Today’s Agenda: IEA Energy Warning. Ofcom is trying to protect their children online. Everton FC pitch. Recovering BP’s assets. Hi-Tectonics on Future Weapons
good morning. We start today with dollar assets that came after a sale in Wall Street stock and a new attack on US President Donald Trump’s Federal Reserve Chairman Jay Powell.
Market Movement: After Trump strengthened his criticism of Powell, the dollar fell to its first low in three years against a basket of large trading partners.
U.S. stocks have gone lower, but the sale has escalated after Trump’s social media post targeted central bankers. The S&P 500 finished the session 2.4 percent lower, with more than nine of its 10 shares in its constituent stocks in negative territory. High-tech Nasdaq composites fell by 2.6%.
What analysts say: Yesterday’s flight from dollar-controlled assets reflects wider concerns about increasingly unstable US policymaking, the investment director added, “Trump cannot be trusted, he cannot be trusted.” JP Morgan Economist also reads the entire story, “A decrease in Fed’s independence will add the opposite risk to the inflation outlook, which is subject to upward pressure from tariffs and somewhat rising inflation expectations.”
Here is the other thing we keep tabs today:
Economic Data: The IMF’s global economic outlook is being made public as a conference in Washington by the Minister of Finance and the governor of the central bank.
China – Kenya Bond: President William Root begins his five-day state visit to China.
Company: The City of London Investment Group will manage its third quarter of management funds, with Lockheed Martin, Moody’s, SAP and Tesla delivering results. Check out this week’s newsletter for the full list.
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Five more top stories
1. Exclusive: Kuwait’s Sovereign Wealth Fund has launched a lawsuit over one of the city’s largest developments. This states that the planned 36-storey tower will “reduce the light that Willis building enjoys significantly.” The High Court case is the latest dispute arising from most of the projects in the region.
2. The lessons from the energy crisis following Russia’s invasion of Ukraine have not been fully learned, the International Energy Agency said that more than 60 world leaders are expected to arrive in London for discussions on energy security. Here’s what we expect from a two-day meeting, including the prominent absence of one country:
3. Exclusive: OFCOM will be releasing a practice code this week to prevent children from accessing adult content on platforms such as X and Meta under the online safety laws that have emerged as potential flashpoints for UK trade negotiations. Here’s what we know about the practical measures being implemented by UK media regulators:
4. Exclusive: The head of Europe’s largest media company wants to revive a halted merger between French broadcasters M6 and TF1. “It would create a true French television and streaming champion and compete with the US platform,” said Thomas Rabe, CEO of Bertelsmann, adding that the 3.6 billion euro partnership is “very” synergistic.
5. Harvard has sued the Trump administration to freeze more than $3 billion in federal funding and block “illegal” efforts to increase government oversight for venerable institutions. Harvard President Alan Gerber warned that the government’s “defensible and intrusive demands will impose unprecedented and inappropriate control over the university.” Read the full report.
Object: Pope Francis, 1936-2025
The first non-European pope over the centuries pioneered change, but not the radical liberal of conservative imagination ©Filippo Monteforte/AFP Getty Images
The reign of Pope Francis, who died at the age of 88, is remembered in a ruthless power struggle between the Vatican and the Liberals and the conservatives who fought at the highest levels of the global Roman Catholic Church.
I also read and listen to it. . .
The chart of the day
Five years after BP’s retired chairman Heljulund and former CEO Bernard Druney bet on a renewable energy-based future, BP is a middle class energy company worth more than a third of its rival shells and with uncertain outlook with the sector’s most obvious acquisition targets. Our big read sees how it ended here and how BP is trying to persuade investors.
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Take a break from the news
Neighborhood Bayswater between Notting Hill and the marble arch is a kind of lost hinterland, a brother of a gritter brother in the area for several generations. Does Queensway’s £3 billion revival support the “cheap side of the park” as is known?
