The FTSE 100 crept into positive territory in early trade on Tuesday before turning marginally negative as investors digested a raft of corporate earnings from several FTSE 100 heavyweights, including BP, HSBC, AstraZeneca and AB Foods.

The lull in damaging trade policy announcements and conflicting messaging from the White House has created a welcome opportunity for investors to refocus on company earnings.

Although the FTSE 100 rose in early trade, there was a note of caution evident in corporate updates on Tuesday, with HSBC increasing provisions for bad debts and BP reducing share buybacks.

In many respects, the soft results and evasive action by FTSE 100 companies announced on Tuesday are a reflection of the economic uncertainty the world faces as a result of Donald Trump’s trade policies.

HSBC’s increase in provision for bad debts indicates that it expects its customers to default at a significantly higher rate, while BP’s reduction in share buybacks demonstrates a degree of conservatism amid depressed oil prices and economic uncertainty.

FTSE 100 heavyweights: HSBC

Despite the rise in provision for bad debts, HSBC shares rose as the bank beat expectations and announced a fresh round of share buybacks.

“HSBC has kicked off the year with a bang, smashing past first-quarter expectations,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown

“A big part of that outperformance came from strong fee income in areas like currency trading and wealth management – two bright spots that helped support a solid showing from its more traditional banking operations. The numbers are a bit noisy thanks to the sales of its Canadian and Argentinian businesses, which makes year-on-year comparisons a little tricky. But strip out the noise, and the underlying performance looks strong.”

HSBC said it would kick off a fresh round of share buybacks totalling up to $3bn.

While the all-important share buyback helped HSBC share shake off any concerns about their loan book, BP shares suffered after the oil major slashed its buybacks amid ongoing questions about its strategy.

“BP’s making the best it can of a sticky situation,” explained Derren Nathan, head of equity research, Hargreaves Lansdown.

“Improved performance in it’s troubled refineries as well as action taken on central costs has helped eke out an improvement in profitability over the fourth quarter.

“But the difficult backdrop means the bottom line is still a far cry from where it was a year previously. Cash flow is under pressure too and that’s allowed net debt to creep up further. This is a key consideration for activist shareholder Elliott Investment Management and there could be further calls to cut costs and offload non-core parts of the business. This year’s disposals target has been upped slightly, from around $3bn to a range of $3-4bn, but that’s not really going to move the dial.”

AB Foods was the FTSE 100’s top faller, sinking over 8%, as sugar prices rocked their food business and Primark showed further signs of a slowdown.

“There is not much to celebrate in these results from AB Foods,” said Wealth Club’s Charlie Huggins.

The outlook in the Sugar business has worsened, primarily due to lower European sugar prices and an operating loss in Vivergo, the UK bioethanol business. Actions are being taken to turn these businesses around. However, the group warns that a return to profitability is likely to take longer than expected.

“Primark’s sales performance in the UK and Ireland also continues to disappoint. Like-for-like sales fell by 6%, worse than competitors, meaning Primark lost market share in the period. The recent resignation of Primark’s CEO Paul Marchant due to inappropriate behaviour casts further uncertainty and raises question marks around Primark’s culture.”

AstraZeneca

AstraZeneca shares fell over 3% after releasing fairly strong earnings and profit growth in the first quarter of 2025. However, the update served as a reminder that the group was at risk of Trump’s trade policies which have cloudied Astra’s outlook.

“Overall AstraZeneca has demonstrated it’s a calm port in a storm, despite concerns about the impact on business going forward, if the pharma sector is hit by US tariffs,” explained Susannah Streeter, head of money and markets, Hargreaves Lansdown

“The company has recommitted to its expansion plans in the US, which includes increasing the company’s research and manufacturing footprint by the end of 2026.”

Howden Joinery was the FTSE 100 top rising with a 6% gain, helping to offset losses elsewhere in the index.

Ask most professional investors, and they will tell you that they see volatility as an opportunity.

While volatile periods such as the one we’re currently in due to Trump’s can be unnerving and some retail investors may not be entirely comfortable wading into fresh investments, it does provide all investors the opportunity to reconsider and perform an ‘MOT’ on your investment portfolio.

“In such times, doing an investment MOT becomes even more crucial, not less. Rather than reacting emotionally or making knee-jerk decisions, use the opportunity to recentre,” explained Myron Jobson, Senior Personal Finance Analyst, interactive investor.

For those minded to use the current market gyrations to evaluate their portfolio, Jobson outlines six top tips for carrying out your own investment MOT amid the heightened volatility:

1. Check your financial goals

“Before you even look at your portfolio, take a step back. Have your financial goals changed? Are you still investing for retirement or a house deposit?

“Knowing what you’re investing for, and when you’ll need the money, helps you decide whether your current approach is still fit for purpose.”

2. Assess your asset allocation

“This is the engine room of your portfolio. Are you still happy with the balance between equities, bonds, cash and other investments? The recent bout of heightened market volatility has laid bare the perils of being overly exposed to a particular region or sector. The ‘Magnificent 7’ tech stocks (Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla) account for around 18% of the FTSE All World index. The fortunes of these stocks will deliver a greater effect on funds tracking the index than the entire allocation to the UK, which is just 3.52% of the FTSE All World index.

“Diversification is critical to good investing theory, so if you already hold a lot of US tech stocks, you need to think about how including an investment in your portfolio will affect your overall diversification and exposure to economic shocks that could affect the US’s performance.

“If you’re nearer your goal, you might want to shift to a more cautious stance to protect what you’ve built. If you’ve got time on your side, you might lean into growth.”

3. Consider rebalancing your portfolio

“Portfolio rebalancing is akin to tuning an instrument, where every component plays a crucial role in achieving harmonious results. Sometimes rebalancing can happen of its own accord because of market movements. 

