Wall Street stocks and US government debt rallied on Wednesday while the dollar tumbled after inflation fell more than expected in June, easing pressure on the Federal Reserve to keep raising interest rates. Wall Street’s benchmark S&P 500 stock index rose 1 per cent to its highest level since April 2022, while the tech-heavy Nasdaq
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The chief executives behind Microsoft’s planned $75bn acquisition of Activision made a last-ditch attempt to save the deal in a courtroom on Wednesday in the face of US government objections that could result in its annulment as early as next week. The acquisition of the gaming company would almost certainly collapse if the judge sided
Good morning. Here’s a prediction I feel close to 100 per cent comfortable making: whichever party wins the next election will raise taxes by more than they claim during it. How Rishi Sunak and Keir Starmer and, equally importantly, Jeremy Hunt and Rachel Reeves navigate that is one of the big questions not only in
The US and Germany are under intense pressure from other allies to show greater support for Ukraine’s eventual membership of Nato, just days before the military alliance’s leaders meet in Lithuania. Washington and Berlin have backed a form of words for the summit’s concluding statement that does not fully endorse a “pathway” to Nato membership,
Elon Musk has sued the law firm Wachtell, Lipton, Rosen & Katz to recover a portion of the $90mn fee paid by Twitter, the bulk of which was wired in the hours before the billionaire took over the social media company. Wachtell Lipton, an elite Wall Street firm, had helped Twitter’s then-board to close the
Harriet Clarfelt in New York and Daria Mosolova and Mary McDougall in London, Hudson Lockett in Hong Kong US stocks and bonds fell as investors were caught off guard by robust economic data and a signal from the Federal Reserve that it would raise interest rates further to tame inflation in the world’s largest economy.
European stocks fell and yields on US government debt rose on Thursday after minutes from the Federal Reserve’s last policy meeting indicated the central bank would resume interest rate increases to stamp out high US inflation. The pan-European Stoxx 600 lost 1.2 per cent, edging towards its lowest point since May, while France’s Cac 40
European stocks followed Asia lower on Wednesday, after service sector data from China fell below expectations, raising concerns that the world’s second-largest economy was struggling to recover after years of severe pandemic restrictions. Europe’s region-wide Stoxx 600 lost 0.4 per cent, dragged down by declines in basic materials and technology stocks, while France’s Cac 40
The Russian army has lost half of its combat effectiveness in Ukraine, including as many as 2,500 tanks, and the main push of Kyiv’s counter-offensive is still to come, the head of Britain’s armed forces has said. Admiral Sir Tony Radakin rejected suggestions that Ukraine’s counter-offensive was proceeding slowly, arguing that the pushback against Russia
European stocks and US futures rose on Monday, after better than expected data from China added to bullish momentum driven by large US technology stocks such as Tesla. Europe’s region-wide Stoxx 600 added 0.2 per cent, lifted by strong performance in energy and basic materials stocks. London’s energy-focused FTSE 100 rose 0.3 per cent and
The French government said rioting and looting had calmed as it kept up a heavy security deployment to try to quell the unrest that has exploded in the five days since a fatal police shooting of a teenager. “Quieter night thanks to the resolute action of the police,” interior minister Gérald Darmanin wrote on Twitter
Rioting erupted across France for a fourth night in the wake of the fatal police shooting of a 17-year-old driver of North African origin as his family prepared to bury him on Saturday in his hometown of Nanterre. The interior ministry said 994 arrests were made overnight compared with 875 on Thursday night and suggested
Apple’s market valuation is set to surpass the $3tn mark again as shares in the US tech giant hit a fresh record in pre-market trading on Friday. Shares in the company rose about 1 per cent to $191.74 in pre-market trading in New York. Its market value has rebounded 45 per cent this year, adding
Visitors to the Nio House in Frankfurt can do more than just admire the sleek new electric vehicles on display. Half the showroom, a stone’s throw from the city’s 15th-century Eschenheimer Gate, is a free-to-use co-working space, equipped with meeting rooms, a café and a crèche. When Qin Lihong, co-founder and president of the Chinese
Ukraine has hit back at doubters over the progress of its summer counteroffensive, insisting recent modest gains against Russian occupiers were merely a “preview” of a much bigger push to come. Oleksiy Reznikov, Ukraine’s defence minister, told the Financial Times that the liberation of a group of villages under Russian occupation in recent weeks was
When warlord Yevgeny Prigozhin’s fighters were marching on Moscow, Margarita Simonyan, an arch propagandist who is editor of the state news network RT, was curiously silent. Simonyan — once one of Prigozhin’s biggest cheerleaders in the Russian elite — later explained she had been on a cruise down the Volga river filming a culture documentary
Oil prices rose on supply concerns and stock markets were lower after the troops of Yevgeny Prigozhin withdrew from Russia, ending the warlord’s armed uprising but raising doubts about the stability of Vladimir Putin’s regime. Brent crude, the international benchmark, rose as much as 1.3 per cent to $74.80 a barrel in early trading in
Russian warlord Yevgeny Prigozhin claimed his forces were “blockading” Rostov and marching on Moscow on Saturday morning, as armed, masked men with tanks and armoured vehicles surrounded government buildings in the southern Russian city. In what would mark the first coup attempt in Russia for three decades, Prigozhin appeared to have taken over a military
I double-check the name the notorious “finmeme-lord” known as Litquidity has reserved our table under. “I’m here for Hank Paulson,” I tell the maître d’ at Le Bernardin. He doesn’t bat an eye. I wonder if Paulson, the former US Treasury secretary responsible for bank bailouts after the 2008 financial crisis, dines at the three-Michelin-star
The Church of England is selling its investments in Shell, BP, Exxon and Total and seven other big oil and gas companies, after concluding none were aligned with efforts to halt global warming. The decision follows a vote by the General Synod, the church’s parliament, in 2018 to sell out of fossil fuel companies that
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