The FTSE 100 rose to new highs once again last week, tipping the scales well above 9,100 points after a particularly strong day on Thursday which saw the likes of BT Group rise ten per cent. The British companies index is up more than 11 per cent this year, outpacing the key US benchmarks - and has started fast on Monday too.
Meanwhile, key upcoming UK economy data this week includes mortgage approvals and the Nationwide House Price Index. Additionally, there is likely to be more news emerging on how the government may tackle pension reform, amid debate over what age the state pension should be and whether the tax relief rate on pension contributions may be altered.
In other markets, bitcoin fell towards the end of last week, from the highs above $123,000 down to now around $118,000, with gold also retreating as investors took a risk-on approach once more.
Follow The Independent’s live coverage of the latest stock market and business news here:
Business news live - Monday 28 July
- FTSE 100 and European stocks surge higher on news of US-EU trade deal
- US and EU agree trade deal at 15% base tariff
- Billionaire hedge fund manager warns Rachel Reeves of UK 'doom loop'
- US stocks to rise on Monday afternoon as FTSE loses momentum
Business news live - Monday 28 July
16:25 , Karl MatchettThat’s it for us today - we’ll be back tomorrow morning from 7am as usual with all the latest business and companies news, stock markets updates and everything else to do with your money.
We leave you with the best of Monday’s news lines:
- One in eight high earners with no inheritance ‘trapped by financial outgoings’
- Almost 50,000 firms near collapse amid strain from tax hike, report claims
- Beer giant blames price disputes for declining sales
- High risk for EU consumers of finding illegal products on Temu, EC reports
Business news live - Monday 28 July
06:57 , Karl MatchettGood morning and welcome to another week of live business coverage on The Independent.
We’ll be bringing you the latest company news, stock market updates and other investment asset price changes, news affecting your money and everything else across the finance landscape.
Reeves will have to raise taxes, charge for the NHS or ditch pensions triple lock, warns IMF
07:07 , Karl MatchettRachel Reeves has been given her strongest warning yet that she will have to break a key party manifesto pledge by hiking taxes, introducing charges to use the NHS or dropping the triple lock guarantee on the state pension.
The beleaguered chancellor raised taxes by £40bn in her first Budget last year, partly to fund record new investment in the NHS.
But now the world’s most important financial watchdog has warned that she will likely have to break an election promise to raise “taxes on working people” – income tax, VAT or national insurance contributions by employees – to balance the books.
More here:
Reeves must raise taxes, charge for NHS or ditch pensions triple lock, warns IMF
FTSE 100 hit record highs last week - more to come?
07:18 , Karl MatchettThe FTSE 100 closed at 9,120 points last week, continuing its tremendous climb for the year even after dropping 0.2 per cent on Friday.
This week, the likes of AstraZeneca, Greggs, HSBC and the exchange’s actual owner, the London Stock Exchange Group, are all reporting financials.
Their performance - and the wider economic outlook - will shape whether the index continues to climb.
Self-employed workers face key tax date next week - and it’s costly to miss
07:32 , Karl MatchettIf you work for yourself, you’re likely to be familiar with that formidable phrase “payment on account”.
This is a payment you make to HMRC twice a year, by the end of January and the end of July, towards your next tax bill.
Although there are 4.4m self-employed people in the UK, about 12m people file a self-assessment tax return each year.
However, you’ll only need to make a payment on account if your self-assessment tax bill is more than £1,000 and less than 80 per cent of your tax was collected at source (such as PAYE).
More details here from James Hetherington:
Self-employed workers face key tax date next week - and it’s costly to miss
US-EU trade deal agreed at 15% tariff base
08:03 , Karl MatchettThe EU and the US appear to have finally reached a deal on their trade agreement.
Exports to the US from the bloc will have a 15 per cent base tariff applied, half that which was threatened if 1 August arrived with no agreement.
As part of the deal, the EU will purchase $750bn worth of energy in liquified gas, oil and nuclear fuels over the next three years.
"We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity," said US president Trump.
Billionaire hedge fund manager warns Rachel Reeves of 'doom loop'
08:20 , Karl MatchettThe UK is stuck in a “debt doom loop” of rising taxes, no growth and increasing debt.
That’s the view of Ray Dalio, noted hedge fund manager and billionaire, with the American telling Rachel Reeves that her taxation, while necessary, is driving away people.
That results in worse conditions, lower growth and the need for further tax rises.