“By rebalancing your portfolio, you will avoid the drift and align to your original asset mix. There is not a hard-and-fast rule on when it comes to rebalancing, but investors could benefit from making a habit to revisit their investment allocations annually or bi-annually.”

4. Review performance – but don’t obsess

“It’s tempting to focus on recent winners or losers, but don’t get too caught up in short-term noise. Look at performance over a meaningful timeframe – five plus years and compare it to an appropriate benchmark or peer group.

“Underperformance doesn’t always mean something is broken – but it’s worth digging into the ‘why’.”

5. Check fees and charges

“Platform and investing fees matter. When it comes to platform fees, percentage-based charging means the more you invest, the higher your fees. In contrast, a flat fee remains constant and predictable. For larger portfolios, the difference between flat fees and percentage-based charges can be striking.

“A lot of column inches are dedicated to the impact of compounding over time on investments and how it helps stimulate growth, which is important for investors to make the most of, but the opposite is also true when it comes to fees dragging the portfolio back. 

“While investors can’t control the returns they achieve, they can control how much they pay for investment platforms.”

6. Tax-efficiency tune-up

“Are your investments held in the most tax-efficient way? Using your ISA and pension allowances can shield your returns from the taxman. And with changes to capital gains and dividends tax thresholds, it’s more important than ever to make use of these wrappers.

“It’s worth ensuring that you are making the most out of the tax wrappers – especially if you’ve had a pay rise, changed jobs or inherited money.”

The FTSE 100 gained again on Monday with bargain hunters out in force picking up those shares heavily hit by Trump’s tariff announcement.

Further evidence that we may have passed the peak of tariff uncertainty encouraged investors to buy into names such as Melrose, Diageo, and JD Sports, among others, that were perceived to be negatively impacted by Trump’s trade policies.

London’s leading index was trading 0.3% higher at the time of writing.

“A weekend light on drama was just what the doctor ordered for financial markets and the FTSE 100 made a strong start on Monday to move closer to recovering all of its post-Liberation Day losses,” said AJ Bell investment director Russ Mould.

“Domestic focused names, including housebuilders and retailers, were among the gainers in London.

“Recent developments have been helpful from a market perspective as US President Donald Trump dialled down the rhetoric around replacing current Federal Reserve chair Jerome Powell and hinted at progress on trade talks. Suggestions of a de-escalation in the tariff stand-off with China were also well received.”

However, the apparent easing in tensions between the US and China failed to inspire any meaningful bid in China-focused stocks on Monday. Miners Glencore, Anglo American and Antofagasta were all trading negatively.

Falling miners suggest the market is taking the optics of reconciliation between China and US with a pinch of salt.

“Quite a lot to unpack, there, and quite a lot of political spin to get round,” said Michael Brown Senior Research Strategist at Pepperstone.

“Again, in short, China continue to refute claims of talks between the two nations.”

Marks & Spencer was the top faller after a cyber attack over the weekend brought its online shopping service to a standstill and forced them to refund shoppers for failed delivery.

Although the actual order refunds are unlikely to have a material impact on the group, the long-term damage to its reputation will be a greater concern.

“While other retailers have not been immune to IT breaches, the depth of Marks and Spencer’s problems in resolving the issue are worrying, and it may take some time to win back some more warier shoppers,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

Marks & Spencer shares were down 2.5% at the time of writing.

Tekcapital shares rose on Monday after its portfolio company, Innovative Eyewear, launched Reebok-branded smart eyewear targeting a market that’s expected to be worth $13 billion worldwide by 2030.

The launch expands Innovative Eyewear’s Chatgpt-enabled smart eyewear brand collaborations, which include Nautica, Eddie Bauer and now Reebok.

Tekcapital shares were 3.4% higher at the time of writing.

“We believe this launch represents a watershed moment for the entire smart eyewear category,” said Harrison Gross, CEO of Innovative Eyewear.

“We’re pioneering the smart sport eyewear segment with AI-integrated eyewear that enhances athletic performance, while fulfilling our longstanding mission to deliver smart upgrades to every major type of eyewear: sunglasses, optical, sport, and safety.”

Reebok smart eyewear features bespoke high-fidelity speakers paired with robust amplifiers and equalisers.

These components have been specifically calibrated for outdoor pursuits and sporting environments, delivering exceptional audio clarity while maintaining the wearer’s awareness of their surroundings—something Innovative Eyewear says is a crucial safety consideration for athletes and urban pedestrians alike.

Innovative Eyewear has set an ambitious global distribution strategy. The company has established its first major partnership with MTB Mexico, a leading technology distributor throughout Latin America, marking the initial phase of its planned global distribution network, which will encompass a broad range of distributors.

“We are extremely proud to partner with Innovative Eyewear to bring Reebok Smart Eyewear to the Latin American market,” said Mauricio Avelar, Director General at MTB Mexico.

“This innovative product perfectly complements our portfolio and meets growing consumer demand for smart, lifestyle-integrated technology across our distribution network, including major retailers in Mexico.”

The launch is being supported by football star and Lucyd brand ambassador Micah Richards.

“In my career, both on the pitch and now as a broadcaster, I’ve always prioritised performance and style,” said Mr. Richards.

“What impressed me most about Reebok Smart Eyewear isn’t just how good they look – it’s that I can stay connected without losing awareness of what’s happening around me. Whether I’m cycling through the city, hitting the gym, or calling a match, these glasses keep me in tune with both my surroundings and my digital life in a way that traditional headphones never could.”

London-listed Tekcapital holds a 10% stake in Innovative Eyewear, which is listed on the US NASDAQ.