European shares lifted by Airbus stock; tariff deadline looms
June 4 (Reuters) - European shares inched up on Wednesday on gains in Airbus shares, while sentiment remained cautious ahead of a deadline for U.S. trading partners to make their "best offers" and as the U.S. levies on steel and aluminium imports kick in.
Airbus SE (AIR.PA), opens new tab shares rose 3.4% after Bloomberg News reported Chinese airlines are considering ordering hundreds of aircraft as soon as next month.
The pan-European STOXX 600 (.STOXX), opens new tab rose 0.3% by 0707 GMT, having rallied about 15% from its early April lows as U.S. President Donald Trump paused sweeping tariffs and struck a trade agreement with the UK.
Wednesday is the deadline for U.S. trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect.
Later in the day, PMI survey data for the UK, the euro zone, Germany and France could offer more clues on how the tariffs impacted economies in the region in May.
The data comes ahead of the European Central Bank's policy meeting on Thursday in which a quarter-point rate cut is widely expected.
In addition, a crucial U.S. jobs report will take centre stage on Friday for clues about the Federal Reserve's next steps.
Most European sectors advanced, with miners (.SXPP), opens new tab and technology (.SX8P), opens new tab leading the pack.
Remy Cointreau (RCOP.PA), opens new tab fell 2.6% after the French spirits group abandoned its 2030 sales growth ambitions, saying tariffs, persistently slow U.S. sales and high levels of uncertainty could derail its plans for next year and beyond.
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BBC News
24 minutes ago
- BBC News
Illegal work arrests double in year as police target 'unscrupulous' employers
Arrests for illegal work have doubled in a year as police focus on "unscrupulous" employers who exploit undocumented migrants, the government officers arrested more than 6,400 people in the past year in raids at businesses across the UK, data released by the Home Office shows. It said the figure is 51% higher than the previous year. It did not provide numbers as to how many arrests led to charges, convictions or said immigration enforcement officials had "intensified" their work to "tackle those abusing the UK immigration system and exploiting vulnerable people". Officers had visited more than 9,000 businesses - among them restaurants, nail bars and construction sites - to check paperwork and working businesses had often subjected migrants to "squalid conditions and illegal working hours" as well as below-minimum Home Office said there were a range of industries exploiting migrant one case in Surrey, officers arrested nine people at a caravan park who had been working as delivery one one major operation in March, officers arrested 36 people at a building site in Belfast's Titanic Quarter. Some had breached visa conditions while others didn't have working Enforcement director Eddy Montgomery said there were many cases where people travelling to the UK were "sold a lie by smuggling gangs that they will be able to live and work freely in the UK."In reality, they often end up facing squalid living conditions, minimal pay and inhumane working hours," he Angela Eagle, the minister for border security and asylum, said the government would "continue to root out unscrupulous employers and disrupt illegal workers who undermine our border security".The government said it had also returned nearly 30,000 people over the past year who did not have the right to be in the has said it is cracking down on illegal migration, setting out its plans in a White Paper to tighten work visas and those overstaying. It scrapped a special visa for care workers introduced during the pandemic, noting that this had been a pathway exploited by was mixed reaction to the plans, with some business sectors decrying the restrictions on work visas, while some Conservative opponents said the reforms didn't go far enough to stop illegal most recent data shows that approximately 44,000 people have entered the UK illegally in the year to March 2025, more than 80% through small boat journeys.
