Investing.com -- British stocks rose at Wednesday’s open while official data showed U.K. government borrowing climbed to £16.44 billion ($21.87 billion) in March, surpassing expectations.

As of 0717 GMT, the blue-chip index FTSE 100 gained 1.06%. The GBP/USD fell 0.06% against the dollar to 1.33. Meanwhile, DAX index in Germany rose 2.3%, the CAC 40 in France gained 1.8%.

Fiscal year borrowing rises, surpasses OBR estimates

Public sector net borrowing, excluding public banks, surpassed expectations, beating Capital Economics’ forecast of £12.8 billion and exceeding the consensus estimate of £16.0 billion.

Higher March borrowing, combined with upward revisions to previous months’ data, pushed total public borrowing for the 2024/25 fiscal year to £151.9 billion, well above the Office for Budget Responsibility’s (OBR) March forecast of £137.3 billion.

Company updates

British currency risk management firm Argentex Group PLC (LON: AGFX ) confirmed on Wednesday that it was in advanced negotiations with foreign exchange and payment solutions provider, IFX payments, regarding a potential offer.

Argentex suspended trading on Tuesday, citing a significant drop in liquidity. The decline was triggered by a sharp fall in the U.S. dollar’s value.

U.S. reportedly pushes for lower tariffs, eased barriers in U.K. talks

The Wall Street Journal reported late on Tuesday that the U.S. has begun outlining its terms for upcoming trade negotiations with the U.K., with a focus on reducing tariffs and other non-tariff barriers on a range of U.S. goods.

One of the main objectives for the U.S. is to persuade the U.K. to decrease its automotive tariff from the current 10% to 2.5%, according to the report.

In addition to seeking a reduction in automotive tariffs, the U.S. is reportedly urging the U.K. to ease regulations on agricultural imports, particularly beef.