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Business Times
5 days ago
- Business
- Business Times
Europe: Shares end higher on earnings optimism, US rate cut hopes
EUROPEAN shares closed higher on Tuesday, buoyed by better-than-expected corporate earnings and renewed optimism that the Federal Reserve may cut interest rates next month. The pan-European Stoxx 600 index edged up 0.15 per cent to 541.40, with most regional bourses also trading in the green. Earnings season, in full swing, offered some relief for investors concerned about the impact of trade uncertainty on corporate performance. Diageo gained 4.9 per cent after the world's biggest spirits maker forecast flat 2026 sales despite US tariffs and upped its cost-savings target. The stock boosted the food & beverage index by 1.2 per cent, making it the day's top performing sector. German chipmaker Infineon gained 4.6 per cent after it slightly raised BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up its full-year profit outlook and noted the start of a global semiconductor market recovery despite lingering tariff concerns. BP said it will review how best to develop and monetise oil and gas production assets and consider more cost cuts to boost shareholder returns after beating second-quarter profit expectations, which sent its shares up 2.8 per cent. 'The market has learned to adjust to the reality of tariffs quite well,' said Chris Beauchamp, chief market analyst at IG Group. This earnings season is the first to reveal the corporate health impact from US President Donald Trump's tariff-fuelled trade war. Following the EU-US trade deal, analysts have raised their second-quarter earnings growth estimates. Following a solid performance in the first half of the year, analysts have highlighted that sentiment towards US stocks has been improving over European names, with the Stoxx 600 now underperforming the US S&P 500. 'The strength in the US is returning quite dramatically,' Beauchamp said. 'But we're still saying that there are plenty of interesting opportunities in Europe as you've good-quality companies with earnings growth still there. It may be a little bit beaten down, but there is still enough to like about Europe.' Also helping the mood globally were expectations that the US Federal Reserve will lower interest rates faster than previously expected following soft US nonfarm payrolls data last week. Rate-sensitive bank stocks shed 0.3 per cent in tandem with falling euro zone yields. Smith+Nephew jumped 15.3 per cent after the British medical products maker posted a rise in first-half profit and announced a new US$500 million share buyback for the rest of the year. Novo Nordisk shares dropped 2.3 per cent after UBS downgraded the stock to 'neutral' from 'buy', citing several challenges to the company's growth. The company is expected to report quarterly results this week. Its shares lost 32 per cent last week after it slashed its 2025 forecast and named an insider as new CEO. Meanwhile, a survey showed that euro zone business activity grew slightly faster in July than in June, although demand remained subdued. REUTERS
Business Recorder
5 days ago
- Business
- Business Recorder
European shares surge on earnings optimism
FRANKFURT: European shares closed higher on Tuesday, buoyed by better-than-expected corporate earnings and renewed optimism that the Federal Reserve may cut interest rates next month. The pan-European STOXX 600 index edged up 0.15%, with most regional bourses also trading in the green. Earnings season, in full swing, offered some relief for investors concerned about the impact of trade uncertainty on corporate performance. Diageo gained 4.9% after the world's biggest spirits maker forecast flat 2026 sales despite US tariffs and upped its cost-savings target. The stock boosted the food & beverage index by 1.2%, making it the day's top performing sector. German chipmaker Infineon gained 4.6% after it slightly raised its full-year profit outlook and noted the start of a global semiconductor market recovery despite lingering tariff concerns. BP said it will review how best to develop and monetise oil and gas production assets and consider more cost cuts to boost shareholder returns after beating second-quarter profit expectations, which sent its shares up 2.8%. 'The market has learned to adjust to the reality of tariffs quite well,' said Chris Beauchamp, chief market analyst at IG Group. This earnings season is the first to reveal the corporate health impact from US President Donald Trump's tariff-fueled trade war. Following the EU-US trade deal, analysts have raised their second-quarter earnings growth estimates . Following a solid performance in the first half of the year, analysts have highlighted that sentiment towards US stocks has been improving over European names, with the STOXX 600 now underperforming the US S&P 500. 'The strength in the US is returning quite dramatically,' Beauchamp said. 'But we're still saying that there are plenty of interesting opportunities in Europe as you've good-quality companies with earnings growth still there. It may be a little bit beaten down, but there is still enough to like about Europe.' Also helping the mood globally were expectations that the US Federal Reserve will lower interest rates faster than previously expected following soft US nonfarm payrolls data last week.
