- BP falls after warning of Q4 profit hit
- JD Sports Fashion drops after profit warning
- Persimmon sees 2024 profit at top end of market view, shares up
- FTSE 100 up 0.2%, FTSE 250 adds 0.7%
Jan 14 (Reuters) - London stocks were broadly higher on Tuesday, in line with their European peers following a report that U.S. President-elect Donald Trump might opt to impose gradual tariff hikes, though the FTSE 100 underperformed as some downbeat earnings weighed.
The blue-chip FTSE 100 was up 0.2% by 1045 GMT, while the more domestically-focussed FTSE 250 midcap index added 0.7%.
Homebuilders advanced 3% with Persimmon up 5.8% after the company forecast its 2024 earnings at around the upper end of market view, buoyed by improved sales and pricing strength.
Industrial metal miners rose 1.2% as prices of copper and iron ore rose, while aerospace and defence gained 1.6% following a more than 1.5% drop in the previous session.
Broader European equities rose, with analysts attributing Tuesday's advance to a Bloomberg report that said members of Trump's incoming economic team are discussing slowly ramping up tariffs month by month.
Also aiding equities, yields on British government bonds eased a touch on Tuesday, though they still hovered near multi-year highs.
Keeping gains on the FTSE 100 in check, BP dipped 2.8% after the energy major warned that lower production, weak refining margins and sluggish trading would see its profit in the fourth quarter of 2024 fall from the previous three months.
JD Sports Fashion dropped 8.5% after the sportswear retailer downgraded its profit forecast after weaker trading in Britain and the United States and promotional activity at competitors hurt sales, and it warned the outlook was "cautious".
UK equities were under pressure in the last two sessions as global markets fretted over the likelihood of fewer interest rate cuts by the Federal Reserve.
Among other stocks, Ocado Group jumped 9.4% after online supermarket Ocado Retail, a joint venture between Ocado and Marks & Spencer, reported faster sales growth in its fourth quarter.
Reporting by Shashwat Chauhan in Bengaluru; Editing by Mrigank Dhaniwala
Source: Reuters