3M Reports Second-Quarter 2025 Results, Increases Full-Year EPS Guidance
Adjusted sales of $6.2 billion with organic growth of 1.5% YoY
Adjusted operating margin of 24.5%, up 290 bps YoY
Adjusted EPS of $2.16, up 12% YoY
Operating cash flow of $(1.0) billion with adjusted free cash flow of $1.3 billion
2025 adjusted EPS guidance increased from $7.60 - $7.90 to $7.75 - $8.00, including the impact of tariffs
ST. PAUL, Minn., July 18, 2025 /PRNewswire/ -- 3M (NYSE: MMM) today reported second-quarter 2025 results.
"We delivered strong results in the second quarter, posting positive organic sales growth and double-digit EPS growth," said William Brown, 3M Chairman and CEO. "This continues our trend from Q1 with all three business groups growing organically for the third quarter in a row. Our 3M eXcellence operating model is the foundation for delivering on each of our strategic priorities, and it drives the operating rigor and rhythm of our performance culture. With execution improving and solid results in the first half, we have confidence in our increased full-year EPS guidance, which now embeds the expected impact of tariffs."
Second-quarter highlights:
Q2 2025Q2 2024GAAP EPS from continuing operations (GAAP EPS)$ 1.34$ 2.17Special items:Net costs for significant litigation 0.790.44(Increase) decrease in value of Solventum ownership0.01(2.00)Pension risk transfer charge—1.09Manufactured PFAS products0.02—Divestiture costs—0.23Adjusted EPS from continuing operations (adjusted EPS)$ 2.16$ 1.93Memo:GAAP operating income margin18.0 %20.3 %Adjusted operating income margin24.5 %21.6 %GAAP EPS of $1.34 and operating margin of 18.0%.
Adjusted EPS of $2.16, up 12% year-on-year.
Adjusted operating income margin of 24.5%, an increase of 2.9 percentage points year-on-year.
GAAPAdjusted (non-GAAP)Net sales (billions)$6.3$6.2Sales changeTotal sales 1.4 %2.3 %Components of sales change:Organic sales0.61.5Acquisitions/divestitures——Translation0.80.8Adjusted sales excludes manufactured PFAS products.Sales of $6.3 billion, up 1.4% year-on-year with organic sales up 0.6% year-on-year.
Adjusted sales of $6.2 billion, up 2.3% year-on-year with adjusted organic sales up 1.5% year-on-year.
3M returned $1.3 billion to shareholders via dividends and share repurchases.
Cash from operations of $(1.0) billion, driven by $2.2 billion net after tax payments for special item costs of significant litigation, primarily Public Water Systems and Combat Arms Earplugs.
Adjusted free cash flow of $1.3 billion.
This document includes reference to certain non-GAAP measures. See the "Supplemental Financial Information Non-GAAP Measures" section for applicable information.
Updated full-year guidance
3M updated its full year 2025 guidance given the company's performance in the first half of the year. The updated guidance includes the impact from tariffs.
Adjusted total sales growth1 in the range of ~2.5 percent, reflecting adjusted organic sales growth1 of ~2.0 percent.
Adjusted EPS1 in the range of $7.75 to $8.00.
Adjusted operating cash flow1 of $5.1 to $5.5 billion, contributing to >100 percent adjusted free cash flow conversion1.
1As further discussed at 4 within the "Supplemental Financial Information Non-GAAP Measures" sections, 3M cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial measures and, therefore, does not provide them on a forward-looking basis reflecting these items.