Yahoo
29-07-2025
- Business
- Yahoo
FTSE 100 higher and US stocks in the red with earnings rush and jobs data in focus
The FTSE 100 (^FTSE) and European stocks headed higher on Tuesday, while US stocks lost ground. It comes as traders' attention turns to the crop of quarterly company updates slated for this week, as well as the Federal Reserve's two-day meeting, which starts on Tuesday. Barclays (BARC.L) bank reported second-quarter results before the opening bell in London, with its stock price soaring around 2.5% as it announced £1bn in share buybacks. The bank was scheduled to hold an earnings call this afternoon. In Europe a crop of fashion and luxury retailers are set to report, including Kering ( Christian Dior ( and L'Oreal ( In the US, earnings reports from Visa (V), Procter & Gamble (PG), United Health (UNH), Boeing (BA), Spotify (SPOT) and Starbuck's (SBUX) are all on the agenda. The mood soured in the US as a blockbuster week for markets gets into full swing. The JOLTS job openings update for June ushered in a series of crucial US employment market data culminating in Friday's nonfarm payrolls report. The data showed job openings declined in June while hiring also decreased, according to government data released Tuesday. The report comes as investors closely watch for any signs of slowing in the labor market amid a debate over when the Federal Reserve could cut interest rates again. Stocks: Create your watchlist and portfolio London's premier index was up 0.7% by the end of the session. At the top of the index were AstraZeneca (AZN.L) and Games Workshop (GAW.L). Over in Germany, the DAX (^GDAXI) added 1%. Paris shares rose, with the CAC 40 (^FCHI) also rallied 0.3%. The pan-European STOXX 600 (^STOXX) ticked up 0.6%. The S&P 500 (^GSPC) fell 0.2% on the heels of narrowly notching a sixth all-time closing high in a row, while the tech-heavy Nasdaq Composite (^IXIC) dipped 0.1%. The Dow Jones Industrial Average (^DJI) was 0.3% lower. That's it from me! Thanks for reading. Head over to our US site for more market moving news. US jobs numbers show decrease in hiring New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had shown the highest number of job openings since November 2024. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.2 million hires were made in June, down from the 5.47 million made during May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024. In one sign that workers remain cautious about labor market conditions, the quits rate, a sign of confidence among workers, hovered at 2%. Both the hiring and quits rates are hovering near decade lows, reflecting what economists have described as a labor market in "stasis." Oil higher for a second day Chris Beauchamp, chief market analyst at online trading platform IG, said: Chancellor and BoE governor clash over Revolut licence meeting: FT The governor of the Bank of England has reportedly blocked a meeting planned by Chancellor Rachel Reeves to address the regulation of Revolut, in a sign of potential friction between the Government and the central bank. The Chancellor had sought to set up a three-way meeting for Treasury officials, the fintech business and the Bank of England's Prudential Regulation Authority, with regulates UK banks. It is understood the Chancellor is pushing for Revolut to be fully authorised as a bank as soon as possible, after receiving initial approval last year. However, the Financial Times reported the meeting was scrapped by Governor Andrew Bailey due to concerns of political interference in the central bank's oversight process. The incident, which took place in recent weeks according to the publication, contributes to speculation of a growing rift between the Treasury and regulators. Ms Reeves is currently pushing forward with reforms designed to loosen the rules on financial firms, in a move which will increase risk-taking in the sector. The 'Leeds reforms', unveiled in the West Yorkshire city earlier this month, are set to be the biggest set of changes to financial services for more than a decade, according to the Government. Labour is hoping that cutting red tape in the financial services sector and other industries can help accelerate growth in the economy. In her annual Mansion House speech to the financial services sector earlier this month, she urged regulators to resist 'excessive caution'. She added: 'In too many areas, regulation still acts as a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of growth.' Shortly after the meeting, Mr Bailey said 'I don't use those terms' when asked about Ms Reeves's remarks on regulation. He also said: 'We cannot compromise on basic financial stability, that would be my overall message.' Last year Revolut was approved for a UK banking licence after a lengthy process with regulators, however its banking division still has a limit on deposits it can receive until it receives full approval from regulators. The Bank of England declined to comment. The Treasury has been contacted for comment. Rachel Reeves' comment on the latest IMF figures The Chancellor said: Trump's trade war hasn't harmed global growth outlook yet, says IMF Global growth has so far been relatively unscathed by the US's ongoing tariff spats, according to the International Monetary Fund (IMF), with growth of 3% projected in 2025 and 3.1% in 2026. This is higher than the respective 2.8% and 3% forecast in the previous report in April. The latest World Economic Outlook noted the pause on tariffs and a de-escalation of trade tensions between the US and China as factors, which have helped improve growth forecasts. "Despite these welcome developments, tariffs remain historically high, and global policy remains highly uncertain, with only a few countries having reached fully fleshed-out trade agreements," IMF chief economist Pierre-Olivier Gourinchas said in a speech in Washington that accompanied the report's release. Output projections could be cut by 0.3% for 2026 if tariffs are reset at higher levels on the August 1 deadline given by Trump, Gourinchas added. Read more on Yahoo Finance UK How US stocks are faring at the opening bell United Health reports mixed second quarter UnitedHealth Group (UNH) reported second quarter earnings on Tuesday beating Wall Street's expectations on the top line by a small margin, and missing on the bottom line. But its earnings continue a trend of higher-than-expected costs in the industry this quarter. The company reported revenues of $111.6bn, compared to Wall Street forecasts of $111.53bn, and adjusted earnings per share (EPS) of $4.08, compared to $4.59 expected by the Street. The revenues are up nearly $13bn compared to the second quarter in 2024. But margins have shrunk, from 4.3% in 2024 to 3.1% this quarter. The company also updated its guidance for the full year, after pulling it last quarter. It now expects revenues between $445.5bn to $448.0bn, and adjust earnings of at least $16 per share. UnitedHealth's stock fell more than 3% in premarket trading on Tuesday after the report. Read more on Yahoo Finance Spotify stock slides in premarket following earnings Our US team writes: Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19bn ($4.86bn), missing analyst expectations of €4.27bn, though up from €3.81bn in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104m vs guidance," the company said in the earnings release. Operating income also came in below expectations, pressured by €116m