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Well that's all from us today, thanks for following along. Be sure to join us again on Monday when we'll be back for all the latest of what's moving markets and happening across the global economy.

Until then, have a great weekend!

The latest developments around tariffs remain in focus for investors as more major companies release earnings.

Investors will be keeping an eye on the outcome of trade talks between the US and China this weekend, with hopes of a de-escalation in tensions between the two countries.

While most of Alibaba's (BABA, 9988.HK) sales come from China, helping limit the impact of US tariffs, ongoing uncertainty will still be on investors' minds when the e-commerce and tech giant reports full-year results in the coming week.

In the US, investors will be looking at Walmart's (WMT) latest results, to shed some light on the health of the US consumer.

Back on the London market, Burberry's (BRBY.L) full-year results will be in the spotlight, as tariff uncertainty has clouded the outlook for the luxury sector.

Another big name in the UK due to report is tobacco giant Imperial Brands (IMB.L), with investors focused on the company's plans to boost shareholder returns.

Meanwhile, investors will want to see if German travel operator Tui (TUI1.DE) can continue to deliver strong growth in its latest quarterly results.

Here's more on what to look out for

Pinterest's (PINS) upbeat forecast for quarterly revenue calmed some worries about the prospects for ad spending as tariff risks weigh on the economic outlook.

The social media platform provider's shares jumped 12% in premarket trading.

Reuters reported:

Bitcoin (BTC-USD) extended gains on Friday, rising 3.6% to trade above $103,000. At one point, the world's largest cryptocurrency briefly spiked above $104,000.

Bitcoin rose alongside the overall market on optimism about deescalating tariffs and an announcement Thursday that Coinbase (COIN) would acquire options platform Deribit for $2.9 billion, as Yahoo Finance's Ines Ferré detailed.

Bitcoin fell as low as $75,000 in the days following Trump's "reciprocal" tariff announcement on April 2. It's now trading around its highest level since January.

The crypto is not very far off from its all-time high of 109,114.88 reached on Jan. 20, Trump's Inauguration Day.

More Brits noticed rising prices last month than at any previous point in more than two years, according to the Office for National Statistics.

Its latest survey showed that 72% of people reported a rising cost of living in April, up from 66% in March.

It is the highest level seen in the monthly survey since March 2023, when annual inflation was still running at just over 10%, more than four-times the current rate of 2.6%.

It comes as the household energy price cap was increased last month, after February’s cold snap sent gas costs surging in international markets.

UK households are always looking for ways to make their money go further amid the cost of living crisis, and savings accounts can help.

After years of low rates, high-yield savings accounts are still having a moment even after the Bank of England (BoE) cut interest rates to 4.25% this week. While homeowners face lofty mortgage rates, there is a silver lining in higher borrowing costs, and consumers can find UK savings accounts offering rates above inflation.

Experts urge savers to shop around for the best deals and review their accounts regularly, as many may still be sitting on products that fail to beat inflation.

Victor Trokoudes, CEO and founder of smart money app Plum, said: "It’s important savers shop around and make sure that their savings are working as hard as possible. Don’t assume your high street bank will give you a good deal, you have to do your research to find the highest interest rates!

"Look for a competitive interest rate, currently that’s anything above at least 4.5%. But you’ll have to act quickly as the decrease in interest rates will affect current rates on offer."

Chancellor Rachel Reeves, said:

Business and trade secretary, Jonathan Reynolds, said:

John Flint, National Wealth Fund CEO, said:

UKEF CEO, Tim Reid, said:

Working people will benefit from 1,000 jobs at a new state-of-the-art gigafactory in Sunderland in a £1 billion auto deal to accelerate the transition to electric vehicles and boost growth.

This investment is another boost for the British car industry after yesterday’s landmark economic deal with the United States saved thousands of jobs by slashing tariffs on British exports.

The new AESC gigafactory will manufacture batteries for electric vehicles, powering up to 100,000 EVs each year - a six-fold increase on the country’s current capacity – making the UK globally competitive selling more British EVs at home and abroad and helping to achieve our net zero target.

In the landmark transaction, the National Wealth Fund and UK Export Finance will provide financial guarantees which unlock £680 million in financing from banks including Standard Chartered, HSBC, SMBC Group, Societe Generale and BBVA. This will cover construction and operation of the new plant. The remaining £320 million has been secured through private financing in addition to new equity provided by AESC.

