Last week, I wrote about why I thought the looming ‘Liberation Day’ announcement would impact UK investors. Even though the news would relate to America and tariffs on countries around the world, I felt that UK stocks could be significantly impacted.

Given the major move lower in the FTSE 100 since then, it’s clear this has played out. So here’s what I think happens now.

Nothing positive right now

The FTSE 100’s down 11% in the past week. There’s good reason for this, as many of the companies in the index are huge multi-national businesses that trade around the world. Therefore, many are impacted by the tariffs. In AJ Bell analysis of Bloomberg data, Ashtead Group is one of the hardest hit, with 92% of sales in the US and 90% of facilities located there. Yet there are 20 companies in the index with more than 20% of their facilities in the US.

I see the market continuing to fall in the short term unless we get some meaningful walkback on the tariffs or some supportive action. In terms of UK-specific actions, this could include the central bank governor coming out and pledging support or a trade deal struck that sees the tariff removed. At a global level, a change in President Trump’s rhetoric would certainly help to provide some optimism to investors.

Yet, without any of this, and just further retaliatory tariffs being imposed by the other nations, I struggle to see a reason why stocks won’t keep falling in the coming weeks. Of course, I’m not suggesting markets keep losing at the same pace as the past few days. The volatility and pace of selling should slow somewhat. When the dust settles, that’s when I’m planning on going bargain hunting.

Building my list

One stock on my watchlist for the coming weeks is Rightmove (LSE:RMV). The online property portal has experienced an 8% drop in the past week. It’s still up 17% over the past year.

The sharp fall in the past week is partly justified. The economic uncertainty created by the tariff announcement could mean that some people don’t feel comfortable looking to buy a property. As a result, this could diminish site traffic for Rightmove. The knock-on impact could cause some advertisers to lower their spending, and make estate agents cut some listings. This is a risk going forward.

However, I don’t see this as being a long-term issue. The UK’s relatively unscathed from the tariffs. It’s one of the few countries still actively pursuing a trade deal. Further, if the Bank of England committee feels the need to support financial markets by cutting interest rates, this would be a good thing for Rightmove.

A lower base rate should cause mortgage rates to fall. This could make it cheaper for people to get on the property ladder, causing a spike in demand on the website.

Given the crazy sentiment in the market right now, I’m going to watch for further short-term pain in the stock. Yet I’m looking to deploy cash before the end of the month.

Buying penny shares can be a bumpy ride even during calm periods. It can be especially hair-raising when broader financial market volatility is high and worries over the global economy abound, like today.

Yet this elevated risk also brings the potential for market-beating returns. As these smaller companies grow earnings, their share prices can increase rapidly.

One way that investors can try to balance risk is by buying penny stocks at rock-bottom valuations. This provides a margin of safety that can prevent a share price washout if company-, industry- or economic-related news disappoints.

With this in mind, here’s a great sub-£1 UK share I think is worth serious consideration right now.

Gold star

Gold prices have retraced below the technically (and psychologically important) level of £3k an ounce in recent hours. With this marker breached, it’s possible that selling of the precious metal could accelerate.

However, I believe there’s also a strong chance of a gold price rebound. So small-cap miner Serabi Gold (LSE:SRB) could be a great stock to consider.

Recessionary risks and rising inflation — both of which are being fuelled by tariff-related tension — remain significant potential drivers of bullion prices. Geopolitical uncertainty is also on the rise, which in turn is fuelling strong central bank purchasing.

These institutions recorded net purchases of 24 tonnes during February, the latest World Gold Council data shows.

The price is right

I’m not alone in my bullish assessment for gold prices, either. Edison analysts believe an ounce of bullion could rise as high as $4,500, which could thrust Serabi Gold’s profits through the roof.

All-in sustaining costs (AISC) were $1,790 per ounce in the nine months to September, considerably less than even current prices around $2,970.

That said, it’s worth bearing in mind that Serabi’s costs have been rising more recently. Higher mine development costs caused AISC to increase 15.2% year on year between January and December.

Yet these greater expenses reflect Serabi’s work to raise production and reduce costs over the longer term. Total production of 37,520 ounces in 2024 — helped by output reaching five-year highs in Q4 — is expected at 44,000-47,000 ounces this year.

