Can his golf course 'further' US-UK relations? Trump will use meeting with prime minister to try
Now he's getting the chance to prove it.
British Prime Minister Keir Starmer is meeting Monday with Trump at a golf property owned by the president's family near Turnberry in southwestern Scotland — then later traveling to Abderdeen, on the country's northeast coast, where there's another Trump golf course and a third is opening soon.
During his first term in 2019, Trump posted of his Turnberry property, 'Very proud of perhaps the greatest golf course anywhere in the world. Also, furthers U.K. relationship!'
Starmer is not a golfer, but toggling between Trump's Scottish courses shows the outsized influence the president puts on properties bearing his name — and on golf's ability to shape geopolitics.
While China initially responded to Trump's tariff threats by retaliating with high import taxes of its own on U.S. goods but has since begun negotiating easing trade tensions, Starmer and his country have taken a far softer approach.
He's gone out of his way to work with Trump, flattering the president repeatedly during a February visit to the White House, and teaming up to announce a joint trade framework on tariffs for some key products in May.
Starmer and Trump then signed a trade agreement during the G7 summit in Canada that freed the U.K.'s aerospace sector from U.S. tariffs and used quotas to reduce them on auto-related industries from 25% to 10% while increasing the amount of U.S. beef it pledged to import.
The prime minister's office says Monday's meeting will also touch on Israel's war with Hamas in Gaza, and that it hopes to welcome the Trump administration working with officials in Qatar and Egypt to bring about a ceasefire.
Starmer plans to stress the urgent need to cease the fighting and work to end starvation and other suffering occurring amid increasingly desperate circumstances in Gaza.
Also on the agenda, according to Starmer's office, are efforts to promote a possible peace deal to end fighting in Russia's war with Ukraine — particularly efforts at forcing Russian President Vladimir Putin to the negotiating table in the next 50 days.
Protesters, meanwhile, have planned a demonstration in Balmedie, near Trump's existing course, after demonstrators took to the streets on Saturday to decry the president's visit.
Discussions with Starmer follow Trump meeting Sunday with European Commission chief Ursula von der Leyen at his Turnberry course. They announced a trade framework that will put 15% tariffs on most goods from both countries — though many major details remain pending.
On Tuesday, Trump will be at the site of his new course near Aberdeen for an official ribbon cutting. It opens to the public on Aug. 13 and tee times are already for sale — with the course betting that a presidential visit can help boost sales.
There are still lingering U.S.-Britain trade issues that need fine-tuning after the previous agreements, including the tariff rates Washington imposes on steel imported from the U.K.
Even as some trade details linger and both leaders grapple with increasingly difficult choices in Gaza and Ukraine, however, Starmer's attempts to stay on Trump's good side appears to be working.
'The U.K. is very well-protected. You know why? Because I like them — that's their ultimate protection,' Trump said during the G7.
Also likely to improve Trump's mood is the fact that the U.S. ran an $11.4 billion trade surplus with Britain last year, meaning it exported more to the U.K. than it imported. Census Bureau figures this year indicate that the surplus could grow.
The president has for months railed against yawning U.S. trade deficits with key allies and sees tariffs as a way to try and close them in hurry.
Trump is set to return to Britain in September for an unprecedented second state visit. Trump will be hosted then by King Charles III and Queen Camilla at Windsor Castle.
