India rolled out a new trade measure on Tuesday, imposing safeguard duties on certain steel imports for a period of three years. The move comes as a push to protect domestic manufacturers from a surge in low-cost overseas supplies, particularly from China.As per a finance ministry notification, the safeguard duty will stand at 12% in the first year, ease to 11.5% in the second, and fall further to 11% in the final year. The decision follows a detailed probe into import trends and their impact on local producers.The levy will apply to steel shipments from countries including China, Vietnam and Nepal. However, imports from some developing nations have been kept outside the scope of the measure. The order also makes it clear that specialty steel products, such as stainless steel, will not be covered under the safeguard duty.The directorate general of trade remedies, which examined the matter, recommended the three-year tariff after observing a “recent, sudden, sharp ‍and significant ⁠increase in imports … ⁠causing and threatening to cause serious injury to the domestic industry,” the order stated. The latest move builds on an earlier step taken in April, when the government imposed a temporary 200-day safeguard duty of 12% on similar steel products, according to a Reuters report.Officials from the federal steel ministry have repeatedly stated that unchecked inflows of cheap and sub-standard steel could harm India’s domestic steel sector, prompting the need for protective measures.The decision also comes against the backdrop of growing global trade tensions in the steel market. US President Donald Trump’s import tariffs on steel have intensified scrutiny of Chinese exports, leading countries such as South Korea and Vietnam to introduce anti-dumping duties earlier this year.

London’s stock market has experienced a significant resurgence, recording its most robust year for new listings since 2021, driven by a late surge in activity.

Industry experts anticipate this positive global market momentum will persist through to 2026.

According to analysis by PwC, the London Stock Exchange welcomed 11 initial public offerings (IPOs) in 2025.

This figure specifically accounts for transactions raising a minimum of $5 million (£3.7 million) and does not include companies transitioning from the Alternative Investment Market (AIM) to the main market.

The IPOs raised £1.9 billion in total proceeds, making it the strongest year since 2021 when £16.8 billion was raised in a record year for the London Stock Exchange (LSE).

It is also more than double £700 million raised last year.

A late flurry of IPOs helped deliver a boost to the market with £1.3 billion of the total proceeds raised during the final quarter of the year, marking a shift following a dearth in activity.

IPO activity gained momentum over the final months of the year, which saw the flotations of tinned tuna maker Princes Group and small business lender Shawbrook on the main market.

Princes raised about £400 million from its listing, giving the 150-year-old firm a valuation of £1.16 billion, while Shawbrook raised £348 million and clinching a £1.92 billion valuation.

Other notable flotations included Texas-based Fermi, which develops electric grids, and Beauty Tech Group which owns beauty gadget brands used by the likes of Kim Kardashian and Serena Williams.

Vhernie Manickavasagar, the UK’s IPO leader at PwC UK, said: “London has delivered its strongest year for IPO and listing activity since 2021.

“In addition, global multi-billion-pound companies selected the London Stock Exchange for their international listings in 2025, the largest of which had a market capitalisation of £16 billion in December 2025.

“These developments underscore the resurgence of London’s capital markets and its returning appeal as a leading listing destination.

“Looking ahead, momentum is set to continue into 2026, with a robust pipeline of large-cap IPOs expected across the consumer, financial services and TMT (technology, media and telecoms) sectors.”

Around the world, proceeds totalled 143.3 billion US dollars (£106.2 billion) from 1,014 IPOs over 2025 – about a fifth more than in 2024, according to PwC’s analysis.

The biggest of the year was the 6.3 billion US dollar (£4.7 billion) blockbuster IPO of medical supplies giant Medline which had its Wall Street debut earlier this month.

In terms of sectors, financial services led the charge with the biggest proportion of proceeds raised globally.

Momentum in the IPO market comes as the UK has been introducing new measures to help revive the London market after a prolonged drought in activity.

This includes a three-year, stamp duty holiday on shares bought in new UK flotations to help London compete for IPOs on an international stage.

Stock prices in London closed higher on Tuesday, the penultimate day of the year, as gains for mining shares strengthened the blue chip index.

The FTSE 100 Index closed up 74.18 points, 0.8%, at 9,940.71.

The FTSE 250 Index ended up 150.85 points, 0.7%, at 22,558.36, and the AIM All-Share closed up 7.28 points, 1.0%, at 766.86.

The markets in London will close early this Wednesday, before the New Year’s Day holiday on Thursday.

The market reopens on Friday for a full trading day.

“The global nature of the inhabitants of London’s top-flight index has helped it avoid the doldrums which have held back the more domestically focused FTSE 250 – although even it was experiencing that end-of-year phenomenon often referred to as a ‘Santa rally’ today,” said AJ Bell analyst Danni Hewson.

“Investors have been looking beyond the usual suspects for value and diversification as the US dollar came under pressure and the world continued to be beset with geopolitical turmoil and fears of an AI bubble.

“An indication that further interest rate cuts are on the cards in the US could enable Wall Street to find a higher gear and minutes from the Fed’s last meeting of the year should also shed some light on that.”

In European equities on Tuesday, the CAC 40 in Paris closed up 0.7%.

The DAX 40 in Frankfurt ended 0.6% higher after a shortened day of trading.