in social charges, higher payroll and related costs, and an unfavourable revenue mix. Guidance for the current quarter likewise fell short of Wall Street estimates and "incorporates €25m in social charges based on a Q2 close share price of $767.30," the company noted. Read more on Yahoo Finance Car giant Stellantis warns of €1.5bn tariff hit Stellantis (STLA), darling of the EU auto industry, warned on Tuesday that tariffs have meant a €300m hit for the April to June quarter, with the toll potentially rising a further €1.2bn for the final six months of the year. The prediction comes just days after the EU and US struck a notional trade deal — a pact that so far has little detail. The Vauxhall maker reported a 23% drop in shipments to its North American market in the first half of the year. Its share price lagged by mid-morning following the report. FTSE risers and fallers UK mortgage approvals head higher in June The Bank of England's latest data shows: The number of mortgage approvals on house purchases for June was 64,167, up 1.4% from 63,288 in May. There have been two consecutive months of growth. Approvals are up 5.6% when compared to the 60,761 seen in June 2024. "A second consecutive monthly increase in mortgage approvals, despite the challenges faced in the broader market, is an encouraging sign for the mortgage sector and demonstrates that the market is very much on the up following the brief lull caused by the recent stamp duty deadline," said Jonathan Samuels, CEO of specialist lender Octane Capital. "This momentum is further supported by recent regulatory changes, including adjustments to loan-to-income caps and, with affordability continuing to improve, we expect the positivity seen over the past nine months to persist.' AstraZeneca reminds market of its value Russ Mould, investment director at AJ Bell, said: Greggs faces up to challenging environment Shares were down by 3% as Greggs (GRG.L) reported a 14% drop in pre-tax profit for the first half of the year, as winter storms and summer heatwaves kept customers away from its high street shops, adding to an already challenging consumer environment. The bakery chain, known for its sausage rolls and steak bakes, said profits fell to £63.5m in the six months to the end of June, down from £74.1m a year earlier. While total sales rose 7% to £1.03bn, the increase was not enough to offset a decline in margins and footfall. Company-managed shop like-for-like sales rose 2.6%, while franchised locations grew 4.8%. Greggs, which operates more than 2,600 stores across the UK, said the decline in profits 'reflected challenging market footfall and the phasing of cost headwinds that have particularly impacted the first half of the year.' 'These challenges were compounded by heavy snow and strong winds in January and unusually hot weather in June, which had a material impact on consumer behaviour and lowered like-for-like sales,' the company said. More than 200 shops in Scotland and Wales were temporarily closed during Storm Éowyn in late January, when a rare red warning was issued due to hurricane-force winds, heavy rain, and snow. Cost inflation was also a factor, with overall cost pressures running at 5.4% in the first half. Full-year cost inflation is expected to be around 6%. Greggs spent £3m on expanding manufacturing, logistics, and technology capabilities, and completed 108 shop refurbishments, up from 81 a year earlier. Chief executive Roisin Currie described the first half as a 'challenging market' with weak consumer confidence. 'People are saving, not spending,' she said. The interim dividend was held steady at 19p. While full-year sales are expected to remain resilient, profits are forecast to come in 'modestly below the level achieved in 2024.' Mark Crouch, market analyst at eToro, said: 'Greggs' 14% drop in first-half profit caps a bitter 10 months for the UKs favourite baker. "Management blames hot weather for weaker sales, but that doesn't account for a 50% collapse in market value. The more plausible culprit is the timing of Greggs expansion strategy, stretching margins, just as the consumer picture turns more fragile. 'Greggs has long been a reliable read on the UK high street. Its sudden stumble suggests consumers may not just be cooling on sausage rolls, but that appetite across the high street may be waning more broadly. "With inflation easing and real wages recovering, the macro backdrop should, in theory, be supportive. That it isn't showing up in Greggs' numbers, is a red flag. 'Greggs' brand still holds a strong place in the market, but scale isn't helping if margins and volumes can't keep up. The pressure is now squarely on management to regain the initiative, and not just blame it on the weather.' Read more on Yahoo Finance UK Tea and meat feed UK food price increases Yahoo Finance UK's Pedro Goncalves writes: UK families are paying more every time they go grocery shopping, as food price inflation surged for the sixth consecutive month in July, driven by a rise in the costs of meat and tea, according to the British Retail Consortium (BRC). The figures show that food prices are now 4% higher than a year ago, up from 3.7% in June and surpassing the three-month average of 3.5%. Fresh food inflation remained steady at 3.2%, while ambient food prices saw a more significant jump, climbing to 5.1% compared to last June, up from 4.3% the previous month. Overall, shop price inflation also increased, rising to 0.7% in July, up from 0.4% in June, and above the three-month average of 0.3%. Helen Dickinson, chief executive of the BRC, warned that the increase in food price inflation will be felt by households across the country. 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month," she said. "Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices." Read more on Yahoo Finance UK Average rent surges to £2,712 in London and £1,365 across UK The cost of rent in London has climbed for a 15th consecutive quarter to hit a record high of £2,712 per month, while tenants across the rest of the UK are paying on average £1,365. The data from property site Rightmove (RMV.L) showed that new tenants are now paying an average of £417 more in monthly rent compared to 2020. This is a 44% increase in rents, well above the 36% rise in average earnings over the same period. Rightmove's property expert Colleen Babcock said: 'Despite another new record in average asking rents for tenants, the big picture is that yearly rent increases continue to slow, which is good news for tenants." "Supply and demand is slowly rebalancing towards more normal levels, though we still have a way to go before we reach pre-2020 levels of available homes for tenants. The good news is that the latest industry snapshot suggests more investors are taking out buy-to-let loans compared with last year, which should help to bring even more homes to the rental market.' Read more on Yahoo Finance UK How Barclays shares are faring in early trade Barclays announces £1bn buyback Yahoo Finance UK's Vicky McKeever writes: Barclays (BARC.L) beat profit expectations in the second quarter and announced a further £1bn in share buybacks. Pre-tax profit rose 28% in the second quarter to £2.84bn, results released on Tuesday showed. That exceeded expectations of £2.24bn, according to consensus estimates provided by the bank. For the first half, profit before tax totalled £5.2bn, which was up 23% from the same period last year. Total income was up 14% in the second quarter at £7.19bn, which was also ahead of expectations of £7.01bn. Group net interest income — the gap between what the bank pays out to savers and receives from borrowers in interest — excluding Barclays Investment Bank and head office, came in at £3.1bn, up 13% year-on-year. Barclays also recorded a return on tangible equity — a key measure of profitability — of 12.3% in the second quarter, up from 9.9% for the same period in 2024. Read more on Yahoo Finance UK US stock futures higher ahead of Fed and earnings Our US team writes: US stock futures made gains as Wall Street prepared for fresh earnings and economic data amid a blockbuster week poised to shake markets. Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) gained 0.2%. While contracts on the Nasdaq 100 (NQ=F) ticked up 0.3%. On Monday, the S&P 500 and Nasdaq eked out record highs amid an otherwise subdued trading session as Wall Street digested a new trade deal between the US and EU. Good morning! Hello from London. Lucy Harley-McKeown here — ready to bring you the business and markets news of the day. We kicked off the week with an EU-US trade deal. There will no doubt be more details on that to come. In central bank news, the US's Federal Reserve kicks of a two-day meeting about rates today. Traders are also readying themselves for a week of earnings. This morning in London: Barclays' (BARC.L) second quarter report In the US we're looking out for: Visa (V), Procter & Gamble (PG), United Health (UNH), Boeing (BA), Spotify (SPOT), Starbuck's (SBUX), among others. Let's get to it. That's it from me! Thanks for reading. Head over to our US site for more market moving news. Thanks for reading. Head over to our US site for more market moving news. US jobs numbers show decrease in hiring New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had shown the highest number of job openings since November 2024. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.2 million hires were made in June, down from the 5.47 million made during May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024. In one sign that workers remain cautious about labor market conditions, the quits rate, a sign of confidence among workers, hovered at 2%. Both the hiring and quits rates are hovering near decade lows, reflecting what economists have described as a labor market in "stasis." New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had shown the highest number of job openings since November 2024. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.2 million hires were made in June, down from the 5.47 million made during May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024. In one sign that workers remain cautious about labor market conditions, the quits rate, a sign of confidence among workers, hovered at 2%. Both the hiring and quits rates are hovering near decade lows, reflecting what economists have described as a labor market in "stasis." Oil higher for a second day Chris Beauchamp, chief market analyst at online trading platform IG, said: Chris Beauchamp, chief market analyst at online trading platform IG, said: Chancellor and BoE governor clash over Revolut licence meeting: FT The governor of the Bank of England has reportedly blocked a meeting planned by Chancellor Rachel Reeves to address the regulation of Revolut, in a sign of potential friction between the Government and the central bank. The Chancellor had sought to set up a three-way meeting for Treasury officials, the fintech business and the Bank of England's Prudential Regulation Authority, with regulates UK banks. It is understood the Chancellor is pushing for Revolut to be fully authorised as a bank as soon as possible, after receiving initial approval last year. However, the Financial Times reported the meeting was scrapped by Governor Andrew Bailey due to concerns of political interference in the central bank's oversight process. The incident, which took place in recent weeks according to the publication, contributes to speculation of a growing rift between the Treasury and regulators. Ms Reeves is currently pushing forward with reforms designed to loosen the rules on financial firms, in a move which will increase risk-taking in the sector. The 'Leeds reforms', unveiled in the West Yorkshire city earlier this month, are set to be the biggest set of changes to financial services for more than a decade, according to the Government. Labour is hoping that cutting red tape in the financial services sector and other industries can help accelerate growth in the economy. In her annual Mansion House speech to the financial services sector earlier this month, she urged regulators to resist 'excessive caution'. She added: 'In too many areas, regulation still acts as a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of growth.' Shortly after the meeting, Mr Bailey said 'I don't use those terms' when asked about Ms Reeves's remarks on regulation. He also said: 'We cannot compromise on basic financial stability, that would be my overall message.' Last year Revolut was approved for a UK banking licence after a lengthy process with regulators, however its banking division still has a limit on deposits it can receive until it receives full approval from regulators. The Bank of England declined to comment. The Treasury has been contacted for comment. The governor of the Bank of England has reportedly blocked a meeting planned by Chancellor Rachel Reeves to address the regulation of Revolut, in a sign of potential friction between the Government and the central bank. The Chancellor had sought to set up a three-way meeting for Treasury officials, the fintech business and the Bank of England's Prudential Regulation Authority, with regulates UK banks. It is understood the Chancellor is pushing for Revolut to be fully authorised as a bank as soon as possible, after receiving initial approval last year. However, the Financial Times reported the meeting was scrapped by Governor Andrew Bailey due to concerns of political interference in the central bank's oversight process. The incident, which took place in recent weeks according to the publication, contributes to speculation of a growing rift between the Treasury and regulators. Ms Reeves is currently pushing forward with reforms designed to loosen the rules on financial firms, in a move which will increase risk-taking in the sector. The 'Leeds reforms', unveiled in the West Yorkshire city earlier this month, are set to be the biggest set of changes to financial services for more than a decade, according to the Government. Labour is hoping that cutting red tape in the financial services sector and other industries can help accelerate growth in the economy. In her annual Mansion House speech to the financial services sector earlier this month, she urged regulators to resist 'excessive caution'. She added: 'In too many areas, regulation still acts as a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of growth.' Shortly after the meeting, Mr Bailey said 'I don't use those terms' when asked about Ms Reeves's remarks on regulation. He also said: 'We cannot compromise on basic financial stability, that would be my overall message.' Last year Revolut was approved for a UK banking licence after a lengthy process with regulators, however its banking division still has a limit on deposits it can receive until it receives full approval from regulators. The Bank of