Key eventsShow key occasions onlyPlease activate JavaScript to make use of this featurePeter Kyle in Beijing for UK’s first commerce talks with China in seven yearsLisa O’CarrollThe newly appointed enterprise secretary, Peter Kyle, is in Beijing for the UK’s first commerce talks with the nation in seven years in an try and revitalise financial relations.As a part of a two day programme he held a bilateral with Li Lecheng, the minister of trade and data expertise on Wednesday morning as a part of a revived industrial cooperation dialogue, a Sino-British relationship format that has not sat since 2022.The ministry is liable for industrial coverage but additionally telecoms and the web, which is closely censored in China.Tomorow Kyle, who was solely promoted to the put up on Friday, may have a day lengthy programme with China’s long-standing commerce minister Wang Wentao together with a bilateral within the morning, adopted by a gathering of the UK-China Joint Financial and Commerce Fee (Jetco) which has not sat for seven years.It would finish with a joint dinner the place the ministers will likely be joined by Chinese language and British companies.Kyle is the ninth authorities consultant to go to China since Labour have been elected to energy final yr with hopes that the journey will unlock an export market price greater than £1bn over 5 years, based on an announcement from the division for enterprise and commerce.Prime Minister Keir Starmer appoints Peter Kyle as Secretary of State for Enterprise and Commerce in 10 Downing Avenue as a part of a reshuffle. {Photograph}: Simon Dawson/No 10 Downing StreetRestarting commerce talks with China was “a vital software to place cash into individuals’s pockets,” mentioned Kyle.
Extra discussions and direct engagement with China will guarantee commerce between us can flourish, strengthen our nationwide safety, and create house to boost issues constructively the place wanted.
Forward of the Jetco assembly, the division for enterprise and commerce (DBT) unveiled new offers and market openings for British pursuits price £2bn.These embrace a brand new three-season TV deal for the Premier League and advertising and marketing alternatives for firms starting from Eve Lom cosmetics to Hayman’s gin distillery and Aedas structure agency which has beforehand been concerned in buildings akin to Kong Kong’s West Kowloon rail station and the large Sina Plaza science park in Beijing.The division additionally pointed to China being a “enormous market” for British automobiles and for porcine genetics, a pig breeding programme, cattle hides and sheep skins.The UK is trying to China to attain much-needed financial progress however thus far the buying and selling relationship doesn’t mirror the scale of the nation.Sam Goodman, senior coverage director at Chinese language Strategic Dangers Institute, mentioned:
The export wins DBT secured within the final yr with China and Hong Kong accounts much less 0.2% of complete annual UK exports. Whereas the brand new offers themselves account to simply £200m a yr, from the second largest economic system on this planet.
ShareStarmer tightens grip on financial coverage by strengthening autumn ‘finances board’Keir Starmer is tightening his grip on financial coverage by beefing up a committee that may assist form the 26 November finances.Pensions minister Torsten Bell and Starmer’s new chief financial adviser, Minouche Shafik, will co-chair the “finances board”, that may meet weekly to debate the main points of the assertion.Authorities sources mentioned the conferences have been aimed toward guaranteeing No 10 and No 11 have been aligned and that there was not a repeat of the backlash from companies that adopted Rachel Reeves’s maiden finances.Starmer has regarded to extend his grip on financial coverage in latest weeks, by appointing Shafiq, poaching Reeves’s No 2, Darren Jones, and appointing a longtime Treasury civil servant to be his principal personal secretary.ShareJaguar Land Rover says cyber-attack has affected ‘some information’The cyber-attack on Jaguar Land Rover has affected information held by the carmaker, it has mentioned, as its factories within the UK and overseas face extended closure.JLR, Britain’s largest carmaker, mentioned on Wednesday that in its investigations into the hack, which first emerged final week, it had now found information had been breached.The producer mentioned it couldn’t present extra particulars of which information was affected, or if prospects’ or suppliers’ info was stolen, however mentioned it could be contacting anybody affected.A spokesperson mentioned all of the related authorities had been notified, understood to incorporate the Data Commissioner’s Workplace, which had already been knowledgeable of the chance of an information breach.ShareOracle shares bounce forward of opening bell on cloud computing boostShares in Oracle have jumped by almost 32% earlier than the opening bell on Wall Avenue, after the enterprise software program firm bought an enormous enhance from its cloud computing enterprise.The Austin, Texas-based firm forecast that income from its core cloud division will exceed half a trillion {dollars} over the following few months.Traders have been betting massive on AI-driven cloud companies. Oracle’s rivals are seeing speedy cloud progress as effectively, reflecting how rising enterprise demand for AI infrastructure is fuelling a broader elevate throughout the trade. The outcomes lifted shares of a number of US chipmakers in pre-market buying and selling, with AMD up round 3% and Nvidia 2.2% greater.Russ Mould, funding director on the stockbroker AJ Bell, mentioned:
Oracle shares soared amid optimism about AI-related income, sending a robust message to the broader market that the tech revolution remains to be pink scorching. That had a constructive read-across to Nvidia which superior 2% in pre-market buying and selling.
