Populist Karol Nawrocki wins Polish presidential election, setting stage for more clashes with PM Tusk
Karol Nawrocki, the candidate aligned with Poland's right-wing populist Law and Justice (PiS) party, won 50.89% of the vote, defeating the liberal mayor of Warsaw Rafał Trzaskowski – long the favorite to win – in a head-to-head run-off.
The result extends PiS' 10-year occupancy of the presidential palace and could spell disaster for Prime Minister Donald Tusk, whose pledge to erase PiS' fingerprints from Poland's embattled institutions saw him clash repeatedly with the outgoing President Andrzej Duda.
Nawrocki is a champion of US President Donald Trump and visited the White House in the weeks before the election. He was the underdog throughout the campaign, but came a close second to Trzaskowski in the first round of voting two weeks ago, having survived a series of damaging stories about his past. He picked up a late endorsement from the third-placed, far-right candidate.
The 42-year-old historian will now yield the hugely powerful presidential veto, which Duda used frequently to thwart Tusk's agenda. The European Union has looked to Tusk for a blueprint on undoing the effects of populism on a democracy – but a victory for Nawrocki was not part of the plan.
Though Polish presidential candidates often stand as individuals, rather than representatives of a party, there is little hiding their affiliations, and each major party historically endorses and campaigns for a candidate.
Tusk ousted PiS from government in a heated parliamentary election in 2023, but Nawrocki's victory denies him an open road to fully undo the transformation of the Polish state overseen by PiS during an eight-year stint in government.
On Monday, Tusk said he will 'soon' call for a parliamentary vote of confidence in his coalition government, according to Reuters. He added in a televised speech that his party wants to show the world they 'understand the gravity of the moment, but that we do not intend to take a single step back.'
Nawrocki is a first-time politician who has led two influential cultural bodies in Poland – the Museum of the Second World War in Gdansk, and then the Institute of National Remembrance, a state-funded research facility whose purpose became increasingly politicized as PiS took a nationalist approach to the telling of Polish history.
He ran a campaign that was seemingly stuck in defensive mode. Scandals about his alleged use of a Gdansk apartment as a second home and his supposed ties to the northern port city's underworld dogged his run. In March it even emerged that he had appeared on a television show, in disguise and with his face blurred, to praise his own book.
And when confronted with claims that he took part in organized fights between rival soccer fans – known in Poland as an ustawka, or 'set up' – Nawrocki sought to use the revelations to his advantage, describing the clashes as 'noble,' according to CNN affiliate TVN24.
On the campaign trail, he emphasized his Catholic faith, pledged to reduce migration, and was relentlessly critical of Brussels and of Tusk. He received a late flurry of support from attendees at the Conservative Political Action Conference (CPAC), which held its first-ever gathering in Poland earlier this week, cementing a years-long convergence between the populist right movements in Poland and the US.
His victory looked unlikely until the first round of voting two weeks ago, which showed him narrowly behind Trzaskowski and revealed greater levels of support than expected for a smattering of far-right and extreme-right figures, some of whom subsequently said they would vote for Nawrocki.
The result is the worst-case scenario for Tusk's government, which was elected after eight toxic years in Polish politics but which has labored in recent months to deliver on its ambitious agenda.
Tusk had hoped that a Trzaskowski presidency would remove the last major roadblock to his efforts to renew the independence of Poland's judiciary, media and cultural bodies.
Instead, the result sets the stage for a new round of confrontations between Poland's president and prime minister. Nawrocki will be expected to follow the blueprint set by Duda, who blocked several attempts by Tusk to undo the PiS' judicial reforms and stalled progress on bills relating to hate crime and contraception access, either by vetoing them or sending them into legal gridlock.
'I'm sorry that I didn't manage to convince the majority of citizens of my vision of Poland,' Trzaskowski wrote on X.
And it essentially snuffs out any prospect that Poland's near-total abortion ban and its prohibition of same-sex civil partnerships will be undone. Tusk had promised to relax both bans, but they are supported by some of the more socially conservative lawmakers propping up his government, and the threat of a presidential veto likely renders any efforts at persuasion futile.
