Stock for the baked goods purveyor is down around 2.6% this morning.

Russ Mould, investment director at AJ Bell, said:

Chancellor Rachel Reeves is set to call for a major shakeup of procurement rules for the defence sector at a fireside chat later today at MakeUK's conference, calling out governments of all stripes for “ducking and dodging” the decisions needed to fire up Britain’s industrial base and unleash its potential to keep the country safe.

The proposed changes she will mention at the manufacturing-focused event are set to include reviewing single source contract rules that govern the majority of defence contracts to incentivise faster delivery, and learning lessons from the successful and rapid procurement of arms for Ukraine, the Treasury said.

She will say:

Pedro Goncalves writes:

Oil prices have sunk to their lowest level of the year, hit by anxiety over the tariffs imposed by the US, and the retaliatory measures from Canada and China.

Brent crude futures dropped 1.4% to $70.65 per barrel, the lowest since early December, while US West Texas Intermediate (WTI) crude lost 1% to $67.66 per barrel, also a 2025 low.

The market was further weighed down by news that OPEC+ will proceed with a planned production increase in April. The group intends to unwind previous output cuts, raising supply by 138,000 barrels per day.

Joseph Dahrieh, managing principal at brokerage Tickmill, said crude oil futures continue to decline as OPEC+ boosts production and uncertainty mounts over US trade policy.

“The decision to increase output raises concerns about potential oversupply, particularly if demand growth fails to keep pace,” he said.

Geopolitical factors also add to the bearish outlook. Progress in European-led peace talks could lead to an easing of sanctions on Russia, reducing supply disruptions and potentially increasing the availability of Russian oil in global markets.

Meanwhile, the Trump administration’s tariffs on Canadian and Mexican imports, including energy products, could dampen economic activity and curb fuel demand. With global economic uncertainty persisting, analysts warn that oil prices could remain under pressure.

The International Energy Agency has warned of a supply surplus this year, while OPEC+ confirmed on Monday that it will begin increasing output in April. Saudi Aramco (2223.SR), the world’s sixth-largest company by market value, reported a 12% drop in annual profits to $106.3bn (£83.7bn) amid lower energy prices.

Warren Patterson, head of commodities strategy at ING, said oil is “under pressure on two fronts” due to US tariffs and OPEC+ supply plans. He warned that retaliatory tariffs could escalate trade tensions further, clouding the global growth and demand outlook.

After a rebranding experiment which caused many to scratch their heads, Scottish investment company Abrdn has decided to revert back to its original branding — Aberdeen.

In a quarterly report, the company said it is part of a wider strategic review.

The company's stock price is more than 12% higher this morning following the announcement, although perhaps less related to the vowels and more related to its first profit growth in three years

The dollar index, which tracks the greenback against a basked of currencies, is down 0.4% this morning, as tension mounts in US trade disputes.

The share price for oil major Aramco fell 2% on Tuesday morning, after it reported almost $106.3bn in profit in 2024, a 12% drop from the previous full-year. It also cut its dividend.

Revenues hit $436bn in 2024 compared to $440.9bn in 2023.

“The decrease [in profit] was primarily driven by lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income,” Aramco said in a stock exchange filing.

The company will pay dividends of $21.36bn for the fourth quarter, which includes a performance dividend of $220m. In the coming year, it expects to pay dividends of $85.4bn, which is far lower.

Stock indices dropped back from highs on Tuesday morning as news hit that the US will suspend its military aid to Ukraine.

"We are pausing and reviewing our aid to ensure that it is contributing to a solution," a White House official told CBS News.

The US is the biggest funder of Ukraine's war effort, but Volodymyr Harvylov, a former Ukrainian deputy defence minister, has said that Europe can fill the gap.

“Europe will be capable to support Ukraine instead of US,” he told Radio 4’s Today programme.

Tenants are paying an average £1,284 per month on rent, an increase over the last year, according to Zoopla. Data from the property site shows that 12 renters are chasing every home for rent.

The average monthly rent for a new tenancy now stands at £1,284, equating to an annual cost of £15,400 – £3,000 higher than three years ago. However, Zoopla’s data suggests rental affordability, rather than increased supply, is the primary factor tempering rent rises.

“Rents are rising more slowly than average earnings, which will be welcome news for renters after three years where rents have risen rapidly,” said Richard Donnell, executive director at Zoopla. “Affordability remains the primary constraint on rental inflation rather than increased supply and greater choice of homes for rent.”

Rental growth has slowed, most notably in London, Scotland and the East Midlands, where supply has increased. In contrast, smaller and more affordable cities continue to see rapid increases, with rents in Blackburn rising by 10.1% over the past year, followed by Stoke (9.8%) and Rochdale (9.5%).

Read more on Yahoo Finance UK

From our US team:

US stock futures climbed as Wall Street prepares for President Donald Trump’s broad tariffs on America’s top trading partners to take effect today.

Futures attached to the S&P 500 (ES=F) gained 0.3%, Nasdaq futures (NQ=F) were up 0.5%, and Dow Jones futures (NQ=F) pushed up 0.2% from the flatline.

Canada and Mexico have 25% duties on US imports. The countries had been negotiating with the Trump administration to avoid the tariffs, but on Monday, Trump said there is "no room left for Canada or Mexico” to strike a deal.

Hello from London. Lucy Harley-McKeown here, gearing up for another day of markets and economic news.

On the slate today:

• Bank of England chief economist Huw Pill speaks at the 2025 BEAR Conference (2pm)

• Ashtead (AHT.L), Fresnillo (FRES.L) and Travis Perkins (TPK.L) quarterly results in London

• Quarterly results from oil giant Saudi Aramco (2223.SR)

• Prada (1913.HK) results

Let's get to it.