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FTSE 100 rises 0.5%, FTSE 250 up 0.2%

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Victrex falls on tepid second-half profit outlook

(Updates with market closing prices)

July 8(Reuters) -

The UK's FTSE 100 closed at a three-week high on Tuesday as

a weaker pound lifted shares of international firms, while

investors scrutinised ongoing U.S. tariff negotiations.

The internationally oriented FTSE 100 rose 0.5% to

its highest close since June 17, while the FTSE 250 midcap index

gained 0.2%.

Major Asian economies Japan and South Korea

said

they would try to negotiate with the United States to

soften the blow from sharply higher tariffs after President

Donald Trump ramped up his trade war yet again and imposed

higher tariffs on 14 nations, starting August 1.

Britain and Vietnam are the only countries with trade deals

with the U.S. so far, avoiding the new levies. However, in case

of the UK, existing tariffs on autos, steel and aluminium still

apply.

Oil and gas stocks led sectoral gains, rising

2.2% as crude prices hovered near two-week highs.

Energy giant BP rose 3.2%, topping the blue-chip

index, while Shell gained 2%.

Precious metal mining stocks declined

2.3%, leading sectoral losses as gold prices fell on

expectations of trade agreements between the U.S. and its

partners.

Mining giant Rio Tinto's yet-to-be-named CEO should

be open to merger and acquisition deals along with sharpening

productivity and cost cuts, sources told Reuters. The miner's

shares rose 1.3%, while Glencore ( GLCNF ) was up 2.8% and Anglo

American rose 1.2%.

Victrex fell 8.4% to the bottom of the midcap index

after the polymer manufacturer appointed a new CEO and gave a

tepid second-half profit forecast.

Fast fashion retailer Shein joined the list of companies

moving away from the UK stock market after it filed for an IPO

in Hong Kong to accelerate its listing process, building

pressure on Britain's regulators to approve its planned London

listing, the Financial Times reported, as the UK IPO market

struggles amid investor pushback and Brexit-related challenges.