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FTSE 100 LIVE: London stocks lag peers as earnings deluge fails to impress investors
The FTSE 100 (^FTSE) underperformed against its European peers on Wednesday as traders were unimpressed by weak results from the likes of Aston Martin (AML.L), HSBC (HSBA.L) and Taylor Wimpey (TW.L). Markets in Europe got a boost when data released this morning 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. 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. London's benchmark index (^FTSE) was 0.3% lower in early afternoon trade Germany's DAX (^GDAXI) rose 0.1% and the CAC (^FCHI) in Paris was 0.5% in the green The pan-European STOXX 600 (^STOXX) was up 0.1% Wall Street is set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green The pound was 0.1% up against the US dollar (GBPUSD=X) at 1.3362 Follow along for live updates throughout the day: 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 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 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 $10 billion into its AI buildout, bringing the year's total from $75 billion to $85 billion. 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 $73.89 billion, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72 billion 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 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 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 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 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 ( 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 Asia and US overnight Stocks in Asia were mixed overnight, with the Nikkei (^N225) slipped 0.05% on the day in Japan, while the Hang Seng (^HSI) fell 1.2% in Hong Kong. The Shanghai Composite ( was 0.2% up by the end of the session. US Treasury Secretary Bessent said the US and China were continuing talks on maintaining their current trade truce before it expires in two weeks' time. He said another 90-day extension, which had been indicated by China's delegation, was an option but that the final decision lay with Trump. National Economic Council Chair Hassett said Trump would see the final details on the China talks today. In South Korea, the Kospi (^KS11) added 0.7% on the day, buoyed by hopes of a US trade agreement prior to the August 1 deadline. Across the pond on Wall Street, stocks retreated, with the the S&P 500 (^GSPC) losing 0.5%, ending a run six consecutive record highs. The tech-heavy Nasdaq (^IXIC) was 0.4% lower and the Dow Jones (^DJI) also fell 0.5%. It came as Tuesday was a busy day for US data, which sent a decent signal on the state of the US economy. The Conference Board's July consumer confidence index came in stronger than expected at 97.2 (vs 96.0), while inflation expectations continued to reverse their spike earlier in the year. Meanwhile, US Treasuries saw a strong rally, as 2-year yields fell -5.8bps, while 10-year (-9.1bps) and 30-year (-10.2bps) yields saw their biggest daily declines since early June. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. Looking ahead to today, the main event will be the Fed rate decision at 19:00 LDN time. Before the decision, the main data releases will be US GDP, ADP employment change and personal consumption. In Europe, the focus will be on the eurozone flash GDPs and consumer confidence. On the earnings side, we will hear from two of the Mag-7 with Microsoft and Meta reporting after the US close. Other US results include Qualcomm and Ford, while in Europe the highlights include Airbus, BAE, Mercedes-Benz and Porsche. Here's a snapshot of what's on the agenda: 7am: Trading updates: HSBC, Rio Tinto, GlaxoSmithKline, BAE Systems, Oakley, Banco Santander, Sage, Aston Martin Lagonda, Foxtons 10am: Eurozone GDP growth rate 10am: Eurozone economic sentiment index 1:30pm: US GDP growth rate 3pm: US Pending Homes Sales 3.30pm: US Crude Oil Inventories 7pm: US Federal Reserve decisionUS 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 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 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 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 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 $10 billion into its AI buildout, bringing the year's total from $75 billion to $85 billion. 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 $73.89 billion, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72 billion 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 $10 billion into its AI buildout, bringing the year's total from $75 billion to $85 billion. 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 $73.89 billion, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72 billion 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 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 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 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 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 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 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 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 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 ( 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 ( 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 Asia and US overnight Stocks in Asia were mixed overnight, with the Nikkei (^N225) slipped 0.05% on the day in Japan, while the Hang Seng (^HSI) fell 1.2% in Hong Kong. The Shanghai Composite ( was 0.2% up by the end of the session. US Treasury Secretary Bessent said the US and China were continuing talks on maintaining their current trade truce before it expires in two weeks' time. He said another 90-day extension, which had been indicated by China's delegation, was an option but that the final decision lay with Trump. National Economic Council Chair Hassett said Trump would see the final details on the China talks today. In South Korea, the Kospi (^KS11) added 