FTSE muted, Wall Street rises as US economy grows faster than expected ahead of Fed rate decision
Yahoo3 days ago
Wall Street stocks rose on Wednesday as the US economy grew faster than expected in the second quarter of 2025.
GDP grew at a 3% annualised rate, according to the US Bureau of Economic Analysis. Economists polled by Reuters had predicted annualised GDP growth of 2.4%, after a surprise contraction of 0.5% in the first quarter as exporters rushed to get their products into the country ahead of tariffs. Imports count against a country's GDP.
Meanwhile, the FTSE 100 (^FTSE) underperformed against its European peers as traders were unimpressed by weak results from the likes of Aston Martin (AML.L), HSBC (HSBA.L) and Taylor Wimpey (TW.L).
European markets got a boost as new data showed unexpected signs of life in the eurozone economy. Gross domestic product (GDP) in the bloc grew 0.1% in the second quarter of the year, marginally better than the zero growth expected by economists.
However, it was still a slowdown compared to the 0.6% growth seen in the first three months of 2025, when businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country.
Read more: Trending tickers: Novo Nordisk, Starbucks, SoFi Technologies, BAE Systems and Taylor Wimpey
Seasonally-adjusted GDP rose by 0.2% in the European Union (EU) in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace seen previously.
Also in focus today is the interest rate decision from the US Federal Reserve, due this evening. Fed chair Jerome Powell has been under intense pressure from president Donald Trump to reduce rates.
Neil Wilson, UK investor strategist at Saxo Markets, said: "Powell won't be bowing down to Trump's demands to cut rates, so expect the chair to instead lay some groundwork for December rather than September.
"If they do need to move sooner than, it will be because of the labour market — key US jobs numbers on Friday will be more important this week. So far the labour market data looks good but we can seen signs of weakness appearing."
Microsoft (MSFT) is also set to report its fiscal fourth-quarter earnings after the bell on Wednesday, with Wall Street looking for the software giant to offer up solid growth in its AI and cloud businesses.
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London's benchmark index (^FTSE) was treading water at the close.
Germany's DAX (^GDAXI) rose 0.1% and the CAC (^FCHI) in Paris was 0.2% in the green.
The pan-European STOXX 600 (^STOXX) was up 0.1%.
In the US, the Dow Jones Industrial Average (^DJI) nudged up 0.1%, while the S&P 500 (^GSPC) rose 0.2%. The tech-heavy Nasdaq Composite (^IXIC) ticked up 0.4%.
The pound was 0.1% up against the US dollar (GBPUSD=X) at 1.3362.
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Trump says Powell must lower interest rates 'now' following GDP uptick
US president Donald Trump used a return to US GDP growth ahead of a widely expected Federal Reserve decision to keep monetary policy unchanged to say that Fed chairman Jerome Powell must 'now' lower rates, Yahoo Finance's Ben Werschkul reports.
Werschkul writes:
Read the full story here.
Trump announces 25% tariffs On India
The US will impose tariff of 25% on India, with Donald Trump criticising the world's fifth-biggest economy for 'obnoxious' trade barriers.
Trump wrote in a post on Truth Social, the social network he owns:
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Credit cards aren't just about spending. They are also powerful tools that, when used wisely, can help you save money, manage debt and even earn rewards. Whether you're looking to cut down on interest payments, earn cashback on everyday purchases, rack up air miles for your next holiday, or avoid fees while traveling abroad, there's a credit card tailored to your needs.
In this guide, we'll break down the best options on the market for balance transfers, purchases, cashback, air miles and travel spending. We'll show you how to use these cards to your advantage, ensuring you get the most value while avoiding common mistakes.
Find out more here
US economy grows faster than expected
The US economy grew faster than expected in the second quarter of 2025, according to the latest data released on Wednesday.
US GDP grew at a 3% annualised rate, according to the US Bureau of Economic Analysis.
Economists polled by Reuters had predicted annualised GDP growth of 2.4%, after a surprise contraction of 0.5% in the first quarter as exporters rushed to get their products into the country ahead of tariffs. Imports count against a country's GDP.
Neil Birrell, chief investment officer at Premier Miton Investors, a fund manager, said:
Where did GDP rise and fall most?
The latest eurozone GDP reading was better than expected due to Spain leading the way with a 0.7% expansion. This was a result of solid consumer spending, a rebound in business investment and rising exports.
"Spain is in another league, showing stubbornly robust dynamism. The moderate Q2 decline in Irish GDP suggests that there is ample room for further correction," Fabiani added.
There was also faster-than-expected growth in France, the second-largest economy in the EU. France significantly outperformed expectations, growing 0.3% during the period, according to the preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth — and higher than the 0.1% expected by economists polled by Reuters.
Portugal and Estonia also delivered solid results, expanding 0.6% and 0.5%, respectively.
Meanwhile, the German economy contacted 0.1% in the second quarter of the year as companies adjusted to the impact of US president Donald Trump's tariffs. This marked the country's first contraction since mid-2024 due to weaker investment in machinery and construction.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
Italy's GDP likewise shrunk 0.1% in the second quarter, reversing the 0.3% gain recorded in the first quarter and defying market expectations of a 0.2% increase. It was the country's first contraction since the second quarter of 2023.
Nicholas Farr, emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow to 0.2% from 0.8% in the first quarter.
Eurozone economic growth slows to 0.1% in second quarter
The eurozone economy grew 0.1% in the second quarter of the year, coming in marginally better than the zero growth expected by economists.
However, it was still a slowdown compared with the 0.6% growth seen in the first three months of 2025, as businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country.
Seasonally adjusted gross domestic product (GDP) also rose by 0.2% in the European Union in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace previous pace.
Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said: "Although the slowdown is to a large extent a by-product of a misleadingly healthy Q1 number, broad-based weakness across national data indicates that the economy lacks momentum, with only a handful of countries blowing into its sails."
US VC funding surges by 87% in first half
In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025.
While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData.
Aurojyoti Bose, lead analyst at GlobalData, said:
In comparison to other leading countries, the US maintains a commanding lead in both VC deal volume and value. An analysis of GlobalData's Deals Database revealed that the US accounted for more than 30% of the total number of VC deals announced globally during H1 2025, while its share in terms of funding value stood at around 65%.
China, which ranks second, experienced a notable decline in both metrics, with VC deal volume dropping by approximately 6% and deal value plummeting by over 40% in H1 2025 compared to H1 2024. The UK also witnessed VC deal volume and value dropping by 14% and 12% year-on-year, respectively, in H1 2025. Meanwhile, India witnessed a growth of around 15% in VC deal volume and 13% in deal value.
This divergence in trends emphasizes the unique position of the US market, which continues to attract significant capital. Some of the notable VC funding deals announced in the US during H1 2025 include $40bn in funding for OpenAI, $3.5bnsecured by Anthropic, $3bn raised by Infinite Reality, $2.5 billion secured by Anduril, and $1bn secured by Grammarly, among others.
Adidas to raise prices as US tariffs costs rise
Adidas (ADS.DE) has warned that US tariffs will cost the company a further €200m (£173m), confirming it will raise prices for American customers.
The German sportswear giant makes most of its products in China and the Far East which have targeted by ongoing trade war.
