Trump Team Seeks to Toughen Biden's Chip Controls Over China
Trump officials recently met with their Japanese and Dutch counterparts about restricting Tokyo Electron Ltd. and ASML Holding NV engineers from maintaining semiconductor gear in China, according to people familiar with the matter. The aim, which was also a priority for Biden, is to see key allies match China curbs the US has placed on American chip-gear companies, including Lam Research Corp., KLA Corp. and Applied Materials Inc.
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26 minutes ago
- Yahoo
Land swaps with Russia are not only unpopular in Ukraine. They're also illegal
KYIV, Ukraine (AP) — A peace deal that requires Kyiv to accept swapping Ukrainian territory with Russia would not only be deeply unpopular. It also would be illegal under its constitution. That's why President Volodymyr Zelenskyy has categorically rejected any deal with Moscow that could involve ceding land after U.S. President Donald Trump suggested such a concession would be beneficial to both sides, ahead of his meeting Friday with Russian President Vladimir Putin in Alaska. Zelenskyy said over the weekend that Kyiv 'will not give Russia any awards for what it has done,' and that 'Ukrainians will not give their land to the occupier.' The remarks came after Trump said a peace deal would involve swapping of Ukrainian territories by both sides 'to the betterment of both.' For Zelenskyy, such a deal would be disaster for his presidency and spark public outcry after more than three years of bloodshed and sacrifice by Ukrainians. Moreover, he doesn't have the authority to sign off on it, because changing Ukraine's 1991 borders runs counter to the country's constitution. For now, freezing the front line appears to be an outcome the Ukrainian people are willing to accept. A look at the challenges such proposals entail: Russia occupies about a fifth of Ukraine Russia occupies about a fifth of Ukraine, from the country's northeast to the Crimean Peninsula, which was annexed illegally in 2014. The front line is vast and cuts across six regions — the active front stretches for at least 1,000 kilometers (680 miles) — but if measured from along the border with Russia, it reaches as far as 2,300 kilometers (1,430 miles). Russia controls almost all of the Luhansk region and almost two-thirds of Donetsk region, which together comprise the Donbas, as the strategic industrial heartland of Ukraine is called. Russia has long coveted the area and illegally annexed it in the first year of the full-scale invasion, even though it didn't control much of it at the time. Russia also partially controls more than half of the Kherson region, which is critical to maintain logistical flows of supplies coming in from the land corridor in neighboring Crimea, and also parts of the Zaporizhzhia region, where the Kremlin seized Europe's largest nuclear power plant. Russian forces also hold pockets of territory in Kharkiv and Sumy regions in northeastern Ukraine, far less strategically valuable for Moscow. Russian troops are gaining a foothold in the Dnipropetrovsk region. These could be what Moscow is willing to exchange for land it deems more important in Donetsk, where the Russian army has concentrated most of its effort. 'There'll be some land swapping going on. I know that through Russia and through conversations with everybody. To the good, for the good of Ukraine. Good stuff, not bad stuff. Also, some bad stuff for both,' Trump said Monday. Ukrainian forces are still active in the Kursk region inside Russia, but they barely hold any territory there, making it not as potent a bargaining chip as Kyiv's leaders had probably hoped when they launched the daring incursion across the border last year. Swapping Ukrainian controlled territory in Russia, however minuscule, will likely be the only palatable option for Kyiv in any land swapping scenario. Conceding land risks another invasion Surrendering territory would see those unwilling to live under Russian rule to pack up and leave. Many civilians have endured so much suffering and bloodshed since pro-Moscow forces began battling the Ukrainian military in the east in 2014 and since the full-scale invasion in 2022. From a military standpoint, abandoning the Donetsk region in particular would vastly improve Russia's ability to invade Ukraine again, according to the Washington-based think tank Institute for the Study of War. Bowing to such a demand would force Ukraine to abandon its 'fortress belt,' the main defensive line in Donetsk since 2014, "with no guarantee that fighting will not resume,' the institute said in a recent report. The regional defensive line has prevented Russia's efforts to seize the region and continues to impede Russia's efforts to take the rest of the area, ISW said. Ukraine's constitution poses a major challenge to any deal involving a land swap because it requires a nationwide referendum to approve changes to the country's territorial borders, said Ihor Reiterovych, a politics professor in the Taras Shevchenko National University of Kyiv. 'Changes in territorial integrity can be done only by the decision of the people — not the president, the cabinet of ministers or the parliament can change it,' he said. 'In the constitution it is written that only by referendum can changes to Ukraine's territory be conducted.' If during negotiations Zelenskyy agrees to swap territory with Russia, "in the same minute he will be a criminal because he would be abandoning the main law that governs Ukraine,' Reiterovych said. Trump said he was 'a little bothered' by Zelenskyy's assertion over the weekend that he needed constitutional approval to cede to Russia the territory that it captured in its unprovoked invasion. 'I mean, he's got approval to go into a war and kill everybody, but he needs approval to do a land swap?' Trump added. 