Good morning. UBS’s profit beats estimates. Trump renews criticism of his Federal Reserve chair. And Ikea backs a traffic-free Oxford Street in London. Listen to the day’s top stories.
Donald Trump renewed criticism of Jerome Powell, saying he knows “much more” about interest rates than the Federal Reserve chair. He also championed his economic policies and tariff regime at a rally to mark his 100th day in office. Earlier, the US president said China deserved the steep levies he imposed on their exports and predicted Beijing could find a way to reduce their impact on American consumers.
The EUhas made tangible offers to Trump’s administration in an effort to return stability to the global economy, according to the bloc’s commissioner for international partnerships. But according to American public broadcaster PBS, US Trade Representative Jamieson Greer said Europe isn’t engaging as much as other countries.
Nigel Farage’s Reform is poised to emerge as the biggest winner in England’s local elections tomorrow, potentially laying the ground for a wider fracturing of British politics.
The European Central Bank should proceed carefully with additional cuts in borrowing costs due to the uncertain global environment, Governing Council Member Yannis Stournaras said. Later today: Euro-area GDP probably expanded by 0.2% in the first quarter, the same pace as the previous three months.
The proportion of UK student dorms that are leased for the next academic year has fallen sharply as a post-pandemic boom that’s lured a plethora of the world’s biggest private equity firms begins to fade.
As of March, just 36% of beds available for September had been signed, down from 46% from a year earlier, according to data compiled by StuRents, an online portal for student accommodation.
That’s the lowest since the company began compiling the data four years ago and represents a more than 15 percentage point drop from the peak in March 2023. Read how foreigners’ interest in UK housing has been slumping.
Europe may need a Temu tax, Lionel Laurent writes. The EU was flooded with the equivalent of 145 parcels per second last year, mostly from China. With the US now raising the drawbridge against cheap Chinese goods, Europe will be an even more vital market for these platforms.
Ikea wants Oxford Street to be pedestrian-only, throwing support behind London Mayor Sadiq Khan’s plan. Of course, the Swedish furniture giant is opening a new store along the popular shopping street.
