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Ferrexpo (LSE:FXPO) has reported a sharp drop in production for Q2 2025, citing financial strain from a halt in VAT reimbursements by Ukrainian tax authorities. The loss of liquidity has forced the company to scale back operations, amid broader cost pressures and continued geopolitical instability in the region.

In response, Ferrexpo has adjusted its production strategy to cater to robust Chinese demand for high-grade, low-alumina iron ore concentrate. This shift helped offset some of the impact from reduced volumes and allowed the company to maintain relevance in a competitive export market. To preserve financial stability, the company has also introduced a series of austerity measures, including shortened working hours and cuts to non-essential spending, in the face of falling iron ore prices and rising input costs.

The current outlook for Ferrexpo remains clouded by significant operational and financial headwinds. Core concerns include sliding revenues, eroding profitability, and unfavorable technical signals. Additionally, the ongoing geopolitical situation in Ukraine continues to present both legal and operational risks. While recent share purchases by company leadership indicate confidence, market sentiment remains cautious due to the broader array of challenges.

About Ferrexpo

Ferrexpo is a Swiss-based iron ore producer with key mining operations in Ukraine. Traded under the FXPO ticker on the London Stock Exchange, the company is a constituent of both the FTSE All Share and FTSE4Good indices. Ferrexpo specializes in high-grade iron ore pellets, which support efficiency and lower carbon emissions in steelmaking. Prior to Russia’s full-scale invasion of Ukraine in 2022, Ferrexpo ranked as the world’s third-largest exporter of iron ore pellets, supplying premium products to major steel producers around the globe.

MediaZest (LSE:MDZ) has announced a major contract win with First Rate Exchange Services, under which the company will roll out digital currency display boards at roughly 1,200 locations across the UK. The installations are scheduled to take place over the next five years, with the majority expected to be completed within the first 24 months. This agreement marks a significant achievement for MediaZest, reinforcing its reputation as a top-tier provider of integrated digital signage solutions and advancing its mission to deliver cutting-edge visual communication tools.

The collaboration not only elevates MediaZest’s industry presence but also enables First Rate Exchange Services to offer a more modern and dynamic experience to its customers. This contract is expected to serve as a springboard for future partnerships and broader market adoption of MediaZest’s technologies.

While the company continues to face challenges in financial performance and profitability, its outlook is supported by positive shifts in technical indicators and recent changes in executive leadership. These developments signal potential for a turnaround and increased investor confidence, even amid ongoing fiscal pressures.

About MediaZest

MediaZest is a specialist in audio-visual and digital signage solutions, offering end-to-end services from concept and design to implementation and ongoing support. Serving a broad client base that includes retailers, brand managers, and corporate clients, the company delivers innovative visual and audio experiences that drive engagement. Listed on the London Stock Exchange’s AIM since 2005, MediaZest continues to position itself as a forward-thinking partner in the evolving digital media landscape.

Pinewood Technologies Group PLC (LSE:PINE) has unveiled plans to acquire core assets from Motify Group’s Pinewood South Africa operations in a £2.5 million deal, set to close on August 1, 2025. This strategic acquisition marks a significant step in Pinewood.AI’s efforts to bolster its influence in Southern Africa, enabling the company to take greater control of its local sales and customer support infrastructure.

The move is in line with Pinewood.AI’s broader expansion strategy, which targets growth across Southern Africa, the Asia Pacific region, and Northern and Central Europe. The company anticipates the transaction will contribute between £0.5 million and £0.7 million in annual EBITDA. As part of the deal, existing staff will transition into Pinewood’s operations, ensuring continuity in service and reinforcing the company’s dedication to customer satisfaction in the region.

Pinewood Technologies continues to demonstrate strong financial recovery alongside advancing its technological capabilities. Recent strategic initiatives and a series of positive business actions underscore its promising growth trajectory. Although traditional valuation indicators are limited, favorable analyst outlooks and proactive corporate developments add confidence to its future prospects. Ongoing operational gains and market expansion remain core pillars of its strength.

About Pinewood Technologies Group

Founded in 1981, Pinewood Technologies Group PLC is a cloud-first technology company serving the global automotive retail and manufacturing sectors. The firm delivers an industry-leading automotive intelligence platform, co-developed with OEMs and dealership networks, covering areas such as sales, aftersales, finance, and customer relationship management. Headquartered in the UK and North America, Pinewood.AI supports clients in over 20 countries and collaborates with more than 50 automotive brands worldwide.

After a volatile start to the year—driven by geopolitical tensions and unexpected tariff shocks—the S&P 500 and Nasdaq have rallied sharply, reaching fresh all-time highs. The big question now: can this bullish momentum continue, or will new challenges emerge in the second half?

A Strong First-Half Recovery

The Nasdaq Composite staged an impressive comeback, gaining 4.2% in the week ending June 27—its best weekly performance since mid-May. It ended June with six consecutive gains, closing at a record high of 20,418. After a brief 0.8% dip to start July, it quickly rebounded, finishing the holiday-shortened week at 20,601, up 1.6%.

Since April 22—a key follow-through day historically known to signal market bottoms—the Nasdaq has surged 26%. The S&P 500 also performed strongly, rising 3.4% in the final week of June and another 1.7% in the four-day week ending July 4, closing at a new record of 6,279.

While the large-cap S&P 500 made a modest gain on July’s first trading day, the equal-weighted version—Invesco’s S&P 500 Equal Weight ETF (RSP)—rose 1.2%, signaling broader market participation. RSP is now just 1.6% below its November peak.

Political and Economic Context

Fueling market optimism was the House of Representatives’ approval of former President Donald Trump’s “Big and Beautiful” bill. The legislation preserves key 2017 tax cuts, boosts defense and immigration enforcement spending, and includes major cuts to Medicaid. Trump is expected to sign it on Independence Day.

Still, geopolitical risks remain. Tensions with Iran escalated following U.S. strikes on nuclear facilities, and investors continue to monitor trade negotiations and tariffs. Notably, markets shrugged off a pause in U.S.-Canada trade talks—evidence of growing investor resilience.

By the Numbers

In the first half of 2025, the S&P 500 rose 5.5%, closing June at 6,204.95. The Nasdaq posted a similar gain, ending June at 20,369.73. The Dow Jones Industrial Average saw a more modest 3.6% rise to 44,094, though it added 0.9% on July 2, driven by gains in healthcare and industrials.

Economist Ed Yardeni remains bullish, predicting the S&P 500 could reach 6,500 by year-end—about 4% higher. He believes the market is already looking past 2025, focusing on improved global trade and stronger GDP growth in 2026.

UBS Global Wealth Management echoed this optimism, recently raising its S&P 500 earnings forecast to $265 for 2025 and $285 for 2026. They now expect the index to hit 6,500 by mid-2026—a 5.3% gain from current levels.

Persistent Risks

Despite the rally, risks remain. The OECD recently downgraded global GDP growth forecasts to 2.9% for both 2025 and 2026. It expects U.S. GDP growth to slow to 1.6% this year—far below the Atlanta Fed’s estimate of 2.9% for Q2.

Inflation has moderated, but not enough to justify Fed rate cuts. Homebuilding stocks remain weak, and the U.S. dollar has fallen 7.8% this year, hinting at some erosion in global confidence.

Gold and silver prices have surged amid demand for safe-haven assets. Gold peaked at $3,509/oz earlier this year before pulling back to $3,338. Silver recently traded at $37.04.

Valuations, Earnings, and Key Sectors

Valuations are climbing. The S&P 500’s forward P/E ratio is nearing 22—above the five-year average of 19.9 and the 10-year average of 18.4. With lofty earnings expectations, any disappointment could hit the market hard.

FactSet expects S&P 500 earnings to grow 4.9% in Q2—slower than in recent quarters. Still, 78% of companies beat earnings estimates in Q1, and 64% exceeded revenue forecasts.

By sector, technology, healthcare, and communications are expected to lead 2025 earnings growth at 16%, 14.9%, and 10%, respectively. Energy is forecast to decline 13%, though analysts anticipate a 19.9% rebound in 2026.

Interest Rates and Debt Concerns

Interest rates remain a wild card. The 10-year Treasury yield is currently at 4.34%, down from 4.57% at the start of the year—suggesting strong institutional demand. However, any yield spike could pressure equity valuations.

Ray Dalio, founder of a major hedge fund, warned that the U.S. must control its budget deficit—now the third-largest federal expenditure after defense and Social Security—to preserve confidence in Treasury markets.

BCA Research highlights two key risks for the second half: a resurgence in rate volatility and weakening growth expectations. Both could threaten the current market rally.

Gold Shines Amid Global Uncertainty

Gold could approach $4,000/oz in the next 6–9 months, according to State Street strategist Aakash Doshi. He assigns a 30% chance to this bullish scenario, hinging on macro conditions like persistent stagflation and global de-dollarization.

The SPDR Gold Shares ETF (GLD) is up as much as 31% year-to-date, though it fell 2.9% last week, dipping below its 10-week moving average. GLD continues to find technical support, but a breakdown could signal a longer correction.

Oil Under Pressure Despite Geopolitics

Oil prices have struggled despite geopolitical tensions. The “peak oil” theory—that global production has peaked—is gaining traction amid the energy transition. Natural gas remains the preferred bridge fuel, but global oversupply is weighing on prices.

After bouncing from a four-year low in April ($55.12), WTI crude futures are still among the worst-performing assets. On Monday, prices fell nearly 9%, from an intraday high of $78.40 to $67.26. As of Thursday, August contracts on NYMEX closed at $67.16, up 0.2% on the day but down for the year.

Canada, Mexico, and Germany Defy Trade Gloom

While commodity markets are mixed, the stock indexes of major U.S. trading partners have posted solid gains. Canada’s TSX hit a record 27,034 on Thursday, up 9.33% year-to-date. Germany’s DAX is up 20.2% to 23,934.

This optimism may reflect hopes that trade ties with allies will normalize sooner than expected, or that the USMCA deal is cushioning North American industries.

Chinese Stocks Show Signs of Life

After years of underperformance, Chinese markets are showing signs of recovery. The Hang Seng Index is up nearly 20% YTD. Among U.S.-listed Chinese stocks, standouts include Atour Lifestyle (ATAT), a Shanghai-based hotel chain, and Qifu Technology (QFIN), a fintech firm whose shares are up more than 400% since 2022 lows.

Still, risks linger. The Caixin manufacturing PMI fell to 48.3 in May from 50.4, indicating contraction. Investor sentiment remains fragile, especially with a new 10% blanket tariff on all U.S. imports—including from China.

U.S. Stocks Recover After Spring Shock

Major U.S. indexes have bounced back from a volatile spring. The Nasdaq is up over 5% YTD and recently topped 20,000 for the first time since February. The S&P 500 crossed the 6,000 mark.

The rebound follows a sharp selloff in April, triggered by Trump’s new tariff announcement. Between late March and April 7, the NYSE dropped 13%, the Nasdaq 14.5%, and the S&P 500 plunged 21.3%—entering bear market territory. The Dow fell nearly 19%.

Small caps have lagged: the S&P SmallCap 600 was down 8.8% through May, though it has trimmed losses to 6%. The VIX spiked to 60.13 on April 7—its third-highest reading since the pandemic.

Investor Sentiment: From Fear to FOMO

April’s correction triggered a sharp drop in bullish sentiment. The Investors Intelligence survey showed only 23.5% of advisors were bullish, while 35.3% were bearish. Sentiment has since improved: bulls rose to 38.8%, and bears dropped to 28.6% by late June.

A turning point came on April 22, when both the Nasdaq and S&P 500 registered follow-through days—technical signals that institutional investors were re-entering the market.

Mixed But Resilient Economic Data

Despite concerns, the U.S. economy has remained resilient. May’s ISM surveys for manufacturing and services showed slight contraction, but job growth remains strong. Employers added 139,000 jobs in May, beating expectations. Consumer spending remains steady.

“Our base case remains that the U.S. avoids recession,” wrote Seema Shah, Chief Global Strategist at Principal Asset Management. She noted that the midyear forecast assumed the U.S. would step back from the edge—even before the recent trade truce with China.

Energy Lags While Tech Leads Again

Energy is the worst-performing sector in the S&P 500 this year, down as much as 18.9%. BP (BP) has lagged, with Q2 earnings expected to drop 38%. Shares are down nearly 60% from their all-time high, despite merger rumors with Shell (SHEL).

By contrast, the S&P 500 has surged over 800% since its March 2009 low (excluding dividends). Tech and AI-related companies are once again leading the charge.

AI Boom Sparks Broader Optimism

Investors have been rewarded for backing leaders in AI, semiconductors, and software. Companies like Broadcom (AVGO), AMD, IBM, Dell, Oracle (ORCL), Super Micro Computer (SMCI), and CoreWeave (CRWV) are central to AI infrastructure.