'Because there'll be some land swapping going on. I know that through Russia and through conversations with everybody.' Zelenskyy is still trying to regain the people's trust that was damaged when he reversed course on a law that would have diminished the independence of Ukraine's anti-corruption watchdogs. The move was a red line for those citizens who are protective of the country's institutions and are suspicious of certain members of Zelenskyy's inner circle. Freezing the conflict seems a lesser evil for Ukraine Analysts like Reiterovych dismiss a land swap as a distraction. Freezing the conflict along the current front line is the only option Ukrainians are willing to accept, he said, citing recent polls. This option would also buy time for both sides to consolidate manpower and build up their domestic weapons industries. Ukraine would require strong security guarantees from its Western partners to deter future Russian aggression, which Kyiv believes is inevitable. Still, freezing the conflict will also be difficult for Ukrainians to accept. Along with the illegal annexation of Crimea in 2014 and the partial occupation of Luhansk and Donetsk after that, it would require accepting that the Ukrainian military is not able to retake lost territories militarily. Kyiv accepted its inability to retake these territories but never formally recognized them as Russian. A similar scenario could unfold in the new regions taken by Russian forces. It also is not a viable long-term solution. 'It is the lesser evil option for everyone and it will not provoke protests or rallies on the streets,' Reiterovych said. —- Associated Press journalist Volodymyr Yurchuk contributed. Solve the daily Crossword
Yahoo
26 minutes ago
- Yahoo
Explainer-How US marijuana reclassification could help cannabis companies
(Reuters) -U.S. President Donald Trump's administration is looking to reclassify marijuana as a less dangerous drug, a shift that could ease criminal penalties and reshape the pot industry by lowering tax burdens and making it easier for firms to secure funding. Trump said on Monday a decision could come within the next couple of weeks. U.S.-listed cannabis-linked stocks rose in pre-market trading on Tuesday, led by a 13% jump in Canopy Growth. Organigram Global, SNDL, Aurora Cannabis and Tilray Brands gained between 3% and 12%. WHAT DOES RECLASSIFYING ENTAIL? Under the Controlled Substances Act, marijuana is listed as a Schedule I substance, meaning it has a high potential for abuse and no current accepted medical use. Reclassifying marijuana as a less dangerous drug could unlock banking access for pot producers, attract institutional investors, reduce tax burden and spur mergers and acquisitions. Securing funding remains one of the biggest challenges for cannabis producers, as federal restrictions keep most banks and institutional investors out of the sector, forcing pot producers to turn to costly loans or alternative lenders. Last year, the Biden administration asked the Department of Health and Human Services to review marijuana's classification, and the agency recommended moving it to Schedule III, a category for substances with a moderate to low risk of physical or psychological dependence. WHAT WOULD BE THE TAX IMPLICATIONS? One of the biggest benefits from a reclassification would be that cannabis firms would no longer be subject to Section 280E of the U.S. federal tax code. That provision prevents businesses dealing in Schedule I and II controlled substances from claiming tax credits and deductions for business expenses. WHAT COMES NEXT? TD Cowen analyst Jaret Seiberg said full legalization remains unlikely, citing a lack of meaningful support in Congress and limits on how far the Drug Enforcement Administration (DEA) can go through rescheduling alone. "It seems more likely to us that Trump would revive the effort at the DEA to move cannabis to Schedule III, which would permit the government to regulate it," said Seiberg. Some analysts, however, say a reclassification will not change much. Cannabis will remain federally illegal, interstate trade will not be allowed and the silo system of each state deciding their own market rules will still apply, according to equity research firm Zuanic & Associates. Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
26 minutes ago
- Yahoo
FTSE 100 LIVE: Stocks mixed as US and China extend 90-day tariff truce
The FTSE 100 (^FTSE) and European stocks were mixed on Tuesday as the US and China extended their truce on trade tariffs for another 90 days. Trump had threatened tariffs on Chinese goods imports of up to 145%, while Chinese duties on US goods were set to hit 125%. The rates for both countries were scaled back after a round of trade talks held in Geneva in May and the tariff pause was set to expire today at 12.01am Eastern Daylight Time (EDT). The new extension is due to last until November and is a welcomed move by US retailers and consumers who can buy electronics at lower tariff rates ahead of Christmas. Donald Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same'. Beijing's Commerce Ministry also announced the extension of the tariff pause early on Tuesday. Trump's executive order stated: "The United States continues to have discussions with the PRC [People's Republic of China] to address the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns. "Through these discussions, the PRC [People's Republic of China] continues to take significant steps towards remedying non-reciprocal trade arrangements and addressing the concerns of the United States relating to economic and national security matters." Meanwhile in the UK, the number of job vacancies and payrolled employees in the UK have continued to fall, according to the Office for National Statistics (ONS), adding to evidence of a cooling labour market. London's benchmark index (^FTSE) was 0.1% higher in early afternoon trade despite official figures showing that Britain's jobs market continues to slowdown Germany's DAX (^GDAXI) was 0.5% down and the CAC (^FCHI) in Paris headed 0.1% into the green The pan-European STOXX 600 (^STOXX) was flat during the session Wall Street is set for a negative start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the red. The pound was 0.2% up against the US dollar (GBPUSD=X) at 1.3453 Follow along for live updates throughout the day: Cannabis stocks rise on reports of Trump reclassifying marijuana Shares in cannabis company Tilray Brands (TLRY) surged by 14% ahead of the US opening bell, after soaring by 41% on Monday's session after reports that Trump is contemplating reclassifying marijuana, a move that could significantly impact the industry. According to the Wall Street Journal, Trump last week told attendees at a fundraising dinner that he was interested in reclassifying the drug. While cannabis is fully legal, including for recreational use, in 24 US states, the use and possession of the drug is illegal at the federal