Mining stocks climb despite tit-for-tat spat

European shares rallied as trade war fears eased, but the boost was not enough to keep London’s top-flight out of the red.

The FTSE 100 finished the day down 0.03 per cent at 7,300.23.

The latest tit-for-tat between Washington and Beijing proved less aggressive than originally predicted, although the US slapped $200 billion worth of tariffs on Chinese goods. The levy was set at 10 per cent, rising to 25 per cent in January.

China then hit back with $60bn tariffs on US imports, levied between 5 and 10 per cent.

“Washington DC are throwing their weight around in terms of tariffs, but Beijing could make life difficult for US companies operating in the country.

“Despite the initial negative reaction to Beijing announcing tariffs, stocks traded higher this afternoon,” said CMC Markets UK market analyst David Madden.

Mining stocks moved higher on the back of investor relief, with Glencore up 8.35p to 308.7p, Rio Tinto up 10.5p to 3,615.5p and BHP Billiton up 16.6p to 1,549.6p.

FTSE 100 online grocery group Ocado shares climbed 7.2p higher to 919.8p as the company hit revenue growth expectations in the third quarter.

The pound was flat against the US dollar and the euro, at $1.315 and €1.258, respectively.

The FTSE 100’s biggest risers included Evraz, up 13.5p to 509.2p, Centrica, up 3.9p to 149.35p, and Anglo American, up 29.6p to 1,576p.

The biggest fallers on the FTSE 100 included NMC Health, down 110p to 3,436p, ITV, down 4.75p to 153.25p, and GVC, down 23p to 972p.