Finance
FTSE 100 subdued on US tariff uncertainty; Johnson Matthey slumps
Published by Global Banking & Finance Review®
Posted on February 23, 2026
2 min readLast updated: February 23, 2026
Tags:UK economy
Quick Summary
FTSE 100 traded flat as markets weighed fresh U.S. tariff plans. Johnson Matthey tumbled after cutting the sale price of its catalyst unit to Honeywell, while gold miners gained on safe‑haven demand.
FTSE 100 edges lower amid U.S. tariff doubts; Johnson Matthey tumbles
UK Stocks: Tariff Jitters and Sector Moves
Feb 23 (Reuters) - The UK's FTSE 100 was subdued on Monday, as investors assessed a fresh wave of uncertainty over U.S. trade policy, while Johnson Matthey slumped after the chemical firm accepted a sharp cut to the sale price of its catalyst unit to Honeywell.
The blue-chip index was up 0.1% at 1200 GMT, after closing at record highs last week. The domestically focused mid-cap FTSE 250 was down 0.1%.
U.S. Trade Policy Uncertainty
The market remained volatile after U.S. President Donald Trump vowed to implement a new 15% tariff on global imports, following the U.S. Supreme Court's decision on Friday to strike down his sweeping emergency-based tariffs.
UK Tariff Rate Rises to 15%
For the UK, the tariff rate has increased from 10% to 15%, Unicredit analysts noted, following Trump's latest announcement.
Packaging and Paper Stocks Under Pressure
Shares of packaging and paper group Mondi fell 3.6%, while its U.S. peers also fell, hurt by renewed tariff concerns.
Johnson Matthey Cuts Sale Price, Shares Slump
Johnson Matthey slumped 16.7% to the bottom of the mid-cap index, after it agreed to slash the sale price of its catalyst technologies business to Honeywell, after the unit underperformed in fiscal 2025.
Rolls-Royce Dips Despite Buyback Report
Aerospace and Defence Pull Back
British aerospace and defence stocks pulled back after touching a record high on Friday. Rolls-Royce Holdings fell 0.7% despite a media report that the engine maker is expected to launch a share buyback worth as much as 1.5 billion pounds ($2 billion) alongside its annual results this week.
Gold Rally Lifts Precious-Metal Miners
Meanwhile, precious-metal miners rose 4% after gold climbed to a three-week high as investors sought safe-haven assets. [GOL/]
Manchester Political Backdrop
On the political front, support for Prime Minister Keir Starmer's Labour Party is slipping in its Manchester stronghold, where the Green Party or right-wing Reform UK could rupture decades of political tradition in an election later this month.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore)
Key Takeaways
- •FTSE 100 was little changed as investors weighed renewed U.S. tariff plans.
- •Johnson Matthey slumped after cutting the sale price of its catalyst unit to Honeywell.
- •Packaging group Mondi fell alongside U.S. peers on tariff worries.
- •Gold’s rise lifted precious‑metal miners on safe‑haven demand.
- •Rolls‑Royce eased despite reports of a potential share buyback.
Frequently Asked Questions about FTSE 100 subdued on US tariff uncertainty; Johnson Matthey slumps
1What is the main topic?
UK stocks were muted as traders assessed renewed U.S. tariff risks, with the FTSE 100 steady and select sectors reacting to trade headlines.
2Why did Johnson Matthey shares fall?
The company agreed to cut the sale price of its Catalyst Technologies business to Honeywell, triggering a sharp decline in its share price.
3Which sectors outperformed and underperformed?
Precious‑metal miners outperformed on higher gold prices, while packaging names like Mondi and some industrials lagged on tariff concerns.