UBS analysts highlighted a massive data center project in Abilene, Texas—the largest of its kind. It underpins a growing Oracle-OpenAI partnership. The first GPU clusters are expected in Q4, although delays in equipment and labor persist.

Nova (NVMI), a semiconductor equipment firm, has also gained, with projected earnings growth of 26% in 2025 and 50% revenue growth in Q1.

Crypto Fuels Risk Appetite

Bitcoin remains a standout asset, up 12.9% YTD despite recent pullbacks. Meanwhile, Circle Internet (CRCL), issuer of the USDC stablecoin, has soared since its June IPO. Shares have nearly sextupled from their $31 debut to $196.90, pushing its valuation past $44 billion.

Federico Brokate of 21Shares sees Solana as the next major breakout in crypto, citing its scalability and low fees. 21Shares has launched over 40 crypto ETPs in Europe and plans U.S. expansion.

Outlook: Fed Policy and Inflation Risks

Markets now price in a high probability of a Fed rate cut by October. CME FedWatch data shows near certainty of a 25-basis-point cut at the October 29 meeting. Still, the Fed remains cautious.

“Stronger-than-expected job growth and steady unemployment highlight labor market strength,” said Lindsay Rosner of Goldman Sachs. “This supports the Fed’s patient stance.”

With AI-driven investment, solid job data, and somewhat more stable geopolitics, the second half of 2025 looks cautiously optimistic—but still volatile.

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Final Thoughts: What to Watch in H2 2025
The second half of 2025 appears promising, but not without risks. The bull market is underpinned by strong earnings projections, a stabilizing bond market, and improving trade dynamics. But elevated valuations, geopolitical tensions, and uncertainty around interest rates and tariffs will keep investors on alert.

For investors, the strategy is clear: focus on companies with strong earnings and sales growth—especially in tech and healthcare—and stay flexible in the face of market shifts. The rally may still have legs, but rough patches lie ahead.

Important Information
This material is provided for informational purposes only and does not constitute investment advice or a recommendation to take any particular investment action.

U.S. equity markets closed the holiday-shortened week on a high note, with the S&P 500 and Nasdaq Composite hitting fresh record highs. Despite this optimism in the U.S., European markets showed caution as doubts linger over America’s assertive trade policies.

U.S. Stocks Rally on Strong Jobs Data and Policy Progress

The S&P 500 and tech-heavy Nasdaq both closed at all-time highs on Thursday, buoyed by a robust jobs report that exceeded expectations. This positive employment data reduced market fears that the Federal Reserve would cut interest rates imminently. The S&P 500 climbed 0.8%, the Nasdaq gained 1.0%, and the Dow Jones Industrial Average rose 0.7%, approaching its own record territory. U.S. markets were closed Friday in observance of Independence Day.

June’s jobs report revealed a solid addition of jobs, although private sector hiring slowed to its lowest pace in eight months. The unemployment rate dipped slightly to 4.1%, partly because more workers exited the labor force, while shorter average workweeks suggested some cutbacks in hours.

Overall, the labor market’s strength combined with moderate inflation has led investors to expect the Federal Reserve will hold steady on interest rates at its upcoming meeting on July 29-30.

Nvidia Surges Toward Historic Valuation

Nvidia, the leading manufacturer of advanced AI chips, saw its market value surge toward an eye-popping $4 trillion, setting it on track to become the most valuable company ever. The company is at the center of the AI boom that continues to captivate investors.

Congressional Approval for Trump’s Major Policy Bill

The U.S. House of Representatives passed a sweeping tax and spending package championed by President Trump, marking a legislative win despite some opposition within his own party. This bill, which extends tax cuts from 2017 and increases spending on defense and border security, is expected to be signed into law by Trump soon.

Proponents say the legislation will drive economic growth, with Trump describing it as a “rocket ship” for the U.S. economy. Critics, including some Republicans, worry about the bill’s impact on the national debt, which the Congressional Budget Office estimates will increase by over $3 trillion. The bill also includes cuts to key food assistance and healthcare programs and rolls back certain clean energy tax credits. The White House disputes these fiscal impact estimates.

Trade Tensions Cast Shadow Ahead of Tariff Deadline

Despite the upbeat economic news and legislative progress, markets remain unsettled over the looming expiration of a pause on sweeping U.S. tariffs next week. The administration initially promised a series of individual trade deals but has only secured agreements with China, the UK, and Vietnam so far.