Bjorn Gulden, Adidas chief executive, said the tariffs "will directly increase the cost of our products for the US".
He admitted that the company still does not know what the impact will be on customer demand "should all these tariffs cause major inflation".
It comes as rival Nike (NKE) also said it would raise prices on some trainers and clothing for US customers from June onwards, and later warned the tariffs could add about $1bn (£730m) to its costs.
Microsoft to report Q4 earnings
Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Wednesday. Wall Street is looking for the software giant to offer up solid growth in its AI and cloud business as its customers explore further AI use cases.
The Windows maker's earnings come a week after Google (GOOG, GOOGL) posted better-than-anticipated second quarter results on the strength of its cloud revenue growth, sending shares higher. The company also said it is pouring an additional $10bn into its AI buildout, bringing the year's total from $75bn to $85bn.
But investors were unperturbed by the increase and instead focused on CEO Sundar Pichai's commentary indicating that Search volume grew double digits in the quarter.
Those results could bode well for Microsoft as investors look toward further AI sales gains.
For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89bn, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72bn in the same period last year.
The best places to retire in Britain revealed
Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life.
The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation.
L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive.
Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life.
Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score.
Read more here
FTSE risers and fallers
After this morning's slew of corporate results, here are the FTSE 100 risers and fallers this morning,
Taylor Wimpey shares fall after profit warning
Shares in Taylor Wimpey (TW.L) fell 6.5% on Wednesday, after the housebuilder downgraded its profit forecast citing a £20m charge associated with historical defective workmanship by a principal contractor.
The company said it now expects to deliver operating profit of around £424m for the year.
Steve Clayton, head of equity funds at Hargreaves Lansdown, said:
Gold prices steady as investors await Fed interest rate decision
Gold prices (GC=F) were little changed on Wednesday morning as investors refrained from making significant moves ahead of the US Federal Reserve's latest interest rate decision, due later in the day.
Gold futures were flat at $3,322.90 per ounce at the time of writing, while spot gold was also muted, at $3,330.98 per ounce.
The Federal Reserve is expected to leave its benchmark interest rate unchanged within the 4.25% to 4.5% range despite persistent calls from US president Donald Trump to lower borrowing costs. Traders continue to price in a possible rate cut in September.
"There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," Oanda senior market analyst Kelvin Wong said.
Expectations of looser monetary policy are contributing to bullish sentiment for gold, which has already gained more than 27% this year, outperforming most major asset classes.
Investment firm Fidelity believes bullion could climb as high as $4,000 an ounce by year-end, buoyed by a weakening US dollar and a pivot by the Fed towards rate cuts.
Speaking to Bloomberg, Ian Samson, a fund manager at Fidelity, said the firm remains optimistic on the outlook for gold. 'The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,' he said.
Samson added that some cross-asset portfolios had increased their exposure after gold prices pulled back from a record high of $3,500 reached in April. In certain cases, allocations were doubled from an initial 5% over the past year.
He also noted that August tends to be a softer month for risk assets, making diversification more appealing. 'More diversification makes sense,' Samson said.
GSK delivers solid growth
GSK (GSK.L) rose slightly on the day in London after it reported a solid set of results in the second quarter, with overall sales growing 6%.
This was better than expected, with growth driven by speciality medicines and vaccines, as it offset weaker performance from general medicines.
Sheena Berry, healthcare analyst at Quilter Cheviot, said:
Apple to launch first foldable iPhone
Apple (AAPL) is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant.
The Telegraph has the details:
On Tuesday, analysts at Wall Street bank JP Morgan (JPM) said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999.
The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung (005930.KS) which has been selling foldable smartphones since 2019.
Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam.
Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream.
JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market.
The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007.
Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models.
But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates.
JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering.
German economy contracts 0.1% in second quarter
The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters.
Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%.
UK private sector to shrink at fastest pace since pandemic
British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power.
Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI).
Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance.
The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic.
Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies.
'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices.
'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said.
US-India trade deal not finalised, says Trump
Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline.
"India is my friend," the US president said. "They ended the war with Pakistan at my request...The deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...".
However, he cautioned that the tariff rate has not yet been decided as negotiations continue.
Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH.
Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week.
The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal.
HSBC launches $3bn share buyback despite second-quarter profit plunge
Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications (601328.SS) and exposure to Hong Kong real estate.
The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake.
Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector.
Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.'
He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.'
Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn.
Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina.
Read the full article hereBlog close
Well that's all from us today, thanks for following along. Be sure to join us tomorrow for more of the latest markets news and all that happening across the global economy.
Well that's all from us today, thanks for following along. Be sure to join us tomorrow for more of the latest markets news and all that happening across the global economy.
Trump says Powell must lower interest rates 'now' following GDP uptick
US president Donald Trump used a return to US GDP growth ahead of a widely expected Federal Reserve decision to keep monetary policy unchanged to say that Fed chairman Jerome Powell must 'now' lower rates, Yahoo Finance's Ben Werschkul reports.
Werschkul writes:
Read the full story here.
US president Donald Trump used a return to US GDP growth ahead of a widely expected Federal Reserve decision to keep monetary policy unchanged to say that Fed chairman Jerome Powell must 'now' lower rates, Yahoo Finance's Ben Werschkul reports.
Werschkul writes:
Read the full story here.
Trump announces 25% tariffs On India
The US will impose tariff of 25% on India, with Donald Trump criticising the world's fifth-biggest economy for 'obnoxious' trade barriers.
Trump wrote in a post on Truth Social, the social network he owns:
The US will impose tariff of 25% on India, with Donald Trump criticising the world's fifth-biggest economy for 'obnoxious' trade barriers.
Trump wrote in a post on Truth Social, the social network he owns:
Best credit cards for air miles
Credit cards aren't just about spending. They are also powerful tools that, when used wisely, can help you save money, manage debt and even earn rewards. Whether you're looking to cut down on interest payments, earn cashback on everyday purchases, rack up air miles for your next holiday, or avoid fees while traveling abroad, there's a credit card tailored to your needs.
In this guide, we'll break down the best options on the market for balance transfers, purchases, cashback, air miles and travel spending. We'll show you how to use these cards to your advantage, ensuring you get the most value while avoiding common mistakes.
Find out more here
Credit cards aren't just about spending. They are also powerful tools that, when used wisely, can help you save money, manage debt and even earn rewards. Whether you're looking to cut down on interest payments, earn cashback on everyday purchases, rack up air miles for your next holiday, or avoid fees while traveling abroad, there's a credit card tailored to your needs.
In this guide, we'll break down the best options on the market for balance transfers, purchases, cashback, air miles and travel spending. We'll show you how to use these cards to your advantage, ensuring you get the most value while avoiding common mistakes.
Find out more here
US economy grows faster than expected
The US economy grew faster than expected in the second quarter of 2025, according to the latest data released on Wednesday.
US GDP grew at a 3% annualised rate, according to the US Bureau of Economic Analysis.
Economists polled by Reuters had predicted annualised GDP growth of 2.4%, after a surprise contraction of 0.5% in the first quarter as exporters rushed to get their products into the country ahead of tariffs. Imports count against a country's GDP.
Neil Birrell, chief investment officer at Premier Miton Investors, a fund manager, said:
The US economy grew faster than expected in the second quarter of 2025, according to the latest data released on Wednesday.
