President Donald Trump has announced he is launching reciprocal tariffs against all U.S. trading partners which would be calculated on a country-by-country basis and would take both tariff and non-tariff barriers into account. U.S. markets have so far shrugged off the latest tariff threats while wholesale inflation shows signs of slowing. Europe’s largest lender, HSBC, is due to announce a new round of global job cuts which could amount to $1.5bn. Meanwhile, Santander denies reports of a potential sale of its UK retail arm to Natwest. And Italian luxury brand Moncler posts a robust top and bottom line quarterly beat, driven by strong demand in China.

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