Closing summary: US stock markets move higher after Nvidia earnings
Stock markets on Wall Street have opened higher, propelled by Nvidia’s blow-out results on Wednesday.
The Nasdaq stock index, of which Nvidia is a member, rose by 0.8%, while the S&P 500 also gained 0.4%. The Dow Jones was roughly flat. Nvidia shares rose by 5%.
Nvidia’s performance is being driven in particular by the AI boom, which has tripled the value of its shares this year and given it a market value of more than $1tn, the Guardian’s Rob Davies reports:
The US gains followed the FTSE 100, which edged up by 0.2% by Thursday afternoon, and the Stoxx 600, which showed that blue-chip stocks across Europe had also gained ground.
In other business news today:
UK retail sales dropped at the fastest rate since March 2021, according to the Confederation of British Industry.
UK interest rates will peak at 5.5% next month as Bank of England policymakers try to minimise the impact of higher borrowing costs on the UK economy and avoid a prolonged recession, economists predict.
Britain faces a stark choice between paying higher taxes or accepting an inevitable deterioration in public services and the welfare state, a report says. In an in-depth study of the UK tax system, the Institute for Fiscal Studies (IFS) thinktank said the already high level of taxes and the weak prospects for growth meant voters faced a tough choice.
A fifth delay on the introduction of post-Brexit import checks on food and fresh produce arriving in Britain is to be officially announced imminently.
Fossil fuels benefited from record subsidies of $13m (£10.3m) a minute in 2022, according to the International Monetary Fund, despite being the primary cause of the climate crisis.
You can continue to follow our coverage from around the world:
In our coverage of the Russian war on Ukraine, Zelenskiy says Kyiv had “nothing to do” with Prigozhin plane crash; Wagner will be bigger threat under Putin, warns Polish PM
In the UK, Labour party membership fell by almost 25,000 in 2022, while its income rose, figures show
In the US, Donald Trump reportedly “shakes up legal team” ahead of surrender at Fulton county jail
Thank you for reading today, and please do join me again tomorrow for the energy price cap announcement and the build-up to Jerome Powell’s speech at Jackson Hole. JJ
Updated
UK to delay post-Brexit food checks – for fifth time
A fifth delay on the introduction of post-Brexit import checks on food and fresh produce arriving in Britain is to be officially announced imminently, the Guardian understands.
The decision to once again push back plans to enforce the controls – which have been in place for exports from the UK to the EU – is linked to concerns that the move could further fuel food price inflation during the cost of living crisis, while traders have also asked for more time to adapt to the new rules.
The plan to delay the new border controls has been backed by the chancellor, Jeremy Hunt, according to the Financial Times, which broke the news earlier this month that the postponement was on the way.
The government’s post-Brexit border strategy, including inspections of animal and plant products arriving in Britain, was originally supposed to be introduced in 2021.
According to the most recent timetable, import checks had been expected to introduced in three stages over the course of a year, beginning with new paperwork requirements – including health certificates for certain animal and plant products, as well as high risk food products – from the end of October this year.
Meanwhile, physical checks at the UK border had been expected to begin on 31 January 2024.
However, after the latest delay, the schedule has moved back by three months, according to the FT, meaning that new paperwork will not be needed until the end of January, while physical inspections of goods will not start until the end of April.
You can read the full story here:
