4 h. ago UK’s FTSE 100 share index hits record closing high despite economy shrinking in April – business live

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumped.. but FTSE 100 ends at new record closeFull story: UK economy shrinks by 0.3% as as exports hit by Trump trade warNicholas Hyett, Investment Manager at Wealth Club, blames “a cocktail of headwinds to growth” for the 0.3% fall in UK GDP in April.Hyett says:In the very short term the change to Stamp Duty rules have put the legal and property services on ice - with legal activities down 10.2% month-on-month.New barriers to trade with the US and changes to employment costs, from a higher living wage and increased national insurance contributions, are a longer term challenge.“The 0.3% m/m fall in real GDP in April supports our view that the strength in Q1 was unsustainable. This won’t prompt the Bank of England to cut interest rates next Thursday. But it is one more piece of news pointing to another cut in August.”We still expect the Bank Rate to be maintained at 4.25% in the June meeting, t...

Economics

4 h. ago Trump reacts to criticism of mass deportations from business leaders – live

US president promises changes after industry chiefs complain about losing farm and hospitality workers but is cryptic about details A woman defiantly dances near police officers as protesters continue to march and chant in an approximately one-square mile area of downtown Los Angeles in response to a series of immigration raids.Nerves are frayed in Los Angeles, as the second largest city in the US is flooded with more than 2,000 federal troops tasked with protecting immigration enforcement officials after thousands of people hit the streets to protest deportation raids. Continue reading...

Politics

8 h. ago Business news live: Boeing shares sink after India crash and Poundland sold for £1

Stock market reaction and business news for Thursday

Economics

9 h. ago Largest ever plunge in UK exports to US as Trump tariffs hurt growth; dollar hits three

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumpedFull story: UK economy shrinks by 0.3% as as exports hit by Trump trade warNicholas Hyett, Investment Manager at Wealth Club, blames “a cocktail of headwinds to growth” for the 0.3% fall in UK GDP in April.Hyett says:In the very short term the change to Stamp Duty rules have put the legal and property services on ice - with legal activities down 10.2% month-on-month.New barriers to trade with the US and changes to employment costs, from a higher living wage and increased national insurance contributions, are a longer term challenge.“The 0.3% m/m fall in real GDP in April supports our view that the strength in Q1 was unsustainable. This won’t prompt the Bank of England to cut interest rates next Thursday. But it is one more piece of news pointing to another cut in August.”We still expect the Bank Rate to be maintained at 4.25% in the June meeting, to allow still troubling earnings growth ...

Politics

12 h. ago Business news live: FTSE 100 flat and Poundland faces restructure after being sold

Market reaction and business news for Thursday

Politics

13 h. ago Business news live: FTSE 100 flat as UK economy stalls after Asia stocks down overnight

Market reaction and business news ahead of the government’s spending review

Economics

28 h. ago Business news live: FTSE 100 closes below new high, Meta set for $15bn AI deal

Market reaction and business news ahead of the government’s spending review

Economics

29 h. ago Business news live: FTSE 100 rises towards new record high, Meta set for $15bn AI deal

Market reaction and business news ahead of the government’s spending review

Economics

30 h. ago Business news live: FTSE 100 rises towards new record high, Google staff cuts latest

Market reaction and business news ahead of the government’s spending review

Events

30 h. ago Trump says China will face 55% tariffs under trade deal; US inflation rises to 2.4% – business live

Rolling coverage of the latest economic and financial newsElon Musk says he regrets some of his posts about Trump: ‘They went too far’US-China trade talks: ‘framework’ deal amid dispute over rare earthsShares in Tesla are set to rally in New York later today, after Elon Musk attempted to patch up relations with Donald Trump.Tesla’s shares are up 2.5% in premarket trading at $334.28, as traders react to Musk’s expression of regret over his criticism of Trump last week. Continue reading...

Economics

31 h. ago Trump declares deal with China is ‘done’; US inflation rises to 2.4% – business live

Rolling coverage of the latest economic and financial newsElon Musk says he regrets some of his posts about Trump: ‘They went too far’US-China trade talks: ‘framework’ deal amid dispute over rare earthsShares in Tesla are set to rally in New York later today, after Elon Musk attempted to patch up relations with Donald Trump.Tesla’s shares are up 2.5% in premarket trading at $334.28, as traders react to Musk’s expression of regret over his criticism of Trump last week. Continue reading...