0.7% on the day, buoyed by hopes of a US trade agreement prior to the August 1 deadline. Across the pond on Wall Street, stocks retreated, with the the S&P 500 (^GSPC) losing 0.5%, ending a run six consecutive record highs. The tech-heavy Nasdaq (^IXIC) was 0.4% lower and the Dow Jones (^DJI) also fell 0.5%. It came as Tuesday was a busy day for US data, which sent a decent signal on the state of the US economy. The Conference Board's July consumer confidence index came in stronger than expected at 97.2 (vs 96.0), while inflation expectations continued to reverse their spike earlier in the year. Meanwhile, US Treasuries saw a strong rally, as 2-year yields fell -5.8bps, while 10-year (-9.1bps) and 30-year (-10.2bps) yields saw their biggest daily declines since early June. Stocks in Asia were mixed overnight, with the Nikkei (^N225) slipped 0.05% on the day in Japan, while the Hang Seng (^HSI) fell 1.2% in Hong Kong. The Shanghai Composite ( was 0.2% up by the end of the session. US Treasury Secretary Bessent said the US and China were continuing talks on maintaining their current trade truce before it expires in two weeks' time. He said another 90-day extension, which had been indicated by China's delegation, was an option but that the final decision lay with Trump. National Economic Council Chair Hassett said Trump would see the final details on the China talks today. In South Korea, the Kospi (^KS11) added 0.7% on the day, buoyed by hopes of a US trade agreement prior to the August 1 deadline. Across the pond on Wall Street, stocks retreated, with the the S&P 500 (^GSPC) losing 0.5%, ending a run six consecutive record highs. The tech-heavy Nasdaq (^IXIC) was 0.4% lower and the Dow Jones (^DJI) also fell 0.5%. It came as Tuesday was a busy day for US data, which sent a decent signal on the state of the US economy. The Conference Board's July consumer confidence index came in stronger than expected at 97.2 (vs 96.0), while inflation expectations continued to reverse their spike earlier in the year. Meanwhile, US Treasuries saw a strong rally, as 2-year yields fell -5.8bps, while 10-year (-9.1bps) and 30-year (-10.2bps) yields saw their biggest daily declines since early June. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. Looking ahead to today, the main event will be the Fed rate decision at 19:00 LDN time. Before the decision, the main data releases will be US GDP, ADP employment change and personal consumption. In Europe, the focus will be on the eurozone flash GDPs and consumer confidence. On the earnings side, we will hear from two of the Mag-7 with Microsoft and Meta reporting after the US close. Other US results include Qualcomm and Ford, while in Europe the highlights include Airbus, BAE, Mercedes-Benz and Porsche. Here's a snapshot of what's on the agenda: 7am: Trading updates: HSBC, Rio Tinto, GlaxoSmithKline, BAE Systems, Oakley, Banco Santander, Sage, Aston Martin Lagonda, Foxtons 10am: Eurozone GDP growth rate 10am: Eurozone economic sentiment index 1:30pm: US GDP growth rate 3pm: US Pending Homes Sales 3.30pm: US Crude Oil Inventories 7pm: US Federal Reserve decision Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. Looking ahead to today, the main event will be the Fed rate decision at 19:00 LDN time. Before the decision, the main data releases will be US GDP, ADP employment change and personal consumption. In Europe, the focus will be on the eurozone flash GDPs and consumer confidence. On the earnings side, we will hear from two of the Mag-7 with Microsoft and Meta reporting after the US close. Other US results include Qualcomm and Ford, while in Europe the highlights include Airbus, BAE, Mercedes-Benz and Porsche. Here's a snapshot of what's on the agenda: 7am: Trading updates: HSBC, Rio Tinto, GlaxoSmithKline, BAE Systems, Oakley, Banco Santander, Sage, Aston Martin Lagonda, Foxtons 10am: Eurozone GDP growth rate 10am: Eurozone economic sentiment index 1:30pm: US GDP growth rate 3pm: US Pending Homes Sales 3.30pm: US Crude Oil Inventories 7pm: US Federal Reserve decision Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
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14 minutes ago
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Trump tariffs live updates: No immediate tariff pause after US-China talks; Trump says Aug. 1 deadline will stay
President Trump said Tuesday that India may be hit with a tariff rate of 20% to 25%. The country is one of the largest US trade partners seeking an agreement ahead of Trump's Aug. 1 deadline, when nations who have not yet reached a deal will face higher tariffs. 'India has been a good friend, but India has charged basically more tariffs than almost any other country," he said. Trump on Wednesday again said he would not extend Friday's deadline for tariffs to kick in to levels outlined by deals or letters Trump has sent to country leaders. "THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!" Trump said. Trump confirmed this week that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in the absence of trade deals. Meanwhile, the US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world's two largest economies. This week's talks were the third round for the countries, which have slowly deescalated trade tensions since Trump imposed gargantuan tariffs in April, and China reciprocated. The countries suspended those tariffs for 90 days — a suspension that is set to end on Aug. 12. Bessent said another 90-day extension is possible. Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday. Top EU critics say it's a rushed fix. German Chancellor Friedrich Merz called the outcome unsatisfying and France's Bayrou dubbed the EU's "submission" a "dark day." The agreement includes a baseline tariff rate of 15% on most EU goods imported into the US. Trump called the deal 'the biggest of them all." Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Trump says Aug. 1 deadline will not be extended Two posts from Truth Social this morning: And: Harley-Davidson misses second-quarter profit estimates as tariffs weigh Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. India eyes fall deadline for US deal amid Trump threats India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. Luxury car brands Aston Martin and Porsche report tariff hit President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. Trump: India may get 20% to 25% tariff but not yet final President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Brazil asks US to spare key food products, planes from tariffs Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. US-China talks end without further pause, with Trump to make 'final call' US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US goods trade deficit hits nearly 2-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Tariffs bleed into profits A few tariff mentions on earnings releases this morning that have caught my attention: P&G beats on earnings, warns of $1 billion tariff hit The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs. Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers. Read more here. EU, US rush to clinch final details and lock in trade deal The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts. After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out. Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems. Bloomberg News reports: Read more here. Trump official: More talks needed to clinch India deal The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Rating firms say US tariffs alone will not trigger EU sovereign downgrades Reuters reports: Read more here. US trade deal eases tariff uncertainties, but risks remain: Japan Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Philips soars after lifting margin outlook on softer tariff hit Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Stellantis warns of $1.7B US tariff impact in 2025 Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025. Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit: Read more here. Germany's Merz says he did not expect better EU-US trade deal, German economy will suffer Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. Trump says Aug. 1 deadline will not be extended Two posts from Truth Social this morning: And: Two posts from Truth Social this morning: And: Harley-Davidson misses second-quarter profit estimates as tariffs weigh Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. India eyes fall deadline for US deal amid Trump threats India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. Luxury car brands Aston Martin and Porsche report tariff hit President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. Trump: India may get 20% to 25% tariff but not yet final President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Brazil asks US to spare key food products, planes from tariffs Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. US-China talks end without further pause, with Trump to make 'final call' US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US goods trade deficit hits nearly 2-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Tariffs bleed into profits A few tariff mentions on earnings releases this morning that have caught my attention: A few tariff mentions on earnings releases this morning that have caught my attention: P&G beats on earnings, warns of $1 billion tariff hit The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs. Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers. Read more here. The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs. Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers. Read more here. EU, US rush to clinch final details and lock in trade deal The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts. After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out. Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems. Bloomberg News reports: Read more here. The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts. After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out. Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems. Bloomberg News reports: Read more here. Trump official: More talks needed to clinch India deal The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Rating firms say US tariffs alone will not trigger EU sovereign downgrades Reuters reports: Read more here. Reuters reports: Read more here. US trade deal eases tariff uncertainties, but risks remain: Japan Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Philips soars after lifting margin outlook on softer tariff hit Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Stellantis warns of $1.7B US tariff impact in 2025 Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025. Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit: Read more here. Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025. Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit: Read more here. Germany's Merz says he did not expect better EU-US trade deal, German economy will suffer Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here.
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Virgin Media O2's plan to spin off infrastructure is scrapped, Telefonica CEO says
MADRID (Reuters) -The plan to spin off joint venture Virgin Media O2's fixed network in Britain had been scrapped, Telefonica's Chief Executive Marc Murtra told Reuters on Wednesday. "The project is stopped," Murtra said, clarifying his comment made during a call with analysts that the "plan is not on pause". Virgin Media O2, which is jointly owned by Liberty Global and Telefonica, had said last year it wanted to spin off its fixed network into a subsidiary called NetCo. Virgin Media said at the time the change would underpin its plan to upgrade all of its customers to fibre. The move would create a platform for wholesale opportunities, it said. Reports last year said the companies were planning to sell a 20-40% stake in the network as part of the spinoff. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
