Well that's all from us today, thanks for following along. Be sure to join us again tomorrow when we'll be assessing all the details of Trump's dubbed 'liberation day'.

Markets in Asia will be sure to react to all the news overnight and in Europe when we start again. So far markets have remained in the dark as to what the new reciprocal duties will entail, and how big the potential shock to the US economy will be.

Fears are that the duties could spur a full-on trade war as countries respond with their own retaliatory tariffs.

Here's an overview on various other tariff-related fronts:

• Steel and aluminium: A 25% US tariff on imports of steel and aluminium from all countries took effect on Wednesday 12 March.

• European Union: The EU has responded to those metals duties with counter-tariffs on $28bn in US goods from April. However, the EU delayed the implementation of some of those tariffs until mid-April — including a 50% duty on American whiskey, which had prompted Trump to threaten a 200% tariff on European spirits.

• Canada and Mexico: Trump's 25% across-the-board tariffs on its US neighbors went into effect on Tuesday 4 March. Just two days later, Trump confirmed the US would pause tariffs on goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until 2 April. For its part, Canada retaliated to the steel and aluminum tariffs with new duties on about $20bn of US goods.

• China: Trump has enacted new blanket tariffs of around 20% on top of existing 10% duties that went into place during Trump's first term. China has responded with up to 15% duties on US farm goods such as chicken and pork, which went into effect Monday 10 March.

• Venezuela: Trump said the US will impose a "secondary tariff" on Venezuela, to take effect on 2 April — any country that buys oil or gas from Venezuela would face a 25% tariff when trading with the US.

Have a good evening all!

Tesla (TSLA) reported first quarter global deliveries that widely missed estimates, as demand issues clearly hit the electric vehicle maker.

For the quarter, Tesla reported 336,681 deliveries versus 390,342 estimated per Bloomberg consensus, making it the worst quarter for deliveries since the second quarter of 2022.

"While the changeover of Model Y lines across all four of our factories led to the loss of several weeks of production in Q1, the ramp of the New Model Y continues to go well," Tesla said in a statement. The refreshed Model Y went on sale globally in March, with some analysts citing the changeover as a reason for depressed demand for its top-selling vehicle.

Tesla stock dropped nearly 4% in early trading but recovered ground to be 0.5% down by the time of the European close.

The firm also said it produced 362,615 units globally for the quarter, deployed 10.4 GWh of energy storage products, and would report first quarter earnings on Tuesday, April 22.

Tesla sales have been stalling across most of its global territories. Earlier this week, Tesla registration data in key European regions fell in March, another sign that sales are continuing to slide in one of its key markets as Tesla's brand has also taken a hit due to the right-wing political activities of CEO Elon Musk.

Private employers added 155,000 jobs in March, more than expected, according to a monthly report from ADP Research.

This was stronger than the 120,000 increase forecast by economists, and came after an increase of 84,000 jobs in February, revised higher from 77,000.

Manufacturing delivered stronger-than-average job gains for the second straight month, while hiring in the construction sector slowed.

Meanwhile, the natural resources and trade, transportation, and utilities industries all lost jobs.

Nela Richardson, ADP’s chief economist, said:

Meanwhile, The pay bump for leaving a job is at its lowest level since the labour market began recovering from the pandemic in 2020.

New data from ADP released on Wednesday showed wage growth for job changers fell to 6.5% in March, down from 6.8% the month prior. Meanwhile, pay growth for job stayers slipped to 4.5%, in line with its lowest level in more than three years.

The gap between the two pay growth numbers, which ADP refers to as the "pay premium" workers see when changing jobs, was just 1.9%. This was the lowest premium for job changer pay growth since ADP began tracking the data in November 2020.

US factory orders rose 0.6% last month, according to official figures from the Census Bureau.

This was slightly better than the 0.5% rise expected by Wall Street, and came after an upwardly revised 1.8% increase in January.

The latest insight from the Global Payroll Association (GPA), reveals that despite the UK’s overall picture showing that earnings are on the rise, 23 local areas of the UK have actually seen salaries fall by as much as 16.6% in the past year.

GPA’s analysis of average annual earnings data for the UK shows that: -

• Wages have been increasing steadily over the last decade, increasing every year since 2005, other than 2021 when they fell by a marginal -0.7%.

• The largest annual rate of growth came last year (2024), when the average earnings climbed by 8% to £38,224 and the GPA forecasts that this figure could climb by a further 15% by 2030 - increasing to £43,834 (2030).

• But despite this top line positivity, not every area of the UK is seeing positive growth and a more granular analysis of earnings data at local authority level, conducted by the GPA, shows that no less than 23 local authorities have seen earnings decline over the last year - including five London boroughs.

• Between 2023 and 2024, the biggest drop in salary was recorded in Coventry where average earnings fell by -16.6%, from £39,800 to £33,182.

• Mid Sussex saw a drop of -7.4%, followed by Boston (-5.6%), Gravesham (-5.3%), Colchester (-4.2%), Moray (-4.2%), Stroud (-4.1%), Hammersmith & Fulham (-4%), Lambeth (-3.9%), and the New Forest (-3.8%).

