London’s FTSE 100 inched up 0.2% on July 9, with investors continuing to absorb the impact of U.S. tariff expansions. Advertising giant WPP (WPP.L) plunged 19%—its worst daily drop in over three decades—after slashing profit forecasts due to key client losses and shrinking new business, weighing heavily on the index.
Commodities sectors came under pressure: London Metal Exchange copper prices fell on demand worries, dragging mining stocks down 1.9%. Glencore (GLEN.L) dropped 2.7% and Anglo American (AAL.L) 2.5%. The Bank of England, in its semi-annual financial stability report, warned that global trade tensions remain high-risk despite the U.S. delaying April tariff plans. Domestically, calm returned after volatility from Chancellor Rachel Reeves’ blocked welfare cuts, but investor sentiment stayed muted.
The FTSE 250 dipped 0.1%, led by commercial vehicle lessor ZIGUP (ZIG.L) on profit declines and Close Brothers (CBRO.L) down 4.2% on restructuring news. Among blue chips, British American Tobacco (BATS.L) bucked the trend with a 2% rise after Jefferies named it a sector top pick. Overall, tariff uncertainties and extreme stock divergence defined the day’s trading.