President Trump indicated a shift in strategy, announcing that letters would be sent to trading partners detailing specific tariffs on their exports starting Friday. He acknowledged the difficulty of negotiating with roughly 170 countries, signaling a possible tougher stance ahead.

Middle East Ceasefire Talks and Diplomatic Moves

In other developments, President Trump said a decision from Hamas on a potential ceasefire with Israel could come within 24 hours. The conflict between Israel and Hamas escalated in October 2023, and Israel has recently agreed to a 60-day ceasefire framework that could pave the way for more permanent peace.

Sources close to Hamas say the group is seeking assurances that the U.S.-backed truce will lead to lasting peace. Trump also hinted that the Abraham Accords, the peace agreements between Israel and some Gulf states, might expand to include additional countries.

Oil Markets Steady Ahead of OPEC+ Meeting

Oil prices remained largely unchanged in thin trading ahead of the weekend’s OPEC+ meeting, where another increase in production is widely expected. Brent crude futures slipped 0.1% to $68.75 a barrel, while U.S. West Texas Intermediate rose 0.1% to $67.05.

Both contracts have recovered between 1% and 2% this week after steep losses last week. OPEC+ is anticipated to raise production by 411,000 barrels per day in August, continuing a trend of easing cuts that had been in place for two years, partly to counteract the effects of prolonged low oil prices.

U.S.-Iran Nuclear Talks Could Resume Soon

Separately, Axios reported that the U.S. plans to meet with Iran next week to revive nuclear negotiations. Iran’s Foreign Minister Abbas Araqchi reiterated Tehran’s commitment to the Nuclear Non-Proliferation Treaty.

European equities edged lower on Friday as investor sentiment soured amid renewed uncertainty around global trade negotiations and weaker-than-expected economic data from Germany. The downturn marks a cautious end to the week as market participants await clarity from the U.S. on tariff measures.

As of 07:05 GMT, Germany’s DAX slipped 0.2%, France’s CAC 40 dropped 0.7%, and the U.K.’s FTSE 100 declined 0.3%. With U.S. markets shut for the Independence Day holiday, trading volumes were expected to remain light.

Trade Anxiety Builds as U.S. Tariff Deadline Approaches

Optimism around potential trade agreements with the U.S. had helped lift European stocks to near-record highs in recent sessions. But concerns resurfaced after President Donald Trump confirmed that countries not yet aligned with Washington would soon be notified of the specific tariff rates on their exports.

Letters detailing the planned duties were expected to be sent out on Friday, with rates ranging from 10% to as high as 70%. These new levies are scheduled to take effect starting August 1, with a July 9 deadline looming for finalizing trade deals.

The European Union is aiming to strike a preliminary agreement with the U.S. ahead of that deadline. However, EU negotiators remain cautious, preparing for the possibility of renewed tariff retaliation if talks fall apart.

German Industrial Orders Post Sharp Decline

Economic concerns deepened with fresh data out of Germany showing a surprise drop in industrial orders. New orders fell 1.4% month-on-month in May, significantly underperforming forecasts. The steep decline was largely driven by a 17.7% plunge in the computer, electronic, and optical goods sector — a reversal following large-scale orders in April.

While the drop may be a temporary correction, it casts doubt on the stability of Germany’s recovery and, by extension, the wider eurozone. The European Central Bank has lowered interest rates by 200 basis points since June 2024 but paused this month, although another cut to 1.75% remains likely later this year.

Air France-KLM Expands Stake in SAS

In corporate news, Air France-KLM (EU:AF) announced plans to raise its stake in Scandinavian carrier SAS from 19.9% to 60.5%, acquiring shares held by Castlelake and Lind Invest. The move is part of a strategic effort to expand in Northern Europe and create operational synergies.

Separately, rail manufacturer Alstom (EU:ALO) revealed it secured a €2 billion contract from the New York Metropolitan Transportation Authority to supply M-9A railcars for Long Island and Metro-North lines, strengthening its presence in the U.S. infrastructure market.

Crude Prices Ease Ahead of OPEC+ Gathering

Oil prices slipped slightly on Friday as traders awaited signals from this weekend’s OPEC+ meeting, where another modest output increase is anticipated. Brent crude futures dropped 0.4% to $68.51 per barrel, while WTI futures edged down 0.3% to $66.82 per barrel.

