Closing post
Time to wrap up….
US stock markets have hit record highs after America reached an agreement with China to speed up rare-earth shipments.
The S&P 500 index, and the Nasdaq, both hit new peaks amid news of wider efforts to end the trade wars between the US and the world’s biggest economies.
Donald Trump said on Thursday that the US had signed a deal with China the previous day, without providing additional details, and that there might be a separate deal coming up that would “open up” India.
China confirmed the details of the deal on Friday, and reiterated that it will continue to approve the export permits of controlled items.
European markets also rose, with the FTSE 100 closing at its highest level in over a week. Asia-Pacific markets hit three-year highs.
There were signs that the trade war has hurt the UK auto sector, with shipments to the US halving in May.
Nike has said it expects costs to increase by about $1bn (£728m) as a result of Donald Trump’s tariff war as the sportswear company looks to reduce its manufacturing in China.
The European pharmaceutical industry has urged Brussels not to retaliate if Donald Trump brings in threatened tariffs on imported drugs, amid fears he could impose the levies as early as next week.
There was relief in London after the US announced it plans to drop the ‘revenge tax’ section of Donald Trump’s new tax and spending bill.
In other news…
An increase in demand for weight loss drugs, including Mounjaro and Wegovy, as well as demand among its generation Alpha customer base for beauty products is driving expansion at Superdrug.
Barclays and its former chief executive Jes Staley are facing a class action lawsuit in the US over claims they defrauded and misled investors over Staley’s relationship with the child sex offender Jeffrey Epstein.
The police criminal inquiry into the Post Office Horizon IT scandal is investigating more than 45 individuals, with seven formally identified as main suspects.
London’s stock market has ended the day at its highest closing level in over a week.
The FTSE 100 index of blue-chip shares has closed 63 points higher at 8799 points, up 0.7% today. That’s its highest close since 18 June.