US GDP grew at a 3% annualised rate, according to the US Bureau of Economic Analysis.
Economists polled by Reuters had predicted annualised GDP growth of 2.4%, after a surprise contraction of 0.5% in the first quarter as exporters rushed to get their products into the country ahead of tariffs. Imports count against a country's GDP.
Neil Birrell, chief investment officer at Premier Miton Investors, a fund manager, said:
Where did GDP rise and fall most?
The latest eurozone GDP reading was better than expected due to Spain leading the way with a 0.7% expansion. This was a result of solid consumer spending, a rebound in business investment and rising exports.
"Spain is in another league, showing stubbornly robust dynamism. The moderate Q2 decline in Irish GDP suggests that there is ample room for further correction," Fabiani added.
There was also faster-than-expected growth in France, the second-largest economy in the EU. France significantly outperformed expectations, growing 0.3% during the period, according to the preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth — and higher than the 0.1% expected by economists polled by Reuters.
Portugal and Estonia also delivered solid results, expanding 0.6% and 0.5%, respectively.
Meanwhile, the German economy contacted 0.1% in the second quarter of the year as companies adjusted to the impact of US president Donald Trump's tariffs. This marked the country's first contraction since mid-2024 due to weaker investment in machinery and construction.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
Italy's GDP likewise shrunk 0.1% in the second quarter, reversing the 0.3% gain recorded in the first quarter and defying market expectations of a 0.2% increase. It was the country's first contraction since the second quarter of 2023.
Nicholas Farr, emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow to 0.2% from 0.8% in the first quarter.
The latest eurozone GDP reading was better than expected due to Spain leading the way with a 0.7% expansion. This was a result of solid consumer spending, a rebound in business investment and rising exports.
"Spain is in another league, showing stubbornly robust dynamism. The moderate Q2 decline in Irish GDP suggests that there is ample room for further correction," Fabiani added.
There was also faster-than-expected growth in France, the second-largest economy in the EU. France significantly outperformed expectations, growing 0.3% during the period, according to the preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth — and higher than the 0.1% expected by economists polled by Reuters.
Portugal and Estonia also delivered solid results, expanding 0.6% and 0.5%, respectively.
Meanwhile, the German economy contacted 0.1% in the second quarter of the year as companies adjusted to the impact of US president Donald Trump's tariffs. This marked the country's first contraction since mid-2024 due to weaker investment in machinery and construction.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
Italy's GDP likewise shrunk 0.1% in the second quarter, reversing the 0.3% gain recorded in the first quarter and defying market expectations of a 0.2% increase. It was the country's first contraction since the second quarter of 2023.
Nicholas Farr, emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow to 0.2% from 0.8% in the first quarter.
Eurozone economic growth slows to 0.1% in second quarter
The eurozone economy grew 0.1% in the second quarter of the year, coming in marginally better than the zero growth expected by economists.
However, it was still a slowdown compared with the 0.6% growth seen in the first three months of 2025, as businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country.
Seasonally adjusted gross domestic product (GDP) also rose by 0.2% in the European Union in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace previous pace.
Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said: "Although the slowdown is to a large extent a by-product of a misleadingly healthy Q1 number, broad-based weakness across national data indicates that the economy lacks momentum, with only a handful of countries blowing into its sails."
The eurozone economy grew 0.1% in the second quarter of the year, coming in marginally better than the zero growth expected by economists.
However, it was still a slowdown compared with the 0.6% growth seen in the first three months of 2025, as businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country.
Seasonally adjusted gross domestic product (GDP) also rose by 0.2% in the European Union in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace previous pace.
Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said: "Although the slowdown is to a large extent a by-product of a misleadingly healthy Q1 number, broad-based weakness across national data indicates that the economy lacks momentum, with only a handful of countries blowing into its sails."
US VC funding surges by 87% in first half
In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025.
While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData.
Aurojyoti Bose, lead analyst at GlobalData, said:
In comparison to other leading countries, the US maintains a commanding lead in both VC deal volume and value. An analysis of GlobalData's Deals Database revealed that the US accounted for more than 30% of the total number of VC deals announced globally during H1 2025, while its share in terms of funding value stood at around 65%.
China, which ranks second, experienced a notable decline in both metrics, with VC deal volume dropping by approximately 6% and deal value plummeting by over 40% in H1 2025 compared to H1 2024. The UK also witnessed VC deal volume and value dropping by 14% and 12% year-on-year, respectively, in H1 2025. Meanwhile, India witnessed a growth of around 15% in VC deal volume and 13% in deal value.
This divergence in trends emphasizes the unique position of the US market, which continues to attract significant capital. Some of the notable VC funding deals announced in the US during H1 2025 include $40bn in funding for OpenAI, $3.5bnsecured by Anthropic, $3bn raised by Infinite Reality, $2.5 billion secured by Anduril, and $1bn secured by Grammarly, among others.
In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025.
While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData.
Aurojyoti Bose, lead analyst at GlobalData, said:
In comparison to other leading countries, the US maintains a commanding lead in both VC deal volume and value. An analysis of GlobalData's Deals Database revealed that the US accounted for more than 30% of the total number of VC deals announced globally during H1 2025, while its share in terms of funding value stood at around 65%.
China, which ranks second, experienced a notable decline in both metrics, with VC deal volume dropping by approximately 6% and deal value plummeting by over 40% in H1 2025 compared to H1 2024. The UK also witnessed VC deal volume and value dropping by 14% and 12% year-on-year, respectively, in H1 2025. Meanwhile, India witnessed a growth of around 15% in VC deal volume and 13% in deal value.
This divergence in trends emphasizes the unique position of the US market, which continues to attract significant capital. Some of the notable VC funding deals announced in the US during H1 2025 include $40bn in funding for OpenAI, $3.5bnsecured by Anthropic, $3bn raised by Infinite Reality, $2.5 billion secured by Anduril, and $1bn secured by Grammarly, among others.
Adidas to raise prices as US tariffs costs rise
Adidas (ADS.DE) has warned that US tariffs will cost the company a further €200m (£173m), confirming it will raise prices for American customers.
The German sportswear giant makes most of its products in China and the Far East which have targeted by ongoing trade war.
Bjorn Gulden, Adidas chief executive, said the tariffs "will directly increase the cost of our products for the US".
He admitted that the company still does not know what the impact will be on customer demand "should all these tariffs cause major inflation".
It comes as rival Nike (NKE) also said it would raise prices on some trainers and clothing for US customers from June onwards, and later warned the tariffs could add about $1bn (£730m) to its costs.
Adidas (ADS.DE) has warned that US tariffs will cost the company a further €200m (£173m), confirming it will raise prices for American customers.
The German sportswear giant makes most of its products in China and the Far East which have targeted by ongoing trade war.
Bjorn Gulden, Adidas chief executive, said the tariffs "will directly increase the cost of our products for the US".
He admitted that the company still does not know what the impact will be on customer demand "should all these tariffs cause major inflation".
It comes as rival Nike (NKE) also said it would raise prices on some trainers and clothing for US customers from June onwards, and later warned the tariffs could add about $1bn (£730m) to its costs.