The Sun
2 hours ago
- The Sun
All the shops closing this weekend including iconic department store shutting after 124 years
A HOST of stores are shutting for good this weekend including a historic department store. Retailers have struggled over recent years as shoppers' wallets and purses take a hit from high inflation. 1 An increase in employer National Insurance contributions and wage costs since April has added to the pressure. Combined with soaring business rates, energy and rental costs, some retailers have been forced to hike prices and even shut stores. It's worth bearing in mind of course that retailers close shops for a host of reasons and not always because of a poor economic backdrop. Sometimes chains will shut a poorly-performing branch in one area and open another further afield where they think they'll see better footfall. Plenty of retailers are moving away from high streets and towards out-of-town retail parks too. In any case, five shops will shut this weekend including a more than 120-year-old department store. Here is the full list of shops we know are closing down permanently. Ginger Norwich-based Ginger will pull down its shutters for the final time on Saturday. The shop was founded by David and Rodger Kingsley in 1978 following the success of their sister company Jonathan Trumbull in 1971. But current store manager Beckie Kingsley said the store will close due to the economic climate and aftermath of Covid-19. Britain's retail apocalypse: why your favourite stores KEEP closing down She said: "It's with truly heavy hearts that, after 46 unforgettable years, we have made the incredibly difficult decision to close the doors at our beautiful, beloved and historic Timber Hill home. "We've weathered many storms over the decades, but there's been ongoing challenges of today's financial climate - coupled with the lasting impact and huge shifts within the retail landscape since Covid. "This led us to ask - does it still work for us? After deep reflection, the answer, sadly, is no." Daniel of Ealing Historic department store Daniel of Ealing, in London, will shut for good on Sunday, after opening 124 years ago. Prices have been slashed across homeware, fashion, toys, sportswear and shoes, with up to 50% off. Shoppers finding out the iconic shop will close have shared their dismay online. One posted saying: "Loved this shop and it's top floor restaurant." While another added: "Ealing has lost its heart, soul and uniqueness!" The Works Stationer The Works is shutting its Margate store on Sunday, with shoppers' next nearest branches in Westwood Cross Shopping Centre or Ramsgate Garden Centre. A spokesperson for the chain said the decision to shut the branch had been made "as part of ongoing plans to optimise our store portfolio". The move has been met with sadness by shoppers, with one online stating: "No I love The Works." Another dejectedly added: "Be nothing left in the town soon." Emporium Worthing Independent bar and shop Emporium Worthing is closing to the public on Sunday "with a heavy heart". The owners posted a lengthy statement on Facebook announcing the closure. It said: "We share the challenging decision to close Emporium Worthing after five memorable years of serving you. "This has been a tough choice for us, but after careful reflection, we believe it is the best path forward and the right choice for us at this time." A huge closing down sale has been launched to clear stock, even including fixtures and fittings from inside. It's not all bad news though as the Emporium will be moving online and selling hardwares. New Look New Look is closing its branch in the Northfield Shopping Centre, Birmingham, on June 8. A picture recently posted on Facebook of the shop window advertised the closure and signposted customers to the retailer's website. Customers finding out about the closure have been left gutted. One posted on Facebook: "Will soon be a ghost town, absolutely nothing left." A New Look spokesperson said: "We would like to thank all of our colleagues and the local community for their support over the years. "We hope customers continue to shop with us online at where our full product ranges can be found." RETAIL PAIN IN 2025 The British Retail Consortium predicted that the Treasury's hike to employer NICs would cost the retail sector £2.3billion. Research published by the British Chambers of Commerce earlier this year shows that more than half of companies planned to raise prices by early April. Separately, the Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Reuters
2 hours ago
- Reuters
Fed's Musalem estimates ‘50-50' chances on tariffs triggering prolonged US inflation, FT reports
June 6 (Reuters) - St. Louis Federal Reserve President Alberto Musalem has put the likelihood of Donald Trump's trade war causing a prolonged surge in inflation at "50-50," warning that U.S. policymakers would face uncertainty "right through the summer," the Financial Times reported on Friday. Musalem told the newspaper that while U.S. President Trump's tariffs could boost inflation for "a quarter or two," there was "an equally likely scenario where the impact of tariffs on prices could last longer." Trump's tariff hikes and a $2.4 trillion budget bill have shaken markets, prompting a wait-and-see stance from the Fed after last year's rate cuts. Musalem said he believes officials could benefit from a favorable scenario where uncertainty over trade and fiscal policy "goes away in July," which would put the Fed back on track to cut interest rates in September, according to the FT. He also highlighted, however, the possibility of a scenario "where inflation begins to rise materially and we will not know whether that is a temporary, one-off increase in the price level or whether it has more persistence," the report said. The Fed is expected to hold rates steady at its mid-June meeting, when it will release updated economic projections.