In addition to this £1bn investment, the overnment’s Automotive Transformation Fund is also investing £150m in grant funding.

This is the government’s Plan for Change in action, making us more competitive on the world stage, helping Britain on its way to becoming a clean energy superpower through innovation in the automotive sector, and delivering economic growth that puts more money in people’s pockets through high skilled jobs.

The governor of the Bank of England (BoE), Andrew Bailey, has reaffirmed the central bank's “unwavering” commitment to reducing inflation to its 2% target, as he admits that these have been hard times for businesses and households.

“Our commitment to the 2% inflation target is unwavering,” Andrew Bailey said in a speech at Iceland’s Reykjavik Economic Conference.

On Thursday, the BoE cut its main interest rate from 4.5% to 4.25%, a move Bailey described as a “finely balanced” decision, which may have been different if not for the recent wide-ranging tariffs imposed by US president Donald Trump.

The rate cut reflects the bank's response to global economic pressures, but Bailey reminded the audience that setting monetary policy in such a volatile environment remains a formidable task.

He said:

President Donald Trump has proposed an 80% tariff on goods from China, down from current highs of 145%.

He posted on his Truth Social website on Friday: “80% Tariff on China seems right! Up to Scott B.”

It comes ahead of Scott Bessent, his Treasury Secretary, meeting Chinese leaders in Switzerland to discuss trade this weekend.

Trump has also urged Beijing to open up its markets, posting:

European Commission (EC) president Ursula von der Leyen has said she may visit Washington to meet US president Donald Trump to discuss trade negotiations.

Speaking in Brussels today, von der Leyen said:

Returning to work after having a baby isn’t easy. On the one hand, the opportunity to gain some independence and earn money may be a welcome change after the routine of night feeds and nappies. On the other, looking after a baby while getting back into the swing of work can be overwhelming — especially if you don’t feel ready.

One mother, Laura from North Yorkshire, had to return to work after three months because she couldn’t afford her mortgage repayments while on low maternity pay. “I feel guilty because I’ve had to miss out on bonding time with my child,” she says.

“There has been no time to recover from pregnancy or the birth. I’m tired and stressed, but I have no choice.”

Around 40% of mothers are forced to go back to work within four months of having a baby because they simply can’t afford to stop working for longer, according to data from Pregnant then Screwed.

Both statutory maternity pay, aimed at employed women, and maternity allowance — for those who are self-employed — are now worth less than half of the weekly National Living Wage. Amid the rising cost of living, many new mums are missing out on meals because they can’t afford food.

For many, the only option is to head back to work sooner than they would like. Yet cutting short the important postnatal period can have a detrimental effect on the mental and physical health of new mothers.

Read the full article here

Taiwan Semiconductor Manufacturing Company (TSMC) (2330.TW, TSM), the world’s largest contract chipmaker, reported a surge in sales for April, driven by a wave of stockpiling ahead of US tariffs on imports.

The company, which supplies major tech players such as Nvidia (NVDA) and Apple (AAPL), posted sales of NT$349.6bn (£8.7bn/$11.5bn) for the month, marking a 48.1% increase from the same period last year and a 22.2% rise from March.

The spike in revenue followed US president Donald Trump’s announcement on 2 April of tariffs on trade partners. Though the tariffs were temporarily paused for 90 days, the move prompted companies across the US to accelerate imports in anticipation of the duties taking effect.

TSMC, which is a key supplier for global technology giants, reported a 43.5% rise in revenue for the first four months of the year, reaching NT$1.2tn.

Oil prices (BZ=F, CL=F) rose in early European trading on Friday, ahead of trade talks between the US and China this weekend.

Brent crude futures were up 0.7%, to trade at $63.28 a barrel, while West Texas Intermediate futures climbed 0.6%, hitting $60.25 a barrel.

The talks are due to take place in Switzerland on Saturday and Sunday. On the US side, the talks will be led by Treasury secretary Scott Bessent and chief trade negotiator Jamieson Greer, while China be represented by vice premier He Lifeng.

"[US president] Donald Trump’s hinted there may be some scope to reduce the 145% border tax on Chinese goods if discussions go well," said Derren Nathan, head of equity research at Hargreaves Lansdown. "So far, the measures haven’t done huge damage to China’s economy."