Microsoft to report Q4 earnings
Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Wednesday. Wall Street is looking for the software giant to offer up solid growth in its AI and cloud business as its customers explore further AI use cases.
The Windows maker's earnings come a week after Google (GOOG, GOOGL) posted better-than-anticipated second quarter results on the strength of its cloud revenue growth, sending shares higher. The company also said it is pouring an additional $10bn into its AI buildout, bringing the year's total from $75bn to $85bn.
But investors were unperturbed by the increase and instead focused on CEO Sundar Pichai's commentary indicating that Search volume grew double digits in the quarter.
Those results could bode well for Microsoft as investors look toward further AI sales gains.
For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89bn, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72bn in the same period last year.
Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Wednesday. Wall Street is looking for the software giant to offer up solid growth in its AI and cloud business as its customers explore further AI use cases.
The Windows maker's earnings come a week after Google (GOOG, GOOGL) posted better-than-anticipated second quarter results on the strength of its cloud revenue growth, sending shares higher. The company also said it is pouring an additional $10bn into its AI buildout, bringing the year's total from $75bn to $85bn.
But investors were unperturbed by the increase and instead focused on CEO Sundar Pichai's commentary indicating that Search volume grew double digits in the quarter.
Those results could bode well for Microsoft as investors look toward further AI sales gains.
For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89bn, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72bn in the same period last year.
The best places to retire in Britain revealed
Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life.
The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation.
L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive.
Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life.
Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score.
Read more here
Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life.
The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation.
L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive.
Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life.
Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score.
Read more here
FTSE risers and fallers
After this morning's slew of corporate results, here are the FTSE 100 risers and fallers this morning,
After this morning's slew of corporate results, here are the FTSE 100 risers and fallers this morning,
Taylor Wimpey shares fall after profit warning
Shares in Taylor Wimpey (TW.L) fell 6.5% on Wednesday, after the housebuilder downgraded its profit forecast citing a £20m charge associated with historical defective workmanship by a principal contractor.
The company said it now expects to deliver operating profit of around £424m for the year.
Steve Clayton, head of equity funds at Hargreaves Lansdown, said:
Shares in Taylor Wimpey (TW.L) fell 6.5% on Wednesday, after the housebuilder downgraded its profit forecast citing a £20m charge associated with historical defective workmanship by a principal contractor.
The company said it now expects to deliver operating profit of around £424m for the year.
Steve Clayton, head of equity funds at Hargreaves Lansdown, said:
Gold prices steady as investors await Fed interest rate decision
Gold prices (GC=F) were little changed on Wednesday morning as investors refrained from making significant moves ahead of the US Federal Reserve's latest interest rate decision, due later in the day.
Gold futures were flat at $3,322.90 per ounce at the time of writing, while spot gold was also muted, at $3,330.98 per ounce.
The Federal Reserve is expected to leave its benchmark interest rate unchanged within the 4.25% to 4.5% range despite persistent calls from US president Donald Trump to lower borrowing costs. Traders continue to price in a possible rate cut in September.
"There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," Oanda senior market analyst Kelvin Wong said.
Expectations of looser monetary policy are contributing to bullish sentiment for gold, which has already gained more than 27% this year, outperforming most major asset classes.
Investment firm Fidelity believes bullion could climb as high as $4,000 an ounce by year-end, buoyed by a weakening US dollar and a pivot by the Fed towards rate cuts.
Speaking to Bloomberg, Ian Samson, a fund manager at Fidelity, said the firm remains optimistic on the outlook for gold. 'The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,' he said.
Samson added that some cross-asset portfolios had increased their exposure after gold prices pulled back from a record high of $3,500 reached in April. In certain cases, allocations were doubled from an initial 5% over the past year.
He also noted that August tends to be a softer month for risk assets, making diversification more appealing. 'More diversification makes sense,' Samson said.
Gold prices (GC=F) were little changed on Wednesday morning as investors refrained from making significant moves ahead of the US Federal Reserve's latest interest rate decision, due later in the day.
Gold futures were flat at $3,322.90 per ounce at the time of writing, while spot gold was also muted, at $3,330.98 per ounce.
The Federal Reserve is expected to leave its benchmark interest rate unchanged within the 4.25% to 4.5% range despite persistent calls from US president Donald Trump to lower borrowing costs. Traders continue to price in a possible rate cut in September.
"There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," Oanda senior market analyst Kelvin Wong said.
Expectations of looser monetary policy are contributing to bullish sentiment for gold, which has already gained more than 27% this year, outperforming most major asset classes.
Investment firm Fidelity believes bullion could climb as high as $4,000 an ounce by year-end, buoyed by a weakening US dollar and a pivot by the Fed towards rate cuts.
Speaking to Bloomberg, Ian Samson, a fund manager at Fidelity, said the firm remains optimistic on the outlook for gold. 'The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,' he said.
Samson added that some cross-asset portfolios had increased their exposure after gold prices pulled back from a record high of $3,500 reached in April. In certain cases, allocations were doubled from an initial 5% over the past year.
He also noted that August tends to be a softer month for risk assets, making diversification more appealing. 'More diversification makes sense,' Samson said.
GSK delivers solid growth
GSK (GSK.L) rose slightly on the day in London after it reported a solid set of results in the second quarter, with overall sales growing 6%.
This was better than expected, with growth driven by speciality medicines and vaccines, as it offset weaker performance from general medicines.
Sheena Berry, healthcare analyst at Quilter Cheviot, said:
GSK (GSK.L) rose slightly on the day in London after it reported a solid set of results in the second quarter, with overall sales growing 6%.
This was better than expected, with growth driven by speciality medicines and vaccines, as it offset weaker performance from general medicines.
Sheena Berry, healthcare analyst at Quilter Cheviot, said:
Apple to launch first foldable iPhone
Apple (AAPL) is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant.
The Telegraph has the details:
On Tuesday, analysts at Wall Street bank JP Morgan (JPM) said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999.
The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung (005930.KS) which has been selling foldable smartphones since 2019.
Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam.
Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream.
JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market.
The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007.
Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models.
But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates.
JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering.
Apple (AAPL) is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant.
The Telegraph has the details:
On Tuesday, analysts at Wall Street bank JP Morgan (JPM) said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999.
The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung (005930.KS) which has been selling foldable smartphones since 2019.
Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam.
Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream.
JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market.
The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007.
Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models.
But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates.
JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering.
German economy contracts 0.1% in second quarter
The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters.
Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%.
The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters.
Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%.
UK private sector to shrink at fastest pace since pandemic
British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power.
Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI).
Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance.
The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic.
Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies.
'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices.
'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said.
British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power.
Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI).
Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance.
The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic.
Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies.
'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices.
'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said.
US-India trade deal not finalised, says Trump
Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline.
"India is my friend," the US president said. "They ended the war with Pakistan at my request...The deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...".
However, he cautioned that the tariff rate has not yet been decided as negotiations continue.
Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH.
Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week.
The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal.
Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline.
"India is my friend," the US president said. "They ended the war with Pakistan at my request...The deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...".
However, he cautioned that the tariff rate has not yet been decided as negotiations continue.
Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH.
Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week.
The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal.
HSBC launches $3bn share buyback despite second-quarter profit plunge
Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications (601328.SS) and exposure to Hong Kong real estate.
