FTSE 100 watch: Footsie subdued as US-China trade war starts

ITV share price jumps after upbeat analyst comments

FTSE 100 watch: Footsie subdued as US-China trade war starts

The UK benchmark index has slipped into the red in today’s session, having traded in positive territory earlier, with investors focusing on the trade war between the US and China. ITV (LON:ITV) meanwhile has been one of the FTSE 100’s biggest risers on the back of upbeat analyst comments.

FTSE 100 subdued

As of 12:16 BST, Britain’s blue-chip index had shed 20.98 points to stand 0.28 percent lower at 7,582.24. Sentiment has been subdued today as the US imposed tariffs on $34 billion in Chinese imports. Beijing in turn has said that it has no choice but to respond in kind.

“The FTSE100 is back below 7,600, back from 7,650 highs as traders digest, 1) the US following through on its threat to impose the first in a potential series of trade tariffs, and, 2) China following through with its pledge to retaliate,” Mike van Dulken, head of research at Accendo Markets, commented, as quoted by Proactive Investors. “An element of risk-off into the weekend, albeit limited, as we've been prepped for this for weeks, if not months.”

Individual movers

In individual stocks movers, shares in ITV have been in demand as Societe Generale hiked its rating on the stock from ‘sell’ to ‘buy’. Reuters quoted the analysts as saying that the majority of the headwinds the broadcaster has faced have now passed. ITV’s share price is 5.12 percent better off at 181.85p.

Rolls-Royce Holdings (LON:RR), which inked a deal to sell its commercial marine business, is marginally underperforming the broader market, having given up 0.55 percent to 980.20p.

The FTSE 100 was 0.33 percent down at 7,578.02 points as of 12:24 BST on Friday, 06 July 2018.

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