The African miner hopes to grow output again in 2026, to 60,000 ounces.

Top value

Despite the bright gold price outlook and its impressive operational record, I think Serabi’s share price still offers excellent value.

City analysts think annual earnings will rise 68% year on year in 2025. This means its forward price-to-earnings (P/E) ratio sits at 5.1 times.

That’s not all, with Serabi’s corresponding price-to-earnings growth (PEG) ratio sitting well below 0.1 Any reading under 1 implies that a share is undervalued.

Serabi shares are up 92.8% over the last year. I think there’s a high chance they will keep appreciating strongly in 2025 and potentially beyond, with gold’s bull run now stretching into its third year.

It’s been a rough week for the Barclays (LSE:BARC) share price. A 19% drop comes at a time when President Trump’s tariff announcements have sent shockwaves through the stock market. Some might think that Barclays shouldn’t be that impacted, given that the US isn’t its primary market for operations. Yet there are several reasons why I believe the bank could struggle going forward.

Hits to different areas

One division within Barclays is the investment bank. This area earns money by advising businesses on mergers and acquisitions and helping them raise capital via the debt and stock markets. But the recent tariffs news has created considerable business uncertainty.

If you’re a CEO considering buying a company abroad, would you really want to sign on the dotted line right now? Or would you put things on hold for a few months to see how things pan out? I know I’d be cautious about doing any big deals at the moment. If this is the wider view in the market, then the investment banking teams could see revenue fall as deals dry up.

Barclays also has a significant retail presence, both here in the UK and in other key markets around the world. A concern here is that the everyday person on the street starts worrying about what they are reading on the news. Stories about a recession, the beginning of a global trade war, rising prices and more could spook them. As a result, they might cut back on spending, reducing transactional activity on their account. It could see demand for loans and other products fall, as people fear the worst-case scenario.

Interest rate impact

There are also rumours that central bank decision-makers around the world may have to make sharp interest rate cuts to help their respective economies. I don’t think this is unreasonable, but we’ll have to wait and see for confirmation in the coming weeks.

If it does happen, Barclays’ stock could be hit further as rate cuts would reduce the net interest margin. This margin refers to the difference between the rate it lends money versus what it pays on deposits. The lower the base rate, the smaller this margin becomes. As a result, revenue could be directly impacted by this action.

Silver linings

On the other hand, Barclays could be seen as an undervalued purchase. With the sharp price drop, the price-to-earnings (P/E) ratio’s fallen to 6.95. This is well below the fair value benchmark figure of 10 I use. Further, if interest rates around the world do dip, there could be higher demand for loans and mortgages, and the bank could see a spike in revenue from selling these products. The stock is up 21% over the past year.

Even with these factors, I’m still not convinced now’s a good time to buy the stock, so will be staying away.

Stock markets remain a sea of red for the third straight day as trade-related tensions simmer. The FTSE 100 leading index of stocks was last down 1.5% on Monday as worries over the global economy grew.

These two stocks have also fallen in value in recent sessions. But I believe they’re brilliant lifeboats to consider in the current situation. Here’s why.

Fresnillo

Even safe-haven precious metals have plummeted amid the broader financial market collapse. Gold and silver have both reversed sharply, which has in turn pulled Mexican mining stock Fresnillo (LSE:FRES) much lower.

Heavy profit-taking explains in part this sharp drop (gold values hit new peaks above $3,170 per ounce last week). It’s likely, too, that margin calls from brokers have prompted some investors to liquidate their positions in gold.

Finally, President Trump’s decision to (so far) exempt the yellow metal from fresh new US trade tariffs has promped some pullback.

New developments on the fast-moving trade front could cause further price volatility for metal values and Fresnillo’s share price. The FTSE 100 miner’s down 13.1% over the last week.

But I’m optimistic that prices of both could recover strongly in the current macroeconomic and geopolitical climate. Even stripping out ongoing worries over trade tariffs, returning inflationary pressures remain a very real threat. Then there’s signs of enduring stress in China’s economy, mounting worries over expanding political conflicts, and strong central bank interest in gold.

Even at current prices, the miner enjoys excellent profit margins — all-in sustaining costs (AISCs) for its gold mines were around $1,800 per ounce last year.