Speaking on The Master Investor Podcast with Wilfred Frost, the Bridgewater Associates founder said: “The financial problems and the social problems worsen, having the effect of causing people with money to leave.”
Mr Dalio said “difficult choices” were coming, with the UK likely to lose more millionaires than any other country this year.
FTSE 100 rises 0.4 per cent - European stocks even higher
08:37 , Karl MatchettThe agreement of a trade deal between the US and the EU has sent European stocks shooting higher this morning.
The FTSE 100 has continued its own great momentum, up 0.42 per cent in the immediate minutes of trading starting, but even that is below some of its European peers.
France’s CAC 40 leads the way at 1.2 per cent in the green, with Germany’s DAX up 0.8 per cent.
US stocks are also forecast to rise later on today.
US-EU trade deal pushes stocks higher again
09:00 , Karl MatchettStock markets have been surging recently overall - and that buying power is expected to be widely in evidence again today.
Much of that is the removal of uncertainty after the US-EU trade deal was agreed, explains Derren Nathan, head of equity research at Hargreaves Lansdown.
“The 15 per cent tariff on all transatlantic EU exports should be a huge relief for multiple European industries, from pharmaceutical companies through to electronic manufacturers and luxury brands,” he said.
“The likes of Airbus will be glad to hear that certain products, including aircraft and plane parts, will not attract any tariffs. As the world’s biggest trade corridor (30 per cent of global trade and 43 per cent of world GDP), this removes a huge element of doubt ahead of the 1 August deadline.
“European stocks are also up this morning and US futures point to a solid start to the week later today. There’s little economic or corporate news expected today, but looking to the rest of the week, investors have plenty of central bank meetings, economic data points, and earnings season read outs to get to grips with. The Fed is widely expected to hold rates steady on Wednesday, but markets will also be closely watching second-quarter US GDP figures.”
Almost 50,000 firms near collapse amid strain from tax hike, report claims
09:35 , PANearly 50,000 UK companies are on the verge of collapse, with the retail and hospitality sectors facing the most severe impact from rising wage costs. A new report highlights that recent budget measures are placing "immense strain" on small firms across the country.
The latest red flag alert from Begbies Traynor reveals a significant 21.4 per cent year-on-year increase in businesses experiencing critical financial distress, reaching 49,309 in the second quarter. Consumer-facing industries have been particularly hard hit, with bars and restaurants seeing a 41.7 per cent surge in distress.
Travel and tourism firms recorded a 39 per cent leap, while general retailers experienced a 17.8 per cent jump. Begbies warned that many independent pubs may not possess the necessary scale to withstand these mounting pressures for another year without urgent action.
Almost 50,000 firms near collapse amid strain from tax hike, report claims
US targets deals with China this week
10:08 , Karl MatchettIt’s not just the EU which is set to benefit from stability and certainty if the US gets its way.
Donald Trump’s government is also set to discuss further with China on Monday over the already-established framework, says Yahoo Finance.
That’s in addition to Japan sealing a deal last week, though parts of that agreement already appear under fire or under discussion.
One in eight high earners with no inheritance ‘trapped by financial outgoings’
10:20 , Karl MatchettOne in eight (12%) people with a salary over £100,000, but with no parental wealth to fall back on, feel “trapped” by their current financial commitments, a survey has found.
More than two-fifths (44%) do not feel that they are able to comfortably meet their financial commitments each month, according to the research commissioned by wealth manager Killik & Co.
Despite their high salaries, nearly a fifth (18%) of high earners in this group admit that their financial commitments are causing them stress and anxiety.
More from PA:
One in eight high earners with no inheritance ‘trapped by financial outgoings’
Samsung to produce Tesla chips in $16bn deal
10:40 , Karl MatchettSamsung have signed a deal with Tesla to provide semiconductor chips for the EV firm.
Running through to 2033, it’s a $16.5bn (£12.3bn) agreement between the companies, with a plant in Texas to be built to produce the chip.
“The strategic importance of this is hard to overstate,” Elon Musk said on X.
Everyman cinemas hail growth after sales jump
11:00 , Karl MatchettLuxury cinema chain Everyman has seen sales rise 21 per cent in the first half of 2025.
Cinemas in general have struggled even before Covid but the group has been boosted by a 15 per cent rise in admissions and a 6 per cent average ticket price rise.
Customers have also spent more on food and drink while there, the firm said, reflecting a “successful” period despite “challenging” conditions.
Shares are up more than 5 per cent today.
