FTSE LIVE: Economic growth accelerates in first quarter; Global markets on edge as Trump escalates China trade spat; British Airways burnt by rocketing fuel costs
- BA owner hit by higher fuel costs and currency headwinds in the first quarter
- US markets flashed red overnight as the trade war with China intensified
- The FTSE 100, after a day of heavy losses on Thursday, is green at the open
It’s a mixed bag for global markets today after President Donald Trump, true to his word, hiked tariffs on $200billion worth of Chinese exports by 25 per cent.
In the US, markets closed firmly lower, but the FTSE 100 opened in the green on Friday – up 0.4 per cent at 7,239.20 – following a sharp decline on Thursday.
British Airways owner International Consolidated Airlines Group has reported a 60 per cent slump in first-quarter profits as rocketing fuel costs and foreign exchange headwinds weighed on its bottom line.