US, China reach deal to temporarily slash tariffs
Ferrexpo rises on likely Ukraine-Russia ceasefire talks
UK employers stay downbeat on hiring plans, surveys show
Both FTSE 100 and FTSE 250 up 0.6%
Updates after market close
May 12 (Reuters) - British stocks ended higher on Monday tracking a global market rally as the United States and China reached a deal to reduce tariffs, easing investor fears about an all-out trade war disrupting global markets.
The two biggest economies announced that the U.S. will cut the extra tariffs it imposed on Chinese imports in April to 30% from 145%, while Chinese duties on U.S. imports will reduce to 10% from 125%. The new measures will be effective for 90 days.
Both the blue-chip FTSE 100 .FTSE and the domestically focused midcap index .FTMC gained 0.6%.
Industrial metal miners .FTNMX551020 led the sectoral gains with 4.9% rise tracking gains in base metal prices. MET/L
Glencore GLEN.L and Anglo American AAL.L gained 6.1% and 5.5%, respectively.
Ukraine-focused miner Ferrexpo FXPO.L jumped 8.2%, after Ukrainian President Volodymyr Zelenskiy expressed readiness to meet his Russian counterpart Vladimir Putin in Turkey on Thursday for talks.
Energy stocks .FTNMX601010 gained 1.6% after oil prices jumped by about 4%. O/R
Heavyweight Shell SHEL.L and BP BP.L were among the top gainers in the FTSE 100, up 1.4% and 2.2%, respectively.
Burberry Group BRBY.L and Watches of Switzerland Group WOSG.L gained 3.7% and 4.9%, respectively, tracking gains in European luxury peers.
Meanwhile, precious metal miners stocks .FTNMX551030 fell 5.5% after safe-haven gold fell more than 2%. GOL/
Separately, Bank of England monetary policymaker Megan Greene said that wage and inflation measures were moving in the right direction but remained too high and that she was worried about rising public inflation expectations.
Economic surveys point to growing pessimism among British employers regarding hiring plans after recent tax hikes and surging uncertainty in the global economy, aligning with BoE's forecasts for a weakening labour market.
(Reporting by Ragini Mathur and Sanchayaita Roy in Bengaluru; Editing by Shailesh Kuber)
((Ragini.Mathur@thomsonreuters.com;))
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