No grants available yet on EVs – but Hyundai adds to discounts
11:20 , Karl MatchettTwo weeks after the government’s surprise EV grant went live, there are still no cars listed on the official government website as being available with grant money applied to the list price.
However, car makers are jumping in with their own ‘EV grants’ to avoid a stall in EV sales while car buyers wait to find out which cars are eligible for the government grants.
Our EV Editor Steve Fowler has the details:
No grants available yet on EVs – but these are the discounts on offer
FTSE 100 drops off after fast start
11:40 , Karl MatchettThe FTSE 100 was up more than 0.4 per cent soon after trading started this morning - but that explosive opening has certainly stalled.
It’s still in the green and a 0.12 per cent rise would generally be seen as a positive day on most occasions, we should note.
But the fall-off across mid-morning has been replicated in markets across Europe.
The German DAX remains up 0.4 per cent and the French CAC 40 is up 0.66 per cent, both down notably since this morning.
Profit-taking or reconsideration of the trade tariff deals?
The secret rise of the bank of mum and dad: ‘I’d have felt bad not to step in’
12:05 , Karl MatchettSuzie Tullett hadn’t anticipated having to help her children buy their first homes. But over the past five years, romcom author Tullett and her ex-police-officer husband have transferred tens of thousands of pounds to their two thirtysomething sons.
When their younger son was struggling to save for a house amid soaring rental costs, the Tulletts sold their Yorkshire family home to him for less than the market value. He was transferred the majority equity in the property, and left with only the solicitor’s fees and a small mortgage to pay off. Their elder son was given £20,000 towards the fees to buy his first home.
Ellie Muir on the bank of mum and dad:
The secret rise of the bank of mum and dad: ‘I’d have felt bad not to step in’
Still concern over US EU deal, says expert
12:20 , Karl MatchettThe US and EU agreeing a deal is a positive - but it’s not all positive, says AJ Bell investment director Russ Mould.
“Stock and bond markets are welcoming the deal agreed by European Commission President Ursula von der Leyen and America’s President Trump, largely in the view that the outcome could have been worse, the risk of an escalating trade war has been lowered and that the EU is better off than it was on 2 April, after the United States’ initial launch of baseline and reciprocal tariffs,” he said.
“However, the European Parliament still has to ratify the agreement, the EU is still worse off than it was on 1 April and defence stocks are in retreat, as Europe promises to buy more US material as part of the trade agreement.”
Heineken sells less beer amid pricing pressures
12:41 , Karl MatchettBrewing giant Heineken has said it sold less beer in the face of tense price negotiations with European retailers over the first half of the year.
The Dutch brewer saw shares dip as it also indicated that US tariffs would act as a drag on company profits.
The company, which also makes Birra Moretti and Amstel, reported a 1.2% slump in beer volumes in the first six months of 2025, driven by declines in Brazil, the US and parts of Europe.
More details from PA here.
Self-employed workers face key tax date next week - and it’s costly to miss
13:00 , Karl MatchettIf you work for yourself, you’re likely to be familiar with that formidable phrase “payment on account”.
This is a payment you make to HMRC twice a year, by the end of January and the end of July, towards your next tax bill.
Although there are 4.4m self-employed people in the UK, about 12m people file a self-assessment tax return each year.
However, you’ll only need to make a payment on account if your self-assessment tax bill is more than £1,000 and less than 80 per cent of your tax was collected at source (such as PAYE).
James Hetherington has the details - not one to miss if you file a self assessment or are self-employed.
Self-employed workers face key tax date next week - and it’s costly to miss
US stocks set to rise - Nasdaq to open 0.3% higher
13:26 , Karl MatchettThe numbers are a little more low-key than they were initially looking to be but US stocks are still going to open upwards this afternoon.
We’ve got the Nasdaq 0.3 per cent up, the S&P 500 up 0.15 per cent and the Dow mostly flat in the futures markets.
The Eurostoxx 50 is still up 0.4 per cent today but both the FTSE 100 and the German DAX are down now for the day, despite rising early on.
Fastest growing salaries in AI: Engineers, data and algorithms
13:41 , Karl MatchettSome new data from CV-Library shows the jobs within AI which have seen the fastest-rising salaries.
Robotics software engineer tops the list, with a 51 per cent increase over the last two years seeing an average salary of £52,779.
Principal data scientist, head of data science and data science lead all come in just below, the first two rising around a third in the last couple of years, and all perhaps overlapping in nature and position somewhat.
