European shares see first daily gain in five on strong earnings
The pan-European STOXX 600 index (.STOXX), opens new tab closed 1% higher. Most major regional bourses also gained, with Germany benchmark DAX (.GDAXI), opens new tab gaining 1.5%, while France's CAC 40 (.FCHI), opens new tab added 1.3%.
Swiss engineering group ABB (ABBN.S), opens new tab jumped almost 10% after posting its highest quarterly order intake yet, driven by demand for products used in data centres to support artificial intelligence.
France's Legrand (LEGD.PA), opens new tab gained close to 9% after the electrical infrastructure provider hiked its annual sales target driven by strong growth in North American data centre segment. Rival Schneider Electric (SCHN.PA), opens new tab also jumped 7.7%.
European chipmakers recouped some losses from the previous session with TSMC (2330.TW), opens new tab, the world's main producer of advanced AI chips, posting record profit in the second quarter boosting sentiment. ASML (ASML.AS), opens new tab rose 3.9%, following an 11% drop on Wednesday.
Ocado (OCDO.L), opens new tab climbed 18.5% after the online supermarket reported a 77% rise in first-half underlying earnings and said its priority is to generate cash in its next financial year.
The latest forecasts had shown that the outlook for European corporate health has deteriorated, with expectations of a drop of 0.7% year-on-year in second-quarter earnings, according to LSEG I/B/E/S data.
Investors continued to await clarity on U.S.-EU trade talks with the bloc preparing retaliatory measures in case negotiations with Washington failed.
"Markets are still pretty optimistic that this may be the case and that things will progress in the next two weeks," said Daniela Hathorn, senior market analyst at Capital.com.
"We've seen in the past, and even in Trump's first term, the amount of times that he actually threatened action and what he delivered was very limited."
European equities fell sharply on Wednesday after Bloomberg reported that Trump is likely to fire Federal Reserve Chair Jerome Powell, but Trump later said he is not planning to do so.
Meanwhile, Britain and Germany signed a wide-ranging friendship treaty that deepened ties in areas including defence and transport as UK attempts to reset ties with the EU.
Among other moving stocks, Tomra Systems (TOM.OL), opens new tab dropped 13.3%, the worst day since October 2023, after the Norwegian group posted a second-quarter net sales miss.
Swedish carmaker Volvo Cars (VOLCARb.ST), opens new tab advanced 7.9% after reporting a sharp decline in second-quarter operating profit that still exceeded analyst expectations.
Also on Thursday, U.S. June retail sales data showed retail sales rebounding more than expected in June.
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The Sun
17 minutes ago
- The Sun
Trick to get iPhone for £100s less that everyone misses – and it works on Amazon gadgets too
Sean Keach, Head of Technology and Science Published: Invalid Date, IT'S surprisingly easy to slash hundreds of pounds off your gadgets – you just need to shop in the right places. If you're hoping to snap up some new Apple gear (or Amazon) then there's a trick worth knowing. Loads of top gadget makers have official refurbished stores with "like new" products sold at massive discounts. Apple has a dedicated virtual Certified Refurbished store where you can buy an iPhone, iPad, Mac, Apple Watch and more for far below the usual retail price. It's easy to dismiss refurbished gadgets as being low quality used gear – but that's not the case if you're getting a proper refurbished item. And the savings can be enormous if you're willing to buy a product that isn't "brand new". HOW DOES APPLE'S REFURBISHED SCHEME WORK? Every company will have different rules for how they restore gadgets. On the Apple Store, the refurbished gear is cleaned, inspected, and tested by the company. So it should feel pretty new and work as normal. It'll also come with proper Apple replacement parts if anything was broken and needed fixing. So if the screen was busted, it won't have been swapped out for a dodgy third-party part. You'll get it newly packaged and shipping is free. And Apple also gives you the standard one-year warranty that you'd get if you were buying a brand new product. iPhone 16e review – I've secretly tested Apple's cheapest mobile and I love the new button but that's not the best bit You're also able to bag AppleCare with it, which is normally possible with used gadgets. If you're buying an iPhone, you'll get the usual accessories and cables – but also a brand new battery. That's important because phone batteries degrade over time with