level. Cannabis is currently classified as a Schedule I drug in the US, putting it in the same category as heroin, LSD and ecstasy. Speaking to reporters at the White House on Monday, Trump said he would make a determination on the legal classification of the drug over the next few weeks. The reclassification, specifically moving marijuana to a Schedule III drug classification, would ease federal restrictions and potentially make the multibillion-dollar cannabis industry more profitable. This is because it would allow cannabis companies to take normal business tax deductions, a benefit they are currently denied under the existing tax code. FTSE risers and fallers Here are the FTSE risers and fallers today: Warm weather and Euros boosts UK retail sales Warmer weather and a series of sporting events boosted UK retail sales last month, which rose 2.5% year-on-year. Consumers rushed to buy food during England's successful Euros football campaign and the British & Irish Lions rugby tour of Australia, the British Retail Consortium and KPMG said on Tuesday. However, retailers said the return to growth 'barely touched the sides," warning that higher taxes could lead to shop closures and job losses. The BRC report said Britain's fifth-warmest July on record played a significant role in the resurgence, bolstering home appliance and food and drink sales. It came as annualised growth in June came in at a rate of just 0.5%. Oil prices rise after Trump extends China tariff truce Oil prices ticked higher on Tuesday morning, after US president Donald Trump extended a pause on implementing tariffs on Chinese goods for a further 90 days. Trump signed an executive order on Monday to continue the truce until 10 November, with Beijing also announcing an extension of its tariff pause for another 90 days on Tuesday. The truce was set to expire on Tuesday, but this latest extension means the US will maintain its 30% tariffs on Chinese imports and Beijing will hold its 10% levy on US goods. Oil prices rose following the announcement of this extension, as it eased investor concerns that higher tariffs on China would weigh on the economy and demand for fuel. Brent crude (BZ=F) futures climbed 0.2% to $65.84 per barrel at the time of writing, while West Texas Intermediate futures (CL=F) gained 0.2% to $64.10 a barrel. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: How to contribute to a loved one's pension Pensions are an incredibly tax efficient way of saving for our future. We know that regular contributions, the tax relief boost and long-term investment performance can supercharge your planning. However, what many people don't realise is that you can also take steps to boost other people's retirements as well. In a recent survey by Hargreaves Lansdown, only about a third of people knew you could contribute to a loved one's pension. Higher earners tended to be much more aware, with well over three-quarters of additional rate taxpayers saying they knew about the rule. This compares with 61% of higher rate taxpayers and 29% of those paying basic rate tax. According to the rules, you can pay up to £2,880 per year into the self-invested personal pension (SIPP) of a non-working spouse. Even though they are not working, so not paying tax, they will still get a tax relief top-up from government, taking it up to £3,600. It's a powerful way to improve the retirement planning of a loved one who is taking time out of the workforce to care for children or other loved ones and can go a long way towards closing the gender pension gap that continues to yawn widely. You can also make payments to your partner's pension even if they are working, as long as total contributions do not exceed their annual allowance. It's a great way to make the most of any spare cash you have if you have made the most of your own pension allowances. The rule can be expanded even further than that of a spouse or partner. You can also contribute to the pension of a child through a junior SIPP and get their retirement planning off to a flying start. As with a non-working spouse, you can contribute up to £2,880 per year to a junior SIPP and they will receive the government tax relief top up to £3,600. Read more here Bellway produces modest growth as it awaits planning reform impact Bellway's full year trading statement revealed that the company is doing well in terms of revenue growth, but a little flat elsewhere. The company's completions were 8,749 for the year, up 14% compared to last year, and the average sale price was £316k, up 2.6%. Both figures are ahead of guidance, and combining to generate a revenue uplift of 17% the previous year. However, the company is coming off a particularly low base in 2024 – despite growing almost 12% in the year, the reservation rate per outlet was just 0.57x, and 0.62x in the six months to the end July. That number is low compared to history and peers; for comparison, Taylor Wimpey announced an equivalent sales rate of 0.79x recently for a similar time period. Oli Creasey, head of property research at Quilter Cheviot, said: Borrowing costs rise after jobs data The cost of government borrowing has risen today as the latest ONS jobs figures delivered a blow to hopes for interest rate cuts. The yield on 10-year UK gilts, a benchmark for the cost of servicing the national debt, climbed four basis points to 4.61%, well ahead of rises in Europe and the US. It comes as yields on bond markets tend to rise when there are expectations that interest rates will remain higher. Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, said: Entain boosted by online betting surge Coral and Ladbrokes owner Entain has revealed a surge in online gaming as popular sporting events such as Wimbledon and the men's football Club World Cup reeled in punters. The sports betting giant reported total net gaming revenues – the amount of money the company pockets after paying out winnings to customers – of £2.6 billion for the first six months of the year, excluding its operations in the US. The increase jumped to 8% in the UK and Ireland, the company's biggest market, while online sales in the region surged by a fifth year-on-year. Both the volume of players and the value of sales increased, which Entain said reflected an improved experience for customers as well as previous changes to gambling rules starting to level out. The company had previously warned about the impact from regulatory changes in the UK which were designed to make betting safer for consumers. The FIFA Club World Cup final, which saw Chelsea beat PSG, was the most bet-on football match of 2025 for Entain's brands, with strong engagement coming from Brazil, Spain and the US. Interest in horse racing surged with the Royal Ascot and the Epsom Derby Festival both among the most bet-on competitions, while Wimbledon Tennis and the Women's Euro football tournament were also drawing in bets. Entain nonetheless reported a pre-tax loss of £96 million for the first half, swinging from a £13.7 million profit the prior year which the firm said was driven by one-off costs. On an underlying basis, earnings before tax, interest and other costs came in at £583.4 million for the period – 11% higher than last year. The company said it was now expecting higher sales growth for the year than its previous outlook, with online net gaming revenues forecast to rise by 7%. Annual underlying earnings are estimated to be between £1.1 billion and £1.15 billion. Where did wages rise and fall? Today's ONS data shows that the wholesale, retail, hotels and restaurants sector posted the strongest annual regular growth rate (excluding bonuses), at 6.8%, in the April to June period. The finance and business services sector, which pay out more bonuses, had the lowest annual regular growth rate, at 3.1%. Average annual pay growth was 5.7% for the public sector, and 4.8% for the private sector. Yael Selfin, chief economist at KPMG UK, said the labour market outlook 'is uncertain' days after the Bank of England cut rates to 4pc but indicated it was becoming cautious about cutting rates further. He said: 'Slow to abate wage pressures may warrant caution from the Bank of England before cutting rates further. 'We anticipate unemployment to continue to trend upwards and improved labour supply to contribute to easing pay pressures throughout the remainder of 2025.' US and China extend 90-day tariff truce The US and China have extended their truce on trade tariffs for another 90 days. Trump had threatened tariffs on Chinese goods imports of up to 145% while Chinese duties on US goods were set to hit 125%. The rates for both countries were scaled back after a round of trade talks held in Geneva in May and the tariff pause was set to expire today at 12:01am EDT. The extension will now last until November and is a welcomed move by US retailers and consumers who can buy electronics at lower tariff rates ahead of Christmas. Donald Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same'. Beijing's Commerce Ministry announced the extension of the tariff pause early on Tuesday. Trump's executive order stated: Meanwhile, a spokesperson for the Chinese embassy in Washington said: "Win-win cooperation between China and the United States is the right path; suppression and containment will lead nowhere." UK job market continues to weaken as vacancies fall The number of job vacancies and payrolled employees in the UK have continued to fall, according to the Office for National Statistics (ONS), adding to evidence of a cooling labour market. Data released on Tuesday showed that the number of job vacancies in the UK fell by 44,000 in the three months to July. The ONS said that this marked the 37th consecutive period where vacancy numbers have dropped compared to the previous three months and that vacancies had fallen in 16 of the 18 industry sectors. The ONS said feedback from its vacancy survey suggested some firms may not be recruiting new workers, or replacing workers who have left. The number of employees on the payroll in June was down by 26,000 on the month, which was more than a decline of 25,000 in May, but was smaller than a previously estimated fall of 41,000. Estimates for payrolled employees in the year to June fell by 149,000. Early estimates for the number of employees on the payroll in July fell by 8,000 on the month and 164,000 on the year. The unemployment rate was 4.7% from April to June, unchanged from the previous three months. Annual wage growth excluding bonuses was at 5% in April to June, which was also the same as the previous three months. Employers have faced higher labour costs after the rate of their national insurance contributions and the national minimum wage rose in early April, which were changes announced by chancellor Rachel Reeves in the autumn budget. Read more here Asia and US overnight Stocks in Asia were higher overnight, with the Japanese Nikkei (^N225) surging 2.2% on the day to a record high after the US and China extended their tariff truce. The Hang Seng (^HSI) rose 0.4% in Hong Kong. The Shanghai Composite ( was 0.5% up by the end of the session. The extension of a tariff truce between the world's two largest economies by another 90 days buoyed sentiment across Asia as it staved off triple-digit duties on Chinese exports to the United States. In South Korea, the Kospi (^KS11) lost 0.5% on the day. Meanwhile, Australian shares slightly extended gains while the currency was choppy after the Reserve Bank of Australia expectedly cut its main cash rate by a quarter point to a two-year low of 3.6%. Across the pond on Wall Street, the S&P 500 (^GSPC) dipped 0.25%, and the tech-heavy Nasdaq (^IXIC) was 0.3% down. The Dow Jones (^DJI) also slipped 0.5%, pulled down by energy, property and technology stocks. In the bond market, the yield on benchmark 10-year US Treasury notes edged up to 4.289% from 4.286% on Sunday. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead, in addition to the US July CPI report we will also get data on NFIB small business optimism, federal budget balance, UK June average weekly earnings, unemployment rate, July jobless claims change, Germany's August Zew survey and June's current account balance, the Eurozone's August Zew survey, and Canada's June building permits. Central bank speakers include Fed's Barkin. Lastly, notable earnings include CoreWeave and Circle Internet Group. Here's a snapshot of what's on the agenda: 7am: Trading updates: Bellway, Page Group, Derwent London, Entain, Spirax and Xaar, and S&U 10am: Germany/Eurozone ZEW economic survey 1.30pm: US inflation for JulyCannabis stocks rise on reports of Trump reclassifying marijuana Shares in cannabis company Tilray Brands (TLRY) surged by 14% ahead of the US opening bell, after soaring by 41% on Monday's session after reports that Trump is contemplating reclassifying marijuana, a move that could significantly impact the industry. According to the Wall Street Journal, Trump last week told attendees at a fundraising dinner that he was interested in reclassifying the drug. While cannabis is fully legal, including for recreational use, in 24 US states, the use and possession of the drug is illegal at the federal level. Cannabis is currently classified as a Schedule I drug in the US, putting it in the same category as heroin, LSD and ecstasy. Speaking to reporters at the White House on Monday, Trump said he would make a determination on the legal classification of the drug over the next few weeks. The reclassification, specifically moving marijuana to a Schedule III drug classification, would ease federal restrictions and potentially make the multibillion-dollar cannabis industry more profitable. This is because it would allow cannabis companies to take normal business tax deductions, a benefit they are currently denied under the existing tax code. Shares in cannabis company Tilray Brands (TLRY) surged by 14% ahead of the US opening bell, after soaring by 41% on Monday's session after reports that Trump is contemplating reclassifying marijuana, a move that could significantly impact the industry. According to the Wall Street Journal, Trump last week told attendees at a fundraising dinner that he was interested in reclassifying the drug. While cannabis is fully legal, including for recreational use, in 24 US states, the use and possession of the drug is illegal at the federal level. Cannabis is currently classified as a Schedule I drug in the US, putting it in the same category as heroin, LSD and ecstasy. Speaking to reporters at the White House on Monday, Trump said he would make a determination on the legal classification of the drug over the next few weeks. The reclassification, specifically moving marijuana to a Schedule III drug classification, would ease federal restrictions and potentially make the multibillion-dollar cannabis industry more profitable. This is because it would allow cannabis companies to take normal business tax deductions, a benefit they are currently denied under the existing tax code. FTSE risers and fallers Here are the FTSE risers and fallers today: Here are the FTSE risers and fallers today: Warm weather and Euros boosts UK retail sales Warmer weather and a series of sporting events boosted UK retail sales last month, which rose 2.5% year-on-year. Consumers rushed to buy food during England's successful Euros football campaign and the British & Irish Lions rugby tour of Australia, the British Retail Consortium and KPMG said on Tuesday. However, retailers said the return to growth 'barely touched the sides," warning that higher taxes could lead to shop closures and job losses. The BRC report said Britain's fifth-warmest July on record played a significant role in the resurgence, bolstering home appliance and food and drink sales. It came as annualised growth in June came in at a rate of just 0.5%. Warmer weather and a series of sporting events boosted UK retail sales last month, which rose 2.5% year-on-year. Consumers rushed to buy food during England's successful Euros football campaign and the British & Irish Lions rugby tour of Australia, the British Retail Consortium and KPMG said on Tuesday. However, retailers said the return to growth 'barely touched the sides," warning that higher taxes could lead to shop closures and job losses. The BRC report said Britain's fifth-warmest July on record played a significant role in the resurgence, bolstering home appliance and food and drink sales. It came as annualised growth in June came in at a rate of just 0.5%. Oil prices rise after Trump extends China tariff truce Oil prices ticked higher on Tuesday morning, after US president Donald Trump extended a pause on implementing tariffs on Chinese goods for a further 90 days. Trump signed an executive order on Monday to continue the truce until 10 November, with Beijing also announcing an extension of its tariff pause for another 90 days on Tuesday. The truce was set to expire on Tuesday, but this latest extension means the US will maintain its 30% tariffs on Chinese imports and Beijing will hold its 10% levy on US goods. Oil prices rose following the announcement of this extension, as it eased investor concerns that higher tariffs on China would weigh on the economy and demand for fuel. Brent crude (BZ=F) futures climbed 0.2% to $65.84 per barrel at the time of writing, while West Texas Intermediate futures (CL=F) gained 0.2% to $64.10 a barrel. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: Oil prices ticked higher on Tuesday morning, after US president Donald Trump extended a pause on implementing tariffs on Chinese goods for a further 90 days. Trump signed an executive order on Monday to continue the truce until 10 November, with Beijing also announcing an extension of its tariff pause for another 90 days on Tuesday. The truce was set to expire on Tuesday, but this latest extension means the US will maintain its 30% tariffs on Chinese imports and Beijing will hold its 10% levy on US goods. Oil prices rose following the announcement of this extension, as it eased investor concerns that higher tariffs on China would weigh on the economy and demand for fuel. Brent crude (BZ=F) futures climbed 0.2% to $65.84 per barrel at the time of writing, while West Texas Intermediate futures (CL=F) gained 0.2% to $64.10 a barrel. