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Closing post
Time to wrap up…
The European Commission has accused the US tech companies Google and Apple of breaking its digital rules, in a landmark action that could escalate transatlantic tension with Donald Trump.
The US president has sought to exert pressure on the EU to back away from tougher regulation of American technology groups, warning that he could retaliate by imposing tariffs on foreign companies.
But on Wednesday, the commission pressed ahead with enforcement action against Apple and Google’s parent company Alphabet, two of the world’s five largest companies by stock market value, accusing them of breaking the EU Digital Markets Act (DMA).
Turkish assets have been rocked by the news that police have detained Istanbul’s mayor Ekrem İmamoğlu, the main political challenger to President Recep Tayyip Erdoğan.
Turkey’s BIST 100 share index has slumped almost 9% by the close of trading, while the lira crashed to a record low – before recovering slightly; it’s now down 2.7%.
The Bank of Japan has warned that tariffs and trade war threats are creating heightened uncertainty, as it left interest rates on hold today.
Stocks are rallying on Wall Street, ahead of tonight’s interest rate decision by the US Federal Reserve.
Bank Santander is to close 95 branches across the UK, with the loss of up to 750 jobs – here’s the list.
The value of Elon Musk’s social media platform, X, has reportedly soared back to the $44bn he paid for it, in a dramatic reversal of fortunes since the billionaire became a key ally of Donald Trump.
The EC has pressed on with action against Google and Apple, despite the risk of potential retaliation by the US, as Donald Trump has previously criticised European fines against American companies.
As the FT explains:
The US president is considering tariffs on countries that levy digital services taxes against American companies. According to a memo released last month, Trump said he would look into taxes and regulations or policies that “inhibit the growth” of US corporations operating abroad.