The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake.
Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector.
Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.'
He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.'
Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn.
Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina.
Read the full article here
Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications (601328.SS) and exposure to Hong Kong real estate.
The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake.
Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector.
Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.'
He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.'
Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn.
Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina.
Read the full article here
GDP grew at a 3% annualised rate, according to the US Bureau of Economic Analysis. Economists polled by Reuters had predicted annualised GDP growth of 2.4%, after a surprise contraction of 0.5% in the first quarter as exporters rushed to get their products into the country ahead of tariffs. Imports count against a country's GDP.
Meanwhile, the FTSE 100 (^FTSE) underperformed against its European peers as traders were unimpressed by weak results from the likes of Aston Martin (AML.L), HSBC (HSBA.L) and Taylor Wimpey (TW.L).
European markets got a boost as new data showed unexpected signs of life in the eurozone economy. Gross domestic product (GDP) in the bloc grew 0.1% in the second quarter of the year, marginally better than the zero growth expected by economists.
However, it was still a slowdown compared to the 0.6% growth seen in the first three months of 2025, when businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country.
Read more: Trending tickers: Novo Nordisk, Starbucks, SoFi Technologies, BAE Systems and Taylor Wimpey
Seasonally-adjusted GDP rose by 0.2% in the European Union (EU) in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace seen previously.
Also in focus today is the interest rate decision from the US Federal Reserve, due this evening. Fed chair Jerome Powell has been under intense pressure from president Donald Trump to reduce rates.
Neil Wilson, UK investor strategist at Saxo Markets, said: "Powell won't be bowing down to Trump's demands to cut rates, so expect the chair to instead lay some groundwork for December rather than September.
"If they do need to move sooner than, it will be because of the labour market — key US jobs numbers on Friday will be more important this week. So far the labour market data looks good but we can seen signs of weakness appearing."
Microsoft (MSFT) is also set to report its fiscal fourth-quarter earnings after the bell on Wednesday, with Wall Street looking for the software giant to offer up solid growth in its AI and cloud businesses.
Stocks: Create your watchlist and portfolio
London's benchmark index (^FTSE) was treading water at the close.
Germany's DAX (^GDAXI) rose 0.1% and the CAC (^FCHI) in Paris was 0.2% in the green.
The pan-European STOXX 600 (^STOXX) was up 0.1%.
In the US, the Dow Jones Industrial Average (^DJI) nudged up 0.1%, while the S&P 500 (^GSPC) rose 0.2%. The tech-heavy Nasdaq Composite (^IXIC) ticked up 0.4%.
The pound was 0.1% up against the US dollar (GBPUSD=X) at 1.3362.
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Well that's all from us today, thanks for following along. Be sure to join us tomorrow for more of the latest markets news and all that happening across the global economy.
Trump says Powell must lower interest rates 'now' following GDP uptick
US president Donald Trump used a return to US GDP growth ahead of a widely expected Federal Reserve decision to keep monetary policy unchanged to say that Fed chairman Jerome Powell must 'now' lower rates, Yahoo Finance's Ben Werschkul reports.
Werschkul writes:
Read the full story here.
Trump announces 25% tariffs On India
The US will impose tariff of 25% on India, with Donald Trump criticising the world's fifth-biggest economy for 'obnoxious' trade barriers.
Trump wrote in a post on Truth Social, the social network he owns:
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US economy grows faster than expected
The US economy grew faster than expected in the second quarter of 2025, according to the latest data released on Wednesday.
US GDP grew at a 3% annualised rate, according to the US Bureau of Economic Analysis.
Economists polled by Reuters had predicted annualised GDP growth of 2.4%, after a surprise contraction of 0.5% in the first quarter as exporters rushed to get their products into the country ahead of tariffs. Imports count against a country's GDP.
Neil Birrell, chief investment officer at Premier Miton Investors, a fund manager, said:
Where did GDP rise and fall most?
The latest eurozone GDP reading was better than expected due to Spain leading the way with a 0.7% expansion. This was a result of solid consumer spending, a rebound in business investment and rising exports.
"Spain is in another league, showing stubbornly robust dynamism. The moderate Q2 decline in Irish GDP suggests that there is ample room for further correction," Fabiani added.
There was also faster-than-expected growth in France, the second-largest economy in the EU. France significantly outperformed expectations, growing 0.3% during the period, according to the preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth — and higher than the 0.1% expected by economists polled by Reuters.
Portugal and Estonia also delivered solid results, expanding 0.6% and 0.5%, respectively.
Meanwhile, the German economy contacted 0.1% in the second quarter of the year as companies adjusted to the impact of US president Donald Trump's tariffs. This marked the country's first contraction since mid-2024 due to weaker investment in machinery and construction.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
Italy's GDP likewise shrunk 0.1% in the second quarter, reversing the 0.3% gain recorded in the first quarter and defying market expectations of a 0.2% increase. It was the country's first contraction since the second quarter of 2023.
Nicholas Farr, emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow to 0.2% from 0.8% in the first quarter.
Eurozone economic growth slows to 0.1% in second quarter
The eurozone economy grew 0.1% in the second quarter of the year, coming in marginally better than the zero growth expected by economists.
However, it was still a slowdown compared with the 0.6% growth seen in the first three months of 2025, as businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country.
Seasonally adjusted gross domestic product (GDP) also rose by 0.2% in the European Union in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace previous pace.
Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said: "Although the slowdown is to a large extent a by-product of a misleadingly healthy Q1 number, broad-based weakness across national data indicates that the economy lacks momentum, with only a handful of countries blowing into its sails."
US VC funding surges by 87% in first half
In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025.
While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData.
Aurojyoti Bose, lead analyst at GlobalData, said:
In comparison to other leading countries, the US maintains a commanding lead in both VC deal volume and value. An analysis of GlobalData's Deals Database revealed that the US accounted for more than 30% of the total number of VC deals announced globally during H1 2025, while its share in terms of funding value stood at around 65%.
China, which ranks second, experienced a notable decline in both metrics, with VC deal volume dropping by approximately 6% and deal value plummeting by over 40% in H1 2025 compared to H1 2024. The UK also witnessed VC deal volume and value dropping by 14% and 12% year-on-year, respectively, in H1 2025. Meanwhile, India witnessed a growth of around 15% in VC deal volume and 13% in deal value.
This divergence in trends emphasizes the unique position of the US market, which continues to attract significant capital. Some of the notable VC funding deals announced in the US during H1 2025 include $40bn in funding for OpenAI, $3.5bnsecured by Anthropic, $3bn raised by Infinite Reality, $2.5 billion secured by Anduril, and $1bn secured by Grammarly, among others.
Adidas to raise prices as US tariffs costs rise
Adidas (ADS.DE) has warned that US tariffs will cost the company a further €200m (£173m), confirming it will raise prices for American customers.
The German sportswear giant makes most of its products in China and the Far East which have targeted by ongoing trade war.
Bjorn Gulden, Adidas chief executive, said the tariffs "will directly increase the cost of our products for the US".
He admitted that the company still does not know what the impact will be on customer demand "should all these tariffs cause major inflation".
It comes as rival Nike (NKE) also said it would raise prices on some trainers and clothing for US customers from June onwards, and later warned the tariffs could add about $1bn (£730m) to its costs.