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: How to contribute to a loved one's pension Pensions are an incredibly tax efficient way of saving for our future. We know that regular contributions, the tax relief boost and long-term investment performance can supercharge your planning. However, what many people don't realise is that you can also take steps to boost other people's retirements as well. In a recent survey by Hargreaves Lansdown, only about a third of people knew you could contribute to a loved one's pension. Higher earners tended to be much more aware, with well over three-quarters of additional rate taxpayers saying they knew about the rule. This compares with 61% of higher rate taxpayers and 29% of those paying basic rate tax. According to the rules, you can pay up to £2,880 per year into the self-invested personal pension (SIPP) of a non-working spouse. Even though they are not working, so not paying tax, they will still get a tax relief top-up from government, taking it up to £3,600. It's a powerful way to improve the retirement planning of a loved one who is taking time out of the workforce to care for children or other loved ones and can go a long way towards closing the gender pension gap that continues to yawn widely. You can also make payments to your partner's pension even if they are working, as long as total contributions do not exceed their annual allowance. It's a great way to make the most of any spare cash you have if you have made the most of your own pension allowances. The rule can be expanded even further than that of a spouse or partner. You can also contribute to the pension of a child through a junior SIPP and get their retirement planning off to a flying start. As with a non-working spouse, you can contribute up to £2,880 per year to a junior SIPP and they will receive the government tax relief top up to £3,600. Read more here Pensions are an incredibly tax efficient way of saving for our future. We know that regular contributions, the tax relief boost and long-term investment performance can supercharge your planning. However, what many people don't realise is that you can also take steps to boost other people's retirements as well. In a recent survey by Hargreaves Lansdown, only about a third of people knew you could contribute to a loved one's pension. Higher earners tended to be much more aware, with well over three-quarters of additional rate taxpayers saying they knew about the rule. This compares with 61% of higher rate taxpayers and 29% of those paying basic rate tax. According to the rules, you can pay up to £2,880 per year into the self-invested personal pension (SIPP) of a non-working spouse. Even though they are not working, so not paying tax, they will still get a tax relief top-up from government, taking it up to £3,600. It's a powerful way to improve the retirement planning of a loved one who is taking time out of the workforce to care for children or other loved ones and can go a long way towards closing the gender pension gap that continues to yawn widely. You can also make payments to your partner's pension even if they are working, as long as total contributions do not exceed their annual allowance. It's a great way to make the most of any spare cash you have if you have made the most of your own pension allowances. The rule can be expanded even further than that of a spouse or partner. You can also contribute to the pension of a child through a junior SIPP and get their retirement planning off to a flying start. As with a non-working spouse, you can contribute up to £2,880 per year to a junior SIPP and they will receive the government tax relief top up to £3,600. Read more here Bellway produces modest growth as it awaits planning reform impact Bellway's full year trading statement revealed that the company is doing well in terms of revenue growth, but a little flat elsewhere. The company's completions were 8,749 for the year, up 14% compared to last year, and the average sale price was £316k, up 2.6%. Both figures are ahead of guidance, and combining to generate a revenue uplift of 17% the previous year. However, the company is coming off a particularly low base in 2024 – despite growing almost 12% in the year, the reservation rate per outlet was just 0.57x, and 0.62x in the six months to the end July. That number is low compared to history and peers; for comparison, Taylor Wimpey announced an equivalent sales rate of 0.79x recently for a similar time period. Oli Creasey, head of property research at Quilter Cheviot, said: Bellway's full year trading statement revealed that the company is doing well in terms of revenue growth, but a little flat elsewhere. The company's completions were 8,749 for the year, up 14% compared to last year, and the average sale price was £316k, up 2.6%. Both figures are ahead of guidance, and combining to generate a revenue uplift of 17% the previous year. However, the company is coming off a particularly low base in 2024 – despite growing almost 12% in the year, the reservation rate per outlet was just 0.57x, and 0.62x in the six months to the end July. That number is low compared to history and peers; for comparison, Taylor Wimpey announced an equivalent sales rate of 0.79x recently for a similar time period. Oli Creasey, head of property research at Quilter Cheviot, said: Borrowing costs rise after jobs data The cost of government borrowing has risen today as the latest ONS jobs figures delivered a blow to hopes for interest rate cuts. The yield on 10-year UK gilts, a benchmark for the cost of servicing the national debt, climbed four basis points to 4.61%, well ahead of rises in Europe and the US. It comes as yields on bond markets tend to rise when there are expectations that interest rates will remain higher. Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, said: The cost of government borrowing has risen today as the latest ONS jobs figures delivered a blow to hopes for interest rate cuts. The yield on 10-year UK gilts, a benchmark for the cost of servicing the national debt, climbed four basis points to 4.61%, well ahead of rises in Europe and the US. It comes as yields on bond markets tend to rise when there are expectations that interest rates will remain higher. Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, said: Entain boosted by online betting surge Coral and Ladbrokes owner Entain has revealed a surge in online gaming as popular sporting events such as Wimbledon and the men's football Club World Cup reeled in punters. The sports betting giant reported total net gaming revenues – the amount of money the company pockets after paying out winnings to customers – of £2.6 billion for the first six months of the year, excluding its operations in the US. The increase jumped to 8% in the UK and Ireland, the company's biggest market, while online sales in the region surged by a fifth year-on-year. Both the volume of players and the value of sales increased, which Entain said reflected an improved experience for customers as well as previous changes to gambling rules starting to level out. The company had previously warned about the impact from regulatory changes in the UK which were designed to make betting safer for consumers. The FIFA Club World Cup final, which saw Chelsea beat PSG, was the most bet-on football match of 2025 for Entain's brands, with strong