Recent price weakness means Fresnillo’s share price now trades on a price-to-earnings (P/E) ratio of 12.9 times. This is based on City expectations for annual earnings to rise 127% in 2025.

This represents excellent value in my book. A sub-1 forward price-to-earnings growth (PEG) of 0.1 also illustrates Fresnillo’s decent value.

Supermarket REIT

Companies with retail exposure are currently enduring massive uncertainty as trade wars intensify. Businesses like these face the threat of growing costs and weakening revenues if consumers baulk at higher prices.

This threat extends from retailers themselves to real estate investment trusts (REITs) which rent out trading space. Yet such threats are far less severe for Supermarket Income REIT (LSE:SUPR) than for many of its peers, and could (in my opinion) make it worth serious consideration.

For one, the FTSE 250 business — as its name implies — focuses on the defensive food retail market. People still need to eat whatever social, economic, or political crisis rears its head, meaning profitability among its tenants remains largely stable over the long term.

Supermarket REIT also has a blue chip list of tenants including Aldi, Sainsbury’s and Tesco. The chances of these retailers breaching the terms of their tenancies are slim-to-none.

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Earning here are tipped to remain unchanged this financial year (to June 2025). This means it trades on a reasonable P/E ratio of 12.1 times for this financial year.

With the business also packing an 8.2% forward dividend yield, I think it’s another attractively priced safe haven to consider right now.

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• A former diversified publishing giant, it has repositioned itself as a pureplay education business. 
• The company, whose portfolio is now roughly 82% digital or digitally enabled, is learning to operate more as a software business so that it can innovate faster and offer new learning experiences that are personalised and accessible”.
• In its latest fiscal year, underlying sales grew by 3% to £3.6bn, while adjusted operating profit climbed by 10% to £600m due to operating leverage and cost efficiencies.
• Potentially, its assessment and qualifications business could see a tailwind if people need to reskill to meet future labour needs in the face of technological changes. 
• The company has long sought to take advantage of AI, which students should increasingly use to master Pearson’s courseware and which Pearson reckons should improve the efficacy of its education products.
• While artificial intelligence tools might also pose a threat to Pearson’s business, in our view it’s unlikely educators – who trust Pearson to help students achieve the best outcomes – will embrace unproven technologies at the expense of a trusted provider like this one.
• We reckon its digital credentials are continuing to improve. It recently agreed strategic partnerships with Amazon and Microsoft to use AI tools for learners, educators and employers, helping validate Pearson’s claim to be a major software business.

Watches of Switzerland (LSE:WOSG) shares are down 27% over one month, but only 8% over the past year. As such, £10,000 invested 12 months ago would now be worth £9,200. That’s clearly not a good return, but considering the recent volatility, I wouldn’t be too disheartened. Sometimes, it’s all relative.

Tariffs, tariffs, tariffs

I feel like a broken record, but Trump’s tariffs are a big issue for companies around the world. Watches of Switzerland, with operations spanning the UK, US, and parts of Europe, is no exception. The company relies on importing luxury watches from Switzerland and other European countries, making it vulnerable to changes in trade agreements or tariff regimes. 

So, let’s take a closer look at the tariff issue. The US has imposed a 31% tariff on Swiss imports, targeting one of the company’s most critical supply chains. The US is not just a major market for Swiss watches — it’s the largest export destination for Swiss timepieces, accounting for 16.8% of Swiss watch exports in 2024 (around CHF4.4bn).

For a retailer like Watches of Switzerland, which specialises in high-end Swiss brands such as Rolex, Patek Philippe, and Omega, this tariff represents a direct hit to its core operations.

According to research I’ve come across, the tariffs will be applied to the import value of the goods. Based on several calculations, this means the cost of a Rolex Land-Dweller from $16,100 to about $17,900. It’s not a massive increase, but it certainly will be noticeable.

While high-net-worth individuals may still purchase luxury watches despite price increases, mid-tier buyers are more likely to balk at paying 15%-30% more. This could lead to a slowdown in sales for entry-level luxury brands like Longines or Tissot.

Cross-border arbitrage

Building on the above, I suggest that the higher end of Watches of Switzerland’s range is fairly price inelastic. In other words, if you want to spend £12,000 on a Rolex, you probably will regardless of the tariffs. I’ve been wondering if the tariffs will encourage cross-border arbitrage — travelling abroad to take advantage of lower prices — with US buyers shopping overseas. Only time will tell.

