News when you want it with Bloomberg News Now, I'm Tom McKenzie.
And I'm Karoline Hepkere.
The Bank of England has proposed giving investment banks until the start of twenty twenty eight to implement global capital rules on their trading businesses. The move is part of a range of measures to boost British lenders competitiveness that have been outlined by the BoA's regulatory arm, the Prudential Regulation Authority. The PRA also announced measures to easy liquidity requirements for small and mid sized lenders and proposed exempting more of them from the full rigors of the UK's
resolution regime. Chancellor Rachel Reeves will pledge to cut red tape in her annual speech to London's financial sector in a bid to help drive the government's growth plans. Reeves is expected to say that dialing up risk will allow more families access to mortgages. It will be the Chancellor's first major public speech since UK assets sold off less than two weeks ago, when she appeared visibly upset in Parliament, but since then, the city has grown increasingly wary of
taxes down the line. Bloomberg's James Walcock has the story.
Chancellor Reeves's mansion house dinner could be mistaken for tapass. There are many small plates on offer to the financial sector, a concierge servers for international investors, reforms to the financial Lombardsman and a new captive insurance regime. And the city has been teased with hopes for a review of ring
fencing rules and possibly an entrepreneur's visa system. But despite these tasty morsels around deregulation and growth, many in the world of finance see the government's fiscal worries wonder if the bill is going to be coming later in the autumn budget in London James Haorcock Bloomberg Radio.
In terms of data, the Chance's speech comes as the UK economy shows more signs of rebounding from its recent slump. June's retail sales figures rose by three point one percent from a year earlier, according to data from the British Retail Consortium. It's a positive signal after US tariffs, tax increases and a minimum wage hike drove back to back retail sales contractions in the UK in April and May.
In Vidia is preparing to resume sales of high end AI chips to China after getting the green light from the Trump administration. The H twenty chip was designed specifically by in Vidia to comply with earlier US trade restrictions, but has been banned from sale in the country since April, but in a blog post, the tech giant says that US officials have now told them that they will approve
export licenses. Gene Munster of Deep Water Asset Management says the move comes after weeks of thoring relations between Washington and Beijing.
My suspicion is that some of this semi trade truths. I'm luctant to give it everything that's going on to call it that, but that we have seen between the US and China probably laid the groundwork a few weeks ago that this in fact was going to happen with Nvidia. And so what does it mean. What is the Trump administration essentially saying is that they have to give something to get something.
Gene Munster and the US reversal is a significant win for Nvidia CEO Jensen Huang. He has previously branded Washington chip curbs a failure that fueled the rise of Huawei and other Chinese AI rivals.
Well China's economy grew faster than expected in the second quarter. GDP rows by five point two percent after a gain of five point four percent in the first three months of the year. However, strong exports to markets outside the US masked deepening pressure from weak domestic demand. Despite a raft of government subsidies, excess manufacturing capacity and weak confidence in the property sector continue to suppress Chinese consumption.
US President Donald Trump says he is disappointed but not done with Vladimir Putin after he threatened to impose severe tariffs on Russia if it does not end the war with Ukraine. The comments, made in an interview with the BBC, come as the US pledges fresh weapons supplies for Kiev, which Trump says will be paid for by NATO member states. Speaking during a meeting with NATO's Secutary General at the White House, Trump set out a timeline for the Russian president.
I'm disappointed in President Important because I thought we would have had a deal two months ago, but it doesn't seem to get there.
So based on that, we're going to be doing secondary tariffs if we don't have a deal on fifty days.
It's very simple, and they'll be at one hundred percent. President Trump, speaking during a meeting with NATO's and Mark Rutter. There, Matt Whittaker, the US ambassador to NATO, so as the planned action effectively represents secondary tariffs or sanctions on countries that are buying oil from rush Up. The President did not elaborate on the powers he would use to impose those tariffs, but said he wasn't sure if congressional approval would be needed.
Bloomberg understands that the European Union has finalized a second list of US tariff countermeasures, targeting goods worth seventy two billion euros. The list includes Boeing aircraft and bourbon, as well as additional duties on machinery put out, chemicals and plastics, medical devices, wines, and other agricultural goods. Our Senior White House correspondent josh Win Grove says Europe is a significant market for President Trump, and the.
Question is, of course, will they land somewhere or will Trump look at wherever they are in a week or two and think that that's either not enough and stick with the thirty percent, or it is enough and go to a lower number. Remember, of course, the baseline number right now is ten percent. He initially announced twenty percent
on Europe in the initial Liberation Day tariffs. He's threatened as high as fifty percent on Europe and is always, you know, that's been kind of one of the top of the list places that he's complained about when he talks about unfair trade relationships.
Bloomberg's Josh wind Grove there on Trump's EU tariff's journey. EU member states still need to give their approval though, before the list that could be adopted. The measures are a response to President Trump's earlier so called reciprocal tariff of twenty percent hitting most goods, and the additional levees on cars and car parts of twenty five percent, and the universal rate was later temporarily lowered to ten percent
to allow for negotiations to take place. France's Prime minister will outline a plan today to sharply narrow the country's budget deficit. The move by Francois Beirut sets the stage for a parliamentary battle that risks triggering another government collapse. The prime minister will present details of around forty billion euros and spending cuts and tax increases for next year.
The proposals are aimed at shrinking the euro Area's largest budget gap, as France's fiscal difficulties continue to rattle bond markets. Earlier this month, the country's five year bond yield to pass Italy's for the first time in twenty years.
OK, those are your top stories on the markets. The European stock six under the benchmark is up a tenth of a percent. In the UK, the fort one hundred is currently flat at eighty nine hundred and ninety seven, just below that nine thousand level. And on Wall Street smp E meaning so US futures for the S and P five hundred pointing two gains of three tenths of
eight percent. Now's that one hundred futures up five tenths and part of that is down to optimism around the chip space on the back of these easing of export controls for Nvidia.
That's news when you want it. With Bloomberg News. Now, I'm Caroline Hepcare
And I'm Tom McKenzie, and this is Bloomberg