Good morning. Google scores a major win. We speak to a European Central Bank member about the outlook for interest rates. And a live-action Call of Duty movie is in the works. Listen to the day’s top stories.
— Lily Nonomiya
A big win. Google will have to share some of its search data with competitors, but will not have to sell its popular Chrome web browser, a US federal judge ruled in a Justice Department’s landmark antitrust case. Shares climbed in after-hours trading. Here’s our explainer on what’s at stake.
The European Central Bank’s interest rates are firmly on hold for now and the next step could be a cut or a hike, depending on future data, according to Primoz Dolenc, acting governor of Slovenia’s central bank. With Europe’s economy resilient and inflation stabilizing near 2%, Dolenc said he doesn’t see justification to adjust borrowing costs. That sentiment was echoed by ECB colleague Madis Muller, who recently said the ECB can afford to keep rates steady.
Market jitters. Stocks in Turkey slid and bond yields soared after a court ordered the removal of the main opposition CHP’s Istanbul administration, in a ruling likely to disrupt the party as it tries to mount a challenge to President Recep Tayyip Erdogan. The market moves were reminiscent of a March rout following the arrest of Erdogan’s strongest rival, Istanbul Mayor Ekrem Imamoglu. Read our August interview with Imamoglu here.
Off to a rocky start. Wall Street kicked off September on a sour note, with stocks joining a slide in bonds amid heavy corporate debt sales and developed-world budget worries. US 30-year yields approached 5%, pressuring tech shares whose valuations had widened during a surge from April lows. Japanese super-long bonds also joined the trend.
Karol Nawrocki. Photographer: Damian Lemanski/Bloomberg
Polish President Karol Nawrocki arrives at the White House today to meet Donald Trump in a gathering that would ordinarily showcase his country’s importance as a key European power.
But the runup to the head of state’s first foreign trip has exposed something else: how Poland’s latest political troubles risk undermining the country at home and abroad just when its star was in the ascendency.
As NATO’s biggest defense spender relative to the size of its rapidly expanding economy and a staunch ally of Ukraine, Europe arguably needs a strong Poland more than ever. But instead, there’s the threat of increasing paralysis in Warsaw.
At the heart of it is the escalating tension between Nawrocki, who is backed by Poland’s nationalist opposition and was endorsed by the MAGA movement, and Donald Tusk, the pro-European Union prime minister.
Rachel Reeves is battening down the gilt hatches, Marcus Ashworth writes. With several months until her second budget, the sensible thing to do is reduce the amount of combustible material left to potentially inflammatory fiscal decisions. Reducing average maturities is a welcome sign of common sense.
A still from the Call of Duty Black Ops 6 game. Source: Activision
A Call of Duty movie is in the works.Paramount Skydance struck a deal with Microsoft’s Activision unit to make a live-action adaptation, promising to meet the “exceptionally high standards” of the franchise and its fans.