Data released on Friday showed that exports from China grew by 8.1% in April, which was higher than the 1.9% expected, though shipments to the US were down 21%.

"That cuts both ways with imports from America falling 4.7%, reflecting the 125% tariff imposed by Beijing," said Nathan.

A trade deal between the UK and US, which was announced on Thursday, boosted investor sentiment, with the FTSE 100 (^FTSE) opening higher on Friday morning. The pact is the first for Trump's administration since the president announced sweeping tariffs on what he dubbed "Liberation Day" on 2 April.

However, Nathan highlighted that "US relations with China aren’t quite as friendly as they are with Whitehall and there’s speculation that these negotiations could be more protracted."

He said that brent crude prices had "latched on to the potential for further trade deals, but pressures remain on the supply side as OPEC+ nations target increased production."

"Speculation is also building around a US-Iranian deal setting out rules for Tehran’s nuclear development activities which could see some oil sanctions lifted," he said. "The parties are thought to be convening in Oman this weekend."

Used car market surpassed 2 million units in the first quarter of the year for first time since pre-pandemic 2019, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT).

Sales grew by 2.7% on the same period last year, capping off nine consecutive quarters of growth as the market responded to greater supply from the new car sector.

Petrol remained the best-selling fuel type, rising 2.1% to 1,149,855 units, while diesel experienced a 3.1% decline to 679,739 units.

As a result, ICE cars made up 90.5% of all used transactions in the quarter. However, their combined market share fell 2.4 percentage points on Q1 2024 as more buyers opted for electrified options

James Hosking, managing director of AA Cars, said:

Derren Nathan, head of equity research at Hargreaves Lansdown, said:

British Airways’ parent company International Consolidated Airlines (IAG.L) has revealed itself as the buyer of $10bn worth of Boeing (BA) planes.

It comes after US president Donald Trump said on Thursday that an unnamed UK company had struck the deal.

IAG said in its latest financial results that it has ordered 53 aircraft for its medium-term long-haul fleet requirements.

It came as IAG reported a surge in first-quarter operating profits, adding that second quarter revenue was ahead of last year.

Operating profit before exceptional items increased £130m to $198m as strong revenue growth and a lower fuel price offset expected cost increases. The firm also held its annual guidance.

The US-UK trade deal has been called “quite disappointing” by the shadow business and trade secretary.

Andrew Griffith told BBC Radio 4’s Today programme:

He added that the deal did not offer any mutual recognition between the US and UK, and called on the government to go back and negotiate “a comprehensive agreement”.

Andrew Bailey, the governor of the Bank of England (BoE) has said a closer trading relationship between Britain and the EU would be “beneficial”.

It comes just a day after Sir Keir Starmer signed a UK-US trade agreement with Donald Trump.

Bailey said Britain must “do everything we can” to avoid damaging relations with Europe.

He told the BBC:

The EU still remains Britain's largest trading partner.

With US-China talks set to begin this weekend, stocks in Asia were mostly higher overnight. The Nikkei (^N225) rose 1.6% on the day in Japan, while the Hang Seng (^HSI) gained 0.3% in Hong Kong.

The Shanghai Composite (000001.SS) was 0.3% down by the end of the session after new data revealed that Chinese trade with the United States slumped in April even as its total exports beat forecasts.

Exports to America, one of China’s top trading partners, fell 17.6% during the month.

Across the pond, Wall Street finished firmly in the green yesterday. The S&P 500 (^GSPC) rose 0.6%, and the tech-heavy Nasdaq (^IXIC) was 1.1% higher. The Dow Jones (^DJI) also gained 0.6%.

It came as the US and the UK struck a deal on trade — with America trebling tariffs on Britain from 3.4% to 10%, and the UK cutting its tariffs by two-thirds from 5.1% to 1.8%.

Tariffs on cars will be slashed to 10% for an agreed quota of 100,000 automotives. British manufacturers exported just over 100,000 cars to the US last year, making this a major win for the industry.

The UK will also be spared completely from steel and aluminium tariffs, which rose to 25% after Trump kicked off his trade war in February.

In the bond market, the yield on benchmark 10-year US Treasury notes rose to 4.381% from 4.274% a day earlier.