use, so they end up holding less charge. A degraded battery can also affect the performance of your mobile. So with the battery swapped out, it should have like-new battery life and performance. You can also spend Apple Trade In credit on the Certified Refurbished store too, if you're keen to hand in your old mobile. HOW MUCH CAN YOU SAVE? The savings depends on the gadget that you're looking to buy. For iPhone, Apple is currently flogging the following models: iPhone 14 iPhone 14 Plus iPhone 14 Pro iPhone 14 Pro Max iPhone 15 iPhone 15 Plus iPhone 15 Pro iPhone 15 Pro Max The biggest saving right now is £310 off certain iPhone 14 Pro Max models. If you're snapping up a pricer gadget like a Mac computer, the savings get even bigger. There's a Mac Studio on the Certified Refurbished store right now with a £1,050 discount. BACK-TO-SCHOOL OFFER If you want another deal, there's a great back-to-school offer at Apple... It's an Education discount, which means you have to qualify to bag the offer. But it gets you a free pair of Apple AirPods 4 worth £129 if you buy the right iPad or Mac. The offer is running right through to October 21 and works on: iPad Air iPad Pro MacBook Air MacBook Pro iMac It's available to higher education students, parents buying gadgets for them, or teachers and teaching staff at any level. Students as young as 16 can bag the deal as long as they're enrolled (or accepted to enroll) as a tertiary education institution. That includes colleges, sixth forms, and university. You just need to verify your status through UNiDAYS to qualify when you're trying to buy the gear through the Apple Education Store. This store also discounts products too, so you can get even more savings. Picture Credit: Apple But if you're buying a much cheaper gadget, the savings will be lower. NOT JUST APPLE Amazon also has its own special store for refurbished gadgets. It's called Amazon Renewed, and lets you get gadgets at discounts. "Products sold on Amazon Renewed have been inspected and tested to be fully functional by an Amazon qualified and performance managed supplier," Amazon explains. For the best quality, you'll want items stamped with the "Premium Condition" badge – or "Excellent" if you're willing to put up with slightly worse battery life. At "Good" or "Acceptable" conditions, you'll start to notice visible damage – but the price should be lower.
Telegraph
17 minutes ago
- Telegraph
An insider's guide to DAF, by owners of the quirky Dutch cars
While DAF Trucks have been a market leader for decades, the Dutch company's venture into the car industry was disappointingly brief – only 15 years, to be exact. During that time, about 750,000 cars rolled off the production line in Eindhoven, beginning with the DAF 600 that made its debut at the 1958 Amsterdam motor show. Several incarnations followed, including the most popular 33, 55 and 66 models. Some critics joked that DAFs were driven mainly by elderly ladies and were inconsequential, however such blinkered views failed to acknowledge that, in some respects, the cars were ahead of their time, most notably in their automatic transmission. The company's founders, the Van Doorne Brothers, strived to produce a car accessible to all but with some luxuries associated with more expensive vehicles, such as a self-shifting gearbox. Unheard of in small cars, DAF broke new ground by creating the Variomatic transmission – inspired by a belt-driven lathe in the factory – utilising a pulley/belt system to achieve a stepless, automatic gearchange and deliver optimal engine speed for any driving situation. Ironically, the system's popularity increased after DAF stopped producing cars when Ford and Fiat, among others, fitted a continuously variable transmission (CVT) to their smaller models. DAF's short flirtation with the car industry ended in 1973 when Volvo bought the brand. Several factors contributed to the company quitting the car market, including failure to expand sufficiently to compete with rivals and the founders' conservatism restricting the cars' performance potential. This side of the North Sea, DAF only started making headway in the small vehicle market during its final years; before then, import tariffs had been prohibitive until they were lifted when the UK joined the Common Market in 1973. Today, it's estimated that only about 120 DAFs remain on UK roads. We caught up with three devoted owners to understand the enduring appeal of the quirky Dutch cars. I have a long affinity with DAFs because not only did my mother drive one, but I grew up just down the road from the factory in the Netherlands. Often, I'd cycle to school past the plant and see the works rally cars leave