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FTSE 100 LIVE: London stocks lag peers as earnings deluge fails to impress investors
The FTSE 100 (^FTSE) underperformed against its European peers on Wednesday as traders were unimpressed by weak results from the likes of Aston Martin (AML.L), HSBC (HSBA.L) and Taylor Wimpey (TW.L). Markets in Europe got a boost when data released this morning showed unexpected signs of life in the eurozone economy. Gross domestic product (GDP) in the bloc grew 0.1% in the second quarter of the year, marginally better than the zero growth expected by economists. However, it was still a slowdown compared to the 0.6% growth seen in the first three months of 2025, when businesses had raced to get ahead of US tariffs by making more products and increasing exports to the country. Seasonally-adjusted GDP rose by 0.2% in the European Union (EU) in the second quarter of 2025, compared with the previous quarter. Year-on-year, growth eased a little, with the eurozone up 1.4% and the EU up 1.5%, both slightly below the pace seen previously. Also in focus today is the interest rate decision from the US Federal Reserve, due this evening. Fed chair Jerome Powell has been under intense pressure from president Donald Trump to reduce rates. Neil Wilson, UK investor strategist at Saxo Markets, said: "Powell won't be bowing down to Trump's demands to cut rates, so expect the chair to instead lay some groundwork for December rather than September. "If they do need to move sooner than, it will be because of the labour market – key US jobs numbers on Friday will be more important this week. So far the labour market data looks good but we can seen signs of weakness appearing." Microsoft (MSFT) is also set to report its fiscal fourth-quarter earnings after the bell on Wednesday, with Wall Street looking for the software giant to offer up solid growth in its AI and cloud businesses. London's benchmark index (^FTSE) was 0.3% lower in early afternoon trade Germany's DAX (^GDAXI) rose 0.1% and the CAC (^FCHI) in Paris was 0.5% in the green The pan-European STOXX 600 (^STOXX) was up 0.1% Wall Street is set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green The pound was 0.1% up against the US dollar (GBPUSD=X) at 1.3362 Follow along for live updates throughout the day: US VC funding surges by 87% in first half In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025. While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData. 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Those results could bode well for Microsoft as investors look toward further AI sales gains. For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89 billion, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72 billion in the same period last year. The best places to retire in Britain revealed Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life. The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation. L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive. Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life. Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score. 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Sheena Berry, healthcare analyst at Quilter Cheviot, said: Apple to launch first foldable iPhone Apple is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant. The Telegraph has the details... On Tuesday, analysts at Wall Street bank JP Morgan said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999. The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung which has been selling foldable smartphones since 2019. Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam. Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream. JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market. The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007. Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models. But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates. JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering. German economy contracts 0.1% in second quarter The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs. Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%. It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data. This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters. Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday. Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%. UK private sector to shrink at fastest pace since pandemic British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power. Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI). Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance. The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic. Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies. 'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices. 'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said. US-India trade deal not finalised, says Trump Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline. "India is my friend," the US president said. "They ended the war with Pakistan at my deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...". However, he cautioned that the tariff rate has not yet been decided as negotiations continue. Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH. Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week. The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal. HSBC launches $3bn share buyback despite second-quarter profit plunge Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications ( and exposure to Hong Kong real estate. The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake. Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector. Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.' He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.' Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn. Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina. Read the full article here Asia and US overnight Stocks in Asia were mixed overnight, with the Nikkei (^N225) slipped 0.05% on the day in Japan, while the Hang Seng (^HSI) fell 1.2% in Hong Kong. The Shanghai Composite ( was 0.2% up by the end of the session. US Treasury Secretary Bessent said the US and China were continuing talks on maintaining their current trade truce before it expires in two weeks' time. He said another 90-day extension, which had been indicated by China's delegation, was an option but that the final decision lay with Trump. National Economic Council Chair Hassett said Trump would see the final details on the China talks today. In South Korea, the Kospi (^KS11) added 0.7% on the day, buoyed by hopes of a US trade agreement prior to the August 1 deadline. Across the pond on Wall Street, stocks retreated, with the the S&P 500 (^GSPC) losing 0.5%, ending a run six consecutive record highs. The tech-heavy Nasdaq (^IXIC) was 0.4% lower and the Dow Jones (^DJI) also fell 0.5%. It came as Tuesday was a busy day for US data, which sent a decent signal on the state of the US economy. The Conference Board's July consumer confidence index came in stronger than expected at 97.2 (vs 96.0), while inflation expectations continued to reverse their spike earlier in the year. Meanwhile, US Treasuries saw a strong rally, as 2-year yields fell -5.8bps, while 10-year (-9.1bps) and 30-year (-10.2bps) yields saw their biggest daily declines since early June. 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. Looking ahead to today, the main event will be the Fed rate decision at 19:00 LDN time. Before the decision, the main data releases will be US GDP, ADP employment change and personal consumption. In Europe, the focus will be on the eurozone flash GDPs and consumer confidence. On the earnings side, we will hear from two of the Mag-7 with Microsoft and Meta reporting after the US close. Other US results include Qualcomm and Ford, while in Europe the highlights include Airbus, BAE, Mercedes-Benz and Porsche. Here's a snapshot of what's on the agenda: 7am: Trading updates: HSBC, Rio Tinto, GlaxoSmithKline, BAE Systems, Oakley, Banco Santander, Sage, Aston Martin Lagonda, Foxtons 10am: Eurozone GDP growth rate 10am: Eurozone economic sentiment index 1:30pm: US GDP growth rate 3pm: US Pending Homes Sales 3.30pm: US Crude Oil Inventories 7pm: US Federal Reserve decisionUS VC funding surges by 87% in first half In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025. While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData. Aurojyoti Bose, lead analyst at GlobalData, said: In comparison to other leading countries, the US maintains a commanding lead in both VC deal volume and value. An analysis of GlobalData's Deals Database revealed that the US accounted for more than 30% of the total number of VC deals announced globally during H1 2025, while its share in terms of funding value stood at around 65%. China, which ranks second, experienced a notable decline in both metrics, with VC deal volume dropping by approximately 6% and deal value plummeting by over 40% in H1 2025 compared to H1 2024. The UK also witnessed VC deal volume and value dropping by 14% and 12% year-on-year, respectively, in H1 2025. Meanwhile, India witnessed a growth of around 15% in VC deal volume and 13% in deal value. This divergence in trends emphasizes the unique position of the US market, which continues to attract significant capital. Some of the notable VC funding deals announced in the US during H1 2025 include $40bn in funding for OpenAI, $3.5bnsecured by Anthropic, $3bn raised by Infinite Reality, $2.5 billion secured by Anduril, and $1bn secured by Grammarly, among others. In the global venture capital (VC) funding arena, the US continues to assert its dominance, showcasing remarkable growth in deal value during the first six months of 2025. While the total number of VC deals announced in the US saw a slight decrease of around 4% in H1 2025 compared to H1 2024, the value of these deals surged by 87% to $116bn, according to GlobalData. Aurojyoti Bose, lead analyst at GlobalData, said: In comparison to other leading countries, the US maintains a commanding lead in both VC deal volume and value. An analysis of GlobalData's Deals Database revealed that the US accounted for more than 30% of the total number of VC deals announced globally during H1 2025, while its share in terms of funding value stood at around 65%. China, which ranks second, experienced a notable decline in both metrics, with VC deal volume dropping by approximately 6% and deal value plummeting by over 40% in H1 2025 compared to H1 2024. The UK also witnessed VC deal volume and value dropping by 14% and 12% year-on-year, respectively, in H1 2025. Meanwhile, India witnessed a growth of around 15% in VC deal volume and 13% in deal value. This divergence in trends emphasizes the unique