The jobless rate in Ireland rose to 4% in March, up from a record low of 3.9% in February, according to data from the Central Statistics Office.

This rate matched the previous all-time low recorded between October 2000 and April 2001 in the early days of the country’s Celtic Tiger boom.

From time to time, we all put on a smile and pretend everything is fine at work, even when we’re stressed or fed up. When a colleague is being difficult or a meeting is dragging on, it can seem like the easiest way to get things done.

But if we’re constantly required to mask our emotions to fulfil the expectations of a job, it can lead to a whole host of problems — including burnout.

A new study by Omar Itani, an associate professor of marketing at Lebanese American University, and Kash Afshar, an assistant professor of marketing at the University of Mississippi, explores how the "emotional labour" of curating and maintaining a work persona can affect mental health and wellbeing in the long-run.

“Emotional labour involves managing one's emotions to meet the expectations of a job or social role, typically by suppressing or simulating emotions to align with workplace rules,” says Itani.

“For example, businesses expect frontline employees to consistently smile, maintain a cheerful attitude, remain calm, behave friendly, and demonstrate empathy and enthusiasm when interacting with customers.”

Read the full article here

Shares in Raspberry Pi (RPI.L) jumped more than 8%, despite the company reporting a drop in profits in its first set of annual results since listing last year.

The company makes small, more affordable computers for businesses, as well as for home use, having been originally developed to help with teaching coding.

Full-year revenue for 2024 came in at $259.5m, down 2% from last year, though profit before tax plunged 57% to $16.3m and adjusted earnings per share fell 47% to 10.7 cents.

Dan Lane, lead analyst at Robinhood (HOOD) UK, said:

Prime minister Keir Starmer and chancellor Rachel Reeves will both face questions from MPs today as Donald Trump prepares to announce major new tariffs that could derail their economic plans.

PA has the details:

The US president is expected to unveil sweeping tariffs at an event at the White House around 9pm UK time, in a move he has dubbed “liberation day”.

Ministers are still hopeful of securing a deal with the US that would provide some protection from the import taxes, but Starmer acknowledged that “the likelihood is there will be tariffs” on UK exports.

Before Trump’s announcement, Starmer will face MPs at Prime Minister’s Questions while the Commons Treasury Committee will grill the chancellor on last week’s spring statement, but is sure to face questions about what the tariffs will mean for her plans.

Economists at the Office for Budget Responsibility have warned that US tariffs could eliminate Reeves’s “headroom” against her debt target, requiring more spending cuts or tax rises to meet the rules she has set herself, as well as knock up to 1% off the size of the economy.

Although a deal is unlikely to be reached before Trump’s announcement, UK negotiators are reported to be pursuing an agreement with the US focused on technology.

Such a deal is said to include possible changes to the digital services tax – which imposes a 2% levy on the revenues of several major US tech companies – in exchange for a carve-out from the tariffs.

Ministers have refused to deny that changes to the digital services tax are being considered.

Pharmaceutical stocks are among the biggest fallers today with the STOXX 600 healthcare index falling as much as 2.5% to its lowest level since December.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said:

Credit cards aren't just about spending. They are also powerful tools that, when used wisely, can help you save money, manage debt and even earn rewards. Whether you're looking to cut down on interest payments, earn cashback on everyday purchases, rack up air miles for your next holiday, or avoid fees while traveling abroad, there's a credit card tailored to your needs.

In this guide, we’ll break down the best options on the market for balance transfers, purchases, cashback, air miles and travel spending. We'll show you how to use these cards to your advantage, ensuring you get the most value while avoiding common mistakes.

If you're struggling to keep up with credit card payments, a balance transfer credit card can be a lifesaver. These cards allow you to transfer existing credit card debt onto a new card with a 0% interest rate for a set period, potentially saving you hundreds of pounds in interest.

However, there are some crucial rules to follow to make the most of these deals.

Read the full article here

UK Finance has revealed that in the final quarter of 2024 there were 52,648 new buy-to-let loans advanced in the UK, worth £9.6bn. This was up 39.2% by number (47.2% by value) compared with the same quarter in the previous year.

It also revealed that, at the end of the three-month period, there were 12,610 buy-to-let mortgages in arrears, greater than 2.5% of the outstanding balance.

This was down 390 from the previous quarter and 7% lower than in the same period a year before.

Ranald Mitchell, director at Charwin Mortgages said:

Topps Tiles (TPT.L) revealed a rise in sales during the past six months thanks to “strong” trading in March.

However the company warned it will face an extra £4m in costs due to wage and national insurance increases coming into force this month.

Group sales at the tile and flooring retailer came in 4% higher at £127.7m in the 26 weeks to 29 March. It came after an increase of 4.4% in underlying growth in the second quarter, up from 3.3% in the three months to December.

Homeowner sales remained subdued amid caution over spending heavily on major DIY projects, but it benefited from digital growth across the period.

Total trade sales in the Topps Tiles brand were 12% higher year-on-year, with the number of active traders at the end of the period up 11% to 146,000, it said.

Thomas Woldbye, the boss of Heathrow Airport, has issued an apology for its temporary closure last month following a fire at a nearby electrical substation.

