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Shares in Bri­tain’s biggest banks tumbled yes­ter­day amid mount­ing fears that the chan­cel­lor might raise taxes on the sec­tor in the autumn Budget to bol­ster the strained pub­lic fin­ances. Nat­W­est, Lloyds Bank­ing Group and Barclays exper­i­enced some of their worst sell-offs in months as the Treas­ury faced calls to intro­duce a new levy on bank profits. Nat­W­est fell as much as 5.9 per...

▸ Wall Street retreats after infla­tion data under­scores fears over interest rates ▸ US gov­ern­ment bor­row­ing costs rise as investors off­load bench­mark Treas­ur­ies ▸ Paris stocks extend declines in week of polit­ical tur­moil in France Wall Street stocks dropped yes­ter­day after infla­tion data under­scored investors' nervous­ness about the tra­ject­ory of interest rate cuts in the world's...

Nigel Far­age has prom­ised the mass deport­a­tion of irreg­u­lar migrants and to take the UK out of the European Con­ven­tion on Human Rights. The Reform UK leader said his party would also dis­ap­ply the 1951 UN Refugee Con­ven­tion for a five-year period, along with “any other bar­ri­ers” that would pre­vent the deport­a­tion of irreg­u­lar migrants to their home coun­tries or a safe third coun...

▸ Wall Street reacts in muted fash­ion after Trump threat to fire Fed’s Cook ▸ Investors sell long-dated Treas­ur­ies but buy shorter-term US debt ▸ European stocks fall on pro­spect of renewed polit­ical tur­moil in France US stock mar­kets were muted yes­ter­day des­pite Pres­id­ent Don­ald Trump's renewed attacks on the coun­try's cent­ral bank. Trump said on Monday even­ing that he would fire...

Private equity firms are strug­gling to raise money des­pite offer­ing wide­spread entice­ments to attract new investor cash, under­scor­ing the depth of the con­trac­tion that is dent­ing the industry’s prof­it­ab­il­ity. They raised just $592bn in the 12 months to June, their low­est tally for seven years, accord­ing to data from Pre­qin. The decline came even though firms offered man­age­ment f...

Former money man­ager and star stock­picker Neil Wood­ford urged the UK Fin­an­cial Con­duct Author­ity against clos­ing his fund, warn­ing that it would cause “need­less and sig­ni­fic­ant investor det­ri­ment”. Wood­ford opened his eponym­ous firm Wood­ford Invest­ment Man­age­ment in 2014, before his flag­ship Equity Income fund was sus­pen­ded in June 2019. Its wind­ing-up was announced on Oct...

Jay Pow­ell has opened the door to a Fed­eral Reserve interest rate cut in Septem­ber, as the cent­ral bank chair said a soften­ing US labour mar­ket could off­set risks that Don­ald Trump’s tar­iffs will hurt infla­tion. “The baseline out­look and the shift­ing bal­ance of risks may war­rant adjust­ing our policy stance,” Pow­ell said at the Fed’s eco­nomic sum­mit in Jack­son Hole, Wyom­ing, yes...

▸ Global stocks boos­ted by Fed chair Pow­ell’s remarks at cent­ral bank sum­mit ▸ US gov­ern­ment bonds rally as investors price in faster rate cuts ▸ European indices also buoyed late in trad­ing day by Jack­son Hole speech Global stocks rose yes­ter­day after US Fed­eral Reserve chair Jay Pow­ell indic­ated that the case for an interest rate cut by the world's most import­ant cent­ral bank had...

Insti­tu­tional investors should put more money into hedge funds to gen­er­ate poten­tially higher returns amid warn­ings of global eco­nomic uncer­tainty, infla­tion volat­il­ity and geo­pol­it­ical instabil­ity, strategists at Black­Rock have said. The Black­Rock Invest­ment Insti­tute said yes­ter­day: “We believe investors can hold up to 5 per­cent­age points more in hedge funds today than the...

▸ Core gov­ern­ment bonds sell off as investors eye mon­et­ary policy clues ▸ Wall Street extends declines after Wal­mart warn­ing on Trump’s tar­iffs ▸ European stocks lack dir­ec­tion although Paris index under­per­forms Core gov­ern­ment bonds sold off yes­ter­day as investors focused on the annual cent­ral bankers' meet­ing at Jack­son Hole for clues about the future path of mon­et­ary policy....

Accel­er­at­ing UK infla­tion has left the gap with Euro­zone price growth at its widest in nearly two years, new data showed yes­ter­day, under­scor­ing the stub­born price pres­sures con­front­ing the Bank of Eng­land. The UK’s con­sumer prices index rose 3.8 per cent in the year to July, accord­ing to the Office for National Stat­ist­ics, an unex­pec­tedly sharp pick-up from June’s 3.6 per cent...

▸ Pro­spect of fur­ther rate cuts drags New Zea­l­and dol­lar lower ▸ Eco­nom­ists note ‘big shift in tone’ from pre­vi­ous meet­ing of NZ cent­ral bank ▸ Ana­lysts argue that forex trades do not sig­nal a resur­gence for US dol­lar The New Zea­l­and dol­lar slumped to a four-month low after the coun­try's cent­ral bank lowered interest rates and sig­nalled fur­ther cuts to com­bat a weak domestic...