Microsoft to report Q4 earnings
Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Wednesday. Wall Street is looking for the software giant to offer up solid growth in its AI and cloud business as its customers explore further AI use cases.
The Windows maker's earnings come a week after Google (GOOG, GOOGL) posted better-than-anticipated second quarter results on the strength of its cloud revenue growth, sending shares higher. The company also said it is pouring an additional $10bn into its AI buildout, bringing the year's total from $75bn to $85bn.
But investors were unperturbed by the increase and instead focused on CEO Sundar Pichai's commentary indicating that Search volume grew double digits in the quarter.
Those results could bode well for Microsoft as investors look toward further AI sales gains.
For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89bn, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72bn in the same period last year.
The best places to retire in Britain revealed
Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life.
The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation.
L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive.
Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life.
Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score.
Read more here
FTSE risers and fallers
After this morning's slew of corporate results, here are the FTSE 100 risers and fallers this morning,
Taylor Wimpey shares fall after profit warning
Shares in Taylor Wimpey (TW.L) fell 6.5% on Wednesday, after the housebuilder downgraded its profit forecast citing a £20m charge associated with historical defective workmanship by a principal contractor.
The company said it now expects to deliver operating profit of around £424m for the year.
Steve Clayton, head of equity funds at Hargreaves Lansdown, said:
Gold prices steady as investors await Fed interest rate decision
Gold prices (GC=F) were little changed on Wednesday morning as investors refrained from making significant moves ahead of the US Federal Reserve's latest interest rate decision, due later in the day.
Gold futures were flat at $3,322.90 per ounce at the time of writing, while spot gold was also muted, at $3,330.98 per ounce.
The Federal Reserve is expected to leave its benchmark interest rate unchanged within the 4.25% to 4.5% range despite persistent calls from US president Donald Trump to lower borrowing costs. Traders continue to price in a possible rate cut in September.
"There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," Oanda senior market analyst Kelvin Wong said.
Expectations of looser monetary policy are contributing to bullish sentiment for gold, which has already gained more than 27% this year, outperforming most major asset classes.
Investment firm Fidelity believes bullion could climb as high as $4,000 an ounce by year-end, buoyed by a weakening US dollar and a pivot by the Fed towards rate cuts.
Speaking to Bloomberg, Ian Samson, a fund manager at Fidelity, said the firm remains optimistic on the outlook for gold. 'The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,' he said.
Samson added that some cross-asset portfolios had increased their exposure after gold prices pulled back from a record high of $3,500 reached in April. In certain cases, allocations were doubled from an initial 5% over the past year.
He also noted that August tends to be a softer month for risk assets, making diversification more appealing. 'More diversification makes sense,' Samson said.
GSK delivers solid growth
GSK (GSK.L) rose slightly on the day in London after it reported a solid set of results in the second quarter, with overall sales growing 6%.
This was better than expected, with growth driven by speciality medicines and vaccines, as it offset weaker performance from general medicines.
Sheena Berry, healthcare analyst at Quilter Cheviot, said:
Apple to launch first foldable iPhone
Apple (AAPL) is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant.
The Telegraph has the details:
On Tuesday, analysts at Wall Street bank JP Morgan (JPM) said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999.
The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung (005930.KS) which has been selling foldable smartphones since 2019.
Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam.
Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream.
JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market.
The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007.
Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models.
But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates.
JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering.
German economy contracts 0.1% in second quarter
The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters.
Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%.
UK private sector to shrink at fastest pace since pandemic
British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power.
Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI).
Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance.
The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic.
Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies.
'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices.
'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said.
US-India trade deal not finalised, says Trump
Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline.
"India is my friend," the US president said. "They ended the war with Pakistan at my request...The deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...".
However, he cautioned that the tariff rate has not yet been decided as negotiations continue.
Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH.
Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week.
The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal.
HSBC launches $3bn share buyback despite second-quarter profit plunge
Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications (601328.SS) and exposure to Hong Kong real estate.
The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake.
Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector.
Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.'
He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.'
Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn.
Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina.
Read the full article hereBlog close
Well that's all from us today, thanks for following along. Be sure to join us tomorrow for more of the latest markets news and all that happening across the global economy.
Well that's all from us today, thanks for following along. Be sure to join us tomorrow for more of the latest markets news and all that happening across the global economy.
Trump says Powell must lower interest rates 'now' following GDP uptick
US president Donald Trump used a return to US GDP growth ahead of a widely expected Federal Reserve decision to keep monetary policy unchanged to say that Fed chairman Jerome Powell must 'now' lower rates, Yahoo Finance's Ben Werschkul reports.
Werschkul writes:
Read the full story here.
US president Donald Trump used a return to US GDP growth ahead of a widely expected Federal Reserve decision to keep monetary policy unchanged to say that Fed chairman Jerome Powell must 'now' lower rates, Yahoo Finance's Ben Werschkul reports.
Werschkul writes:
Read the full story here.
Trump announces 25% tariffs On India
The US will impose tariff of 25% on India, with Donald Trump criticising the world's fifth-biggest economy for 'obnoxious' trade barriers.
Trump wrote in a post on Truth Social, the social network he owns:
The US will impose tariff of 25% on India, with Donald Trump criticising the world's fifth-biggest economy for 'obnoxious' trade barriers.
Trump wrote in a post on Truth Social, the social network he owns:
Best credit cards for air miles
Credit cards aren't just about spending. They are also powerful tools that, when used wisely, can help you save money, manage debt and even earn rewards. Whether you're looking to cut down on interest payments, earn cashback on everyday purchases, rack up air miles for your next holiday, or avoid fees while traveling abroad, there's a credit card tailored to your needs.
In this guide, we'll break down the best options on the market for balance transfers, purchases, cashback, air miles and travel spending. We'll show you how to use these cards to your advantage, ensuring you get the most value while avoiding common mistakes.
Find out more here
Credit cards aren't just about spending. They are also powerful tools that, when used wisely, can help you save money, manage debt and even earn rewards. Whether you're looking to cut down on interest payments, earn cashback on everyday purchases, rack up air miles for your next holiday, or avoid fees while traveling abroad, there's a credit card tailored to your needs.
In this guide, we'll break down the best options on the market for balance transfers, purchases, cashback, air miles and travel spending. We'll show you how to use these cards to your advantage, ensuring you get the most value while avoiding common mistakes.
Find out more here
US economy grows faster than expected
The US economy grew faster than expected in the second quarter of 2025, according to the latest data released on Wednesday.
US GDP grew at a 3% annualised rate, according to the US Bureau of Economic Analysis.
Economists polled by Reuters had predicted annualised GDP growth of 2.4%, after a surprise contraction of 0.5% in the first quarter as exporters rushed to get their products into the country ahead of tariffs. Imports count against a country's GDP.
Neil Birrell, chief investment officer at Premier Miton Investors, a fund manager, said:
The US economy grew faster than expected in the second quarter of 2025, according to the latest data released on Wednesday.
US GDP grew at a 3% annualised rate, according to the US Bureau of Economic Analysis.
Economists polled by Reuters had predicted annualised GDP growth of 2.4%, after a surprise contraction of 0.5% in the first quarter as exporters rushed to get their products into the country ahead of tariffs. Imports count against a country's GDP.