“Roles such as Robotics Software Engineer and Principal Data Scientist are gaining momentum, potentially driven by automation demands and the need for data-driven business strategies,” said CV-Library.
“Overall, AI-related roles have experienced a 0.5% year-on-year decline in salary growth, reflecting a competitive market that is continually evolving.”
Commodities and crypto price check
14:00 , Karl MatchettTime for a rapid-fire afternoon check on rates, crypto and commodity prices.
Bitcoin: $119,000 (+0.85 per cent)
Ethereum: $3,887 (+1.99 per cent)
Brent Crude oil: $69.68 (+1.81 per cent)
Gold futures: $3,328 (-0.21 per cent)
GBP/USD: $1.3427 (-0.05 per cent)
Analyst raises fears on European carmakers after EU trade deal
14:20 , Karl MatchettEuropean carmakers could face struggles ahead after the EU-US trade deal agreement.
While the deal meant car tariffs went down from an imminent 30 per cent to 15 per cent, it still leaves them far higher than previously.
“15% is better than recent fears, but 6x higher than pre-Trump 2.0,” said Barclays analysts in a note.
The SXAP is an index tracking the performance of automobile and parts manufacturers, such as Stellantis, Porsche, Mercedes Benz and others.
That index now looks “vulnerable now on very elevated levels”, the note continued.
Microsoft, Meta, Apple and Amazon earnings to shape S&P 500 week
14:40 , Karl MatchettMagnificent Seven earnings are upcoming and four are reporting in two days this week.
Microsoft and Meta report on Wednesday, Apple and Amazon the day after.
How those perform will impact not only their own share prices, but have tended to impact the wider US stock market (and beyond) too.
“The bar is set pretty high,” said Michael Arone, chief investment strategist at State Street Investment Management to Yahoo Finance.
“They really need to deliver now to keep this momentum going [for stock markets to continue positive momentum].”
Independent Money: Sign up for our free newsletter
14:50 , Karl MatchettTo receive the Independent Money newsletter, simply enter your email address in the box at the top of this page.
You can also head to our newsletter preference centre to sign up for the email.
Once there, all you need to do is press the ‘+’ button and enter your email address to sign up.
Britain has no business laughing at Trump’s EU trade deal
15:00 , Karl MatchettThose who are crowing that Keir Starmer’s tariffs agreement with Donald Trump is better than the last-minute deal brokered by the European Union – and that this is somehow a Brexit ‘benefit’ – are deluding themselves: such marginal gains will never outweigh the lasting damage done by our leaving the EU, writes Sean O’Grady.
John Swinney says “uniqueness” of whisky made in Scotland justified the exemption from the 10% tariff applied on UK exports into the US.
The First Minister, who is due to hold talks with Mr Trump during his ongoing visit to Scotland, said the tariffs were currently costing the local whisky industry £4m a week.
“Tariffs are very important for the Scottish economy and obviously scotch whisky is a unique product,” he said on the BBC.
“It can only be produced in Scotland. It’s not a product that can be produced in any other part of the world. So there’s a uniqueness about that, which I think means there is a case for it to be taken out of the tariffs arrangement that is now in place.”
More here:
Equities continue to push higher with investors taking a risk-on approach.
But Tom Stevenson, investment director at Fidelity International, says beware the longer-term downturn.
“The rally in global stock markets since the liberation day tariff tumble continues. Day by day, investors push shares further into record territory,” he said.
“The latest catalyst for stock market euphoria has been the US-EU trade deal. Such is the power of managing expectations, that a 15% tariff on EU exports to America, with higher levies on key areas like steel, is seen as a good result.
“At the same time, investors are viewing the One Big Beautiful tax bill as an unambiguous positive for the economy. It certainly does promise lower corporate and private taxes, funded in part by lower welfare spending. That could be good for markets in the short run.
“But the price to be paid longer term is another $4trn of government debt. And that means more bonds to be issued and funded. And in the absence of significantly higher economic growth that almost certainly means higher inflation.”
FTSE 100 dramatically fall across the day
16:00 , Karl MatchettWe started off this morning with the FTSE 100 almost half a percent up; now hitting 4pm and approaching the close, it’s a full 0.6 per cent in the red.
The early morning optimism gave way pretty quickly in all honesty and only 20 of the 100 companies in the index are up for the day at this point.
BP is the biggest riser, up 2.1 per cent, but only three are up 1 per cent or more.
At the other end, BT is down 5.3 per cent as the biggest faller.