He offered his "deepest regrets for the considerable inconvenience and concern it caused" to those that were affected by the disruption, saying that the "situation was unprecedented".

Woldbye added that Heathrow realised "during the early hours" of Friday 21 March that "we were losing power to the airport".

Gold prices (GC=F) moved higher again after setting a new record of $3,148.8 an ounce yesterday, as investors rush into safe assets.

Spot gold rose 0.1% to $3,128.13 per ounce, while gold futures climbed 0.2%% to $3,153.40.

"The market could test $3,400/oz over the next nine months in a bull case scenario," said Aakash Doshi, global head of gold strategy at State Street Global Advisors.

According to the Washington Post, Trump plans to impose a 20% tariff on most goods imported to the US, a move that could escalate inflation, dampen economic growth, and worsen global trade disputes.

Newman also pointed to a potential US economic slowdown, the prospect of higher inflation, and interest rate cuts as factors that could drive gold prices to $3,300 in the coming months.

Gold's rally has been further fuelled by robust central bank demand, expectations of interest rate easing by the Federal Reserve, and geopolitical instability, particularly in the Middle East and Europe. Increased investments into gold-backed exchange-traded funds (ETFs) have provided further support for the metal.

Gold, long seen as a hedge against political instability and inflation, continues to attract investors looking for a safe haven amid uncertainty.

Deutsche Bank (DBK.DE) analysts have warned that the economic fallout from Trump’s tariffs could affect GDP growth.

In a worst-case scenario, where reciprocal tariffs include the entirety of each country’s VAT, US GDP growth would fall by 100-120bps this year relative to their current forecast of 2.3%, with core inflation up by 90-120bps.

They also predicted that for the EU a 20% tariff rate on all goods (on top of the 25% car tariffs already announced) would lead to a 0.3-0.6% shock for GDP.

Greencore (GNC.L), the UK’s largest sandwich maker, has agreed to buy rival Bakkavor (BAKK.L) in a deal which values the firm at £1.2bn.

The pair reached an agreement in principle on a potential cash-and-shares offer from Greencore worth 200p a share, marking a 33% premium on Bakkavor’s closing price on 13 March.

The deal is set to create a combined food group with annual sales of about £4bn.

It comes as two of its earlier bids had been rejected as Bakkavor said the offers undervalued the business.

Greencore, which specialises in prepared food, employs around 13,300 staff and has 14 factories across the UK which make products including sushi and chilled ready meals for all major UK supermarkets.

Meanwhile, Bakkavor makes 85% of its revenues in Britain, manufacturing products for major supermarkets including Tesco (TSCO.L), Marks & Spencer (MKS.L), Sainsbury’s (SBRY.L), Waitrose, and Asda.

The firms said that as part of the deal, there would be a payment to Bakkavor shareholders should it sell off its US business within a year of any takeover by Greencore.

They added there would be “substantial synergies” from merging the two firms, which they are currently assessing and will outline “in due course”.

The dollar has climbed slightly higher this morning as traders pile into safe-haven assets and await details of Donald Trump’s tariffs.

The US currency was trading at $1.2907 against the pound and $1.0784 against the euro – both a touch higher ahead of Trump’s announcement scheduled for this evening at 9pm UK time.

The Institute for Public Policy Research (IPPR) has warned that more than 25,000 UK car manufacturing jobs could be at risk if Donald Trump’s planned import tariffs are introduced.

The thinktank said the move would “completely destabilise” the industry, with employees at Jaguar Land Rover and Mini some of the most exposed.

IPPR research fellow Pranesh Narayanan said:

Trump is planning to impose a 25% tariff on imports of cars and car parts. The US is the second largest export market after the European Union for cars built in the UK.

Some 16.9% of UK car exports were to the US last year, representing a total of more than 101,000 units worth £7.6bn.

Asian shares were subdued overnight amid jitters over what tariffs president Donald Trump will announce on what he has dubbed “liberation day.”

It came as the White House press secretary said yesterday that the measures would be effective immediately.

All the main markets had begun to recover from early losses, although South Korea’s Kospi (^KS11) dipped 0.6% after data showed that inflation in the country unexpectedly rose to +2.1 in March compared to the 1.9% market consensus. This was also against a 2.0% increase the previous month, thus complicating the Bank of Korea’s rate cut cycle

Japan’s benchmark Nikkei (^N225) was up 0.3% on the day while the Hang Seng (^HSI) ended flat and the Shanghai Composite (000001.SS) edged just 0.05% higher.

Tan Jing Yi at Mizuho Bank said: “Amid the uncertainty on tariffs details, risk sentiments were broadly fragile.”

On Wall Street, US stocks closed in positive territory after a shaky day of trading. The S&P 500 (^GSPC) rose 0.4% after roaring back from an early drop of 1%. The Dow Jones (^DJI) closed nearly flat, after falling as much as 1.2%, while the Nasdaq (^IXIC) added 0.9%, despite falling by 0.9% during the day.

In the bond market, US Treasury yields sank after a report said US manufacturing activity contracted last month. The yield on 10-year US Treasury notes fell to 4.177% from 4.199% late on Monday.