European shares edge higher; investors eye trade developments
The pan-European STOXX 600 index (.STOXX), opens new tab advanced 0.2% at 542.42 points, as of 0708 GMT.
With the July 9 deadline for countries to reach deals with the United States fast approaching, uncertainty about U.S. tariffs and their impact on global growth has kept investors on edge.
U.S. President Donald Trump expressed frustration with U.S.-Japan trade negotiations on Monday as Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs despite good-faith negotiations.
The EU is open to a deal that would apply a universal 10% tariff on many of its exports, but the bloc is seeking U.S. commitments to reduce tariffs in some key sectors, Bloomberg News reported on Monday.
EU's trade chief will hold negotiations this week in Washington to avert higher tariffs.
European utility stocks (.SX6P), opens new tab led sectoral gains, rising 0.9%. Media (.SXMP), opens new tab shares fell 0.6%.
On Tuesday, ECB President Christine Lagarde will join a panel with several other central bank chiefs, including the U.S. Fed chair, at the ECB forum in Sintra, Portugal.
Lagarde said on Monday that uncertainty is bound to remain a key feature of the global economy.
In the U.S., investors await a vote over Trump's sweeping tax-cut and spending bill.
Renault (RENA.PA), opens new tab said it will report a loss of about 9.5 billion euros ($11.2 billion) on its stake in Nissan Motor (7201.T), opens new tab in the first half. Shares of the French carmaker fell 1.2%.
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The Independent
31 minutes ago
- The Independent
Years after problems with Flint's water emerged, the town has finally replaced all of its lead pipes
Michigan is set to announce that it has finally replaced all of the lead water pipes in the city of Flint, according to a report. The news comes a decade after lead-contaminated water was first found in its water system, resulting in extensive legal battles and national outrage over one of the country's most damaging water crises. There is no safe level of exposure to lead, which can result in reproductive issues, high blood pressure, hypertension, nerve disorders, muscle and joint pain, and memory and concentration problems in adults. In children, it can lead to hearing problems, slowed growth, headaches, learning and behavioral difficulties, lowered IQ, and damage to the brain and nervous system. Now, eight years after a court-ordered settlement required Flint officials to replace the pipes, nearly 11,000 have been replaced and more than 28,000 properties have been restored, according to the Natural Resources Defense Council. In a release, it cited a progress report the state submitted to a federal court. 'Flint residents never gave up fighting for safe drinking water in the face of government indifference, mistruths, and incompetence. I've been angry that officials poisoned the drinking water in my home and community. But I will always be proud that Flint inspired a federal rule requiring that every lead pipe in the country be replaced in the next decade. Flint changed America, for the better,' Melissa Mays, of the organization Water You Fighting For, said in a statement shared by the council. 'In these challenging times for our country — marked by chaos and pain for so many — the story of Flint is a shining beacon of hope,' President Manish Bapna added. 'It is a reminder of the power that we the people of this country hold. It's a reminder of why preserving American democracy is so essential. It's a reminder of what's possible if we stand up to powerful forces and refuse to back down.' Neither Michigan attorney general's office nor Flint Mayor Sheldon Neeley immediately responded to requests for comment from The Independent. The water crisis began in 2014, after a state-appointed emergency manager ended a contract with Detroit's water system, switching to the Flint River to save money. The state did not require treatment to prevent corrosion that caused lead to leach into the water supply of the majority-Black city. Nearly 100,000 Flint residents were exposed to lead through their drinking water, according to the Centers for Disease Control and Prevention. One study found that the number of children with elevated lead levels in their blood doubled or even tripled. The switch coincided with an outbreak of Legionnaire's disease, or a severe form of pneumonia, that killed a dozen people and sickened at least 87 between June 2014 and October 2015, the council reported. It was the third-largest outbreak of Legionnaires' disease recorded in U.S. history. Three years later, the city's residents — a third of whom live in poverty — sued Flint and Michigan officials for access to safe water, resulting in a landmark settlement in 2017. A federal court in Detroit ordered Flint to give every resident the opportunity to have their lead pipe replaced at no cost to them and to provide comprehensive tap water testing, implement a faucet filter distribution and education program, and maintain funding for health programs to help residents. The council has said the Covid pandemic and 'ineffective' management of the program stalled the work by years. Since then, Flint's story has inspired action at a national level, and the Biden administration's Environmental Protection Agency issued a federal rule requiring every lead pipe to be replaced in the next ten years. The agency estimates that as many as 9 million homes are served through lead pipes across the country and that replacing them could cost at least $45 billion. A decision on whether to honor that commitment is due from the Trump administration later this summer.
