Prime Minister Sir Keir Starmer has said that "We will keep all options on the table" when it comes to US tariffs, calling the measures "very concerning". Starmer says he wants the UK to be "pragmatic and clear-eyed" on the issue. In line with Mexico and diverging from the EU and Canada, the UK has steered away from retaliatory tariffs to date and has not indicated that it will do so either in regard to the auto tariffs announced on 26 March, or on the broader reciprocal tariffs pencilled in for 2 April.
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S&P E-Minis are trading lower this week. The move down appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This signals scope for a deeper retracement and has exposed a key support at 5935.50, the Feb 3 low. Moving average studies remain in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.
ERZ5 98.25/98.625cs vs 97.75p, bought the cs for -0.75 in 8k (ref 98.05).