It will remain shut on Wednesday, while financial markets in Paris will trade for a shorter day on Wednesday before Thursday’s new year holiday.

The pound was quoted at 1.3475 dollars at the time of the London equities close on Tuesday, down from 1.3491 dollars at the time of the early London equities close on Monday.

The euro was higher at 1.1762 dollars from 1.1757 dollars.

Against the yen, the dollar was trading at 156.25 yen, up from 156.04 yen.

Stocks in New York were lower.

The Dow Jones Industrial Average was down 0.2%, while the S&P 500 index and the Nasdaq Composite were 0.1% lower.

The yield on the US 10-year Treasury was quoted at 4.12% on Tuesday, unchanged from Monday.

The yield on the US 30-year Treasury was steady at 4.80%.

US home price growth remained subdued in October, with annual gains close to two-year lows and prices falling in most major cities on the month, according to the latest S&P Cotality Case-Shiller index.

The S&P Cotality Case-Shiller US national home price index rose 1.4% year-on-year in October, edging up from a 1.3% increase in September but marking one of the weakest annual readings since mid-2023.

On a month-on-month basis, national prices fell 0.2% on a non-seasonally adjusted basis.

Service sector activity in Texas was unchanged in December, according to the latest Texas service sector outlook survey published by the Federal Reserve Bank of Dallas.

According to business executives responding to the survey, the revenue index, a key measure of state service sector conditions, rose 2.6 points to 0.1 in December from minus 2.5 in November.

Labour market measures suggested steady employment conditions, but with hours worked falling during the month.

The employment index fell 3.9 points to minus 0.8, while the part-time employment index fell 1.0 points, also to minus 0.8.

The near-zero reading for both the employment and part-time employment indices indicates little change in employment or part-time employment.

The hours worked index dropped 1.7 points to minus 2.4.

Respondents in December continued to perceive worsening broader business conditions, the report showed.

In London, Fresnillo shares were 6.8% higher.

The stock hit a record high on Monday, supported by a lofty gold and silver price, before surrendering that progress before the end of trading that day.

Fresnillo shares have risen more than five-fold so far this year, one of the brightest sparks on the FTSE 100.

Citigroup raised its price target for Fresnillo to 3,900 pence from 3,000p with a “buy” rating.

Other miners were also on the up, with Antofagasta rising 3.3% and Anglo American and Glencore adding 2.4%.

Among other stocks, Caspian Sunrise shares jumped 13% on the AIM market after it noted “significant tax concessions” from the Kazakh government, which has reissued the firm’s mining licences.

It said the country’s Ministry of Energy has granted tax rebates “to assist in the development of the BNG contract area’s deep structures”.

Caspian will be temporarily exempt from export customs and duties on crude oil.

The British company will not owe Kazakhstan historic cost, mineral extraction tax and excess profits tax on production from its 99% owned BNG area.

An “alternative subsoil use tax” will apply instead.

BNG is an onshore oil prospect which contains the Airshagyl and Yelemes Deep structures.

In order to proceed with the tax kickbacks, the government has issued new appraisal licences covering both structures, Caspian said.

Airshagyl’s permit is for an initial three years; at Yelemes Deep, it is for two years.

Shares in Westminster Group sank 21%.

The Banbury, Oxfordshire-based security and technology services company said it is in “advanced discussions” for a “significant investment” by a strategic investor that operates in Africa and the Middle East.

The unnamed company has also indicated interest in collaborating with Westminster on business opportunities.

“The board anticipates the regional expertise that the potential investor has to be of considerable benefit as opportunities within the territories continue to develop,” Westminster said.

The company is also in the “final stages of negotiating a significant offshore banking facility for project financing”.

Jarvis Securities shares lost 20% as it reported a widened full-year loss as it noted one unit will need to pay a redress to some clients for breaching the UK financial watchdog’s code of conduct.

The operator of retail stockbroking brands said pre-tax profit fell 43% to £3.0 million for the 18 months to June 30, from £5.2 million achieved in calendar year 2023.

The company changed its financial year-end to June 30 from December 31.

This was despite revenue rising 37% to £17.9 million in the 18 months from £13.1 million in the 12 months of 2023.

The bottom line was weakened by increasing administrative expenses, which jumped 66% to £17.9 million from £13.1 million.

Brent oil was slightly lower at 61.44 dollars a barrel at the time of the London equities close on Tuesday from 61.48 dollars late on Monday.

Gold was steady at 4,366.20 dollars an ounce at Tuesday’s close, against 4,336.60 dollars on Monday.

The biggest risers on the FTSE 100 were Fresnillo, up 218 pence at 3,412p, Antofagasta, up 105p at 3,316p, Airtel Africa, up 11.2p at 355.4p, Glencore, up 10p at 406.5p, and Anglo American, up 71p at 3,056p.

The biggest fallers on the FTSE 100 were Metlen Energy & Metals, down 0.3p at 44.25p, Experian, down 22p at 3,409p, Pershing Square, down 28p at 4,794p, Intertek, down 26p at 4,630p, and DCC, down 18p at 4,672p.

Wednesday will see initial jobless claims data from the US in focus for investors on the last day of 2025.

There are no events scheduled on Wednesday’s UK corporate calendar.

Contributed by Alliance News