Conference call
3M will conduct an investor teleconference at 9 a.m. ET (8 a.m. CT) today. Investors can access this conference via the following:
Live webcast at https://investors.3M.com
Webcast replay at https://investors.3m.com/financials/quarterly-earnings
Consolidated financial statements and supplemental financial information non-GAAP measures
View the Financial Statement Information on 3M's website: https://investors.3m.com/financials/quarterly-earnings
Forward-looking statements
This document contains forward-looking statements. You can identify these statements by the use of words such as "plan," "expect," "aim," "believe," "project," "target," "anticipate," "intend," "estimate," "will," "should," "could," "would," "forecast," "future," "outlook," "guidance" and other words and terms of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those reflected in any such forward-looking statements depending on a variety of factors. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company's control, including inflation; recession; military conflicts; trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures; regulatory requirements, legal actions, or enforcement; and natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) foreign currency exchange rates and fluctuations in those rates; (3) liabilities and the outcome of contingencies related to certain fluorochemicals; known as "PFAS," including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company's plans to exit PFAS manufacturing and work to discontinue use of PFAS across its product portfolio; (4) risks related to the class-action settlement ("PWS Settlement") to resolve claims by public water suppliers in the United States regarding PFAS, as well as risks related to other settlements related to PFAS; (5) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's reports on Form 10-K, 10-Q, and 8-K (Reports), as well as compliance risks related to legal or regulatory requirements, government contract requirements, policies and practices, or other matters that require or encourage the Company or its customers, suppliers, vendors, or channel partners to conduct business in a certain way; (6) competitive conditions and customer preferences; (7) the timing and market acceptance of new product and service offerings; (8) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, tariffs, supply chain interruptions, or natural or other disasters; (9) unanticipated problems or delays when implementing new business systems and solutions, including with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information or operational technology infrastructure; (10) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies; (11) operational execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities; (12) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; (13) the Company's credit ratings and its cost of capital; (14) tax-related external conditions, including changes in tax rates, laws or regulations; (15) matters relating to the spin-off of the Company's Health Care business, including the risk that the expected benefits will not be realized; the risk that the costs or dis-synergies will exceed the anticipated amounts; potential impacts on the Company's relationships with its customers, suppliers, employees, regulators and other counterparties; the ability to realize the desired tax treatment; risks under the agreements and obligations entered into in connection with the spin-off; and (16) matters relating to Combat Arms Earplugs ("CAE") and related products, including those related to, the August 2023 settlement that is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the CAE sold or manufactured by the Company's subsidiary Aearo Technologies and certain of its affiliates ("Aearo Entities") and/or the Company ("CAE Settlement"). A further description of these factors is located in the Reports under "Cautionary Note Concerning Factors That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). Changes in such assumptions or factors could produce significantly different results. The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.
About 3M3M (NYSE: MMM) is focused on transforming industries around the world by applying science and creating innovative, customer-focused solutions. Our multi-disciplinary team is working to solve tough customer problems by leveraging diverse technology platforms, differentiated capabilities, global footprint, and operational excellence. Discover how 3M is shaping the future at 3M.com/news.
Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M News Center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M posts on the News Center and social media could be deemed to be material information. Therefore, the company encourages investors, the media and others interested in 3M to review the information posted on 3M's News Center and the social media channels such as @3M or @3MNews.
Contacts3MInvestor Contacts:Diane Farrow, 612-202-2449orEric Herron, 651-233-0043Media Contact:3MNews@mmm.com
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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 hereBlog close Well that's all from us today, thanks for following along. Be sure to join us again tomorrow, for more of the latest markets news, and all that's happening across the global economy. Until then, have a good evening! Well that's all from us today, thanks for following along. Be sure to join us again tomorrow, for more of the latest markets news, and all that's happening across the global economy. Until then, have a good evening! Circle soars after revenue beat in first earnings since IPO Circle (CRCL) stock jumped as much as 14% in early trading before trimming gains on Tuesday after the stablecoin issuer posted better-than-expected quarterly revenue for the first time since going public. The company reported second quarter total revenue of $658 million, versus the $647 million analysts expected. CEO Jeremy Allaire said the company's stablecoin, USDC (USDC-USD), was the "fastest-growing major stablecoin over the past year." USDC in circulation grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of Aug 10. The company also announced ARC, a new blockchain network for stablecoin finance that will launch in the second half of the year. "We wanted to create a way for institutions to pay fees on blockchains in a fast, predictable manner that would be simple from an accounting perspective and could deliver very low-cost and stable fees," CEO Jeremy Allaire said during the company's earnings call on Tuesday morning. Circle (CRCL) stock jumped as much as 14% in early trading before trimming gains on Tuesday after the stablecoin issuer posted better-than-expected quarterly revenue for the first time since going public. The company reported second quarter total revenue of $658 million, versus the $647 million