Oracle mentioned on Tuesday that it had signed 4 multi-billion-dollar contracts with three prospects within the first quarter, signalling booming demand for its low-cost cloud infrastructure providers. Chief govt Safra Catz mentioned:
Over the following few months, we anticipate to sign-up a number of extra multi-billion-dollar prospects and RPO is more likely to exceed half-a-trillion {dollars}.
The corporate forecast Oracle Cloud Infrastructure (OCI) income progress of 77% to $18bn this yr, and $144bn within the following 4 years.Analysts on the analysis agency Morningstar mentioned:
Oracle’s relationship with esteemed synthetic intelligence companies, akin to OpenAI, in addition to its participation in Stargate, places it heart stage for AI coaching and inference workloads.
The corporate has struck offers with Amazon, Google proprietor Alphabet and Microsoft to run OCI inside their clouds, with income from these shoppers up 1,529% within the first quarter.Oracle expects second-quarter income to rise by 12%-14%, together with cloud income progress of between 32% and 36%.Oracle emblem. {Photograph}: Dado Ruvić/ReutersShareUpdated at 06.53 EDTAn estimated 64.5% of grownup Brits are obese or dwelling with weight problems, but greater than 71% (48 million individuals) say weight reduction injections are out of attain.Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro medication can be found on the NHS, however are restricted to individuals with excessive medical want.Now, with Mounjaro costs surging by as much as 170% within the UK, some sufferers, who purchase the drug privately, will likely be paying almost thrice extra for his or her remedy.Mounjaro customers reacted with dismay to when its producer, Eli Lilly, introduced a worth improve within the UK from September, as we reported final month. Many individuals are apprehensive they are going to be unable to proceed utilizing the medicine, elevating issues for his or her psychological and bodily well being.However even earlier than the worth hikes, affordability was a difficulty. A survey by the web pharmacy ZAVA confirmed that
49% of Brits (almost 33 million individuals) can solely afford to spend as much as £80 a month, far beneath Mounjaro’s new £170–£310 vary.
With Wegovy’s highest dose (2.4mg) now capped at £189.99, a steep worth however specialists say it might provide a extra accessible possibility for sufferers than Mounjaro
Dr. Crystal Wyllie, ZAVA physician, mentioned:
We’re seeing report curiosity in these medication, however worth and strict NHS eligibility standards imply many are left with out secure, regulated entry. Cheaper options like Wegovy will help, however ongoing help is essential.
ShareJunk meals results in extra kids being overweight than underweight globallyHere’s our full story on Wegovy and Ozempic maker Novo Nordisk making job cuts because it struggles in opposition to competitors from Eli Lilly’s Mounjaro jab and cheaper generic variations:It comes as a UN report discovered that extra kids all over the world are overweight than underweight for the primary time – a tragic milestone. It warned that ultra-processed junk meals is overwhelming childhood diets.There are 188 million youngsters and school-age kids with weight problems – one in 10 – Unicef mentioned, affecting well being and growth and bringing a danger of life-threatening illnesses.Catherine Russell, govt director of the UN company for kids, mentioned:
Once we speak about malnutrition, we’re now not simply speaking about underweight kids.
Weight problems is a rising concern. Extremely-processed meals [UPF] is more and more changing fruits, greens and protein at a time when diet performs a crucial function in kids’s progress, cognitive growth and psychological well being.
