Ease in global tariff war sees Footsie climb

The FTSE 100 continued its return to growth on the back of improved global sentiment, as trade tensions between the US and China appeared to soften.

The index recovered after Donald Trump’s tariff threats dented London stocks last week, closing up 56.56 points to 7,353.51 points.

Fiona Cincotta, senior market analyst at City Index, said: “Investors’ anxiet y over the US - Chinese trade war is easing, and risk appetite is cautiously returning. The weaker pound and stronger oil prices also offered support to the FTSE.”

Speculation around Theresa May’s future as Prime Minister, with repor ts suggesting the Conservative Party 1922 are setting out a time - table for her departure, dragged down the value of the pound.

Sterling fell 0.38 per cent to $1.280 versus the dollar and 0.1 per cent to €1.145 versus the euro.

In sto cks, Lloyds Banking Group closed marginally higher after more than 8 per cent of investors voted against the Bank of Scotland owner’s pay proposals for bosses at its annual shareholder meeting in Edinburgh. Shares closed up 0.5p at 61.51p.

Luxury fashion house Burberry lost ground after underlying pre-tax profits remained flat at £443 million in the year to 30 March. Shares ended the day 113.5p lower at 1,808p.

National Grid reported a plunge in annual profits as it felt the impact of two abandoned nuclear projects and storms throughout the year. Shares in the company, which has faced calls from the Labour Party to bring it under public ownership, closed down 28.3p at 814.5p.