Telegraph
32 minutes ago
- Telegraph
Only the Conservatives will do what's needed on welfare
The UK is in a welfare crisis. About 23 per cent of the working-age population are on welfare and more than half of all households receive more in benefits than they pay in taxes. Keir Starmer is too weak to make even minor cuts to Britain's ballooning welfare bill. And, as the Prime Minister's reputation continues to nosedive, Nigel Farage smells blood and is attacking Labour from the Left, promising to scrap the two-child benefit cap. Both Labour and Reform are more interested in the politics than the enormous amounts of taxpayers' money involved, and neither is serious about doing what's necessary to get Britain back to work. Only the Conservatives are prepared to take the tough decisions to bring a rampant welfare budget under control. And we need to. By 2030, one in every four pounds raised through income tax will be spent on health and disability benefits – more than the entire UK defence budget – and that's excluding all the other benefits. We need a totally different approach. One that ensures things are easier for the makers – the people who work hard, create wealth and jobs, and deliver frontline public services. Currently this country has too many people who are taking – from those who sit at home with the curtains drawn while others go to work; to those who skip the queue and arrive here illegally, only to be given privileged access to social housing, the NHS and our generous benefits system. This isn't fair on those who are working hard to pay their taxes, and it isn't fair on those with serious disabilities who understandably rely on government support. Britain needs real welfare reform if we're to incentivise takers to become makers, and stop the takers taking from the disabled. We need a fundamental rethink about which conditions should qualify for long-term financial support. The majority of new disability claims in this country are now for mental health conditions – and more often than not for less severe conditions like anxiety. There has been a 70 per cent rise in the number of people in contact with mental health services in England over the last eight years. In 2023, the shadow chancellor Mel Stride, then work and pensions secretary, announced changes to the Work Capability Assessment – the test that determines if people are able to work – that would have saved around £5 billion from the welfare budget. Labour scrapped that reform, meaning 450,000 more people will now be left on long-term sickness benefits. Research published last week by the Centre for Social Justice think tank showed that by narrowing eligibility for certain benefits – focusing support on those with more severe mental health conditions – we could save up to £7.4 billion a year from the welfare bill. And new findings by the Taxpayers' Alliance highlight the enormous sums of money spent on the motability scheme, including for conditions such as acne and food intolerances. The Labour government's original welfare proposals were only forecast to save £4.8 billion by 2029/30, from a health and disability benefits bill that is set to exceed £100 billion. Starmer's humiliating concessions to bring his rebellious party back in line haven't only removed any savings – in fact they might end up actually costing us – they also tell us that his Government is structurally incapable of making the changes we desperately need to bring the ballooning welfare bill under control. The country cannot afford Starmer's concessions. Alongside the winter fuel U-turn, rising unemployment, and the slowdown in economic growth after the high tax, high borrowing budget, Rachel Reeves is staring at an enormous black hole in the public finances. Any responsible party would be looking at the welfare budget for savings. But Labour and Reform are not responsible parties. Indeed, Labour has already spent the savings it has now abandoned – meaning tax rises this Autumn seem inevitable. The Conservative Party is under new leadership, my leadership, and we will now push our own amendments to Labour's welfare bill that make it clear the Government are not going far enough, that their approach of tinkering around the edges of welfare is not grasping the scale of the problem or the costs involved, and that with every concession and U-turn they're dooming more and more people to a life stuck on benefits. This is not just the responsible thing to do, it is the right thing to do. We need to rebalance our welfare system so that it works for the most vulnerable and stops those who seek to exploit our generosity, whether knowingly or otherwise. The Conservatives will not stand idly by while Labour and Reform engage in a race to the bottom on benefits. We will show the country that we are on the side of the makers, not the takers.
The Sun
32 minutes ago
- The Sun
Shoppers are running to Argos to buy £65 garden furniture set that has five-star reviews
SHOPPERS are sprinting to Argos to pick up a stunning £65 garden furniture set - which has hundreds of five-star reviews. The incredible outdoor set comes with one table and two chairs - while boasting an affordable price tag as well as a sleek design. 2 The Baltimore bistro set offers customers a convenient and comfortable pair of chairs which come with a top-notch matching table. The chairs are angled and have high backs - providing maximum support. The armrests are sturdy and even make great drink holders - ideal for lounging under the sun this summer. Made in Italy, the set has been constructed with durable resin which helps it withstand outdoor use. With a grey overcoat and a durable structure, the set includes two armchairs which can even be stacked. All parts of the set are made of polypropylene, with the two chairs and table weighing just 12.4kg combined. The table boasts a rattan effect top, and even comes with removable legs. Raving shoppers flooded the review section with praise for the popular set. Many called the set an absolute bargain and a game-changer for their garden. One eager shopper said: "I bought this as it looked lovely and it was a good price. 'I was quoted £10,000 for a garden renovation but did it MYSELF for £1,000 using ChatGPT to show my kids what single mums can do' "When I got it home and put it in my garden it looks amazing and much more expensive than it was I love it." Another said: "I bought this set about 3 weeks ago, absolutely happy with my purchase." A third chimed in: "Bought this garden patio furniture for our garden, after seeing the quality we also bought for a friend. "We find then excellent value for money and are so glad we bought them." Another customer excitedly shared why they thought the set was such great value. They said: "Nice seats that match upright stacking chairs also available at Argos. "Quite solid and heavy duty for plastic chairs." They continued: "Lounge back type so probably not for elderly but ideal for sun worshippers. "Table is adequate and needs easy assembly ( just push fit legs) so can be stored. Very happy!" 2