Whereas 9.2% of 5 to 19-year-olds worldwide are underweight, 9.4% are thought of overweight, the report discovered. In 2000, almost 13% have been underweight and simply 3% have been overweight.ShareUpdated at 05.46 EDTRise in vitality costs leaves 1m UK households behind on billsAbout 1m households are behind on their gasoline and electrical energy payments with no reimbursement plan amid an increase in vitality debt over the previous decade, based on a brand new report.The Decision Basis thinktank discovered that the variety of prospects in vitality debt has elevated and the scale of their money owed has risen. It discovered that between 2012 and 2024 the typical gasoline and electrical energy money owed greater than doubled to £1,400 and £1,600, respectively, from a median of roughly £500.The variety of prospects behind on their electrical energy payments, with no reimbursement plan, has greater than tripled from 300,000 in 2012 to greater than 1m on the finish of final yr, the report discovered. The variety of prospects who’re behind on their gasoline payments additionally tripled from 300,000 to 900,000 over the identical interval.ShareUK contactless funds might go above £100 or turn out to be unlimitedContactless card funds might go above £100 and doubtlessly turn out to be limitless below proposals to permit banks and different suppliers to set their very own limits for patrons.The Monetary Conduct Authority (FCA) mentioned on Wednesday that the proposal to scrap the present restrict would offer buyers with extra comfort and card suppliers “the flexibleness to determine the best restrict for them and prospects”.The UK monetary watchdog has been consulting on giving banks the choice of elevating or eradicating the £100 cap, which might imply buyers now not have to enter a four-digit pin to authorise massive purchases, since March.Prospects are additionally at the moment unable to make greater than £300 of touch-free funds in a single day.ShareEuropean Inexperienced Get together heartened by Ursula von der Leyen’s inexperienced remarksLisa O’CarrollCiarán Cuffe, co chair of the European Inexperienced Get together, mentioned he was heartened to listen to Ursula von der Leyen make an surprising return to the narrative of the inexperienced deal.After a yr or extra of strain from centre proper and much proper political pursuits to desert environmental targets, von der Leyen, president of the European Fee in Brussels, informed MEPs:
We should keep the course on our environmental targets. This can be a should.
European Fee President Ursula von der Leyen delivers a serious state of the union speech on the European Parliament in Strasbourg, japanese France, Wednesday, 10 September. {Photograph}: Pascal Bastien/APCuffe informed the Guardian:
It was good to listen to her point out the European inexperienced deal as a result of she has tended to make use of the phrase clear industrial deal advert nauseam prior to now yr, so it was good to listen to her going again to the ‘inexperienced deal’.
She is clearly below strain to from the EPP [European People’s Party], together with from chancellor Merz on the lookout for flexibility for the automotive trade, but it surely was very fascinating to listen to her name for small inexpensive automobiles. If we don’t try this Asia will win the race to go electrical.
Luca de Meo, the previous boss of automotive large Stellantis, has beforehand known as on Europe to comply with the Japanese instance to make what is named “Kei automobiles” – a definite class of small automobiles which include incentives akin to lowered taxes and parking prices.However yesterday the German chancellor Friederich Merz weighed in on the aspect of the Germany automotive trade, urging Brussels to contemplate “flexibility” across the 2035 goal for phasing out the sale of recent petrol automobiles.This set Germany up for a conflict with Nordic manufacturers Polestar and Volvo, which say they shouldn’t be punished simply because the Germans have been gradual to undertake to alter.ShareEuropean shares eke out modest positive factors; Russian rouble fells to five-month lowIn monetary markets, the FTSE 100 index of main UK shares is broadly flat at 9,250, up by 8.7 factors. The German and French inventory markets edged by 0.1% greater, whereas the Italian borsa slipped by 0.17%.The Russian rouble fell to a five-month low in opposition to the US greenback, crossing the 85 rouble mark, after drones from Moscow’s assault in western Ukraine have been shot down in Polish airspace.Common Wieslaw Kukula (C),Chief of the Common Employees of the Polish Armed Forces attending an emegency assembly hosted by Poland’s Prime Minister Donald Tusk (not in picture) in Warsaw after Russian drones violated Polish airspace. {Photograph}: AFP/Getty ImagesThe rouble fell by 1.6% to 84 in opposition to the greenback at one stage. It has misplaced 5% in opposition to the greenback for the reason that begin of the week. Analysts pointed to an anticipated rate of interest minimize by the Russian central financial institution on 12 September, rising demand for imports and the specter of new western sanctions on Moscow.Financial institution of St Petersburg analysts mentioned:
Fears of sanctions, coupled with expectations of a fee minimize, proceed to place strain on the Russian foreign money.
