious moves.
The market started off on a positive note as U.S. President Donald Trump's sweeping tariff plans suffered a setback following the US Court of International Trade in Manhattan ruling that the President had overstepped his authority in imposing across-the-board duties on imports from U.S. trade partners.
The court also quashed duties imposed by Trump on Canada, Mexico and China under an emergency-powers law. Meanwhile, China has urged U.S. to 'fully cancel the wrongful unilateral tariff measures.'
The Trump administration has filed an appeal againt the federal court ruling.
U.S. chip maker Nvidia's upbeat earnings and guidance contributed as well to the positive start.
The benchmark FTSE 100, which climbed to 8,777.60 at the start, was down 1.28 points at 8,724.73 a litte past noon.
Auto Trader Group shares are down more than 11% despite reporting strong earnings. For the full year ended March 31, the company's profit before tax increased to 375.7 million pounds from 345.2 million pounds last year. Net earnings for the year climbed to 282.6 million pounds from 256.9 million pounds in the previous year.
National Grid is down nearly 4% and Severn Trent is declining 3.1%. Phoenix Group Holdings, Relx, Coca-Cola HBC, Marks & Spencer, Rightmove, Hikma Pharmaceuticals, Intertek Group, Kingfisher, Informa and British American Tobacco are down 1 to 2.5%.
Shares of shopbroker Braemar Plc are down nearly 7% after the company unveiled a new growth plan and announced the start of a share buyback program.
Among the gainers, EasyJet is rising 2.7% and Standard Chartered is up 2.5%. Prudential, Pershing Square Holdings, Segro, Legal & General, Melrose Industries, Glencore, Convatec Group, Taylor Wimpey, Polar Capital Technology Trust and Barclays are gaining 1.3 to 2%.
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