engagement coming from Brazil, Spain and the US. Interest in horse racing surged with the Royal Ascot and the Epsom Derby Festival both among the most bet-on competitions, while Wimbledon Tennis and the Women's Euro football tournament were also drawing in bets. Entain nonetheless reported a pre-tax loss of £96 million for the first half, swinging from a £13.7 million profit the prior year which the firm said was driven by one-off costs. On an underlying basis, earnings before tax, interest and other costs came in at £583.4 million for the period – 11% higher than last year. The company said it was now expecting higher sales growth for the year than its previous outlook, with online net gaming revenues forecast to rise by 7%. Annual underlying earnings are estimated to be between £1.1 billion and £1.15 billion. Coral and Ladbrokes owner Entain has revealed a surge in online gaming as popular sporting events such as Wimbledon and the men's football Club World Cup reeled in punters. The sports betting giant reported total net gaming revenues – the amount of money the company pockets after paying out winnings to customers – of £2.6 billion for the first six months of the year, excluding its operations in the US. The increase jumped to 8% in the UK and Ireland, the company's biggest market, while online sales in the region surged by a fifth year-on-year. Both the volume of players and the value of sales increased, which Entain said reflected an improved experience for customers as well as previous changes to gambling rules starting to level out. The company had previously warned about the impact from regulatory changes in the UK which were designed to make betting safer for consumers. The FIFA Club World Cup final, which saw Chelsea beat PSG, was the most bet-on football match of 2025 for Entain's brands, with strong engagement coming from Brazil, Spain and the US. Interest in horse racing surged with the Royal Ascot and the Epsom Derby Festival both among the most bet-on competitions, while Wimbledon Tennis and the Women's Euro football tournament were also drawing in bets. Entain nonetheless reported a pre-tax loss of £96 million for the first half, swinging from a £13.7 million profit the prior year which the firm said was driven by one-off costs. On an underlying basis, earnings before tax, interest and other costs came in at £583.4 million for the period – 11% higher than last year. The company said it was now expecting higher sales growth for the year than its previous outlook, with online net gaming revenues forecast to rise by 7%. Annual underlying earnings are estimated to be between £1.1 billion and £1.15 billion. Where did wages rise and fall? Today's ONS data shows that the wholesale, retail, hotels and restaurants sector posted the strongest annual regular growth rate (excluding bonuses), at 6.8%, in the April to June period. The finance and business services sector, which pay out more bonuses, had the lowest annual regular growth rate, at 3.1%. Average annual pay growth was 5.7% for the public sector, and 4.8% for the private sector. Yael Selfin, chief economist at KPMG UK, said the labour market outlook 'is uncertain' days after the Bank of England cut rates to 4pc but indicated it was becoming cautious about cutting rates further. He said: 'Slow to abate wage pressures may warrant caution from the Bank of England before cutting rates further. 'We anticipate unemployment to continue to trend upwards and improved labour supply to contribute to easing pay pressures throughout the remainder of 2025.' Today's ONS data shows that the wholesale, retail, hotels and restaurants sector posted the strongest annual regular growth rate (excluding bonuses), at 6.8%, in the April to June period. The finance and business services sector, which pay out more bonuses, had the lowest annual regular growth rate, at 3.1%. Average annual pay growth was 5.7% for the public sector, and 4.8% for the private sector. Yael Selfin, chief economist at KPMG UK, said the labour market outlook 'is uncertain' days after the Bank of England cut rates to 4pc but indicated it was becoming cautious about cutting rates further. He said: 'Slow to abate wage pressures may warrant caution from the Bank of England before cutting rates further. 'We anticipate unemployment to continue to trend upwards and improved labour supply to contribute to easing pay pressures throughout the remainder of 2025.' US and China extend 90-day tariff truce The US and China have extended their truce on trade tariffs for another 90 days. Trump had threatened tariffs on Chinese goods imports of up to 145% while Chinese duties on US goods were set to hit 125%. The rates for both countries were scaled back after a round of trade talks held in Geneva in May and the tariff pause was set to expire today at 12:01am EDT. The extension will now last until November and is a welcomed move by US retailers and consumers who can buy electronics at lower tariff rates ahead of Christmas. Donald Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same'. Beijing's Commerce Ministry announced the extension of the tariff pause early on Tuesday. Trump's executive order stated: Meanwhile, a spokesperson for the Chinese embassy in Washington said: "Win-win cooperation between China and the United States is the right path; suppression and containment will lead nowhere." The US and China have extended their truce on trade tariffs for another 90 days. Trump had threatened tariffs on Chinese goods imports of up to 145% while Chinese duties on US goods were set to hit 125%. The rates for both countries were scaled back after a round of trade talks held in Geneva in May and the tariff pause was set to expire today at 12:01am EDT. The extension will now last until November and is a welcomed move by US retailers and consumers who can buy electronics at lower tariff rates ahead of Christmas. Donald Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same'. Beijing's Commerce Ministry announced the extension of the tariff pause early on Tuesday. Trump's executive order stated: Meanwhile, a spokesperson for the Chinese embassy in Washington said: "Win-win cooperation between China and the United States is the right path; suppression and containment will lead nowhere." UK job market continues to weaken as vacancies fall The number of job vacancies and payrolled employees in the UK have continued to fall, according