Russia’s assault on Ukraine unfold to Nato territory in essentially the most vital manner for the reason that full-scale invasion greater than three years in the past. You may comply with the most recent on our Europe stay weblog right here:ShareZara proprietor reviews weaker-than-expected gross sales in ‘complicated’ marketThe vogue firm behind Zara has reported weaker-than-expected gross sales after a slowdown in progress on the retail chain.The boss of Inditex, the world’s largest vogue retailer, insisted it reported a “strong” efficiency within the face of “complicated” market circumstances. Inditex mentioned gross sales picked up in latest weeks after the launch of its autumn and winter collections, which have been “very effectively acquired by our prospects”.A girl carries a bag from Spanish multinational retail clothes chain Zara, the flagship model of the Inditex clothes firm, {Photograph}: Vincent West/ReutersThe Galicia-based retailer, which additionally owns the Pull & Bear and Bershka manufacturers, mentioned gross sales grew by 1.6% to €18.4bn (£15.9bn) within the six months to July. Gross sales have been up 5.1% after adjusting for foreign money charges. Gross sales of €10.08bn within the second quarter got here in beneath the €10.26bn anticipated by analysts.Gross sales for the group’s flagship Zara enterprise grew barely to €13.15bn, nonetheless this was a slowdown, amid strain on family funds.Inditex reported a choose up in gross sales extra just lately, with 9% progress throughout its shops and on-line between 1 August 1 and seven September.Oscar Garcia Maceiras, chief govt of Inditex, mentioned:
We’ve once more achieved a strong efficiency on this first half of 2025, with passable gross sales in a fancy market atmosphere and conserving sturdy ranges of profitability.
The environment friendly execution completed by our groups demonstrates the power of Inditex’s enterprise mannequin.
Individually on Wednesday, Primark proprietor Related British Meals mentioned like-for-like gross sales within the second half could be 2% beneath the identical interval final yr, amid “client warning”. It flagged a “extra subdued client atmosphere in Europe and buying and selling was weaker, whereas efficiency within the US was sturdy”.Over the yr as a complete, the corporate expects Primark’s like-for-like gross sales progress to be round 1%, with its retailer rollout programme driving complete gross sales progress of round 4%.ShareUpdated at 04.48 EDTAnthony Codling, housing analyst at RBC Europe, mentioned:
PRS [private rented sector housing] buyers proceed to drive a tough cut price resulting in robust selections on volumes versus margins. We proceed to imagine that an funding in Vistry is an enormous name on the pace and scale of deployment of public sector funding, thus far it has been a trickle relatively than a torrent, with £150m out of £39bn coming Vistry’s manner.
We anticipate that determine to develop over time, however we can not say by when and by how a lot. If the federal government does look to stimulate the open housing market, Vistry, with a deal with social and inexpensive houses, is not going to profit as a lot because the extra conventional mainstream housebuilders, who in our view provide a extra enticing valuation, yield and danger profile.
ShareVistry Group shares plunge 8% after earnings halveShares in Vistry Group, one in every of Britain’s largest housebuilders, plunged after its first-half earnings greater than halved.The corporate, which owns Bovis Houses, Countryside and Linden Houses, mentioned its pre-tax revenue within the first six months of the yr fell to £40.9m from £91.2m a yr earlier. On an adjusted foundation, earnings fell by a 3rd to £80.6m.It accomplished 6,889 houses, down 12% from the 7,792 accomplished a yr earlier. Revenues fell by 5% to £1.6bn.Vistry shares fell as a lot as 8% to 555p, and are actually down 3.7%.Nonetheless, Vistry was upbeat, after forming a long-term three way partnership with the UK’s housing company earlier this week. Houses England and the corporate have created a brand new car, known as Hestia, backed by a mixed £150m of capital funding. Final yr, the federal government pledged to construct 1.5m houses on this parliament, over 5 years, with a deal with social and inexpensive housing.In June, then-housing secretary Angela Rayner introduced an enormous enhance to the federal government’s inexpensive housing programme, virtually doubling funding to £39bn over the following decade.Greg Fitzgerald, the Vistry chief govt, mentioned:
The brand new social inexpensive houses programme supplies an unprecedented degree of funding for inexpensive housing over the following 10 years. By means of our partnership mannequin and dedication to combined tenure growth, Vistry is uniquely positioned to maximise this chance and play a key function in delivering high-quality inexpensive houses throughout the nation.
