(Reuters) – British shares rose on Wednesday after a selloff in the previous session after Kyiv said it was ready to support Washington’s proposal for a 30-day ceasefire with Russia, while positive corporate earnings boosted the domestically focussed index.
The benchmark index FTSE 100 gained 0.6% at 1127 GMT after recording its worst session in nearly two months on Tuesday.
The U.S. on Tuesday also agreed to resume military aid and intelligence sharing with Ukraine.
The pan-European STOXX 600 rose 1.2% after four consecutive sessions of losses that were driven by worries about the impact of U.S. President Donald Trump’s tariffs on the global economy.
Trump’s increased tariffs on all U.S. steel and aluminium imports took effect on Wednesday, drawing swift retaliation from Europe that vowed to impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month.
Focus will be on U.S. inflation data later in the day. Analysts have warned that a stronger-than-expected reading might fuel concerns of stagflation in the world’s largest economy.
The midcap FTSE 250 gained 0.7%, led by a 11% jump in Hill & Smith after the infrastructure product maker’s annual core profit beat expectations.
Balfour Beatty gained 4% after recording a higher order book.
Hochschild Mining gained 11.4% after the precious metals miner restored its dividend payout. Precious metal miners rose 2.6%, leading sectoral gains.
Legal & General lost 1.6% after the British life insurer missed annual operating profit estimates.
JD Sports fell about 2% after Puma’s bleak forecast highlighted economic challenges affecting the overall sports retail industry.
(Reporting by Sanchayaita Roy in Bengaluru; Editing by Shounak Dasgupta)
