The FTSE 100 got off to a strong start as it played catch up with European markets following yesterday's bank holiday after the White House delayed a 50% import tariff while trade negotiations with the European Union continue.
An hour into trading, the blue chip index is up 84 points at 8,801, a gain of about 1%.
Intermediate Capital, Melrose and Schroders are leading the gainers, while gold miners are the biggest losers as the gold price pulls back from recent highs.
In company news, M&C Saatchi PLC (AIM:SAA) has struck a deal to buy a UAE-based sports agency that it says will "bolt on" to its existing business in Dubai and Abu Dhabi.
Elementis plc (LSE:ELM) has completed the sale of its talc business to IMI Fabi for net cash proceeds after transaction costs of roughly $55 million (almost £41 million).
Whitbread PLC (LSE:WTB) chairman Adam Crozier, a well-known figure in the City and around the UK from his former roles at ITV, Royal Mail and the Football Association, is stepping down from the hotel company. He will leave at the start of September after seven years in the role, with former Capgemini boss and current Severn Trent chair Christine Hodgson taking his seat.