Vistry now specialises in constructing social and inexpensive houses for its companions. The corporate pre-sells at the least 50% of recent houses on its developments to housing associations, native authorities, and personal rented sector suppliers.ShareUpdated at 04.55 EDTUS supreme court docket to determine on legality of Trump’s sweeping international tariffsThe information comes after the US supreme court docket agreed on Tuesday to determine the legality of Donald Trump’s sweeping international tariffs, establishing a serious take a look at of one of many Republican president’s boldest assertions of govt energy that has been central to his financial and commerce agenda.The justices took up the justice division’s enchantment of a decrease court docket’s ruling that Trump overstepped his authority in imposing most of his tariffs below a federal regulation meant for emergencies. The court docket acted swiftly after the administration final week requested it to overview the case, which entails trillions of {dollars} in customs duties over the following decade.The court docket, which begins its subsequent nine-month time period on 6 October, positioned the case on a quick observe, scheduling oral arguments for the primary week of November.The justices additionally agreed to listen to a separate problem to Trump’s tariffs introduced by a family-owned toy firm, Studying Assets.The US court docket of appeals for the federal circuit in Washington dominated on 29 August that Trump overreached in invoking a 1977 regulation referred to as the Worldwide Emergency Financial Powers Act (IEEPA) to impose the tariffs, undercutting a serious precedence for the president in his second time period. The tariffs, nonetheless, stay in impact in the course of the enchantment to the supreme court docket.ShareMore on the proposed Trump tariffs on India and China.In accordance with the Monetary Instances, a second US official mentioned Washington was ready to “mirror” any tariffs on China and India imposed by the EU, doubtlessly resulting in an extra improve in US levies on imports from each nations.Trump’s proposal comes because the White Home is getting pissed off with its efforts at brokering a peace deal and Russia’s latest heavy aerial assaults on Ukraine.“The president got here on this morning and his view is that the apparent strategy right here is, let’s all placed on dramatic tariffs and maintain the tariffs on till the Chinese language conform to cease shopping for the oil. There actually aren’t many different locations that oil can go,” the primary US official mentioned.The US president later informed reporters he anticipated to have a name with Russian president Vladimir Putin “this week or early subsequent week”.ShareIntroduction: Trump reportedly asks EU to levy 100% tariffs on India and China; Novo Nordisk to chop 9,000 jobsGood morning, and welcome to our rolling protection of enterprise, the monetary markets and the world economic system.Donald Trump has reportedly requested the EU to levy tariffs of as much as 100% on India and China, with a purpose to improve strain on Russia to finish its battle in Ukraine.The US president made the demand after he dialled into a gathering on Tuesday between senior US and EU officers gathered in Washington, the Monetary Instances, Bloomberg Information and different media reported. One US official mentioned, based on the FT:
We’re able to go, able to go proper now, however we’re solely going to do that if our European companions step up with us.
In the meantime, Ozempic and Wegovy maker Novo Nordisk introduced that it’s going to minimize 9,000 jobs and trimmed its revenue forecast for this yr, because it struggles in opposition to competitors from US rival Eli Lilly’s Mounjaro weight reduction injection.The job cuts quantity to 11% of the drugmaker’s workforce of 78,400. About 5,000 of the job losses will occur in Denmark.Novo Nordisk mentioned the transfer would save 8bn Danish kroner (£930m) a yr, though it’s going to additionally result in one-off prices of 8bn kroner this yr. Because of this, it expects to ship working revenue progress of 4% to 10% at fixed trade charges, down from 10%—16%.It’s the first main transfer by Mike Doustdar, an Iranian-born Austrian-American businessman, who took over as chief govt final month. Novo Nordisk – which had turn out to be Europe’s most dear firm on the again of the load loss drug growth – just lately misplaced two thirds of its market worth following disappointing drug trial outcomes and slowing gross sales.Doustdar mentioned:
As the worldwide chief in weight problems and diabetes, Novo Nordisk delivers life-changing merchandise for sufferers worldwide. However our markets are evolving, notably in weight problems, because it has turn out to be extra aggressive and consumer-driven. Our firm should evolve as effectively.
It’s at all times tough to see gifted and valued colleagues go, however we’re satisfied that that is the best factor to do for the long-term success of Novo Nordisk. We want a shift in our mindset and strategy so we could be quicker and extra agile. Our transformation plan is designed to ship this.
Research have proven that Eli Lilly’s Mounjaro is simpler than Wegovy in lowering weight. Novo’s Ozempic injection can also be out there on the NHS, as a remedy for kind 2 diabetes.Asian inventory markets rose whereas authorities bonds fell, after weaker US labour market information heightened expectations of a Federal Reserve rate of interest minimize of at the least 1 / 4 level subsequent week.Japan’s Nikkei closed 0.87% greater whereas Hong Kong’s Dangle Seng climbed by 1.1% and South Korea’s Kospi rose by 1.67%.US authorities bonds fell for a second day on Wednesday, pushing yields greater. The yield, or rate of interest, on the benchmark 10-year Treasury rose by 1 foundation level to 4.088%, after climbing virtually 3 foundation factors on Tuesday. The equal Japanese bond yield rose by 0.5 foundation factors to 1.565%.The Agenda
8am BST: Spain Industrial manufacturing for July
9am BST: Italy Industrial manufacturing for July
10am BST: UK Treasury gilt 2031 public sale
1.30pm BST: US producer costs for August
ShareUpdated at 04.07 EDT