England declined to comment. The Treasury has been contacted for comment. Rachel Reeves' comment on the latest IMF figures The Chancellor said: The Chancellor said: Trump's trade war hasn't harmed global growth outlook yet, says IMF Global growth has so far been relatively unscathed by the US's ongoing tariff spats, according to the International Monetary Fund (IMF), with growth of 3% projected in 2025 and 3.1% in 2026. This is higher than the respective 2.8% and 3% forecast in the previous report in April. The latest World Economic Outlook noted the pause on tariffs and a de-escalation of trade tensions between the US and China as factors, which have helped improve growth forecasts. "Despite these welcome developments, tariffs remain historically high, and global policy remains highly uncertain, with only a few countries having reached fully fleshed-out trade agreements," IMF chief economist Pierre-Olivier Gourinchas said in a speech in Washington that accompanied the report's release. Output projections could be cut by 0.3% for 2026 if tariffs are reset at higher levels on the August 1 deadline given by Trump, Gourinchas added. Read more on Yahoo Finance UK Global growth has so far been relatively unscathed by the US's ongoing tariff spats, according to the International Monetary Fund (IMF), with growth of 3% projected in 2025 and 3.1% in 2026. This is higher than the respective 2.8% and 3% forecast in the previous report in April. The latest World Economic Outlook noted the pause on tariffs and a de-escalation of trade tensions between the US and China as factors, which have helped improve growth forecasts. "Despite these welcome developments, tariffs remain historically high, and global policy remains highly uncertain, with only a few countries having reached fully fleshed-out trade agreements," IMF chief economist Pierre-Olivier Gourinchas said in a speech in Washington that accompanied the report's release. Output projections could be cut by 0.3% for 2026 if tariffs are reset at higher levels on the August 1 deadline given by Trump, Gourinchas added. Read more on Yahoo Finance UK How US stocks are faring at the opening bell United Health reports mixed second quarter UnitedHealth Group (UNH) reported second quarter earnings on Tuesday beating Wall Street's expectations on the top line by a small margin, and missing on the bottom line. But its earnings continue a trend of higher-than-expected costs in the industry this quarter. The company reported revenues of $111.6bn, compared to Wall Street forecasts of $111.53bn, and adjusted earnings per share (EPS) of $4.08, compared to $4.59 expected by the Street. The revenues are up nearly $13bn compared to the second quarter in 2024. But margins have shrunk, from 4.3% in 2024 to 3.1% this quarter. The company also updated its guidance for the full year, after pulling it last quarter. It now expects revenues between $445.5bn to $448.0bn, and adjust earnings of at least $16 per share. UnitedHealth's stock fell more than 3% in premarket trading on Tuesday after the report. Read more on Yahoo Finance UnitedHealth Group (UNH) reported second quarter earnings on Tuesday beating Wall Street's expectations on the top line by a small margin, and missing on the bottom line. But its earnings continue a trend of higher-than-expected costs in the industry this quarter. The company reported revenues of $111.6bn, compared to Wall Street forecasts of $111.53bn, and adjusted earnings per share (EPS) of $4.08, compared to $4.59 expected by the Street. The revenues are up nearly $13bn compared to the second quarter in 2024. But margins have shrunk, from 4.3% in 2024 to 3.1% this quarter. The company also updated its guidance for the full year, after pulling it last quarter. It now expects revenues between $445.5bn to $448.0bn, and adjust earnings of at least $16 per share. UnitedHealth's stock fell more than 3% in premarket trading on Tuesday after the report. Read more on Yahoo Finance Spotify stock slides in premarket following earnings Our US team writes: Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19bn ($4.86bn), missing analyst expectations of €4.27bn, though up from €3.81bn in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104m vs guidance," the company said in the earnings release. Operating income also came in below expectations, pressured by €116m in social charges, higher payroll and related costs, and an unfavourable revenue mix. Guidance for the current quarter likewise fell short of Wall Street estimates and "incorporates €25m in social charges based on a Q2 close share price of $767.30," the company noted. Read more on Yahoo Finance Our US team writes: Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19bn ($4.86bn), missing analyst expectations of €4.27bn, though up from €3.81bn in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104m vs guidance," the company said in the earnings release. Operating income also came in below expectations, pressured by €116m in social charges, higher payroll and related costs, and an unfavourable revenue mix. Guidance for the current quarter likewise fell short of Wall Street estimates and "incorporates €25m in social charges based on a Q2 close share price of $767.30," the company noted. Read more on Yahoo Finance Car giant Stellantis warns of €1.5bn tariff hit Stellantis (STLA), darling of the EU auto industry, warned on Tuesday that tariffs have meant a €300m hit for the April to June quarter, with the toll potentially rising a further €1.2bn for the final six months of the year. The prediction comes just days after the EU and US struck a notional trade deal — a pact that so far has little detail. The Vauxhall maker reported a 23% drop in shipments to its North American market in the first half of the year. Its share price lagged by mid-morning following the report. Stellantis (STLA), darling of the EU auto industry, warned on Tuesday that tariffs have meant a €300m hit for the April to June quarter, with the toll potentially rising a further €1.2bn for the final six months of the year. The prediction comes just days after the EU and US struck a notional trade deal — a pact that so far has little detail. The Vauxhall maker reported a 23% drop in shipments to its North American market in the first half of the year. Its share price lagged by mid-morning following the report. FTSE risers and fallers UK mortgage approvals head higher in June The Bank of England's latest data shows: The number of mortgage approvals on house purchases for June was 64,167, up 1.4% from 63,288 in May. There have been two consecutive months of growth. Approvals are up 5.6% when compared to the 60,761 seen in June 2024. "A second consecutive monthly increase in mortgage approvals, despite the challenges faced in the broader market, is an encouraging sign for the mortgage sector and demonstrates that the market is very much on the up following the brief lull caused by the recent stamp duty deadline," said Jonathan Samuels, CEO of specialist lender Octane Capital. "This momentum is further supported by recent regulatory changes, including adjustments to loan-to-income caps and, with affordability continuing to improve, we expect the positivity seen over the past nine months to persist.' The Bank of England's latest data shows: The number of mortgage approvals on house purchases for June was 64,167, up 1.4% from 63,288 in May. There have been two consecutive months of