position of the US market, which continues to attract significant capital. Some of the notable VC funding deals announced in the US during H1 2025 include $40bn in funding for OpenAI, $3.5bnsecured by Anthropic, $3bn raised by Infinite Reality, $2.5 billion secured by Anduril, and $1bn secured by Grammarly, among others. Adidas to raise prices as US tariffs costs rise Adidas has warned that US tariffs will cost the company a further €200m (£173m), confirming it will raise prices for American customers. The German sportswear giant makes most of its products in China and the Far East which have targeted by ongoing trade war. Bjorn Gulden, Adidas chief executive, said the tariffs "will directly increase the cost of our products for the US". He admitted that the company still does not know what the impact will be on customer demand "should all these tariffs cause major inflation". It comes as rival Nike also said it would raise prices on some trainers and clothing for US customers from June onwards, and later warned the tariffs could add about $1bn (£730m) to its costs. Adidas has warned that US tariffs will cost the company a further €200m (£173m), confirming it will raise prices for American customers. The German sportswear giant makes most of its products in China and the Far East which have targeted by ongoing trade war. Bjorn Gulden, Adidas chief executive, said the tariffs "will directly increase the cost of our products for the US". He admitted that the company still does not know what the impact will be on customer demand "should all these tariffs cause major inflation". It comes as rival Nike also said it would raise prices on some trainers and clothing for US customers from June onwards, and later warned the tariffs could add about $1bn (£730m) to its costs. Microsoft to report Q4 earnings Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Wednesday. Wall Street is looking for the software giant to offer up solid growth in its AI and cloud business as its customers explore further AI use cases. The Windows maker's earnings come a week after Google (GOOG, GOOGL) posted better-than-anticipated second quarter results on the strength of its cloud revenue growth, sending shares higher. The company also said it is pouring an additional $10 billion into its AI buildout, bringing the year's total from $75 billion to $85 billion. But investors were unperturbed by the increase and instead focused on CEO Sundar Pichai's commentary indicating that Search volume grew double digits in the quarter. Those results could bode well for Microsoft as investors look toward further AI sales gains. For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89 billion, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72 billion in the same period last year. Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Wednesday. Wall Street is looking for the software giant to offer up solid growth in its AI and cloud business as its customers explore further AI use cases. The Windows maker's earnings come a week after Google (GOOG, GOOGL) posted better-than-anticipated second quarter results on the strength of its cloud revenue growth, sending shares higher. The company also said it is pouring an additional $10 billion into its AI buildout, bringing the year's total from $75 billion to $85 billion. But investors were unperturbed by the increase and instead focused on CEO Sundar Pichai's commentary indicating that Search volume grew double digits in the quarter. Those results could bode well for Microsoft as investors look toward further AI sales gains. For the quarter, Wall Street is anticipating Microsoft to report adjusted earnings per share (EPS) of $3.37 on revenue of $73.89 billion, according to Bloomberg analyst consensus estimates. The company saw adj. EPS of $2.95 and revenue of $64.72 billion in the same period last year. The best places to retire in Britain revealed Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life. The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation. L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive. Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life. Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score. Read more here Chesham and Amersham has been crowned the best place to retire in Britain, in a ranking by L&G (LGEN.L), which looked at the top areas for wellbeing in later life. The financial services firm said in an analysis, published on Wednesday, that the commuter-belt constituency in Buckinghamshire ranked highest for retirement wellbeing out of 632 areas across the nation. L&G's study ranked each British constituency against six pillars measuring quality of life in retirement: housing, health, community, finances, nature, and access to amenities. Each area was scored out of 100 to identify where retirees are most likely to thrive. Chesham and Amersham received an overall score of 74 out of 100, with the constituency performing particularly well on health, gaining a score of 93 for this category. L&G said this reflected a strong proportion of over-65s in good physical and mental health, as well as good access to GPs. The area also scored highly on financial security and in the other pillars, which L&G said made it a well-rounded environment for later life. Some constituencies were top performers in individual categories but did not make it into the top 20 ranking list, as this was based on