President Trump denies he plans to fire U.S. Federal Reserve Chairman Jerome Powell following reports he had written a draft dismissal letter and discussed the move with lawmakers. Trump did again, however, criticise Powell for his failure to lower interest rates. The world’s largest contract chip maker, TSMC, posts a massive 60 per cent surge in profits in the second quarter. Drug giant Novartis hikes its full-year guidance on the back of a narrow Q2 core earnings beat and double-digit sales numbers. European Commission President Ursula Von Der Leyen outlines her next budget plans but faces stiff criticism from Brussels and member states for the content and handling of the €2.3tn package.

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