growth. Approvals are up 5.6% when compared to the 60,761 seen in June 2024. "A second consecutive monthly increase in mortgage approvals, despite the challenges faced in the broader market, is an encouraging sign for the mortgage sector and demonstrates that the market is very much on the up following the brief lull caused by the recent stamp duty deadline," said Jonathan Samuels, CEO of specialist lender Octane Capital. "This momentum is further supported by recent regulatory changes, including adjustments to loan-to-income caps and, with affordability continuing to improve, we expect the positivity seen over the past nine months to persist.' AstraZeneca reminds market of its value Russ Mould, investment director at AJ Bell, said: Russ Mould, investment director at AJ Bell, said: Greggs faces up to challenging environment Shares were down by 3% as Greggs (GRG.L) reported a 14% drop in pre-tax profit for the first half of the year, as winter storms and summer heatwaves kept customers away from its high street shops, adding to an already challenging consumer environment. The bakery chain, known for its sausage rolls and steak bakes, said profits fell to £63.5m in the six months to the end of June, down from £74.1m a year earlier. While total sales rose 7% to £1.03bn, the increase was not enough to offset a decline in margins and footfall. Company-managed shop like-for-like sales rose 2.6%, while franchised locations grew 4.8%. Greggs, which operates more than 2,600 stores across the UK, said the decline in profits 'reflected challenging market footfall and the phasing of cost headwinds that have particularly impacted the first half of the year.' 'These challenges were compounded by heavy snow and strong winds in January and unusually hot weather in June, which had a material impact on consumer behaviour and lowered like-for-like sales,' the company said. More than 200 shops in Scotland and Wales were temporarily closed during Storm Éowyn in late January, when a rare red warning was issued due to hurricane-force winds, heavy rain, and snow. Cost inflation was also a factor, with overall cost pressures running at 5.4% in the first half. Full-year cost inflation is expected to be around 6%. Greggs spent £3m on expanding manufacturing, logistics, and technology capabilities, and completed 108 shop refurbishments, up from 81 a year earlier. Chief executive Roisin Currie described the first half as a 'challenging market' with weak consumer confidence. 'People are saving, not spending,' she said. The interim dividend was held steady at 19p. While full-year sales are expected to remain resilient, profits are forecast to come in 'modestly below the level achieved in 2024.' Mark Crouch, market analyst at eToro, said: 'Greggs' 14% drop in first-half profit caps a bitter 10 months for the UKs favourite baker. "Management blames hot weather for weaker sales, but that doesn't account for a 50% collapse in market value. The more plausible culprit is the timing of Greggs expansion strategy, stretching margins, just as the consumer picture turns more fragile. 'Greggs has long been a reliable read on the UK high street. Its sudden stumble suggests consumers may not just be cooling on sausage rolls, but that appetite across the high street may be waning more broadly. "With inflation easing and real wages recovering, the macro backdrop should, in theory, be supportive. That it isn't showing up in Greggs' numbers, is a red flag. 'Greggs' brand still holds a strong place in the market, but scale isn't helping if margins and volumes can't keep up. The pressure is now squarely on management to regain the initiative, and not just blame it on the weather.' Read more on Yahoo Finance UK Shares were down by 3% as Greggs (GRG.L) reported a 14% drop in pre-tax profit for the first half of the year, as winter storms and summer heatwaves kept customers away from its high street shops, adding to an already challenging consumer environment. The bakery chain, known for its sausage rolls and steak bakes, said profits fell to £63.5m in the six months to the end of June, down from £74.1m a year earlier. While total sales rose 7% to £1.03bn, the increase was not enough to offset a decline in margins and footfall. Company-managed shop like-for-like sales rose 2.6%, while franchised locations grew 4.8%. Greggs, which operates more than 2,600 stores across the UK, said the decline in profits 'reflected challenging market footfall and the phasing of cost headwinds that have particularly impacted the first half of the year.' 'These challenges were compounded by heavy snow and strong winds in January and unusually hot weather in June, which had a material impact on consumer behaviour and lowered like-for-like sales,' the company said. More than 200 shops in Scotland and Wales were temporarily closed during Storm Éowyn in late January, when a rare red warning was issued due to hurricane-force winds, heavy rain, and snow. Cost inflation was also a factor, with overall cost pressures running at 5.4% in the first half. Full-year cost inflation is expected to be around 6%. Greggs spent £3m on expanding manufacturing, logistics, and technology capabilities, and completed 108 shop refurbishments, up from 81 a year earlier. Chief executive Roisin Currie described the first half as a 'challenging market' with weak consumer confidence. 'People are saving, not spending,' she said. The interim dividend was held steady at 19p. While full-year sales are expected to remain resilient, profits are forecast to come in 'modestly below the level achieved in 2024.' Mark Crouch, market analyst at eToro, said: 'Greggs' 14% drop in first-half profit caps a bitter 10 months for the UKs favourite baker. "Management blames hot weather for weaker sales, but that doesn't account for a 50% collapse in market value. The more plausible culprit is the timing of Greggs expansion strategy, stretching margins, just as the consumer picture turns more fragile. 'Greggs has long been a reliable read on the UK high street. Its sudden stumble suggests consumers may not just be cooling on sausage rolls, but that appetite across the high street may be waning more broadly. "With inflation easing and real wages recovering, the macro backdrop should, in theory, be supportive. That it isn't showing up in Greggs' numbers, is a red flag. 'Greggs' brand still holds a strong place in the market, but scale isn't helping if margins and volumes can't keep up. The pressure is now squarely on management to regain the initiative, and not just blame it on the weather.' Read more on Yahoo Finance UK Tea and meat feed UK food price increases Yahoo Finance UK's Pedro Goncalves writes: UK families are paying more every time they go grocery shopping, as food price inflation surged for the sixth consecutive month in July, driven by a rise in the costs of meat and tea, according to the British Retail Consortium (BRC). The figures show that food prices are now 4% higher than a year ago, up from 3.7% in June and surpassing the three-month average of 3.5%. Fresh food inflation remained steady at 3.2%, while ambient food prices saw a more significant jump, climbing to 5.1% compared to last June, up from 4.3% the previous month. Overall, shop price inflation also increased, rising to 0.7% in July, up from 0.4% in June, and above the three-month average of 0.3%. Helen Dickinson, chief executive of the BRC, warned that the increase in food price inflation will be felt by households across the country. 