the overall score. Read more here FTSE risers and fallers After this morning's slew of corporate results, here are the FTSE 100 risers and fallers this morning, After this morning's slew of corporate results, here are the FTSE 100 risers and fallers this morning, Taylor Wimpey shares fall after profit warning Shares in Taylor Wimpey (TW.L) fell 6.5% on Wednesday, after the housebuilder downgraded its profit forecast citing a £20m charge associated with historical defective workmanship by a principal contractor. The company said it now expects to deliver operating profit of around £424m for the year. Steve Clayton, head of equity funds at Hargreaves Lansdown, said: Shares in Taylor Wimpey (TW.L) fell 6.5% on Wednesday, after the housebuilder downgraded its profit forecast citing a £20m charge associated with historical defective workmanship by a principal contractor. The company said it now expects to deliver operating profit of around £424m for the year. Steve Clayton, head of equity funds at Hargreaves Lansdown, said: Gold prices steady as investors await Fed interest rate decision Gold prices (GC=F) were little changed on Wednesday morning as investors refrained from making significant moves ahead of the US Federal Reserve's latest interest rate decision, due later in the day. Gold futures were flat at $3,322.90 per ounce at the time of writing, while spot gold was also muted, at $3,330.98 per ounce. The Federal Reserve is expected to leave its benchmark interest rate unchanged within the 4.25% to 4.5% range despite persistent calls from US president Donald Trump to lower borrowing costs. Traders continue to price in a possible rate cut in September. "There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," Oanda senior market analyst Kelvin Wong said. Expectations of looser monetary policy are contributing to bullish sentiment for gold, which has already gained more than 27% this year, outperforming most major asset classes. Investment firm Fidelity believes bullion could climb as high as $4,000 an ounce by year-end, buoyed by a weakening US dollar and a pivot by the Fed towards rate cuts. Speaking to Bloomberg, Ian Samson, a fund manager at Fidelity, said the firm remains optimistic on the outlook for gold. 'The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,' he said. Samson added that some cross-asset portfolios had increased their exposure after gold prices pulled back from a record high of $3,500 reached in April. In certain cases, allocations were doubled from an initial 5% over the past year. He also noted that August tends to be a softer month for risk assets, making diversification more appealing. 'More diversification makes sense,' Samson said. Gold prices (GC=F) were little changed on Wednesday morning as investors refrained from making significant moves ahead of the US Federal Reserve's latest interest rate decision, due later in the day. Gold futures were flat at $3,322.90 per ounce at the time of writing, while spot gold was also muted, at $3,330.98 per ounce. The Federal Reserve is expected to leave its benchmark interest rate unchanged within the 4.25% to 4.5% range despite persistent calls from US president Donald Trump to lower borrowing costs. Traders continue to price in a possible rate cut in September. "There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," Oanda senior market analyst Kelvin Wong said. Expectations of looser monetary policy are contributing to bullish sentiment for gold, which has already gained more than 27% this year, outperforming most major asset classes. Investment firm Fidelity believes bullion could climb as high as $4,000 an ounce by year-end, buoyed by a weakening US dollar and a pivot by the Fed towards rate cuts. Speaking to Bloomberg, Ian Samson, a fund manager at Fidelity, said the firm remains optimistic on the outlook for gold. 'The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,' he said. Samson added that some cross-asset portfolios had increased their exposure after gold prices pulled back from a record high of $3,500 reached in April. In certain cases, allocations were doubled from an initial 5% over the past year. He also noted that August tends to be a softer month for risk assets, making diversification more appealing. 'More diversification makes sense,' Samson said. GSK delivers solid growth GSK (GSK.L) rose slightly on the day in London after it reported a solid set of results in the second quarter, with overall sales growing 6%. This was better than expected, with growth driven by speciality medicines and vaccines, as it offset weaker performance from general medicines. Sheena Berry, healthcare analyst at Quilter Cheviot, said: GSK (GSK.L) rose slightly on the day in London after it reported a solid set of results in the second quarter, with overall sales growing 6%. This was better than expected, with growth driven by speciality medicines and vaccines, as it offset weaker performance from general medicines. Sheena Berry, healthcare analyst at Quilter Cheviot, said: Apple to launch first foldable iPhone Apple is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant. The Telegraph has the details... On Tuesday, analysts at Wall Street bank JP Morgan said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999. The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung which has been selling foldable smartphones since 2019. Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam. Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream. JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market. The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007. Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models. But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates. JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering. Apple is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant. The Telegraph has the details... On Tuesday, analysts at Wall Street bank JP Morgan said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999. The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung which has been selling foldable smartphones since 2019. Although Apple has not confirmed the launch, JP Morgan closely monitors developments at the tech giant and believes a flip phone is the next logical step after its most current model, the iPhone 17, runs out of steam. Throughout its history, Apple has repeatedly taken existing devices from smartwatches to tablet and taken them mainstream. JP Morgan expect this to happen again, with the sales potential for foldable smartphones expanding significantly from this year onwards because of Apple's foray into the foldable phone market. The launch of a foldable model promises to be the most significant design update to the iPhone since Apple's founder Steve Jobs launched its first smartphone in 2007. Each subsequent year the updates have been met with keen interest from Apple's customers, with consumers often queuing through the night to be the first to get their hands on the newest models. But in recent years Apple's updates have been less compelling for customers, often with relatively lacklustre promises like improved battery life or minor software updates. JPMorgan said the upgrades to the iPhone 17 series to be released this autumn are expected to be 'fairly limited' and investors are already focused on next year's offering. German economy contracts 0.1% in second quarter The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs. Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%. It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data. This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters. Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday. Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%. The German economy shrank 0.1% in the second quarter of the year, as companies adjusted to the impact of Donald Trump's tariffs. Economists had expected the decline in output from the EU's largest economy and biggest exporter, with the country's federal statistics agency revising down growth in the first quarter to 0.3%, rather than the preliminary reading of 0.4%. It came after France's economy, Europe's second-largest, significantly outperformed expectations. French GDP grew by 0.3% in the second quarter, according to preliminary data. This was a surprise acceleration in growth from the 0.1% revised reading for first-quarter growth, coming in higher than the 0.1% expected by economists polled by Reuters. Nicholas Farr, Emerging Europe economist at Capital Economics, added that the economies of Hungary and Czechia 'have held up reasonably well since the introduction of US tariffs in April', according to data published on Wednesday. Hungary's economy grew 0.4%, an improvement from a 0.1% contraction in the previous quarter. However, the Czech economy saw growth slow from 0.8% in the first quarter to 0.2%. UK private sector to shrink at fastest pace since pandemic British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power. Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI). Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance. The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic. Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies. 'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices. 'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said. British business activity is expected to shrink at its fastest pace since the COVID-19 pandemic in 2020 amid growing pessimism since Labour took power. Economists warned the 'negative sentiment' had no end in sight, with activity across 'all parts' of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI). Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves's autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers' National Insurance. The response to the CBI's business barometer was the most negative since October 2020, when Boris Johnson, the former prime minister announced the second national lockdown during the pandemic. Bosses were also wary about the impact of global trade policy, even though the UK has escaped with one of the lowest additional tariffs from Donald Trump among major advanced economies. 'The outlook remains negative across the board,' the CBI said, as it warned of a toxic mix of slower growth and higher prices. 'Our surveys also suggest that headcount will be cut further in the three months to October, marking almost a year of weak hiring intentions,' it said. US-India trade deal not finalised, says Trump Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline. "India is my friend," the US president said. "They ended the war with Pakistan at my deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...". However, he cautioned that the tariff rate has not yet been decided as negotiations continue. Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH. Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week. The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal. Donald Trump has suggested that India could be hit with a tariff rate of 20-25%, although he cautioned that the final rate had not yet been finalised as both sides are still negotiating ahead of Friday's deadline. "India is my friend," the US president said. "They ended the war with Pakistan at my deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country...". However, he cautioned that the tariff rate has not yet been decided as negotiations continue. Trump has expressed his desire to speak with prime minister Narendra Modi before giving the final nod to the trade agreement, sources familiar with the development told 5WH. Negotiations for the deal have concluded, with the final draft awaiting Trump's approval for more than a week. The pact has received endorsements from key officials on both sides — U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, as well as India's Commerce and Industry Minister Piyush Goyal. HSBC launches $3bn share buyback despite second-quarter profit plunge Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications ( and exposure to Hong Kong real estate. The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake. Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector. Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.' He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.' Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn. Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina. Read the full article here Pre-tax profits at Europe's largest lender HSBC (HSBA.L) plunged 29% year-on-year to $6.3bn (£4.7bn) in its second quarter, mostly on account of impairment charges related to its investment in China's Bank of Communications ( and exposure to Hong Kong real estate. The bank recorded a $2.1bn impairment on its long-standing investment in Bank of Communications, adding to a $3bn charge taken earlier this year. The latest writedown includes a $1.1bn loss from a private placement of shares by the Chinese state-owned bank that diluted HSBC's stake. Expected credit losses rose by $900m year-on-year to $1.9bn, due in part to mounting stress in Hong Kong's property sector. Group CEO Georges Elhedery also cited rising macroeconomic risks. 'Structural challenges to the global economy have caused uncertainty and market volatility,' he said, referencing 'broad-based tariffs' and 'fiscal vulnerabilities.' He added: 'This is complicating the inflation and interest rate outlook, creating greater uncertainty. Even before tariffs take effect, trade disruptions are reshaping the economic landscape.' Operating expenses rose 10% compared with the same quarter last year, driven by restructuring and higher investment in technology, the bank said. Net interest income — the difference between what the bank earns on loans and pays on deposits — was $8.5bn. Revenue for the first half of 2025 fell $3.2bn to $34.1bn, primarily reflecting the group's exit from its operations in Canada and Argentina. Read the full article here Asia and US overnight Stocks in Asia were mixed overnight, with the Nikkei (^N225) slipped 0.05% on the day in Japan, while the Hang Seng (^HSI) fell 1.2% in Hong Kong. The Shanghai Composite ( was 0.2% up by the end of the session. US Treasury Secretary Bessent said the US and China were continuing talks on maintaining their current trade truce before it expires in two weeks' time. He said another 90-day extension, which had been indicated by China's delegation, was an option but that the final decision lay with Trump. National Economic Council Chair Hassett said Trump would see the final details on the China talks today. In South Korea, the Kospi (^KS11) added 0.7% on the day, buoyed by hopes of a US trade agreement prior to the August 1 deadline. Across the pond on Wall Street, stocks retreated, with the the S&P 500 (^GSPC) losing 0.5%, ending a run six consecutive record highs. The tech-heavy Nasdaq (^IXIC) was 0.4% lower and the Dow Jones (^DJI) also fell 0.5%. It came as Tuesday was a busy day for US data, which sent a decent signal on the state of the US economy. The Conference Board's July consumer confidence index came in stronger than expected at 97.2 (vs 96.0), while inflation expectations continued to reverse their spike earlier in the year. Meanwhile, US Treasuries saw a strong rally, as 2-year yields fell -5.8bps, while 10-year (-9.1bps) and 30-year (-10.2bps) yields saw their biggest daily declines since early June. Stocks in Asia were mixed overnight, with the Nikkei (^N225) slipped 0.05% on the day in Japan, while the Hang Seng (^HSI) fell 1.2% in Hong Kong. The Shanghai Composite ( was 0.2% up by the end of the session. US Treasury Secretary Bessent said the US and China were continuing talks on maintaining their current trade truce before it expires in two weeks' time. He said another 90-day extension, which had been indicated by China's delegation, was an option but that the final decision lay with Trump. National Economic Council Chair Hassett said Trump would see the final details on the China talks today. In South Korea, the Kospi (^KS11) added 0.7% on the day, buoyed by hopes of a US trade agreement prior to the August 1 deadline. Across the pond on Wall Street, stocks retreated, with the the S&P 500 (^GSPC) losing 0.5%, ending a run six consecutive record highs. The tech-heavy Nasdaq (^IXIC) was 0.4% lower and the Dow Jones (^DJI) also fell 0.5%. It came as Tuesday was a busy day for US data, which sent a decent signal on the state of the US economy. The Conference Board's July consumer confidence index came in stronger than expected at 97.2 (vs 96.0), while inflation expectations continued to reverse their spike earlier in the year. Meanwhile, US Treasuries saw a strong rally, as 2-year yields fell -5.8bps, while 10-year (-9.1bps) and 30-year (-10.2bps) yields saw their biggest daily declines since early June. 