Closing post
Time to recap.
Two European carmarkers have illustrated the problems facing the industry as it transitions to electric cars.
Volkswagen told staff it has “a year, maybe two” to adapt to a slump in European car sales, as it seeks to justify proposals to close factories in Germany for the first time in its history.
Volvo has abandoned its ambition to sell only fully electric cars by 2030. It is now aiming for 90-100% of its global sales to be either pure electric or plug-in hybrid at that point.
Global stock markets have stabilised after a rough patch. The S&P 500 index is broadly flat today, while the UK’s FTSE 100 has dropped by 0.35%. That followed heavy losses in Asia, where Japan’s Nikkei lost over 4%.
There are fresh signs that the US economy is cooling, with job openings falling to their lowest level since 2021 in July.
The UK government has reportedly dropped plans for a British Isa…
…while also approving Thames Water’s Water Resource Management Plan, including a new reservoir in Oxfordshire.
JP Morgan chief Jamie Dimon has met with Rachel Reeves, as the chancellor works on the autumn budget.
The UK payments regulator has confirmed it is proposing to slash the amount that banks will have to refund to fraud victims – from £415,000 to about £85,000.
Britain’s competition regulator has cleared Microsoft’s arrangements with Inflection AI, which included a licensing deal and the hiring of former Inflection employees.
Updated
FTSE 100 closes lower
After a choppy day, London’s stock market has closed in the red.
But it wasn’t the brutal selloff that was feared after heavy losses on Wall Street yesterday, and in some Asia-Pacific markets earlier today.
The FTSE 100 index has closed 29 points lower at 8269 points, a drop of just 0.35% today.
European stock markets had a rougher day; the Stoxx 600 has lost around 1% today.