analysts expected. CEO Jeremy Allaire said the company's stablecoin, USDC (USDC-USD), was the "fastest-growing major stablecoin over the past year." USDC in circulation grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of Aug 10. The company also announced ARC, a new blockchain network for stablecoin finance that will launch in the second half of the year. "We wanted to create a way for institutions to pay fees on blockchains in a fast, predictable manner that would be simple from an accounting perspective and could deliver very low-cost and stable fees," CEO Jeremy Allaire said during the company's earnings call on Tuesday morning. Gatwick braced for severe August delays as baggage screeners strike Gatwick airport baggage screeners will strike over pay in late August, including over the bank holiday, Unite, the UK's leading union, said today. The workers, employed by ICTS, are amongst the lowest paid workers at the airport earning just above the minimum wage. ICTS's turnover has grown by 110% since 2020, reaching £170.59m in 2024. It made a profit before tax of £6.1 million in 2024, a 46.9 per cent increase compared to the year before. Unite general secretary Sharon Graham said: The workers will strike from 22 August to 26 August and from 29 August to 2 September. All flights out of Gatwick will face disruption during these times. Industrial action will intensify if the dispute is not resolved. Unite regional officer Ben Davis said: Gatwick airport baggage screeners will strike over pay in late August, including over the bank holiday, Unite, the UK's leading union, said today. The workers, employed by ICTS, are amongst the lowest paid workers at the airport earning just above the minimum wage. ICTS's turnover has grown by 110% since 2020, reaching £170.59m in 2024. It made a profit before tax of £6.1 million in 2024, a 46.9 per cent increase compared to the year before. Unite general secretary Sharon Graham said: The workers will strike from 22 August to 26 August and from 29 August to 2 September. All flights out of Gatwick will face disruption during these times. Industrial action will intensify if the dispute is not resolved. Unite regional officer Ben Davis said: Government has 'more to do', says Reeves Rachel Reeves has admitted that the government has 'more to do' as figures showed the UK's unemployment rate stuck at a four-year high. The chancellor insisted that Labour had been 'creating more jobs' since entering office despite vacancies declining over the last quarter. Speaking to reporters in Belfast on Tuesday, she said: 'There is more to do, but in the first year, we've managed to return stability to the economy, we're growing the economy and reducing costs, particularly mortgage costs for hard-pressed families." Rachel Reeves has admitted that the government has 'more to do' as figures showed the UK's unemployment rate stuck at a four-year high. The chancellor insisted that Labour had been 'creating more jobs' since entering office despite vacancies declining over the last quarter. Speaking to reporters in Belfast on Tuesday, she said: 'There is more to do, but in the first year, we've managed to return stability to the economy, we're growing the economy and reducing costs, particularly mortgage costs for hard-pressed families." US inflation remains at 2.7% Traders digested fresh US inflation data on Tuesday afternoon which showed an unexpectedly hold at 2.7% last month. Analysts had expected an uptick, making it easier for the Federal Reserve cut interest rates. The annual headline rate of inflation was expected to rise slightly to 2.8%, according to the Bureau of Labor Statistics, while core inflation, which excludes volatile food and energy costs, rose 3.1% over the past year. This was ahead of June's 2.9% increase and indicating that rising goods inflation is no longer being offset by easing services inflation. Traders are betting the US Federal Reserve will cut interest rates next month after inflation rose by less than expected. Money markets at one point virtually priced in a reduction in borrowing costs at the September meeting of the US central bank, with traders putting the odds at 95%. Traders digested fresh US inflation data on Tuesday afternoon which showed an unexpectedly hold at 2.7% last month. Analysts had expected an uptick, making it easier for the Federal Reserve cut interest rates. The annual headline rate of inflation was expected to rise slightly to 2.8%, according to the Bureau of Labor Statistics, while core inflation, which excludes volatile food and energy costs, rose 3.1% over the past year. This was ahead of June's 2.9% increase and indicating that rising goods inflation is no longer being offset by easing services inflation. Traders are betting the US Federal Reserve will cut interest rates next month after inflation rose by less than expected. Money markets at one point virtually priced in a reduction in borrowing costs at the September meeting of the US central bank, with traders putting the odds at 95%. Government lines up insolvency firm in case of Thames Water collapse The government has appointed insolvency specialists to step up planning for Thames Water in case the troubled water company collapses. FTI Consulting has been brought in as an administrator in the event Thames fails to secure funding from lenders. Contingency plans could see Britain's biggest water firm placed into a special administration regime (SAR), meaning it would be put into an insolvency process. Environment Secretary Steve Reed signed off the appointment, which would still need to be approved in court, according to Sky News which first reported on the move. The government has appointed insolvency specialists to step up planning for Thames Water in case the troubled water company collapses. FTI Consulting has been brought in as an administrator in the event Thames fails to secure funding from lenders. Contingency plans could see Britain's biggest water firm placed into a special administration regime (SAR), meaning it would be put into an insolvency process. Environment Secretary Steve Reed signed off the appointment, which would still need to be approved in court, according to Sky News which first reported on the move. China urges local firms not to use Nvidia's H20 chips Chinese authorities have urged local companies to avoid using Nvidia's H20 chips, particularly for government-related purposes, Bloomberg News reported on Tuesday, a move likely to hamper the firm's efforts to revive its slumping China sales. A range of firms were sent official notices discouraging the use of the H20, a less-advanced chip, particularly for any government or national security-related work by state enterprises or private companies, the report said, citing people familiar with the matter. Nvidia said in a statement on Tuesday that the H20 chip was "not a military product or for