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. Looking ahead to today, the main event will be the Fed rate decision at 19:00 LDN time. Before the decision, the main data releases will be US GDP, ADP employment change and personal consumption. In Europe, the focus will be on the eurozone flash GDPs and consumer confidence. On the earnings side, we will hear from two of the Mag-7 with Microsoft and Meta reporting after the US close. Other US results include Qualcomm and Ford, while in Europe the highlights include Airbus, BAE, Mercedes-Benz and Porsche. Here's a snapshot of what's on the agenda: 7am: Trading updates: HSBC, Rio Tinto, GlaxoSmithKline, BAE Systems, Oakley, Banco Santander, Sage, Aston Martin Lagonda, Foxtons 10am: Eurozone GDP growth rate 10am: Eurozone economic sentiment index 1:30pm: US GDP growth rate 3pm: US Pending Homes Sales 3.30pm: US Crude Oil Inventories 7pm: US Federal Reserve decision 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. Looking ahead to today, the main event will be the Fed rate decision at 19:00 LDN time. Before the decision, the main data releases will be US GDP, ADP employment change and personal consumption. In Europe, the focus will be on the eurozone flash GDPs and consumer confidence. On the earnings side, we will hear from two of the Mag-7 with Microsoft and Meta reporting after the US close. Other US results include Qualcomm and Ford, while in Europe the highlights include Airbus, BAE, Mercedes-Benz and Porsche. Here's a snapshot of what's on the agenda: 7am: Trading updates: HSBC, Rio Tinto, GlaxoSmithKline, BAE Systems, Oakley, Banco Santander, Sage, Aston Martin Lagonda, Foxtons 10am: Eurozone GDP growth rate 10am: Eurozone economic sentiment index 1:30pm: US GDP growth rate 3pm: US Pending Homes Sales 3.30pm: US Crude Oil Inventories 7pm: US Federal Reserve decision Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
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Virgin Media O2's plan to spin off infrastructure is scrapped, Telefonica CEO says
MADRID (Reuters) -The plan to spin off joint venture Virgin Media O2's fixed network in Britain had been scrapped, Telefonica's Chief Executive Marc Murtra told Reuters on Wednesday. "The project is stopped," Murtra said, clarifying his comment made during a call with analysts that the "plan is not on pause". Virgin Media O2, which is jointly owned by Liberty Global and Telefonica, had said last year it wanted to spin off its fixed network into a subsidiary called NetCo. Virgin Media said at the time the change would underpin its plan to upgrade all of its customers to fibre. The move would create a platform for wholesale opportunities, it said. Reports last year said the companies were planning to sell a 20-40% stake in the network as part of the spinoff. 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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HSBC Swiss private bank faces probe over alleged money laundering
HSBC Holdings' Swiss private banking arm is currently under scrutiny by local and French law enforcement agencies, the bank in a statement. The investigations, which are in their preliminary stages, are focused on potential offenses linked to "two historical banking relationships." The banking giant aid that the outcome of these investigations could have a significant impact on its operations, although it is currently "not practicable" to estimate the extent of the potential repercussions. In its interim report, the bank stated: 'Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any possible impact on HSBC, which could be significant.' This development follows the previous year's findings by Switzerland's financial regulator, Finma, which highlighted the bank's failure to perform sufficient checks on high-risk accounts, particularly those belonging to politically exposed persons (PEPs). Finma's investigation revealed severe breaches of regulations concerning transactions exceeding $300M that occurred from 2002 to 2015. Consequently, HSBC was mandated to overhaul its anti-money laundering protocols and to reassess all high-risk and politically exposed client relationships. Additionally, the bank was instructed to refrain from acquiring any new PEP clients until the required improvements were verified as complete. For the half-year ended 30 June 2025, HSBC's profit before tax declined by $5.7bn to $15.8bn, while revenue fell by $3.2bn, or 9%, to $34.1bn compared to the same period in 2024. This month, HSBC Continental Europe revealed the divestment of its fund administration business, Internationale Kapitalanlagegesellschaft (INKA), to a fund managed by BlackFin Capital Partners. "HSBC Swiss private bank faces probe over alleged money laundering " was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