Despite the pullback, both benchmarks are on track to close the week higher by 1–2%, recovering some of the steep losses suffered in the prior week.

OPEC+ is expected to agree on a production hike of 411,000 barrels per day in August, maintaining its gradual rollback of supply curbs imposed over the past two years to support prices.

In geopolitics, Axios reported that U.S. and Iranian officials could resume nuclear talks as early as next week. Iran’s foreign minister reaffirmed the country’s commitment to the Nuclear Non-Proliferation Treaty, signaling a potential diplomatic thaw that could influence future oil supply dynamics.

The US dollar weakened against major global currencies on Friday, as markets grew jittery ahead of a looming tariff deadline and mounting fiscal concerns following President Donald Trump’s approval of a sweeping tax cut bill.

While the greenback had rallied on Thursday after better-than-expected job numbers delayed expectations for Federal Reserve rate cuts, gains proved short-lived. The US Dollar Index, which tracks the dollar’s performance against a basket of six major currencies, edged down 0.1% to 96.96 in early European trading. The index remains on course for its second consecutive weekly loss.

The dip comes after the House of Representatives narrowly passed Trump’s major tax-and-spending bill, projected to add $3.4 trillion to the US’s already substantial $36.2 trillion national debt. The legislation, which includes large-scale tax cuts and reductions in social safety-net programs, is expected to be signed into law on Friday.

Investors are now turning their focus to July 9—the date when a new wave of US tariffs is set to take effect on countries that haven’t finalized trade agreements with Washington. Trump confirmed that formal tariff notifications would be sent out Friday, signaling a move away from bilateral negotiations in favor of across-the-board rate impositions between 10% and 70%.

Dollar Retreats Amid Trade Friction

The euro rose 0.1% to $1.1773, positioning itself for a 0.4% weekly gain. The Japanese yen gained 0.4% to 144.375 per dollar, and the Swiss franc advanced 0.2% to 0.7939 per dollar. The dollar’s broader retreat reflects investor unease over the potential drag from escalating trade tensions and growing skepticism around US debt sustainability.

“The appetite for the dollar is shrinking,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Concerns over ballooning US debt and the fallout from trade disruptions are reducing investor confidence. If inflation rises while trade slows, the Fed will find itself in a difficult position.”

Earlier in the week, the dollar hit multi-year lows against the euro and pound, capping its worst first-half performance since 1973. Traders were rattled by the administration’s volatile tariff strategy and the perceived erosion of US fiscal discipline.

Global Response to Tariff Deadline

European Commission President Ursula von der Leyen stated that the EU aims to reach a trade deal “in principle” with the US before the July 9 deadline. Meanwhile, Japan—one of the countries yet to secure a deal—is reportedly dispatching its top trade negotiator to Washington this weekend.

China also intensified trade tensions, announcing retaliatory tariffs of up to 34.9% on European brandy imports, effective July 5 and lasting for five years.

Strong Jobs Report Offers Temporary Support

Thursday’s release of the US Labor Department’s June employment report provided brief support to the dollar. Nonfarm payrolls rose by 147,000—beating estimates of 110,000—easing fears of a sharp labor market downturn.

“The labor market is softening gradually rather than collapsing, which is encouraging,” said Hirofumi Suzuki, chief currency strategist at SMBC. “Still, with trade negotiations likely to disappoint, we could see further dollar weakness and renewed yen strength.”

Market expectations for the Fed to hold interest rates steady at its July meeting have surged to 95.3%, up from 76.2% earlier this week, according to CME’s FedWatch tool. Most analysts now anticipate no rate cuts until September at the earliest.

Tesla’s (NASDAQ:TSLA) vehicle registrations in the United Kingdom rose by 12% year-over-year in June, boosted by the rollout of the latest Model Y version, according to figures released Friday by research firm New AutoMotive.

The electric vehicle maker registered 7,891 new cars last month, up from 7,019 during the same period in 2024. The increase aligns with the start of deliveries for Tesla’s updated Model Y, which began reaching UK customers in June.

Tesla’s performance mirrors a broader upswing in Britain’s automotive market. Total new car registrations reached 187,655 for the month, marking a 12.8% annual increase.

Battery electric vehicles (BEVs) stood out in particular, with sales soaring 45.5% compared to June last year—highlighting the continued momentum behind EV adoption in the UK.