Neil Birrell, chief investment officer at Premier Miton Investors, a fund manager, said:
Where did GDP rise and fall most?
The latest eurozone GDP reading was better than expected due to Spain leading the way with a 0.7% expansion. This was a result of solid consumer spending, a rebound in business investment and rising exports.
"Spain is in another league, showing stubbornly robust dynamism. The moderate Q2 decline in Irish GDP suggests that there is ample room for further correction," Fabiani added.
There was also faster-than-expected growth in France, the second-largest economy in the EU. France significantly outperformed expectations, growing 0.3% during the period, according to the preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth — and higher than the 0.1% expected by economists polled by Reuters.
Portugal and Estonia also delivered solid results, expanding 0.6% and 0.5%, respectively.
Meanwhile, the German economy contacted 0.1% in the second quarter of the year as companies adjusted to the impact of US president Donald Trump's tariffs. This marked the country's first contraction since mid-2024 due to weaker investment in machinery and construction.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
Italy's GDP likewise shrunk 0.1% in the second quarter, reversing the 0.3% gain recorded in the first quarter and defying market expectations of a 0.2% increase. It was the country's first contraction since the second quarter of 2023.
Nicholas Farr, emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow to 0.2% from 0.8% in the first quarter.
The latest eurozone GDP reading was better than expected due to Spain leading the way with a 0.7% expansion. This was a result of solid consumer spending, a rebound in business investment and rising exports.
"Spain is in another league, showing stubbornly robust dynamism. The moderate Q2 decline in Irish GDP suggests that there is ample room for further correction," Fabiani added.
There was also faster-than-expected growth in France, the second-largest economy in the EU. France significantly outperformed expectations, growing 0.3% during the period, according to the preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth — and higher than the 0.1% expected by economists polled by Reuters.
Portugal and Estonia also delivered solid results, expanding 0.6% and 0.5%, respectively.
Meanwhile, the German economy contacted 0.1% in the second quarter of the year as companies adjusted to the impact of US president Donald Trump's tariffs. This marked the country's first contraction since mid-2024 due to weaker investment in machinery and construction.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
Italy's GDP likewise shrunk 0.1% in the second quarter, reversing the 0.3% gain recorded in the first quarter and defying market expectations of a 0.2% increase. It was the country's first contraction since the second quarter of 2023.
Nicholas Farr, emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow to 0.2% from 0.8% in the first quarter.
Eurozone economic growth slows to 0.1% in second quarter
The eurozone economy grew 0.1% in the second quarter of the year, coming in marginally better than the zero growth expected by economists.
However, it was still a slowdown compared with the 0.6% growth seen in the first three months of 2025, as businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country.
Seasonally adjusted gross domestic product (GDP) also rose by 0.2% in the European Union in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace previous pace.
Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said: "Although the slowdown is to a large extent a by-product of a misleadingly healthy Q1 number, broad-based weakness across national data indicates that the economy lacks momentum, with only a handful of countries blowing into its sails."
The eurozone economy grew 0.1% in the second quarter of the year, coming in marginally better than the zero growth expected by economists.
However, it was still a slowdown compared with the 0.6% growth seen in the first three months of 2025, as businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country.
Seasonally adjusted gross domestic product (GDP) also rose by 0.2% in the European Union in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace previous pace.
Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said: "Although the slowdown is to a large extent a by-product of a misleadingly healthy Q1 number, broad-based weakness across national data indicates that the economy lacks momentum, with only a handful of countries blowing into its sails."
US VC funding surges by 87% in first half
In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025.
While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData.
Aurojyoti Bose, lead analyst at GlobalData, said:
In comparison to other leading countries, the US maintains a commanding lead in both VC deal volume and value. An analysis of GlobalData's Deals Database revealed that the US accounted for more than 30% of the total number of VC deals announced globally during H1 2025, while its share in terms of funding value stood at around 65%.
China, which ranks second, experienced a notable decline in both metrics, with VC deal volume dropping by approximately 6% and deal value plummeting by over 40% in H1 2025 compared to H1 2024. The UK also witnessed VC deal volume and value dropping by 14% and 12% year-on-year, respectively, in H1 2025. Meanwhile, India witnessed a growth of around 15% in VC deal volume and 13% in deal value.
This divergence in trends emphasizes the unique position of the US market, which continues to attract significant capital. Some of the notable VC funding deals announced in the US during H1 2025 include $40bn in funding for OpenAI, $3.5bnsecured by Anthropic, $3bn raised by Infinite Reality, $2.5 billion secured by Anduril, and $1bn secured by Grammarly, among others.
In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025.
While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData.
Aurojyoti Bose, lead analyst at GlobalData, said:
In comparison to other leading countries, the US maintains a commanding lead in both VC deal volume and value. An analysis of GlobalData's Deals Database revealed that the US accounted for more than 30% of the total number of VC deals announced globally during H1 2025, while its share in terms of funding value stood at around 65%.
China, which ranks second, experienced a notable decline in both metrics, with VC deal volume dropping by approximately 6% and deal value plummeting by over 40% in H1 2025 compared to H1 2024. The UK also witnessed VC deal volume and value dropping by 14% and 12% year-on-year, respectively, in H1 2025. Meanwhile, India witnessed a growth of around 15% in VC deal volume and 13% in deal value.
This divergence in trends emphasizes the unique position of the US market, which continues to attract significant capital. Some of the notable VC funding deals announced in the US during H1 2025 include $40bn in funding for OpenAI, $3.5bnsecured by Anthropic, $3bn raised by Infinite Reality, $2.5 billion secured by Anduril, and $1bn secured by Grammarly, among others.
Adidas to raise prices as US tariffs costs rise
Adidas (ADS.DE) has warned that US tariffs will cost the company a further €200m (£173m), confirming it will raise prices for American customers.
The German sportswear giant makes most of its products in China and the Far East which have targeted by ongoing trade war.
Bjorn Gulden, Adidas chief executive, said the tariffs "will directly increase the cost of our products for the US".
He admitted that the company still does not know what the impact will be on customer demand "should all these tariffs cause major inflation".
It comes as rival Nike (NKE) also said it would raise prices on some trainers and clothing for US customers from June onwards, and later warned the tariffs could add about $1bn (£730m) to its costs.
Adidas (ADS.DE) has warned that US tariffs will cost the company a further €200m (£173m), confirming it will raise prices for American customers.
The German sportswear giant makes most of its products in China and the Far East which have targeted by ongoing trade war.
Bjorn Gulden, Adidas chief executive, said the tariffs "will directly increase the cost of our products for the US".
He admitted that the company still does not know what the impact will be on customer demand "should all these tariffs cause major inflation".
It comes as rival Nike (NKE) also said it would raise prices on some trainers and clothing for US customers from June onwards, and later warned the tariffs could add about $1bn (£730m) to its costs.
Microsoft to report Q4 earnings
Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Wednesday. Wall Street is looking for the software giant to offer up solid growth in its AI and cloud business as its customers explore further AI use cases.
The Windows maker's earnings come a week after Google (GOOG, GOOGL) posted better-than-anticipated second quarter results on the strength of its cloud revenue growth, sending shares higher. The company also said it is pouring an additional $10bn into its AI buildout, bringing the year's total from $75bn to $85bn.
