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The Weekend: Tesla's problems mount as Trump-Musk 'bromance' hits the rocks
It was a moment many had predicted from the outset, a question of when rather than if. The wheel finally came off the Trump-Musk "bromance" in spectacular fashion on Thursday, wiping more than $150 billion off the value of Tesla and dragging down the broader market.
The world's richest man kicked things off by describing Trump's signature "big, beautiful bill" aimed at extending tax cuts a "disgusting abomination."
Trump responded by calling his electoral backer "CRAZY!", threatening to slash government contracts and subsidies key to Musk's business interests and telling reporters he was "disappointed" in him. Things only got more heated from there.
The very public spat only adds to Tesla's woes. The electric vehicle maker's market capitalisation has fallen almost 30%, or $380 billion so far this year, the biggest drop of any large company globally.
Elon Musk is at war with whole swaths of Trump's agenda
Elon Musk cemented his break-up with Donald Trump this week with a move against the president's signature legislative priority: the One Big Beautiful Bill Act.
But the scope of his attack broadened on Thursday with Musk making a case not just against that bill but with ever-widening critiques that now span significant chunks of Trump's political agenda.
Musk's posts have seen him floating everything from the concept of impeachment to calling the president a liar to the false accusation that Trump 'is in the Epstein files' and covering it up.
Trump, unsurprisingly, was quick to retaliate, calling his former friend "CRAZY!" and threatened to terminate Musk's governmental subsidies and contracts.
ECB cuts interest rates for eighth time in a year
In what ECB president Christine Lagarde described as an "almost unanimous decision" the central bank chopped rates by a quarter of a percentage point for the eighth time in a year. The move, which was widely expected, follows a drop in eurozone inflation to 1.9% last month, just below the 2% target for the first time since last September.
Investors are now pricing in a pause in rate cuts in July, and some conservative policymakers have also advocated for a break to give the bank a chance to reassess uncertainty and the future outlook.
UK house prices rise as higher wages, low unemployment boost market
Property prices gained some momentum in May, with annual growth increasing to 3.5%, according to figures from Nationwide.
The uptick comes amid signs that activity in the housing market is holding up well, despite the end of a stamp duty break. Low unemployment, rising real wages, strong household balance sheets, and the potential for lower borrowing costs were among the factors buoying the market.
BoE governor expects interest rates and pay to decrease this year
When quizzed along with other members of the Monetary Policy Committee in a Treasury Committee meeting, Andrew Bailey said his main consideration for the most recent rate cut was the question of domestic inflation.
He also cited the loosening of the UK's labour market as a key indicator in the decision to cut rates by 25 basis points.
On the question of future cuts, external MPC member Catherine Mann said the bank could not yet say how fast or how far it would look to cut.
Another member, Swati Dhingra, said there was a "general view that we don't need to weigh down on living standards as much as we have been."
To personal finance now.
As the government's spending review looms large, speculation about what will change is ramping up. Heavily debated taxes, such as rules around gifting and inheritance tax, could be in the crosshairs. Yahoo Finance's Lucy Harley-McKeown examined the possibilities: How next week's spending review could impact your finances
There was bad news for home-seekers this week. No major lender cut its rates, with the majority hiking mortgages for first-time buyers as the market moves away from a mini price war that had pushed deals deep into sub-4% territory. Vicky McKeever brought us the best mortgage deals on the market right now: Mortgage lenders raise rates amid uncertainty over BoE interest rate cuts
Find more personal finance gems here: Money Matters
On the company results calendar, TSMC ( TSM) will release its latest sales figures after the CEO saying that demand remained strong for artificial intelligence chips.
Tesco (TSCO.L) is set to provide a bellwether update for the UK grocery market. Its first-quarter report comes with supermarket price wars on the horizon, as shops fight to retain customers.
In the housebuilding sector, investors will want to see how Bellway (BWY.L) is performing against key targets set out by the company's CEO earlier this year.
Zara owner Inditex ( reports results on Wednesday, with investors' eyes on its margins following a disappointing report in in to access your portfolio
