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Business news live: Nike fears $1bn tariff hit, plus why oil prices are rebounding

bilawalmaskin@gmail.com010 mins
oil giants Shell and BP is not new, but has certainly ramped up this year amid diverging fortunes.

Combining the third- and eighth-biggest firms on the London Stock Exchange to create what would be the biggest FTSE 100 firm would generate plenty of interest. And a combined £211bn market capitalisation – total company values by share price – would be a fine look on the face of it.

But there’s a lot more to consider than just a mega-merger’s size and, examining key areas in detail, the question could be asked…would it really benefit many key stakeholders at all right now?

Karl Matchett27 June 2025 16:00

Business news live – Friday

Good morning and welcome to our daily rolling coverage of business and stock market news.

Ahead of the weekend we’ll be looking at further tariff-related news as the 90-day pause approaches its end, how the global stock markets fare and whether there’s further movement in oil prices.

Karl Matchett27 June 2025 06:58

Business news live – Friday

Here are the main stories from yesterday before we look at the overnight markets and more:

Karl Matchett27 June 2025 07:08

Business news live – Friday

Frozen tax thresholds have seen another half a million taxpayers dragged into the 40% bracket, data has shown.

The income tax total take has increased by more than £20bn in the past year.

AJ Bell say 1.23m people are now paying income tax on incomes above the additional 45% rate threshold – a 115% increase in the past three years alone.

Karl Matchett27 June 2025 07:20

Bank of England sees signs of pay and jobs being hit by tax rises

Andrew Bailey, the Bank of England governor, yesterday afternoon said there are signs that tax hikes are hitting pay and jobs – but there remains “uncertainty” over inflation.

“I am beginning to hear a bit more evidence of adjustments through pay and employment [rather than prices],” he said.

“The labour market has been very tight in the past few years. But we are now seeing signs that conditions are easing,”

Regarding the potential for interest rate cuts in August and beyond, Mr Bailey reiterated that the BoE would seek to stamp out inflation by cutting slowly and when appropriate.

“While the significant progress we have made on disinflation has allowed us to cut Bank Rate, we retain a restrictive monetary policy stance to squeeze out remaining persistence in inflationary pressures.

“Overall, interest rates remain on a gradual downward path.

“But monetary policy is not on a pre-set path, and at the June meeting, there was not a strong enough case to cut Bank Rate.

“As we meet for our August meeting in a few weeks’ time, we will assess the situation afresh.”

Karl Matchett27 June 2025 07:38

Stock market reaction

US stocks rose yesterday on apparent conviction from investors that interest rates could soon be cut further.

Lower interest rates make equities more appealing because it encourages more investment from businesses, which could boost profits, as well as making it more worthwhile putting cash where it may earn more money than in a bank account with a sinking rate.

“The old saying ‘make hay while the sun shines’, could have been created for yesterday, with markets on both sides of the Atlantic blossoming in today’s benign climate, said Danni Hewson, head of financial analysis at AJ Bell.

“A stonking performance by chipmaker Micron has boosted US tech stocks, propelling the S&P and Nasdaq towards fresh records and perhaps finally laying to rest the uncertainty created by DeepSeek’s disruption earlier in the year.

“The genie is well and truly out of the bottle when it comes to businesses’ desire to harness the AI superpower and Micron’s bullish outlook suggests that trade tensions and global uncertainty haven’t put companies off investing in tools that should boost productivity in the long run.”

Karl Matchett27 June 2025 08:03

Asian stocks mixed overnight as Japan’s Nikkei rises

Japan’s Nikkei 225 was the big winner overnight in Asian markets, jumping 1.4 per cent to hit intra-day five-month highs.

Sony and SoftBank were big winners on the day.

However, the Shanghai Composite dropped 0.7 per cent, while the Hang Seng in Hong Kong is 0.2 per cent down approaching close.

Australia and South Korea were also down, with India’s Nifty 50 and Saudi’s Tadawul All Share up.

Karl Matchett27 June 2025 08:20

FTSE 100 rises in early trading – JD Sports up 7%

The FTSE 100 is up as trading begins ahead of the weekend.

A 0.3 per cent rise is spearheaded by JD Sports being up 7.59 per cent.

Defence firm Babcock is down a little over 2 per cent, which is probably profit taking after huge rises.

Both European flagships, the French CAC 40 and the German DAX, are up plenty this morning: 1 per cent and 0.7 per cent respectively.

Karl Matchett27 June 2025 08:36

Centrica to take 15% stake in Sizewell C nuclear plant

British Gas owner Centrica is set to match EDF for a 15 per cent stake in the Sizewell C nuclear project, report the FT.

Brookfield Asset Management also remain in talks over a potentially larger stake, the report states, with hopes a deal can be concluded before parliament recess on 21 July.

The UK government estimate 10,000 jobs will be created at Sizewell C.

Karl Matchett27 June 2025 08:46

Trump says China trade deal done – but offers few details

Last night saw President Trump announce a trade deal with China was done and signed, but no details were offered up.

“We just signed with China yesterday,” he said at a White House event, several weeks after saying the deal was done bar a sign-off from himself and President Xi.

Trade tariffs in April were announced starting with higher rates on China than elsewhere, which escalated into a back-and-forth where the effective tariffs were at one point around 140 per cent.

Several weeks ago Trump wrote on social media the tariffs would be 55 per cent for China exports to the US.

Karl Matchett27 June 2025 09:00

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