to the Office for National Statistics (ONS), adding to evidence of a cooling labour market. Data released on Tuesday showed that the number of job vacancies in the UK fell by 44,000 in the three months to July. The ONS said that this marked the 37th consecutive period where vacancy numbers have dropped compared to the previous three months and that vacancies had fallen in 16 of the 18 industry sectors. The ONS said feedback from its vacancy survey suggested some firms may not be recruiting new workers, or replacing workers who have left. The number of employees on the payroll in June was down by 26,000 on the month, which was more than a decline of 25,000 in May, but was smaller than a previously estimated fall of 41,000. Estimates for payrolled employees in the year to June fell by 149,000. Early estimates for the number of employees on the payroll in July fell by 8,000 on the month and 164,000 on the year. The unemployment rate was 4.7% from April to June, unchanged from the previous three months. Annual wage growth excluding bonuses was at 5% in April to June, which was also the same as the previous three months. Employers have faced higher labour costs after the rate of their national insurance contributions and the national minimum wage rose in early April, which were changes announced by chancellor Rachel Reeves in the autumn budget. Read more here The number of job vacancies and payrolled employees in the UK have continued to fall, according to the Office for National Statistics (ONS), adding to evidence of a cooling labour market. Data released on Tuesday showed that the number of job vacancies in the UK fell by 44,000 in the three months to July. The ONS said that this marked the 37th consecutive period where vacancy numbers have dropped compared to the previous three months and that vacancies had fallen in 16 of the 18 industry sectors. The ONS said feedback from its vacancy survey suggested some firms may not be recruiting new workers, or replacing workers who have left. The number of employees on the payroll in June was down by 26,000 on the month, which was more than a decline of 25,000 in May, but was smaller than a previously estimated fall of 41,000. Estimates for payrolled employees in the year to June fell by 149,000. Early estimates for the number of employees on the payroll in July fell by 8,000 on the month and 164,000 on the year. The unemployment rate was 4.7% from April to June, unchanged from the previous three months. Annual wage growth excluding bonuses was at 5% in April to June, which was also the same as the previous three months. Employers have faced higher labour costs after the rate of their national insurance contributions and the national minimum wage rose in early April, which were changes announced by chancellor Rachel Reeves in the autumn budget. Read more here Asia and US overnight Stocks in Asia were higher overnight, with the Japanese Nikkei (^N225) surging 2.2% on the day to a record high after the US and China extended their tariff truce. The Hang Seng (^HSI) rose 0.4% in Hong Kong. The Shanghai Composite ( was 0.5% up by the end of the session. The extension of a tariff truce between the world's two largest economies by another 90 days buoyed sentiment across Asia as it staved off triple-digit duties on Chinese exports to the United States. In South Korea, the Kospi (^KS11) lost 0.5% on the day. Meanwhile, Australian shares slightly extended gains while the currency was choppy after the Reserve Bank of Australia expectedly cut its main cash rate by a quarter point to a two-year low of 3.6%. Across the pond on Wall Street, the S&P 500 (^GSPC) dipped 0.25%, and the tech-heavy Nasdaq (^IXIC) was 0.3% down. The Dow Jones (^DJI) also slipped 0.5%, pulled down by energy, property and technology stocks. In the bond market, the yield on benchmark 10-year US Treasury notes edged up to 4.289% from 4.286% on Sunday. Stocks in Asia were higher overnight, with the Japanese Nikkei (^N225) surging 2.2% on the day to a record high after the US and China extended their tariff truce. The Hang Seng (^HSI) rose 0.4% in Hong Kong. The Shanghai Composite ( was 0.5% up by the end of the session. The extension of a tariff truce between the world's two largest economies by another 90 days buoyed sentiment across Asia as it staved off triple-digit duties on Chinese exports to the United States. In South Korea, the Kospi (^KS11) lost 0.5% on the day. Meanwhile, Australian shares slightly extended gains while the currency was choppy after the Reserve Bank of Australia expectedly cut its main cash rate by a quarter point to a two-year low of 3.6%. Across the pond on Wall Street, the S&P 500 (^GSPC) dipped 0.25%, and the tech-heavy Nasdaq (^IXIC) was 0.3% down. The Dow Jones (^DJI) also slipped 0.5%, pulled down by energy, property and technology stocks. In the bond market, the yield on benchmark 10-year US Treasury notes edged up to 4.289% from 4.286% on Sunday. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead, in addition to the US July CPI report we will also get data on NFIB small business optimism, federal budget balance, UK June average weekly earnings, unemployment rate, July jobless claims change, Germany's August Zew survey and June's current account balance, the Eurozone's August Zew survey, and Canada's June building permits. Central bank speakers include Fed's Barkin. Lastly, notable earnings include CoreWeave and Circle Internet Group. Here's a snapshot of what's on the agenda: 7am: Trading updates: Bellway, Page Group, Derwent London, Entain, Spirax and Xaar, and S&U 10am: Germany/Eurozone ZEW economic survey 1.30pm: US inflation for July Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead, in addition to the US July CPI report we will also get data on NFIB small business optimism, federal budget balance, UK June average weekly earnings, unemployment rate, July jobless claims change, Germany's August Zew survey and June's current account balance, the Eurozone's August Zew survey, and Canada's June building permits. Central bank speakers include Fed's Barkin. Lastly, notable earnings include CoreWeave and Circle Internet Group. Here's a snapshot of what's on the agenda: 7am: Trading updates: Bellway, Page Group, Derwent London, Entain, Spirax and Xaar, and S&U 10am: Germany/Eurozone ZEW economic survey 1.30pm: US inflation for July Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