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month," she said. "Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices." Read more on Yahoo Finance UK Yahoo Finance UK's Pedro Goncalves writes: UK families are paying more every time they go grocery shopping, as food price inflation surged for the sixth consecutive month in July, driven by a rise in the costs of meat and tea, according to the British Retail Consortium (BRC). The figures show that food prices are now 4% higher than a year ago, up from 3.7% in June and surpassing the three-month average of 3.5%. Fresh food inflation remained steady at 3.2%, while ambient food prices saw a more significant jump, climbing to 5.1% compared to last June, up from 4.3% the previous month. Overall, shop price inflation also increased, rising to 0.7% in July, up from 0.4% in June, and above the three-month average of 0.3%. Helen Dickinson, chief executive of the BRC, warned that the increase in food price inflation will be felt by households across the country. 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month," she said. "Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices." Read more on Yahoo Finance UK Average rent surges to £2,712 in London and £1,365 across UK The cost of rent in London has climbed for a 15th consecutive quarter to hit a record high of £2,712 per month, while tenants across the rest of the UK are paying on average £1,365. The data from property site Rightmove (RMV.L) showed that new tenants are now paying an average of £417 more in monthly rent compared to 2020. This is a 44% increase in rents, well above the 36% rise in average earnings over the same period. Rightmove's property expert Colleen Babcock said: 'Despite another new record in average asking rents for tenants, the big picture is that yearly rent increases continue to slow, which is good news for tenants." "Supply and demand is slowly rebalancing towards more normal levels, though we still have a way to go before we reach pre-2020 levels of available homes for tenants. The good news is that the latest industry snapshot suggests more investors are taking out buy-to-let loans compared with last year, which should help to bring even more homes to the rental market.' Read more on Yahoo Finance UK The cost of rent in London has climbed for a 15th consecutive quarter to hit a record high of £2,712 per month, while tenants across the rest of the UK are paying on average £1,365. The data from property site Rightmove (RMV.L) showed that new tenants are now paying an average of £417 more in monthly rent compared to 2020. This is a 44% increase in rents, well above the 36% rise in average earnings over the same period. Rightmove's property expert Colleen Babcock said: 'Despite another new record in average asking rents for tenants, the big picture is that yearly rent increases continue to slow, which is good news for tenants." "Supply and demand is slowly rebalancing towards more normal levels, though we still have a way to go before we reach pre-2020 levels of available homes for tenants. The good news is that the latest industry snapshot suggests more investors are taking out buy-to-let loans compared with last year, which should help to bring even more homes to the rental market.' Read more on Yahoo Finance UK How Barclays shares are faring in early trade Barclays announces £1bn buyback Yahoo Finance UK's Vicky McKeever writes: Barclays (BARC.L) beat profit expectations in the second quarter and announced a further £1bn in share buybacks. Pre-tax profit rose 28% in the second quarter to £2.84bn, results released on Tuesday showed. That exceeded expectations of £2.24bn, according to consensus estimates provided by the bank. For the first half, profit before tax totalled £5.2bn, which was up 23% from the same period last year. Total income was up 14% in the second quarter at £7.19bn, which was also ahead of expectations of £7.01bn. Group net interest income — the gap between what the bank pays out to savers and receives from borrowers in interest — excluding Barclays Investment Bank and head office, came in at £3.1bn, up 13% year-on-year. Barclays also recorded a return on tangible equity — a key measure of profitability — of 12.3% in the second quarter, up from 9.9% for the same period in 2024. Read more on Yahoo Finance UK Yahoo Finance UK's Vicky McKeever writes: Barclays (BARC.L) beat profit expectations in the second quarter and announced a further £1bn in share buybacks. Pre-tax profit rose 28% in the second quarter to £2.84bn, results released on Tuesday showed. That exceeded expectations of £2.24bn, according to consensus estimates provided by the bank. For the first half, profit before tax totalled £5.2bn, which was up 23% from the same period last year. Total income was up 14% in the second quarter at £7.19bn, which was also ahead of expectations of £7.01bn. Group net interest income — the gap between what the bank pays out to savers and receives from borrowers in interest — excluding Barclays Investment Bank and head office, came in at £3.1bn, up 13% year-on-year. Barclays also recorded a return on tangible equity — a key measure of profitability — of 12.3% in the second quarter, up from 9.9% for the same period in 2024. Read more on Yahoo Finance UK US stock futures higher ahead of Fed and earnings Our US team writes: US stock futures made gains as Wall Street prepared for fresh earnings and economic data amid a blockbuster week poised to shake markets. Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) gained 0.2%. While contracts on the Nasdaq 100 (NQ=F) ticked up 0.3%. On Monday, the S&P 500 and Nasdaq eked out record highs amid an otherwise subdued trading session as Wall Street digested a new trade deal between the US and EU. Our US team writes: US stock futures made gains as Wall Street prepared for fresh earnings and economic data amid a blockbuster week poised to shake markets. Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) gained 0.2%. While contracts on the Nasdaq 100 (NQ=F) ticked up 0.3%. On Monday, the S&P 500 and Nasdaq eked out record highs amid an otherwise subdued trading session as Wall Street digested a new trade deal between the US and EU. Good morning! Hello from London. Lucy Harley-McKeown here — ready to bring you the business and markets news of the day. We kicked off the week with an EU-US trade deal. There will no doubt be more details on that to come. In central bank news, the US's Federal Reserve kicks of a two-day meeting about rates today. Traders are also readying themselves for a week of earnings. This morning in London: Barclays' (BARC.L) second quarter report In the US we're looking out for: Visa (V), Procter & Gamble (PG), United Health (UNH), Boeing (BA), Spotify (SPOT), Starbuck's (SBUX), among others. Let's get to it. Hello from London. Lucy Harley-McKeown here — ready to bring you the business and markets news of the day. We kicked off the week with an EU-US trade deal. There will no doubt be more details on that to come. In central bank news, the US's Federal Reserve kicks of a two-day meeting about rates today. Traders are also readying themselves for a week of earnings. This morning in London: Barclays' (BARC.L) second quarter report In the US we're looking out for: Visa (V), Procter & Gamble (PG), United Health (UNH), Boeing (BA), Spotify (SPOT), Starbuck's (SBUX), among others. Let's get to it.