▸ European equit­ies advance on signs of pro­gress for a Ukraine cease­fire ▸ Weaker US tech­no­logy stocks drag Wall Street bench­marks lower ▸ Japan­ese gov­ern­ment bonds slip after weak demand at a debt auc­tion European stocks rose yes­ter­day, buoyed by signs of pro­gress in efforts to bring about a cease­fire in Ukraine. US Pres­id­ent Don­ald Trump warned Rus­sia's Pres­id­ent Vladi­mir Pu...

Don­ald Trump yes­ter­day said the US could play a role “by air” in a post­war secur­ity guar­an­tee for Ukraine, as he warned Vladi­mir Putin that he would face a “rough situ­ation” if he did not cooper­ate on a peace deal. Speak­ing the morn­ing after White House meet­ings with the Ukrain­ian pres­id­ent and European lead­ers, the US pres­id­ent told Fox News that Amer­ican forces could assist U...

▸ US stocks slide and dol­lar rises ahead of Wyom­ing cent­ral bankers’ sum­mit ▸ Brent crude price ticks up as traders watch for Ukraine peace talks pro­gress ▸ European stocks show muted increase with FTSE 100 up 0.2% US stocks slipped from near-record highs and the dol­lar rose yes­ter­day as traders looked ahead to this week's cent­ral bankers' sym­posium in Jack­son Hole. The blue-chip S&...

han­cel­lor Rachel Reeves has ordered Treas­ury offi­cials to exam­ine reforms to prop­erty tax­a­tion as she seeks ways to raise cash and boost the eco­nomy, say people famil­iar with the dis­cus­sions. Offi­cials are look­ing at a host of pos­sible ideas for improv­ing and sim­pli­fy­ing the tax sys­tem, includ­ing by over­haul­ing levies on hous­ing, as Reeves seeks to lift lacklustre GDP growt...

Volodymyr Zelenskyy and European lead­ers will today urge Don­ald Trump to spell out what secur­ity guar­an­tees he will offer Ukraine at a hast­ily arranged meet­ing in the wake of the US pres­id­ent’s sum­mit with Rus­sian Pres­id­ent Vladi­mir Putin on Fri­day. At the talks in Alaska, the US pres­id­ent agreed with Putin to push for a peace agree­ment without an imme­di­ate cease­fire, which he...

The gap between US com­pan­ies’ bor­row­ing costs and US Treas­ury yields has shrunk to its smal­lest since 1998, after a red-hot rally in global credit mar­kets that investors warn is under­play­ing threats to the world eco­nomy. The cost of bor­row­ing for invest­ment­grade com­pan­ies in US and Euro­zone credit mar­kets is 0.75 and 0.76 per­cent­age points above bench­mark gov­ern­ment bond yie...

The Treas­ury is racing to find tax reforms to boost growth amid fears that at least £10bn could be wiped off the gov­ern­ment’s already strained fiscal plan. Rachel Reeves has ordered offi­cials to identify tax changes that would improve fore­casts from the Office for Budget Respons­ib­il­ity, which are cru­cial to stick­ing to her key fiscal rule. The watch­dog’s pro­ductiv­ity fore­casts have l...

▸ US stocks fall after sur­vey sug­gests con­sumers are nervous on infla­tion ▸ Dol­lar declines against peers and yield on two-year Treas­ur­ies rises slightly ▸ Fed’s Septem­ber interest rate decision remains ‘finely bal­anced’, say ana­lysts US stocks slipped from record highs as a closely watched sur­vey sug­ges­ted that con­sumers in the world's biggest eco­nomy are grow­ing increas­ingly ner...

Fears of a non-dom mass exodus from the UK have been allayed by ini­tial tax data that sug­gests the num­bers leav­ing are in line with — or even below — offi­cial fore­casts. HM Rev­enue & Cus­toms payroll data has found no evid­ence to sug­gest that more non-doms left Bri­tain in response to Rachel Reeves’ 2024 Budget than offi­cial pre­dic­tions, accord­ing to people briefed on the find­ing...

▸ Global bond yields climb after sur­prise jump in US whole­sale infla­tion ▸ Wall Street drifts lower to snap two-ses­sion win­ning streak ▸ Bit­coin sets record high above $124,000 before revers­ing course Global bond yields and the dol­lar rose yes­ter­day while equity mar­kets drif­ted lower after rising US whole­sale infla­tion sug­ges­ted that the eco­nomic impact of Pres­id­ent Don­ald Trum...

Quantum com­puters hold the prom­ise of solv­ing prob­lems bey­ond today’s machines in fields such as arti­fi­cial intel­li­gence. Recent advances mean lead­ing tech com­pan­ies are now racing to become the first to expand what have been lab exer­cises into full-scale sys­tems, with IBM and Google head­ing the pack. Yet even as bold leaps in phys­ics lie behind them, they still face a series of en...

▸ Global stocks extend rally after Amer­ican infla­tion data lifts sen­ti­ment ▸ Latest read­ing paves way for Fed to cut interest rates in Septem­ber ▸ Asian indices bene­fit from a weaker dol­lar and lower US rates Global stocks exten­ded a rally yes­ter­day with Japan's bench­mark index fol­low­ing Wall Street to new record highs after steady Amer­ican infla­tion data promp­ted traders to lift...

OpenAI and its co-founder Sam Alt­man are set to back a start-up that aims to con­nect human brains and com­puters, com­pet­ing dir­ectly with Elon Musk’s Neur­alink and escal­at­ing the bit­ter rivalry between the two bil­lion­aire tech entre­pren­eurs. The new ven­ture, called Merge Labs, is rais­ing funds at a $850mn valu­ation, with much of the new cap­ital expec­ted to come from OpenAI’s ven­...