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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
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Palace claim sporting merit 'meaningless' after Europa League demotion
Premier League side Crystal Palace said on Tuesday that sporting merit had been "rendered meaningless" by UEFA's decision to demote them from the Europa League. The FA Cup winners have been forced to play in this season's Conference League after European football's governing body UEFA ruled in July that American businessman John Textor had control or influence at both Palace and French club Lyon. Palace tried to have the punishment overturned, but on Monday the Lausanne-based Court of Arbitration for Sport announced the Premier League club had lost their appeal. Nottingham Forest are set to take Palace's spot in the Europa League. Palace chairman Steve Parish had already been vocal in his criticism after the initial demotion and, with their fate sealed, the south London club again blasted the decision. "At a time when we should be celebrating our victory in the Community Shield at Wembley, the decision by UEFA and followed by the Court of Arbitration for Sport shows that sporting merit is rendered meaningless," Palace said in a statement. "When we won the FA Cup against Manchester City on that momentous day in May, our manager and players earned the right to play Europa League football. "We have been denied that opportunity. It appears that certain clubs, organisations and individuals have a unique privilege and power. "This growing and unhealthy influence has shattered the hopes and dreams of Crystal Palace supporters, and does not bode well for aspirational teams all over Europe competing to progress when rules and sanctions are unevenly applied in the most flagrant way." UEFA regulations state that where one or more clubs are found to have shared ownership, they cannot play in the same competition, and Lyon held on to the Europa League spot by virtue of their higher league position. Palace missed a March 1 UEFA deadline for team in multi-club groups to change their ownership structure. Textor has since sold his shares to New York Jets owner Woody Johnson, a takeover completed in late July. "Multi-club structures hide behind the charade of a 'blind trust' while clubs such as ours, who have no connection to another club whatsoever, are prevented from playing in the same competition," the Palace statement added. "To compound the injustice, clubs that appear to have huge informal arrangements with each other are also allowed to participate and even possibly play against each other. Palace added that the process was "designed to severely restrict and, in our case, make it almost impossible to receive a fair hearing". Palace beat Premier League champions Liverpool in the Community Shield at the weekend, winning a penalty shootout after the match finished 2-2 in 90 minutes. smg/gj
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European Union awaits US follow-up on trade deal promises
By Julia Payne BRUSSELS (Reuters) -The European Union could not say when a joint statement on tariffs with the United States would be ready, nor when the White House would issue an executive order on European car import duties, a spokesperson said on Tuesday. The EU and U.S. reached a framework trade agreement at the end of July but only the 15% baseline tariff on European exports had so far come into effect, as of last week. EU officials previously said a joint statement would follow the deal "very soon" along with executive orders from U.S. President Donald Trump on key carve-outs. "It is an agreement that we believe is strong and the best we could have ... Of course, we expect the U.S. to take further steps that are part of this agreement but I don't believe at this stage we can put a timeline on these engagements," the European Commission spokesperson said. The carve-outs include a reduction of the current 27.5% U.S. import tariff on EU cars and car parts to 15%. While duties on pharmaceuticals and semiconductors are currently zero, if they rise as a result of a U.S. probe into imports of those products, Trump assured these would not exceed the 15% ceiling. As part of the deal, the EU and U.S. are still finalising a list of products where tariffs would go down to zero on both sides, such as on aircraft, while other products would revert to a much lower most-favoured-nation rate. Separately, negotiations on rates for spirits and wine are expected to drag into the autumn. Europe still faces tariffs of 50% on steel and aluminium exports to the U.S. but the two sides have agreed to set a quota system and a "metals alliance" that would later lower duties. In the interim, however, EU smelters are under pressure as U.S. tariffs have led to a surge in exports of their main input, scrap metal.
