Good morning. UBS’s profit tops expectations in a busy day of European earnings. A powerful earthquake triggers tsunami warnings from Japan to the US. And the rank of billionaires at Nvidia swells. Listen to the day’s top stories.
UBS posted higher-than-expected net income of $2.4 billion, and signaled brighter prospects. HSBC’s profit missed estimates, squeezed by costs and higher impairment charges. A throng of European companies are due to report today including Porsche, Airbus and Hermes.
Donald Trump’s flurry of trade deals are so far proving light on detail—with key aspects still under negotiation and big numbers shrinking under scrutiny. India may face a tariff of 20%-25%, the US president said, while cautioning the final rate is still undecided. Trump is set to make the final call on maintaining a trade truce with China.
A magnitude 8.8 earthquake struck off the Kamchatka Peninsula. Source: USGS
The US West Coast and countries in the Pacific braced for tsunamis in the wake of a powerful earthquake in Russia’s Far East, although the initial waves to hit Japan were small. Alerts were triggered for Canada, California, Hawaii, and as far away as New Zealand.
Nasdaq Nordic canceled trades in cash equities, exchange-traded products and equity derivatives following a “technical disturbance” in one of Europe’s largest trading hubs. It’s expecting to open markets normally today.
The deadly shooting on New York’s Park Avenue underscores the vulnerability of corporate executives and employees even inside the commercial core of America’s financial capital, security experts said. Read how the harrowing night unfolded at Blackstone.
A coordinated effort is underway to crack down on foreign tech services and build up domestic options controlled by the government.
The Kremlin announced this month it had chosen government-controlled social networking company VK Co. to be Russia’s national messaging service.
The result is Max, a sprawling app billed as a way for users to communicate, manage their finances, access government services and even skip the lines at music festivals.
For Putin the endgame looks like the internet in China, where all online experience is mediated through what are known as everything apps—and the government has wide leverage to surveil and control online activity.
UK shoppers have remained resilient as the economy sputters, but any retailer will tell you a successful year boils down to the fourth quarter, Marcus Ashworth and Andrea Felsted write. Even as Britons head to their summer holidays, the tea leaves for winter are worrisome—unwelcome news for Chancellor Rachel Reeves.
Two more Nvidia executives have gained 10-figure fortunes as a result of the chipmaker’s relentless growth, bringing the total number of billionaires at the company to half a dozen. And, in case you missed it, here’s our explainer on why the firm is the king of AI chips.
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