for a competition – they drove them to events back then. I bought my 55 in 1997 for £800 after having my eye on it for ages. When it won our concours, I asked the owner for first refusal if he sold it. Luckily, he did. DAFs rarely come up for sale in the UK, but typically I'd expect a 55 Coupé to sell for around £3,500 to £5,500. However, mine is modified and rally-prepared. Similar modified cars have been offered in Holland for about €20,000 (£17,320). For years they were regarded as 'uncool', yet in recent times people have started to seek them out, precisely for that reason. I increased the power of my 55 by, among other things, upgrading the engine to a 1,397cc Renault engine from a Volvo 340. Power has increased from about 50bhp to an estimated 85bhp, although it's getting tired now. I have completed track days, hillclimbs and taken part in classic tours but nothing competitive these days. Now, I just take it out every fortnight – it's certainly a fun car to drive. While the Variomatic transmission makes them unusual to drive, they have a decent chassis, are cheap to run and enjoy fine handling and precise steering. They allow fast progress, particularly in hilly terrain with lots of curves, and always seem to be in the right gear, allowing me to keep up with more powerful cars. Although lightweight, DAFs are strong where it matters, as in the admittedly rather quirky belt-drive CVT transmission; you can tell it was designed by a truck manufacturer. Earlier variants don't have a differential, the difference in rear-wheel speed around bends being taken up by belt slip. That also gives the effect of a limited-slip differential, making them useful rally cars. The only disadvantages with DAFs are that they rust and parts usually have to be sought in the Netherlands, where the Dutch owners' club has several warehouses full of old stock and newly made parts. I paid £2,500 for my DAF in 2016. When I collected it from Yorkshire, the guy asked where my trailer was, explaining that the car hadn't done more than about 25 miles per year so assumed I would trailer it back to Hertfordshire. So, with no AA membership or radio in the car and only a mobile phone for company, I headed off. The DAF performed perfectly, returning 40-plus mpg on the run home – it never missed a beat. I rebuilt the engine recently and now drive the car almost daily. While we also have a Subaru, which is superbly comfortable and quick, its economy around town is frighteningly low, whereas the DAF returns up to 47mpg. In addition, it's exempt from Ulez (ultra-low emission zone) charges in the capital and, being so small, can squeeze into parking bays that would defeat the Subaru. It has a huge boot, too, so a supermarket trip is no problem either. But wherever we go, we frequently receive hoots from the drivers of DAF trucks. They are the easiest car in the world to drive. You start it in gear, which sounds odd but you get used to it, put your foot down and off you go! One pedal to go, one to stop. The engine revs bear no resemblance to the car's speed and the sensation of the car going progressively quicker, but the engine revs remaining constant, takes some getting used to. Unlike 'normal' [torque converter] automatics, DAFs don't creep forwards on tickover, so you simply bring it to a stop using the footbrake. Although it only has a 750cc engine, the way the transmission works means the car is always in the right gear. Being air-cooled, the engine is a little noisy when driven hard, although on reaching a cruising speed the transmission adjusts and the engine becomes quieter. Drum brakes, meanwhile, are fitted all round on the 33 and need a good shove to make an emergency stop; you have to read the road more than in a modern car. People ask why I drive a DAF and it's quite simple: I came from a DAF family. My late father had a penchant for unusual vehicles and, in the late 1960s, bought a 33 van for his electrical business. So impressed was he with the van that he bought a DAF 66 as our family car, while my grandfather opted for a 55. When I passed my driving test, I asked a dealer to look out for a second-hand 33, which he did, so I drove that for several years, before moving to 'sensible' cars. Fast forward to 2016 and partial retirement from work. Wanting something to tinker with, I found this DAF 33 and the circle is complete. I paid £400 for my 1,108cc aubergine-coloured 66 in 2000. It has 18,000 miles on the clock and, to be honest, I don't drive it enough, although it has made two trips to Holland for major DAF events and been back to its birthplace in Eindhoven. DAFs have good road manners plus excellent suspension similar to the Morris Minor: torsion bars in the front, elliptical leaf springs at the rear. When I bought the car, the Variomatic transmission needed work so I demounted it to replace the vacuum diaphragms, which was a heavy but fairly easy job. Also, I replaced parts of the braking system and gained an MOT less than 24 hours before heading to catch the ferry for a week in Holland. In the days when I taxed the car at the Post Office, I was often asked where I stored my truck; few people recall that DAF also made cars. But I love cars which are a technical tour de force and dared to be different, such as the Citroën DS, NSU Ro80, Tatra 613 and the DAF Variomatic. The DAF was the only one I could afford. The interior of my 66 is unmistakably Giovanni Michelotti [among the 20th century's most inventive sports car designers ], like the BMW 1600 and Triumph Dolomite, where form and function conspire to give simple style and an excellent airy cabin with superb visibility. DAFs are well made and apart from the transmission are fairly mainstream. The Renault 1,108cc engine in the 66 is reliable and easy to maintain, while DAF's home-grown 746cc two-cylinder engine – the only car engine ever made by DAF – in the Daffodil, 32 and 33 required no development over its lifetime and is capable of starship mileages.'
Telegraph
an hour ago
- Telegraph
We must lead AI revolution or be damned, says Muslim leader
Muslims must take charge of artificial intelligence or 'be damned' as a marginalised community, the head of the Muslim Council of Britain (MCB) has said in a leaked video. Dr Wajid Akhter, the general secretary of the MCB, said Muslims and their children risked missing the AI revolution in the same way as they had been left behind in the computer and social media revolutions. He added that while Muslims had historically been at the forefront of civilisation and were credited with some of the greatest scientific advances, they had ended up as the butt' of jokes in the modern world after failing to play a part in the latest technological revolutions. 'We already missed the industrial revolution. We missed the computer revolution. We missed the social media revolution. We will be damned and our children will damn us if we miss the AI revolution. We must take a lead,' said Dr Akther. Speaking at the MCB's AI and the Muslim Community conference on July 19, he added: 'AI needs Islam, it needs Muslims to step up.' Scientists 'made fun of' faith at computer launch Dr Akther recalled how at the launch of one of the world's earliest computers, the Mark II , US scientists brought out a prayer mat aligned towards Mecca. 'They were making fun of all religions because they felt that they had now achieved the age of reason and science and technology and we don't need that superstition any more,' he said. 'And so to show that they had achieved mastery over religion, they decided to make fun and they chose our faith. 'How did we go from a people who gave the world the most beautiful buildings, science, technology, medicine, arts to being a joke? 'I'll tell you one thing – the next time that the world is going through a revolution, the next time they go to flip that switch, they will also pull out a prayer mat and they will also line it towards the Qibla [the direction towards Mecca] and they will also pray, but this time, not to make fun of us, they will do so because they are us.' Government eases stance on MCB Dr Akther also told his audience: 'We lost each other. And ever since we lost each other, we've been falling. We've been falling ever since. We are people now who are forced, we are forced by Allah to watch the genocide of our brothers and sisters in Gaza. 'This is a punishment for us if we know it. We are people who are forced to beg the ones who are doing the killing to stop it. We are people who are two billion strong but cannot even get one bottle of water into Gaza.' Dr Akhter said Gaza had 'woken' Muslims up and showed they needed to unite. 'We will continue to fall until the day we realise that only when we are united will we be able to reverse this. Until the day we realise that we need to sacrifice for this unity,' he added. British governments have maintained a policy of 'non-engagement' with the MCB since 2009 based on claims, disputed by the council, that some of its officials have previously made extremist comments. However, Angela Rayner, the Deputy Prime Minister, is drawing up a new official definition of Islamophobia, and last week it emerged the consultation has been thrown open to all groups including the MCB. Earlier this year, Sir Stephen Timms, a minister in the Department for Work and Pensions, was one of four Labour MPs to attend an MCB event.