Economics

32 h. ago Trump declares deal with China is ‘done’, with agreement on rare earths and magnets – business live

Rolling coverage of the latest economic and financial newsElon Musk says he regrets some of his posts about Trump: ‘They went too far’US-China trade talks: ‘framework’ deal amid dispute over rare earthsShares in Tesla are set to rally in New York later today, after Elon Musk attempted to patch up relations with Donald Trump.Tesla’s shares are up 2.5% in premarket trading at $334.28, as traders react to Musk’s expression of regret over his criticism of Trump last week. Continue reading...

Economics

33 h. ago Tesla shares rise as Musk ‘regrets’ posts about Donald Trump; US

Rolling coverage of the latest economic and financial newsElon Musk says he regrets some of his posts about Trump: ‘They went too far’US-China trade talks: ‘framework’ deal amid dispute over rare earthsShares in Tesla are set to rally in New York later today, after Elon Musk attempted to patch up relations with Donald Trump.Tesla’s shares are up 2.5% in premarket trading at $334.28, as traders react to Musk’s expression of regret over his criticism of Trump last week. Continue reading...

Politics

34 h. ago Business news live: FTSE 100 rises and Tesla poised to gain $25bn

Market reaction and business news ahead of the government’s spending review

Economics

36 h. ago Elon Musk says he ‘regrets’ some of his posts about Donald Trump; US

Rolling coverage of the latest economic and financial newsUS-China trade talks: ‘framework’ deal amid dispute over rare earthsShares in Tesla are set to rally in New York later today, after Elon Musk attempted to patch up relations with Donald Trump.Tesla’s shares are up 2.5% in premarket trading at $334.28, as traders react to Musk’s expression of regret over his criticism of Trump last week. Continue reading...

Politics

37 h. ago Stock markets rise after US and China agree framework deal to restore trade war truce – business live

Rolling coverage of the latest economic and financial newsUS-China trade talks: ‘framework’ deal amid dispute over rare earthsRichard Hunter, head of markets at interactive investor, says this week’s talks in London between the US and China “represent progress”, despite the lack of detail about what was agreed:“Apparently constructive talks between the US and China have put markets on a firmer footing, as investors hope that the worst of the tariff turbulence may have passed.Details of the framework which has been agreed in principle were patchy and in any event yet to be signed off by both Presidents. Chinese exports of rare earth minerals are likely to have been high on the agenda, although at this stage it has not become apparent what China may have negotiated in return.“Markets will likely welcome the shift in tone from confrontation to coordination. But with no further meetings scheduled, we’re not out of the woods yet. The next step depends on Trump and Xi endorsing and enforc...

Economics

37 h. ago Business news – live: FTSE 100 close to record high as stock markets open

Market reaction and business news on Wednesday ahead of the government’s spending review

Economics

3 d. ago US hoping for ‘handshake’ from China at trade talks; takeover flurry in the City – business live

US hoping to get handshake from China over access to rare earths, at meeting in London todayThe presence of US commerce secretary Howard Lutnick at today’s talks in London is seen as directly related to China’s export ban on rare earth minerals and permanent magnets, critical in aerospace, military and semi-conductor companies worldwide, my colleague Lisa O’Carroll reports.After the call between Donald Trump and Xi Jinping last week, their first since Trump’s inauguration in January, the US said Xi had agreed to resume shipments of rare earths to the US, breaking the logjam needed for talks to resume. Continue reading...

Politics

3 d. ago US and China officials to meet for trade talks in London – business live

Rolling coverage of the latest economic and financial newsChina has slipped further into deflation territory, underlining the importance of agreeing a trade deal with the US.China’s consumer prices fell for a fourth consecutive month in May, new data from the National Bureau of Statistics shows.“The next round of trade talks between the U.S. and China will be held in the UK on Monday.“We are a nation that champions free trade and have always been clear that a trade war is in nobody’s interests, so we welcome these talks.” Continue reading...

Politics

7 d. ago Eurozone interest rate cut expected; Tesla’s UK sales fall by a third – business live

Rolling coverage of the latest economic and financial newsStock exchange dealt another blow as £12bn fintech ditches main London listingUK trade secretary Jonathan Reynolds has also called for reforms of the WTO, including changes to the much criticised dispute resolutions system which can also take years to settle disputes between trading nations.Reynolds told the European Policy Centre security conference in Brussels:“We do recognise that reforming and repositioning the WTO so that it can respond more effectively to the challenges of today is the only way to safeguard long term stability and growth tomorrow.“Our eyes are fixed on greater flexibility in decision making, greater openness in the east of plurilaterals and building a fully functioning dispute settlement system,”“the trees that survive the storms aren’t the tallest. They’re the ones whose roots are intertwined with their lives.“Just in the past two days, during the OECD trade ministerial [summit] the message was clear a...

Economics