Valuation improves on paper

Watches of Switzerland’s forward valuation reflects a mixed outlook. The company’s forward price-to-earnings (P/E) ratio is estimated at 9.2 times, significantly lower than historical averages, indicating market skepticism about its growth potential. This figure is expected to fall to 7.2 times by 2027.

However, the issue is that these figures are based on earnings projections made before Trump’s tariffs. It’s almost certain now that we will see analysts revise their projections downwards. I’d also add to this that the company has a modest net debt position of £120m. This obviously needs to be taken into account when considering the P/E.

Personally, I’m going to keep my powder dry on this one. The stock could be attractive, but there’s so much uncertainty. It’ll certainly pay to keep my eye on the tariff news. Perhaps if the Swiss can negotiate a ‘better deal’, the fallout may be more controllable.

Many growth stocks have been hit hard during this sudden market sell-off. For evidence of the carnage, look at the tech-heavy Nasdaq 100, which is down 21% since mid-February.

This can be scary for investors, especially newer ones not used to this sudden level of panic. Right now, there are alarming headlines across the financial media. These can make the fear worse, resulting in even more selling pressure.

What’s going on?

I’m sure most readers are familiar with the basics by now, but they’re probably worth repeating.

There are four interconnected concerns:

• The Trump administration’s sweeping tariffs have the potential to spark an all-out global trade war.
• Inflation could spike higher, putting pressure on consumers and businesses alike.
• The chance of a global recession has risen.
• Company earnings could fall sharply.

Given this toxic cocktail, it’s hardly surprising that a lot of investors are fleeing for the hills.

My reaction

Many of my holdings have fallen 20% or more in a matter of days. So how am I dealing with this? Well, the first thing is to not think about them as stocks, but rather as businesses. Because that’s what they are — small ownership stakes in real businesses.

So I ask myself, do I still want to own a small part of this business for the next five to 10 years? If the answer is yes, then I’m certainly not selling today, especially for 20% less than last week.

The next question I’m asking myself is, do I want to own more of this particular company while its stock is suddenly lower? The answer to this will depend on a number of factors, including how much I already have invested in it and what the valuation is.

In hindsight, the last market crash (Covid 2020) ended up being a great time to invest. But it would be naïve to assume that all stocks are dip-buying opportunities right now. It’s probably too early to start loading up the truck on any one sector when the market could still fall further.

What I’m going to do is add opportunistically to strong companies that have been battered in my growth portfolio, starting with Shopify (NASDAQ: SHOP). Its market-leading platform enables millions of merchants of all sizes to sell stuff online.

As I write, the stock is down 41% since mid-February!

I should say this reflects real concerns about inflation and a potential US recession, which wouldn’t be ideal for e-commerce, to put it mildly. Many merchants could struggle badly, hurting Shopify’s growth trajectory.

However, this is a company whose competitive position appears to be getting stronger. In 2024, revenue jumped 26% to $8.9bn, which was three times higher than 2020. This tells us that the growth engine remains strong, even after the pandemic-fuelled online shopping boom.

Meanwhile, the company is strategically investing in artificial intelligence (AI) — remember that?! — to enhance its platform. President Harley Finkelstein said in February that he thinks “Shopify will very much be one of the major net beneficiaries in this new AI age“.

Finally, the forward price-to-earnings ratio is now 39, based on current forecasts for 2026. While not cheap, that’s a significant discount to the stock’s historical average.

Shopify is one holding I plan to add to in the coming days.

The Nvidia (NASDAQ:NVDA) share price has been incredibly volatile in 2025, and especially over the past week. The stock has plunged to $88 at the time of writing (7 April), amid a broader sell-off driven by Trump’s tariff agenda. For context, the stock has fallen from 52-week highs of $153. It’s an unprecedented collapse for a mega-cap stock.

Of course, with the stock now trading at levels not seen for some time, some investors are seeing an entry point. The near-term valuation is almost in line with the S&P500 average.

An unwanted trade war

The immediate catalyst for Nvidia’s decline is Trump’s tariffs and the impending US-China trade war. Trump’s tariffs target advanced semiconductor imports, directly impacting Nvidia’s Asia-centric supply chain.

