It was a moment many had predicted from the outset, a question of when rather than if. The wheel finally came off the Trump-Musk "bromance" in spectacular fashion on Thursday, wiping more than $150 billion off the value of Tesla and dragging down the broader market.

The world's richest man kicked things off by describing Trump's signature "big, beautiful bill" aimed at extending tax cuts a "disgusting abomination."

Trump responded by calling his electoral backer "CRAZY!", threatening to slash government contracts and subsidies key to Musk's business interests and telling reporters he was "disappointed" in him. Things only got more heated from there.

The very public spat only adds to Tesla's woes. The electric vehicle maker's market capitalisation has fallen almost 30%, or $380 billion, so far this year, the biggest drop of any large company globally.

Key moments from last week

Elon Musk is at war with whole swaths of Trump's agenda

Elon Musk cemented his break-up with Donald Trump this week with a move against the president's signature legislative priority: the One Big Beautiful Bill Act.

But the scope of his attack broadened on Thursday with Musk making a case not just against that bill but with ever-widening critiques that now span significant chunks of Trump's political agenda.

Musk's posts have seen him floating everything from the concept of impeachment to calling the president a liar to the false accusation that Trump 'is in the Epstein files' and covering it up.

Trump, unsurprisingly, was quick to retaliate, calling his former friend "CRAZY!" and threatened to terminate Musk’s governmental subsidies and contracts.

ECB cuts interest rates for eighth time in a year

In what ECB president Christine Lagarde described as an "almost unanimous decision" the central bank chopped rates by a quarter of a percentage point for the eighth time in a year. The move, which was widely expected, follows a drop in eurozone inflation to 1.9% last month, just below the 2% target for the first time since last September.

Investors are now pricing in a pause in rate cuts in July, and some conservative policymakers have also advocated for a break to give the bank a chance to reassess uncertainty and the future outlook.

UK house prices rise as higher wages, low unemployment boost market

Property prices gained some momentum in May, with annual growth increasing to 3.5%, according to figures from Nationwide.

The uptick comes amid signs that activity in the housing market is holding up well, despite the end of a stamp duty break. Low unemployment, rising real wages, strong household balance sheets, and the potential for lower borrowing costs were among the factors buoying the market.