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Today’s agenda: IEA’s energy warning; Ofcom seeks to protect children online; Everton FC’s pitch; restoring BP’s fortunes; and Tech Tonic on future weapons
Good morning. We start today with the sell-off in Wall Street stocks and dollar assets that came after US President Donald Trump’s new attacks on Fed chair Jay Powell yesterday.
Market moves: The dollar fell to a three-year low against a basket of its big trading partners after Trump stepped up his criticism of Powell — whom he called “Mr Too Late” — for not cutting rates.
US equities opened lower but the sell-off intensified after Trump’s social media post taking aim at the central banker. The S&P 500 ended the session 2.4 per cent lower, with more than nine in 10 of its constituent stocks in negative territory. The tech-heavy Nasdaq Composite dropped 2.6 per cent.
What analysts are saying: Yesterday’s flight from dollar-denominated assets reflects broader concerns about increasingly volatile US policymaking, an investment officer said, adding: “Trump is unreliable, he cannot be trusted.” A JPMorgan economist also warned: “Any reduction in the independence of the Fed would add upside risks to an inflation outlook that is already subject to upward pressures from tariffs and somewhat elevated inflation expectations.” Read the full story.
Here’s what else we’re keeping tabs on today:
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Economic data: The IMF’s World Economic Outlook is published as finance ministers and central bank governors meet in Washington.
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China-Kenya ties: President William Ruto begins a five-day state visit to China.
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Companies: The City of London Investment Group announces its third-quarter funds under management, while Lockheed Martin, Moody’s, SAP and Tesla present results. See our Week Ahead newsletter for the full list.
Don’t miss the opportunity to join Unhedged’s Robert Armstrong and other FT experts tomorrow as they discuss how Trump’s policies are shaping markets in a subscriber-only webinar. Register for free.
Five more top stories
1. Exclusive: Kuwait’s sovereign wealth fund has launched a lawsuit over one of the City of London’s biggest developments, saying a planned 36-storey tower would “materially reduce the light enjoyed by the Willis Building” through some of the windows. The High Court action is the latest dispute arising from a spate of projects in the area.
2. The lessons of the energy crisis following Russia’s invasion of Ukraine have not been fully learned, the International Energy Agency has said, as more than 60 global leaders are set to arrive in London for discussions on energy security. Here’s what to expect from the two-day meeting — including one country’s notable absence.
3. Exclusive: Ofcom will this week unveil codes of practice to prevent children from accessing adult content on platforms such as X and Meta under the Online Safety Act, which has emerged as a potential flashpoint in UK-US trade talks. Here’s what we know about the practical measures to be introduced by the British media regulator.
4. Exclusive: The head of Europe’s largest media company wants to revive an aborted merger between French broadcasters M6 and TF1. “It would create a true French TV and streaming champion, able to compete with the US platforms,” Bertelsmann CEO Thomas Rabe said, adding that the €3.6bn tie-up would be “highly” synergistic.
5. Harvard University has sued the Trump administration to block its “unlawful” efforts to freeze more than $3bn in federal funding and increase government oversight of the venerable institution. Harvard’s president Alan Garber warned the government’s “sweeping and intrusive demands . . . would impose unprecedented and improper control over the University”. Read the full report.
Obituary: Pope Francis, 1936-2025
The reign of Pope Francis, who died at the age of 88, will be remembered for ruthless power struggles and acrimonious doctrinal disputes between liberals and conservatives that were fought at the highest levels of the Vatican and the worldwide Roman Catholic Church.
We’re also reading and listening to . . .
Chart of the day
Five years after BP’s outgoing chair Helge Lund and former chief executive Bernard Looney bet on a future based on renewable energy, BP is more a middle-tier energy company with uncertain prospects, worth just over a third of its rival Shell, and the most obvious takeover target in the sector. Our Big Read looks at how it ended up here and how BP is seeking to persuade investors it can catch up with the supermajors.
Take a break from the news
Bayswater, the neighbourhood between Notting Hill and Marble Arch, has for several generations been the grittier, under-the-radar sibling in the area — a sort of lost hinterland. Will the £3bn regeneration of Queensway help the “cheap side of the Park”, as it is known, level up with the rest of prime central London?