Over 90% of its chips are manufactured by Taiwan Semiconductor Manufacturing Company, leaving the firm exposed to logistical disruptions even though chips are technically exempt from the tariffs.

While CEO Jensen Huang has downplayed short-term risks — asserting that “tariffs will have minimal impact” and emphasising plans to shift production stateside — analysts worry margin pressures could intensify.

Non-GAAP gross margins already fell to 73.5% in Q4 FY2025, down 3.2% over 12 months due to pricier Blackwell GPU production. Sustained tariffs may exacerbate this trend, particularly if China retaliates with export restrictions on rare earth metals critical to chipmaking.

However, it’s not just a supply issue for Nvidia. Trump’s tariffs have hammered companies making computers and other pieces of technology that use semiconductors and Nvidia’s chipsets. We’re also seeing evidence that some companies are cutting back their data centre spending — a huge market for Nvidia.

Valuation is mixed for now

At first glance, Nvidia’s trailing price-to-earnings (P/E) ratio of 29 times appears steep compared to the sector median of 20 times. However, forward metrics tell a more nuanced story. The forward P/E for fiscal 2026 stands at 18 times while the P/E-to-growth (PEG) ratio of 0.65 suggests deep undervaluation relative to projected earnings growth. In fact, this PEG represents a 56% discount to the sector average and implies Nvidia investors are paying less per unit of expected growth than for most tech peers.

Critically, these forecasts assume no further trade policy escalations. Bank of America analysts note that prolonged tariffs could slash 2026 EPS estimates by 12%-18%, potentially lifting the forward P/E to 26-28 and the PEG above one. Investors must weigh these geopolitical risks against Nvidia’s structural advantages in AI infrastructure.

Tech leadership under pressure

Nvidia’s technological moat remains formidable. The Blackwell GPU architecture powers over 80% of AI training workloads, and Q4 data centre revenue surged 78% year on year to $32.5bn. Huang highlighted “amazing demand” for Blackwell, with billion-dollar sales in its debut quarter.

However, competition is intensifying. China’s DeepSeek AI model could reduce domestic reliance on Nvidia’s chips, while companies like Google and Amazon are developing in-house AI accelerators. These trends contributed to Nvidia’s disappointing Q1 2025 guidance, which foresaw revenue growth slowing to 12% quarter on quarter.

I personally haven’t made my mind up about buying more. Thankfully, the stock is still way above my weighted entry price, but a lot has changed over two years. This could be an opportunity.

With its stock caught up in the global sell-off, Jet2 (LSE:JET2) now has a market cap of £2.4bn. However, the FTSE AIM company has an astonishingly strong net cash position of £2.3bn. This is incredibly rare in the aviation sector simply because airplanes don’t come cheap.

The business is valued at just £100m

These figures suggest that Jet2’s business is valued at just £100m. Essentially, the market is attributing minimal value to Jet2’s operating business, including its fleet, infrastructure, and future earnings potential.

Such a valuation is unusual for an airline, especially one like Jet2 that has consistently delivered strong financial performance. For example, the company forecasts profits of £560m-£570m for 2025, driven by expanded operations and increased passenger capacity. 

Additionally, Jet2 owns valuable physical assets, such as airplanes recorded on its books under property, plant, and equipment (£1.3bn) and right-of-use assets (£596m), alongside its growing tour operator segment.

The undervaluation may reflect market concerns about rising costs, competitive pressures from low-cost carriers like Ryanair and easyJet, and delays in aircraft deliveries. However, it has an enterprise value-to-EBITDA (earnings before interest, taxation, depreciation, and amortisation) ratio of just 0.18. That’s far below industry norms, indicating that the stock could actually trade many times higher. To me, it’s clear that Jet2’s stock is being overlooked by investors.

	EV-to-EBITDA
IAG	2.8
Jet2	0.18
TUI	1.93

Transition planning

Jet2’s marginally older fleet and transition plan could weigh on the share price, but only a little. Jet2 is investing heavily in fleet modernisation, with a total commitment of 146 Airbus A321neo aircraft, valued at approximately $8bn at base price, though significant discounts have been negotiated. 