U.K. equities slipped in early trading Friday, mirroring losses across major European markets, as investor sentiment weakened ahead of anticipated tariff measures from the United States.

At 07:06 GMT, the FTSE 100 was down 0.3%, while the pound held firm, rising 0.1% against the dollar to trade above $1.36. In mainland Europe, Germany’s DAX fell 0.2%, and France’s CAC 40 declined by 0.8%.

Trump Tariff Announcement Imminent

President Donald Trump announced Thursday that the U.S. would begin formally notifying key trade partners of new export tariffs starting Friday. The new measures, expected to take effect from August 1, include a wide range of tariff rates, reportedly between 10% and 70%.

As the July 9 implementation deadline nears, trade uncertainty continues to weigh on global markets. Despite early optimism around reaching multiple trade agreements, the U.S. has confirmed just three deals so far.

Major U.K. Pension Reform on the Horizon

Chancellor Rachel Reeves is preparing to unveil a sweeping reform of the U.K.’s pension system in her upcoming Mansion House speech on July 15, the Financial Times reports. The overhaul is expected to include the launch of a national commission to assess retirement adequacy across the country, a move aimed at enhancing long-term financial security for pensioners.

MJ Gleeson Issues Another Profit Warning

In corporate news, housebuilder MJ Gleeson (LSE:GLE) has issued a second profit warning in just one month. The company blamed stagnant house prices and surging build costs for deteriorating margins, citing continued softness in buyer demand.

Gleeson has responded by offering sales incentives and exploring bulk transactions to move inventory. It is also grappling with delayed site launches due to planning bottlenecks. CEO of Gleeson Homes, Mark Knight, has exited the company amid a broader reorganization initiative.

AstraZeneca Wins EU Nod for Bladder Cancer Drug

AstraZeneca (LSE:AZN) secured regulatory approval from the European Union for its cancer treatment Imfinzi, which targets specific bladder cancer indications. The drug had already been greenlit in the U.S., and applications are under review in Japan and additional international markets.

Gold prices edged higher in Friday’s Asian session, rebounding from sharp losses earlier in the week and positioning the precious metal for a solid weekly gain. Concerns over rising U.S. fiscal deficits and looming trade decisions from Washington helped buoy investor demand for safe-haven assets.

Spot gold climbed 0.5% to $3,341.34 an ounce, while August gold futures were up 0.2%, reaching $3,349.52 by 00:10 ET (04:10 GMT). Despite a nearly 1% drop on Thursday—triggered by a surprisingly strong U.S. employment report—gold remains up around 1.8% for the week, snapping a two-week losing streak.

Tariff Shock on the Horizon as Trump Moves Ahead with Trade Plan

President Donald Trump confirmed Thursday that the U.S. will begin notifying trading partners of new export tariffs as soon as Friday. Rather than engage in extended negotiations with over 170 nations, Trump said the U.S. will impose flat export duties of between 20% and 30%.

So far, formal trade agreements have only been finalized with the UK and Vietnam, along with a partial arrangement with China. Rising global trade tensions and policy uncertainty have lent additional support to gold, traditionally seen as a hedge during periods of economic and geopolitical friction.

Fiscal Concerns Fuel Bullion Support, But Strong Jobs Data Weighs

Investor appetite for gold this week was also driven by fiscal unease in the U.S., as lawmakers advanced a major tax-cut package that also includes increased border funding and scaled-back social spending. The legislation, which is expected to be signed by President Trump ahead of the July 4 deadline, is projected by the Congressional Budget Office to add $3.4 trillion to the federal debt, now exceeding $36 trillion.

However, the metal faced downward pressure Thursday after fresh labor market data showed the U.S. economy added more jobs than expected in June. The upbeat report dampened speculation about a near-term interest rate cut from the Federal Reserve.

With rate hike expectations dialed back, gold’s upside was limited—higher interest rates tend to weigh on gold, which offers no yield and becomes less attractive compared to income-generating assets.

Mixed Metal Moves Amid Dollar Strength

The U.S. Dollar Index edged 0.1% lower during Friday’s Asian hours but maintained most of its gains from the prior session, supported by the strong payroll figures.

Elsewhere in metals markets, platinum prices rose 0.5% to $1,385.80 per ounce, while silver dipped 0.3% to $37.00. Copper futures on the London Metal Exchange eased 0.3% to $9,923.65 per ton, and U.S. copper contracts slipped 0.4% to $5.115 per pound.