FTSE 100 LIVE: Markets higher as EU agrees 15% tariff in US trade deal

Lucy Harley-McKeown

Updated Mon, July 28, 2025 at 8:51 AM GMT+1 1 min read

London’s premier index rose 0.4% after the opening bell. Martin Sorrell’s WPP (WPP.L) and asset manager ICG (ICG.L) were among the top risers in the index.
The DAX (^GDAXI) in Germany jumped 0.7%.
The CAC 40 (^FCHI) in Paris rose more than 1.1%.
The pan-European STOXX 600 (^STOXX) gained 0.8%.
The euro (GBPEUR=X) fell slightly against the pound.

FTSE Index – Delayed QuoteGBP

LIVE 6 updates

- just now
  
  Lucy Harley-McKeown
  
  Steel tariffs still sticking point in US-UK trade
  
  There is unlikely to be a “resolution” in talks over US tariffs on UK steel when Donald Trump and Keir Starmer meet on Monday, Jonathan Reynolds indicated, saying there was “more to do” in negotiations.
  
  The Prime Minister will attempt to hammer out a deal on steel import levies when he meets the US president at Turnberry, Trump’s Ayrshire golf course.
  
  Starmer and Scotland’s first Minister John Swinney also plan to urge the US president to apply pressure on Israel to allow more humanitarian aid into Gaza, where the population is facing starvation.
  
  When the UK and US signed a trade deal in June, it reduced tariffs on car and aerospace imports to the US.
  
  But agreement on a similar arrangement for Britain’s steel imports was not reached, leaving tariffs on steel at 25%.
  
  American concerns over steel products made elsewhere in the world, then finished in the UK, are said to be among the sticking points.

1 min ago

Lucy

Today at 8:13 AM GMT+1

Lucy Harley-McKeown

Coming up this week: heavyweight earnings and central bank decisions

Investor eyes are now turning to a jam-packed week on Wall Street. Heavyweight earnings highlight the most intense stretch of the season, with more than 150 S&P 500 companies set to report. Meta Platforms (META) and Microsoft (MSFT) lead off Wednesday, followed by Amazon (AMZN) and Apple (AAPL) on Thursday.

HSBC (HSBA.L) also reports on Wednesday, while Shell (SHEL.L) is up on Thursday.

Beyond earnings, the Federal Reserve takes centre stage. The central bank kicks off a two-day meeting Tuesday, with a decision expected Wednesday afternoon. While rates are widely expected to remain in the 4.25%-4.50% range, traders will be listening closely for any signs that policymakers are warming to a possible rate cut in September.

All this is occurring alongside legal battles to open up the Fed’s meetings to investor eyes, as well as Trump’s general pressure on the central bank and Chair Jerome Powell.

Today at 8:10 AM GMT+1

Lucy Harley-McKeown

Here’s the US stock futures chart

Today at 8:09 AM GMT+1

Lucy Harley-McKeown

US stock futures jump on EU-US deal

US stock futures edged higher on Monday morning as investors braced for a packed week featuring earnings from Big Tech heavyweights, a Federal Reserve meeting, inflation data, and President Trump’s Aug. 1 deadline to lock in key trade deals.

Futures tied to the Dow Jones Industrial Average (YM=F) were up about 0.4%, while S&P 500 futures (ES=F) gained 0.5%. Nasdaq 100 futures (NQ=F) rose 0.6%.

The rally follows a strong week on Wall Street. All three major indexes posted gains Friday, with the S&P 500 closing at an all-time high for a fifth straight session.

Market sentiment got a boost Sunday night after the US and European Union reached a deal to reduce tariffs to 15% on EU goods, easing tensions with one of America’s largest trading partners. Trump had previously been threatening imposing 30% tariffs from Friday.