The UK Economy grew by 0.5% in February, outperforming analyst forecasts of a 0.1% rise, driven by strong manufacturing and service sectors.
Author: WTX News Editor
Continuing the trend of the week, coverage of Donald Trump’s tariffs, the stock market reaction and now claims of potential insider trading.
Gold has risen to a record high as investors seek safe-haven assets amid the chaos. The ongoing escalation in the US-China trade war is still causing chaos in the markets as the Asian markets slid on Friday and the US markets slumped on Thursday close, wiping out a chunk of Wednesday’s historic rally. The US markets open at 14:30 GMT.
Prince Harry made a surprise visit to an orthopaedic clinic in Lviv – a centre that treats and rehabilitates wounded military personnel and civilians. Harry attended with a group from the Invictus Games Foundation after two days back in London for a high court appearance.
Friday’s UK headlines cover a variety of domestic and international stories. There is, of course, continued coverage of the fallout from the Trump tariff debacle amid claims of market manipulation and calls for an investigation into potential insider trading.
Royal news continues to be highlighted on the front pages – in print and online – with Prince Harry making a surprise visit to Ukraine and Prince William talking football after Villa’s 3-1 loss. Charles and Camilla are pictured on several tabloids after marking their 20th wedding anniversary with a state visit to Italy, where the pair exercised their soft power in a bid to rebuild relations with the rest of Europe.
The UK is set for another sunny day with temperatures reaching over 23C in some parts – and in Scotland, there are warnings of potential wildfires.
The International Energy Agency forecasts that electricity consumption by global data centres will double within five years, largely driven by the rise of powerful AI models.
The Trump administration has initiated a controversial move to classify over 6,000 living immigrants as deceased, effectively cancelling their Social Security numbers. This action is designed to compel these individuals to leave the United States.
Space Forge, founded by two entrepreneurs in Cardiff, is set to launch its ForgeStar-1 satellite, aimed at revolutionising semiconductor manufacturing in microgravity.
Cassius Walker-Hunt, a former steelworker in Port Talbot, has transitioned to running a coffee shop after being made redundant due to Tata Steel’s closure of blast furnaces, marking a significant shift for the local workforce and community.
A helicopter crash in New York’s Hudson River resulted in the deaths of six Spanish tourists, including three children and the pilot, as confirmed by Mayor Eric Adams.
The King and Queen of the UK engaged positively with the public during a visit to Ravenna, showcasing their resilience and dedication to royal duties despite recent health concerns related to the King’s cancer treatment.
Cliff Notes The father of a grooming gang victim criticises the government for causing confusion regarding the promised local inquiries, stating it is "messing around with survivors’ lives." Home Secretary Yvette Cooper confirmed five local inquiries will proceed, but the uncertainty continues to trouble survivors and their families. The victim’s father, Marlon West, expresses disappointment with the government’s decision to opt for regional inquiries instead of a statutory national inquiry that could compel professionals to…
Cliff Notes President Trump has paused retaliatory tariffs, leading to greater market stability and expectations for three interest rate cuts by the Bank of England, reducing borrowing costs. Mortgage rates are falling, with the average two-year fixed rate expected to drop to 4.3% by year-end, benefitting those looking to re-fix their loans. Lower oil prices, now at $63.75 per barrel, are anticipated to lead to cheaper fuel costs for motorists and potentially lower inflation across…
Cliff Notes A Hungarian official has suggested the country’s first foot-and-mouth disease cases in over 50 years may have originated from a "biological attack". Thousands of cattle have been slaughtered following an outbreak in the northwest, leading Austria and Slovakia to close multiple border crossings. The suspicion of a biological attack stemmed from unverified information from a foreign laboratory, with no new outbreaks reported since. Hungary suggests foot-and-mouth outbreak could be ‘biological attack’ | World…
Donald Trump announced a temporary 90-day suspension of certain tariffs less than a day after they came into effect. Many see it as the president backing down from his policy after US government bonds were being sold off, and the president likely under pressure from his rich and powerful friends (Elon Musk).
Whilst he came back from the brink for most countries he had hit, all countries (interestingly, Russia was not hit with tariffs) still face a blanket 10% tariff.
The administration intensified its stance on China by elevating tariffs on Chinese imports to 125%, underscoring a complex and strained U.S.- China trade relationship.
China responded firmly to the increased tariffs, maintaining a resolute position and implementing retaliatory measures. The Chinese Commerce Ministry announced an 84% tariff on all U.S. goods, signaling Beijing’s unwillingness to yield to U.S. pressure. This escalation has heightened concerns about a prolonged trade conflict between the world’s two largest economies.
The financial markets have reacted with notable volatility to these developments. Following the announcement of the tariff suspension, global markets experienced a relief rally. However, this optimism is tempered by underlying uncertainties, as analysts caution that the fundamental issues driving the trade tensions remain unresolved. The bond market, in particular, has exhibited signs of distress, with the U.S. 10-year Treasury yield climbing from under 4% to 4.5%, reflecting diminished confidence in U.S. fiscal stability.
Amid these economic fluctuations, there have been murmurs of potential market manipulation.
The current trajectory of U.S. trade policy, characterized by abrupt shifts and escalating tariffs, has prompted warnings from economic leaders. JPMorgan Chase CEO Jamie Dimon cautioned that the ongoing trade war could precipitate a U.S. recession this year.
With so much politics dominating the news this week – lots of uncertainty too- it’s important to get back to nature and enjoy the positivity in the world.
Cliff Notes A 38-year-old Romanian national was arrested at Stansted airport on suspicion of assisting a foreign intelligence service linked to a fire at a DHL warehouse in Birmingham. The investigation by Counter Terrorism Policing was prompted by a package fire on 22 July, with reports suggesting a possible connection to a Russian-backed plot. Polish and German authorities are also investigating related incidents involving suspected incendiary devices and explosives in parcel deliveries across Europe. Man…