Daily Mail
10-07-2025
- Business
- Daily Mail
Bitcoin hits new all-time high above $112,000 as investors pile into stocks and crypto
Bitcoin reached a new record high on Wednesday night, surging past the $112,000 mark for the first time. The cryptocurrency rose to $112,009 late on Wednesday, surpassing its previous record of $111,999, before slipping back to $111,294.17 by late morning trading in London. The jump comes as investors throw their weight behind risk assets like cryptocurrencies and stocks, despite the latest tariff rumblings from Donald Trump. Shares in chipmaker Nvidia, meanwhile, spiked early on Wednesday, reaching $164.15 and pushing the S&P 500 back towards its 3 July record high of $6,279.35. Chris Beauchamp, chief market analyst at IG, said: 'Nvidia's brief ascent to a $4trillion market cap marks a defining moment for markets and underscores the extent to which artificial intelligence is driving investor enthusiasm. 'Bitcoin was in on the act too, confirming the ebullient summer mood prevailing among investors. Perhaps most notable is the market's apparent indifference to escalating trade tensions.' Beauchamp added: 'Perhaps most notable is the market's apparent indifference to escalating trade tensions. Trump's 50 percent tariff on copper imports and threats toward Brazil triggered little reaction.' Increasing institutional adoption of bitcoin has also served to drive the price of the crypto token over recent weeks, with a number of public firms having added Bitcoin to their treasuries, including the likes of GameStop, Metaplanet, Tesla and Twenty One Capital in the US. In the UK, there has also been a swathe of small-cap bitcoin treasury firms launching their own public listings. British bitcoin treasury firm Smarter Web Company, which IPO'd back in April, saw its own shares rise from 2.97.50p each to 402.50 pence from 7 to 9 July, with its market cap rising to £961.75million on the back of bitcoin's rise. The firm previously hit a market cap of more than £1billion last month. In fact, public company bitcoin purchases outpaced those of ETFs in the second quarter of the year. Nick Jones, founder and chief executive of Zumo, said: 'The rise is underpinned by increasing institutional adoption and resurgent retail demand, reflecting confidence that crypto has arrived in the mainstream and is now reshaping finance. Likewise, Lukas Enzersdorfer-Konrad, deputy chief executive of Bitpanda, said: 'Bitcoin's recent surge is no coincidence – it's fuelled by a perfect mix of supportive macro conditions and a steady rise in institutional interest. As liquidity returns to the market and the money supply expands in both Europe and the US, investors are looking for assets with real potential – and bitcoin is increasingly seen as one of them. 'We're seeing growing retail demand, still underpinned by strong ETF inflows and continued institutional adoption. All signs point to Bitcoin's role as a mainstream asset becoming more firmly established than ever.' There is expectation that bitcoin could continue to rise throughout the year. Financial product comparison site Finder says the average end of year price prediction for Bitcoin is now $145,167, with 61 per cent of its panel of crypto analysts viewing bitcoin as a buy.
Zawya
07-07-2025
- Business
- Zawya
Dollar firms against peers as investors brace for Trump tariff deadline
The dollar firmed against other major currencies on Monday, after remarks from U.S. officials offered little clarity on the outlook for tariffs, days ahead of a crucial deadline. Most U.S. trade partners face the prospect of steeper duties at the end of the 90-day moratorium on U.S. President Donald Trump's "Liberation Day" reciprocal tariffs on Wednesday. Trump clarified on Sunday that the new rates would take effect from August 1. He said he will name some dozen countries later on Monday that are receiving letters with their new, higher levies, and he threatened an additional 10% tariff on nations aligning with what he deemed to be the "anti-American" policies of the BRICS emerging economies. "It still feels like this administration is trying to find ways to avoid going all out on fresh tariff positions. We have people talking a (lot) about it, but talking and doing are two entirely different things," said Chris Beauchamp, chief market analyst at IG. "They (the United States) saw what happened with the volatility in April, and I don't think they want to wish that again." Options data reflected that currency markets were pricing in a limited resurgence in volatility ahead of the tariff deadline on expectations further extensions on the deadline were possible. The dollar index, which measures the currency against six major counterparts, rose 0.34% to 97.294 and briefly hit a one-week high. The index extended gains from last week when data reflecting labour market resilience pushed back expectations for imminent monetary policy easing by the Federal Reserve. Still, the index is close to a 3-1/2-year trough and has declined 10% so far this year as investors questioned the safe-haven status of the U.S. currency and reassessed earlier expectations that the U.S. could be spared in the event of a global economic slowdown. The dollar inched up 0.25% to 0.797 against the Swiss franc on Monday, near the January 2015 low it revisited in the previous week. The euro slipped 0.41% to $1.1738 having rallied over 13% so far this year. The dollar reversed an earlier decline and rose 0.78% at 145.725 yen, reaching a one-week high. Investors are concerned that Tokyo and Brussels might not be able to secure deals with Washington ahead of the deadline as progress on agreements with Japan and the European Union has been slow, despite multiple rounds of negotiations. Sterling weakened 0.08% to $1.364, but stayed near its strongest level since October 2021. Currencies positively correlated to risk appetite, such as the Aussie dollar and the New Zealand dollar lost 0.61% and 0.63%, respectively ahead of monetary policy decisions in both countries in the coming two days. The Reserve Bank of Australia is widely expected to cut the cash rate by another quarter point on Tuesday, while New Zealand's central bank is predicted to hold rates steady on Wednesday. U.S. policy uncertainty weighing on the dollar "may not be as potent as in early April, but we think this correlation still matters," Paul Mackel, global head of FX research at HSBC said. (Reporting by Hannah Lang and Johann M Cherian; additional reporting by Kevin Buckland; Editing by Christian Schmollinger, Rachna Uppal, Gareth Jones and Barbara Lewis)