But investors were unperturbed by the increase and instead focused on CEO Sundar Pichai's commentary indicating that Search volume grew double digits in the quarter.
Those results could bode well for Microsoft as investors look toward further AI sales gains.
For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89bn, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72bn in the same period last year.
Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Wednesday. Wall Street is looking for the software giant to offer up solid growth in its AI and cloud business as its customers explore further AI use cases.
The Windows maker's earnings come a week after Google (GOOG, GOOGL) posted better-than-anticipated second quarter results on the strength of its cloud revenue growth, sending shares higher. The company also said it is pouring an additional $10bn into its AI buildout, bringing the year's total from $75bn to $85bn.
But investors were unperturbed by the increase and instead focused on CEO Sundar Pichai's commentary indicating that Search volume grew double digits in the quarter.
Those results could bode well for Microsoft as investors look toward further AI sales gains.
For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89bn, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72bn in the same period last year.
The best places to retire in Britain revealed
Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life.
The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation.
L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive.
Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life.
Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score.
Read more here
Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life.
The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation.
L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive.
Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life.
Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score.
Read more here
FTSE risers and fallers
After this morning's slew of corporate results, here are the FTSE 100 risers and fallers this morning,
After this morning's slew of corporate results, here are the FTSE 100 risers and fallers this morning,
Taylor Wimpey shares fall after profit warning
Shares in Taylor Wimpey (TW.L) fell 6.5% on Wednesday, after the housebuilder downgraded its profit forecast citing a £20m charge associated with historical defective workmanship by a principal contractor.
The company said it now expects to deliver operating profit of around £424m for the year.
Steve Clayton, head of equity funds at Hargreaves Lansdown, said:
Shares in Taylor Wimpey (TW.L) fell 6.5% on Wednesday, after the housebuilder downgraded its profit forecast citing a £20m charge associated with historical defective workmanship by a principal contractor.
The company said it now expects to deliver operating profit of around £424m for the year.
Steve Clayton, head of equity funds at Hargreaves Lansdown, said:
Gold prices steady as investors await Fed interest rate decision
Gold prices (GC=F) were little changed on Wednesday morning as investors refrained from making significant moves ahead of the US Federal Reserve's latest interest rate decision, due later in the day.
Gold futures were flat at $3,322.90 per ounce at the time of writing, while spot gold was also muted, at $3,330.98 per ounce.
The Federal Reserve is expected to leave its benchmark interest rate unchanged within the 4.25% to 4.5% range despite persistent calls from US president Donald Trump to lower borrowing costs. Traders continue to price in a possible rate cut in September.
"There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," Oanda senior market analyst Kelvin Wong said.
Expectations of looser monetary policy are contributing to bullish sentiment for gold, which has already gained more than 27% this year, outperforming most major asset classes.
Investment firm Fidelity believes bullion could climb as high as $4,000 an ounce by year-end, buoyed by a weakening US dollar and a pivot by the Fed towards rate cuts.
Speaking to Bloomberg, Ian Samson, a fund manager at Fidelity, said the firm remains optimistic on the outlook for gold. 'The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,' he said.
Samson added that some cross-asset portfolios had increased their exposure after gold prices pulled back from a record high of $3,500 reached in April. In certain cases, allocations were doubled from an initial 5% over the past year.
He also noted that August tends to be a softer month for risk assets, making diversification more appealing. 'More diversification makes sense,' Samson said.
Gold prices (GC=F) were little changed on Wednesday morning as investors refrained from making significant moves ahead of the US Federal Reserve's latest interest rate decision, due later in the day.
Gold futures were flat at $3,322.90 per ounce at the time of writing, while spot gold was also muted, at $3,330.98 per ounce.
The Federal Reserve is expected to leave its benchmark interest rate unchanged within the 4.25% to 4.5% range despite persistent calls from US president Donald Trump to lower borrowing costs. Traders continue to price in a possible rate cut in September.
"There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," Oanda senior market analyst Kelvin Wong said.
Expectations of looser monetary policy are contributing to bullish sentiment for gold, which has already gained more than 27% this year, outperforming most major asset classes.
Investment firm Fidelity believes bullion could climb as high as $4,000 an ounce by year-end, buoyed by a weakening US dollar and a pivot by the Fed towards rate cuts.
Speaking to Bloomberg, Ian Samson, a fund manager at Fidelity, said the firm remains optimistic on the outlook for gold. 'The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,' he said.
Samson added that some cross-asset portfolios had increased their exposure after gold prices pulled back from a record high of $3,500 reached in April. In certain cases, allocations were doubled from an initial 5% over the past year.
He also noted that August tends to be a softer month for risk assets, making diversification more appealing. 'More diversification makes sense,' Samson said.
GSK delivers solid growth
GSK (GSK.L) rose slightly on the day in London after it reported a solid set of results in the second quarter, with overall sales growing 6%.
This was better than expected, with growth driven by speciality medicines and vaccines, as it offset weaker performance from general medicines.
Sheena Berry, healthcare analyst at Quilter Cheviot, said:
GSK (GSK.L) rose slightly on the day in London after it reported a solid set of results in the second quarter, with overall sales growing 6%.
This was better than expected, with growth driven by speciality medicines and vaccines, as it offset weaker performance from general medicines.
Sheena Berry, healthcare analyst at Quilter Cheviot, said:
Apple to launch first foldable iPhone
Apple (AAPL) is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant.
The Telegraph has the details:
On Tuesday, analysts at Wall Street bank JP Morgan (JPM) said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999.
The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung (005930.KS) which has been selling foldable smartphones since 2019.
Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam.
Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream.
JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market.
The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007.
Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models.
But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates.
JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering.
Apple (AAPL) is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant.
The Telegraph has the details:
On Tuesday, analysts at Wall Street bank JP Morgan (JPM) said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999.
The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung (005930.KS) which has been selling foldable smartphones since 2019.
Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam.
Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream.
JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market.
The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007.
Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models.
But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates.
JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering.
German economy contracts 0.1% in second quarter
The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters.
Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%.
The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs.
Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%.
It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data.
This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters.
Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday.
Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%.
UK private sector to shrink at fastest pace since pandemic
British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power.
Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI).
Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance.
The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic.
Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies.
'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices.
'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said.
British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power.
Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI).
Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance.
The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic.
Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies.
'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices.
'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said.
US-India trade deal not finalised, says Trump
Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline.
"India is my friend," the US president said. "They ended the war with Pakistan at my request...The deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...".
However, he cautioned that the tariff rate has not yet been decided as negotiations continue.
Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH.
Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week.
The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal.
Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline.
"India is my friend," the US president said. "They ended the war with Pakistan at my request...The deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...".
However, he cautioned that the tariff rate has not yet been decided as negotiations continue.
Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH.
Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week.
The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal.
HSBC launches $3bn share buyback despite second-quarter profit plunge
Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications (601328.SS) and exposure to Hong Kong real estate.
The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake.
Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector.
Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.'
He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.'
Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn.
Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina.
Read the full article here
Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications (601328.SS) and exposure to Hong Kong real estate.
The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake.
Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector.
Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.'
He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.'
Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn.
Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina.
Read the full article here
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