London, Feb 23, 2026, 08:48 GMT — Regular session
- Lloyds shares tick up in early London trading, following a volatile kickoff to the week for equities.
- Fresh uncertainty over U.S. tariffs has stirred nerves across broader European markets, keeping investors on edge.
- Coming up: U.S. policy cues due this week, the Bank of England’s March rate call, plus Lloyds’ shareholder schedule for April.
Shares of Lloyds Banking Group (LLOY.L) picked up roughly 0.3% to hit 104.50 pence early Monday, having traded in a range from 104.00 to 104.93 pence since the session opened.
European markets lost ground in a volatile session after U.S. tariff policy took a turn over the weekend. Most sectors ended lower, but bank stocks eked out gains, providing some stability in an otherwise weak landscape.
“The tariff landscape is now more uncertain than before, uncertainty is not good news for any economy or market,” said Rodrigo Catril, senior FX strategist at NAB. That shot of caution echoed through the session, with investors steering clear of risk. Still, some corners of the market managed to stay resilient. Reuters
Lloyds isn’t an exporter, with its business rooted in the UK, so its shares don’t trade like one. Still, growth outlooks and rate speculation ripple through, swaying mortgage appetite and the bank’s exposure to credit risk. Any read-through here remains largely indirect.
Nothing new from the company hit the wires early Monday, so the stock moved with the broader banking sector and macro news flow. Lloyds in February posted a 12% jump in annual profit, boosted its profitability goal and kicked off a £1.75 billion buyback. CEO Charlie Nunn cited “continued business momentum and strategic delivery” in upgraded guidance. Reuters
UK lenders still have to watch rate expectations closely. The Bank of England meets again on March 19, following its policy decision in February.
Investors tracking Lloyds have key dates coming up: shares go ex-dividend April 9, then a first-quarter interim management statement lands April 29, followed by the annual general meeting on May 14.
The direction isn’t locked in. Should tariffs trigger a sharper risk-off shift, the growth picture could worsen and bond yields might drop, squeezing banks’ net interest margins — that’s the spread between what lenders make on loans and what they pay out on deposits. Slower activity also tends to push bad-debt charges higher.
Sterling held a stronger footing in currency trading, while the dollar slipped, shaken by the U.S. Supreme Court’s decision on tariffs that’s stirring up the broader asset landscape. “It weakens the dollar in the sense that it potentially benefits non-U.S. growth,” noted Sim Moh Siong, currency strategist at OCBC Bank in Singapore. Traders now turn their focus to President Donald Trump’s State of the Union address on Tuesday for fresh policy cues. Reuters
