The FTSE 100 gave up gains on Monday after hopes that President Trump would take a more targeted approach to tariffs lifted sentiment in early trade. However, UK-centric concerns mounted as the session progressed, dragging the index into the red.

Donald Trump’s suggestion that there could be some ‘flexibility’ in reciprocal tariffs marks a step down in Trump’s approach, although tensions around trade still remain.

Nonetheless, signs that Trump may still be using tariffs as a negotiating tactic—albeit taking them further than he did in his first term—buoyed equity bulls on Monday.

The FTSE 100 started the session strongly, but the rally faded as the session progressed. London’s leading index was 0.1% higher at the time of writing, while S&P 500 futures jumped over 1%.

Trump’s change in approach to tariffs would still leave metals in his sights, and copper prices reacted accordingly on Monday, helping provide support for London mining stocks.

“Mining stocks were the key driver for the FTSE 100 as Antofagasta, Anglo American and Glencore topped the leader board thanks to stronger copper prices,” said Russ Mould, investment director at AJ Bell.

“The base metal has been on a strong run of late as markets worry about the impact of tariffs, with copper traders racing to snap up supplies in case Trump imposes new levies akin to what’s already happened with aluminium and steel.”

Strength in China-centric stocks was offset by those companies with exposure to the UK as investors prepared for this week’s Spring Statement. Property companies were notably weaker, although the losses were relatively benign.

JD Sports was the top faller after analysts at Deutsche Bank slashed their price target to 85p. JD was 4% lower at 72p at the time of writing.

Polar Capital Technology Trust was among the risers as investors picked the trust’s stock up after a sharp sell-off in line with a pullback in US tech shares. The trust’s top ten holdings include Nvidia, Microsoft, Meta, Apple, and Broadcom.

Majestic Corporation has announced strong financial performance for the period ending 31 December 2024. The urban miner’s gross revenue soared by 66.7%, surpassing expectations and underscoring the company’s intent as a global leader in e-waste recycling.

The sustainable circular economy solutions provider, which specialises in recycling precious and non-ferrous metals, has delivered another year of revenue growth driven by increased volumes of recycled e-waste.

Majestic specialises in recycling e-waste such as mobile phones, solar panels and chipboards.

Investors will also be pleased to see Majestic successfully establish itself as a key player in the UK’s sustainable circular economy by expanding its client base and enhancing its operational capabilities.

A trading statement released on Monday reveals that revenue from continuing operations climbed to USD$49 million, compared to USD$29.4 million in the previous financial year, representing a substantial 66.7% increase.

This impressive growth reflects the expansion of the company’s e-waste recycling operations. The volume of materials containing recyclable precious and non-ferrous metals increased significantly, rising by 43.3% to reach 43,000 tonnes, up from 30,000 tonnes in the previous year.

Operationally, Majestic’s continued expansion has necessitated the search for larger facilities within the UK, a process which is currently underway. The company announced the conditional acquisition of Wales-based Telecycle last year, which is currently undergoing due diligence and awaits final approval.

Looking ahead to 2025, Majestic reports that its strong performance has continued into the new financial year, with growth observed across all recycled material volumes within its core business.

Despite metal prices and transportation costs remaining key variables affecting revenue and profitability, Majestic believes that its robust relationships with customers and smelters position it favourably for continued positive growth.

“We are very pleased with the growth of Majestic over the past year. The hard work or our team has driven significant growth in our topline performance which in turn we anticipate to positively impact our bottom line,” said Peter Lai, CEO and Founder of Majestic Corporation.

“The growth of the Company has enabled access to wider markets and a greater array of participants in the recycling and circular economy further strengthening Majestic’s position as a key player in the industry”

The FTSE 100 was lower heading into the weekend as mining stocks and companies that rely on the UK for revenue weighed on the index.

London’s leading index was down 0.4% at the time of writing and was on the verge of erasing all of this week’s gains.

Mining companies had rallied earlier in the week on hopes of Chinese economic stimulus, but these hopes were dashed overnight by the decision by the Chinese central bank on hold interest rates.

Antofagasta, Rio Tinto and Glencore were among the top fallers, declining between 3.7% and 1.8%, as investors reduced positions in disappointment.

“The FTSE 100 fell after more selling on Wall Street overnight and weakness in Asia as the Bank of China kept rates unchanged. This put pressure on the mining space given heavy Chinese consumption of commodities,” said AJ Bell investment director Russ Mould.

JD Sports was the top faller after Nike released another set of poor results that raised fears that JD Sports would feel the pinch given that a large proportion of the goods they sell are Nike.

“Among the fallers was JD Sports Fashion as the retailer reacted to weak results from Nike overnight,” Mould explains.

“The US sportswear giant warned the current quarter could see the company absorb a lot of pain as it looks to turn around its fortunes under new CEO Elliott Hill amid signs of slowing demand among American consumers. This overshadowed a better-than-feared showing in the three months to the end of February.”

UK-centric sectors, including banks and housebuilders, also dragged on the index following the Bank of England’s most recent assessment of the economy and news of a deterioration in the UK’s public finances.

“UK Chancellor, Rachel Reeves, was already in a super-tight spot in terms of the public finances and she’s now facing a further squeeze,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“UK government borrowing jumped above expectations in February, with spending on benefits and investment rising more sharply than forecast. ONS figures show public sector net borrowing came in at £10.7 billion in February, which is £4.2 billion higher than had been forecast by the Office for Budget Responsibility (OBR).

“It cements expectations that Rachel Reeves will go further in tightening the public purse by cutting expenditure in the years to come.’

Barclays slipped 3%, and NatWest gave up 0.7%. Lloyds shares fell 1.7%.

Housebuilders Persimmon, Barratt Redrow, and Taylor Wimpey were lower after the Bank of England showed little signs of cutting interest rates.