Nestlé ousts its CEO Laurent Freixe following the revelation of an undisclosed relationship with a subordinate co-worker. The head of Nespresso, Philipp Navratil, has been appointed to run the Swiss food giant. Russian President Vladimir Putin has held talks with Chinese President Xi Jinping in Beijing, calling him ‘a dear friend’ as the two countries seek to strengthen global alliances following the Shanghai Cooperation Organisation summit. In France, Marine Le Pen’s Rassemblement National party calls for new elections as Prime Minister Francois Bayrou’s government teeters on the brink of collapse.   

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese President Xi Jinping hosts leaders from more than 20 nations at the Shanghai Cooperation Organisation. Xi outlined his vision for a new global bloc to counter the current U.S. administration. An appeals court in the U.S. rules that most of President Trump’s trade tariffs are illegal which could trigger worldwide economic uncertainty. In retail news, shares in Alibaba soar on the back of strong A.I.-related sales in its cloud division. The Chinese e-commerce giant is reportedly working to produce an A.I.-focused semi-conductor.   

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fired Fed Governor Lisa Cook faces renewed pressure after a third criminal referral over her mortgage applications surfaces. President Trump shuts down a century-old tax loophole and threatens a 50 per cent levy on goods worth less than $800. And the European Union threatens Iran with a 30-day deadline to offer concessions regarding its nuclear programme or risk increased sanctions being reinstated.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia shares slump in after-hours trade as slowing revenue growth causes it to miss quarterly expectations in its data centre business. German defence company Rheinmettal unveils what will be Europe’s largest munitions plant. We hear from CEO Armin Papperger who says his company is doing his ‘utmost’ to fast-track defence production. Tesla European sales fall in July by more than 40 per cent – a seventh consecutive month of decreasing market share for the electric car maker.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fired Federal Reserve governor Lisa Cook launches a lawsuit against her dismissal by President Trump which is now set to go all the way to the Supreme Court. France is on the brink of yet another parliamentary quagmire after French Prime Minister Francois Bayrou decides to put his budget cuts toa vote of no-confidence. Opposition lawmakers are vowing to oust Bayrou over the measures. Equities and sovereign debt sell off as a result. And in tariff news, Washington applies an additional 25 per cent levy on India as a result of purchases of discounted Russian oil. Option markets wait on Nvidia earnings, anticipating what could be a 6 per cent share move in either direction as Q2 earnings come to a close.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump dismisses Federal Reserve governor Lisa Cook over alleged mortgage loan improprieties but Cook says Trump has no grounds to remove her. In France, Prime Minister Francois Bayrou says he will put his budget cuts to a confidence vote in parliament. The three main opposition parties have already vowed to oppose his measures. And President Trump has threatened further tariffs on countries that tax or regulate American tech companies and his administration is also considering sanctions on EU or member state officials for implementing the Digital Services Act.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fed Chairman Jerome Powell suggests labor market risks are now greater than inflation fears with a September rate cut now on the table. The markets respond with the Dow posting its best day in more than three months. In M&A news, drinks giant Keurig Dr Pepper is reportedly set to swoop for Dutch coffee group JDE Peet’s with an $18bn offer. The combined company would eventually split its drinks and coffee units.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The focus is on Jackson Hole, WY., ahead of U.S. Federal reserve Chairman Jerome Powell’s keynote speech. The summit is overshadowed by political pressure over interest rates with policy makers divided over the forecast. Kansas City Fed chair Jeffrey Schmid tells CNBC a September rate cut is not set in stone. Wall Street is in the red with the S&P 500 suffering its longest losing streak since the start of the year as investor jitters over the A.I. outlook affect the world’s biggest tech firms. Nvidia is set to cease production of its China-focused H20 chip as authorities cite security concerns and urge local tech firms to stop all purchases.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. tech stocks are under pressure for a second consecutive day as investors question the staying power of the A.I.-fuelled rally seen across the sector this year. Ahead of the Federal Reserve symposium at Jackson Hole, President Trump demands the resignation of Fed governor Lisa Cook over accusations of mortgage fraud. New data from FOMC minutes show members’ division over the Fed’s inflation and employment market forecast.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK inflation for July comes in at 3.8 per cent year-on-year to dash short-term hopes of an interest rate cut and pile on more pressure on Chancellor Rachel Reeves. Tech stocks are down over A.I. concerns as the White House eyes more equity-acquired stakes in companies enjoying Chips Act funding. A Ukraine peace plan including U.S. security guarantees is developing. President Trump welcomes potential air support from the UK but rules out stationing U.S. troops on Ukrainian soil.   

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.