government infrastructure." "China has ample supply of domestic chips to meet its needs. It won't and never has relied on American chips for government operations, just like the U.S. government would not rely on chips from China," the statement said Washington last month lifted a ban on the sale of the H20 chip in China and it is now the most advanced artificial intelligence chip that Nvidia is allowed to sell there. Read more here Chinese authorities have urged local companies to avoid using Nvidia's H20 chips, particularly for government-related purposes, Bloomberg News reported on Tuesday, a move likely to hamper the firm's efforts to revive its slumping China sales. A range of firms were sent official notices discouraging the use of the H20, a less-advanced chip, particularly for any government or national security-related work by state enterprises or private companies, the report said, citing people familiar with the matter. Nvidia said in a statement on Tuesday that the H20 chip was "not a military product or for government infrastructure." "China has ample supply of domestic chips to meet its needs. It won't and never has relied on American chips for government operations, just like the U.S. government would not rely on chips from China," the statement said Washington last month lifted a ban on the sale of the H20 chip in China and it is now the most advanced artificial intelligence chip that Nvidia is allowed to sell there. Read more here US dominates high-value VC investments in first half The US has once again emerged as the unrivaled leader in high-value venture capital (VC) investments during the first half (H1) of 2025. The US accounted for a staggering 163 high-value VC deals, amassing a total investment value of more than $80 billion. This represents a significant portion of the global total of $102.8 billion worth high-value VC deals, underscoring the country's dominant position in the VC funding landscape, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, lead analyst at GlobalData, said: An analysis of GlobalData's Deals Database revealed that the US attracted around 60% of the total number of high-value VC deals announced globally during H1 2025. Meanwhile, its share of the global total of high-value VC investments value stood at more than 80%. Bose adds: China, while trailing significantly behind the US, secured the second position with 22 high-value VC deals valued at $3.8bn. India and the UK follow closely, with 14 high-value VC deals worth $2.3bn and 12 deals worth $2.7bn, respectively. The US has once again emerged as the unrivaled leader in high-value venture capital (VC) investments during the first half (H1) of 2025. The US accounted for a staggering 163 high-value VC deals, amassing a total investment value of more than $80 billion. This represents a significant portion of the global total of $102.8 billion worth high-value VC deals, underscoring the country's dominant position in the VC funding landscape, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, lead analyst at GlobalData, said: An analysis of GlobalData's Deals Database revealed that the US attracted around 60% of the total number of high-value VC deals announced globally during H1 2025. Meanwhile, its share of the global total of high-value VC investments value stood at more than 80%. Bose adds: China, while trailing significantly behind the US, secured the second position with 22 high-value VC deals valued at $3.8bn. India and the UK follow closely, with 14 high-value VC deals worth $2.3bn and 12 deals worth $2.7bn, respectively. BoE cuts gilt holdings by £32.5bn in second quarter The Bank of England (BoE) continued its reduction of its asset purchase facility (APF) during the second quarter of the year, in line with the monetary policy committee's (MPC) aim to unwind £100bn of UK government bond holdings between October 2024 and September 2025. The bank's APF was introduced in 2009 as part of its quantitative easing strategy during the global financial crisis, and expanded significantly during the COVID-19 pandemic. Gilts held under the facility peaked at around £875bn in 2022 before the MPC shifted toward balance sheet reduction. According to the latest quarterly report published on Tuesday, a total reduction of £32.5bn in gilt holdings was recorded from April to June 2025. This includes £2.9bn from outright sales and a further £29.6bn from maturing gilts. As a result, the total stock of gilts held for monetary policy purposes stood at £590bn as of 30 June, down from £622.5bn at the end of the first quarter. Threadneedle Street held three gilt sale operations during April alone, and has already published the schedule for third quarter gilt sales on 20 June, to continue to reduce its balance sheet. The report included updated projections of future APF cash flows under a range of scenarios. The estimates remain highly sensitive to future Bank Rate paths and the pace of gilt unwind. Assuming the current £100bn annual pace, the net present value of cumulative cash flows is estimated at around -£115bn, the report said. The Bank of England (BoE) continued its reduction of its asset purchase facility (APF) during the second quarter of the year, in line with the monetary policy committee's (MPC) aim to unwind £100bn of UK government bond holdings between October 2024 and September 2025. The bank's APF was introduced in 2009 as part of its quantitative easing strategy during the global financial crisis, and expanded significantly during the COVID-19 pandemic. Gilts held under the facility peaked at around £875bn in 2022 before the MPC shifted toward balance sheet reduction. According to the latest quarterly report published on Tuesday, a total reduction of £32.5bn in gilt holdings was recorded from April to June 2025. This includes £2.9bn from outright sales and a further £29.6bn from maturing gilts. As a result, the total stock of gilts held for monetary policy purposes stood at £590bn as of 30 June, down from £622.5bn at the end of the first quarter. Threadneedle Street held three gilt sale operations during April alone, and has already published the schedule for third quarter gilt sales on 20 June, to continue to reduce its balance sheet. The report included updated projections of future APF cash flows under a range of scenarios. The estimates remain highly sensitive to future Bank Rate paths and the pace of gilt unwind. Assuming the current £100bn annual pace, the net present value of cumulative cash flows is estimated at around -£115bn, the report said. 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. 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 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
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All three major US stock indexes were up in late-morning trading Tuesday after a key inflation repor Sign in to access your portfolio