Jet2 initially ordering 36 A321neos in 2021, but steadily expanded its order, converting 35 A320neos to the larger A321neo variant for increased capacity. The new aircraft promise 20% greater fuel efficiency and a 50% lower noise footprint, supporting Jet2’s sustainability goals. 

Deliveries are scheduled through 2035, replacing aging Boeing 737s and retired 757s, ensuring operational cost efficiencies and enhanced passenger experience. The capital expenditure cost is actually expected to come in below industry norms for fleet replacement.

Risks and challenges

However, Jet2 faces challenges in the form of rising costs, including an additional £25m annually due to increased National Insurance contributions and higher wages, alongside £20m for sustainable aviation fuel mandates. The airline also risks higher maintenance expenses as U.S. tariffs on imported parts disrupt supply chains, potentially increasing spare part costs by 3%-5% and causing delays. These pressures, coupled with delayed aircraft deliveries and inflationary trends in airport and accommodation charges, threaten profit margins despite robust demand and hedging strategies.

The bottom line

I don’t doubt there are some near-term challenges for Jet2. However, travel demand has been very robust in recent years and there could be opportunities to pass these costs on to customers. The caveat being that Jet2 customers may be more price sensitive than British Airways customers and that the company’s margins are a little thinner. But it’s also worth noting that fuel costs are coming down significantly — as much as 10% last week. This should have a significant impact on costs.

For me, the positives massively outweigh the challenges. I believe it’s significantly undervalued and am continuing to build my position.

As Donald Trump’s trade tariffs news shakes the FTSE 100 some of my favourite UK stocks are suddenly trading at massive discounts.

I was running down the long list of FTSE fallers and found that five of my top picks have all dropped roughly 15% in just a week. They’re cheaper than before, but the problem is they’re riskier too. Should investors consider them today?

HSBC Holdings has an even bigger yield

I was a whisker away from buying HSBC Holdings last month. Now I have a second chance, and at a cheaper price.

HSBC’s trailing yield has now jumped to 6.86%. That’s insane. The price-to-earnings ratio is today even lower at 7.85%. But will those earnings hold up?

The board has been battling to avoid getting squashed between a US rock and a Chinese hard place. As the world’s two biggest economies swap tariff threats, the highwire act is getting harder to pull off.

International Consolidated Airlines Group tempts

International Consolidated Airlines Group, or IAG, was number two on my shopping list after HSBC. Travel demand has come roaring back post-Covid, and the British Airways-owner looked poised to benefit from resurgent transatlantic travel. 

But tariffs and trade tensions could threaten that, while economic worries could hit both business and personal travel. I fear there’s more pain to come here. I think it’s too early to consider buying today’s dip.

Barclays could benefit from volatility

The Barclays share price has had a stellar year but now it’s falling. This is either an early warning shot, or a brilliant buying signal. A P/E of 6.95 times is cheap, but can earnings be relied upon? 

A tariff-fuelled slowdown could hit credit demand and increase default risks dramatically. Although today’s volatility may boost activity at its investment banking arm. Risky, but one to consider. Income seekers may favour HSBC’s higher yield though.

BP shares fall with the oil price

With Brent crude down to $63 a barrel, BP’s profits could take a real hit. It was already scaling back quarterly share buybacks, and that may accelerate. The trailing yield of 6.8% is tempting, if dividends hold up. BP has been bumpy for years. That looks set to continue. Throw in green transition risks and I’d urge caution.

Intermediate Capital Group (LSE: ICG) is a fascinating one. Despite falling heavily this week, the shares are still up 35% over 12 months and more than 80% in five years. 

It’s now trading at just five times earnings, which looks like a bargain. But I’d caution that earnings might not be as solid as before.

Private equity is under pressure, with many investors fleeing risk. And while ICG raised an impressive $7.2bn of funds in Q3 alone, and $22bn over 12 months, that pace may not continue if markets slump. 

It reported assets under management of $107bn, with fee-earning AUM at $71bn. Strong numbers, but again, they’re based on a calmer market backdrop.

ICG’s more of a growth play than an income one, but the yield has crept up to 3.5%, which I see as a bonus. If markets calm, ICG could bounce hard.

Investors considering any of these shares must take a five to 10-year view. Over such a lengthy period, today’s sell-off could be a brilliant opportunity.