Industrial output in the 20 nations sharing the euro rose by 0.3% on the month, just trailing expectations for 0.4%
International News via Reuters:
Euro zone industrial production inched higher in July, confirming views that the sector is holding up despite trade tensions, even if its rate of expansion is anaemic, data from Eurostat showed on Tuesday.
Industrial output in the 20 nations sharing the euro rose by 0.3% on the month, just trailing expectations for 0.4% in a Reuters poll of economists, as a big drop in energy output was offset elsewhere.
Compared to a year earlier, output was up 1.8%, ahead of expectations for 1.7%, partly on a significant upward revision of June’s figures.
“Survey evidence, including the HCOB manufacturing PMI, provides hope that manufacturing activity will pick up some positive momentum in late 2025,” Diego Iscaro at S&P Global Market Intelligence said:
“More supportive fiscal policy in Germany and higher defence spending across the area will provide a boost, but this impact will be more noticeable from 2026,” Iscaro added.
The monthly increase was driven by a 1.5% expansion in Germany, the bloc’s biggest economy and key industrial powerhouse, but France and Spain both reported monthly declines.
Capital, durable and non-durable goods production all expanded by more than 1% on the month across the euro zone but energy production, a volatile component, was down 2.9%.
Reporting by Balazs Koranyi; Editing by Kirsten Donovan
U.S. Treasury Secretary Scott Bessent and British finance minister Rachel Reeves were leading events ahead of Trump’s arrival
International News via Reuters:
U.S. President Donald Trump was due to arrive in Britain late on Tuesday for a second state visit at which the two nations will seal deals worth more than $10 billion, a renewal of a “special relationship” Prime Minister Keir Starmer is keen to champion.
U.S. Treasury Secretary Scott Bessent and British finance minister Rachel Reeves were leading events ahead of Trump’s arrival, announcing a “Transatlantic taskforce” to deepen work between two of the world’s largest financial centres.
Trump will then be greeted by King Charles on Wednesday, for a day of pomp at Windsor Castle, a regal show of soft power that Starmer hopes will offer him protection from possible pitfalls later on the visit.
BRITISH PM UNDER PRESSURE AFTER SACKING AMBASSADOR
Starmer, under pressure after being forced to sack Peter Mandelson as his ambassador to the U.S. over his ties to Epstein, will then host Trump at his country residence.
With Starmer hoping to underline that his close ties with Trump can benefit Britain, senior U.S. officials said on Monday that deals worth more than $10 billion would be announced during the visit, covering energy and technology.
Business executives attending include Nvidia Corp CEO Jensen Huang and OpenAI’s Sam Altman. Google said it would invest 5 billion pounds ($6.8 billion), partly on a new data centre close to London that would help meet demand for AI services.
“This historic second state visit is set to highlight and renew the special relationship between the United States and the United Kingdom,” a senior U.S. official said on Monday.
A spokesperson for Starmer told reporters on Monday that the prime minister “sees this state visit squarely through the lens of delivering for working people”, citing U.S. investment pledged over the weekend to create 1,800 jobs in Britain and a civil nuclear partnership that could lower energy prices.
Olivia O’Sullivan, a director at the Chatham House think tank, said Britain believed that by closely aligning with the U.S. it could stay “on the cutting edge of the kind of frontier technology” that is dominated by the U.S. and China.
SCRUTINY OVER TRUMP’S RELATIONSHIP WITH EPSTEIN
Starmer could well do with shifting the focus to geopolitics when he hosts Trump at his Chequers country residence on Thursday, after enduring some of his toughest weeks in office.
Several of his Labour lawmakers are angry over his handling of the departures of both his deputy, Angela Rayner, and Mandelson, questioning his full-throated support for both before being forced to let them go.
After mis-steps over welfare reform, accepting gifts and tax restrictions on child benefits, several lawmakers are increasingly questioning the British leader’s judgment and political nous, especially at a time when Nigel Farage’s populist Reform UK party is running well ahead in the polls.
Perhaps the biggest pitfall is the likelihood of questions about the late sex offender Epstein. Starmer has justified his abrupt sacking of Mandelson last week by saying he was not aware of the depth of the ex-ambassador’s ties to the financier.
But Trump’s relationship with Epstein has also come under scrutiny after Democrats in the House of Representatives made public a birthday letter he allegedly wrote to him – something the U.S. leader has denied writing.
TRUMP TO BE TREATED TO ROYAL PAGEANTRY
On Wednesday, Trump and his wife, Melania, will be treated to British royal pageantry, including a carriage tour, a state banquet, a flypast by military aircraft and a gun salute.
A day later, Starmer welcomes Trump to Chequers, a 16th century manor house in the southern English countryside, to discuss investment, finalising promised lower tariffs for steel and aluminium, the so far frustrated efforts to end Russia’s full-scale invasion of Ukraine and the situation in Gaza.
Both nations will have sizeable delegations and will be largely protected from planned anti-Trump protests. Trump will also be joined by U.S. Secretary of State Marco Rubio, who will hold talks with Britain’s newly-appointed foreign minister, Yvette Cooper.
($1 = 0.7352 pounds)
Reporting by Elizabeth Piper; Editing by Kate Holton, Alexandra Hudson and Alex Richardson
China is on track to become the biggest R&D spender as it rapidly closes the gap in private sector financing
International News via Reuters:
China moved into the top 10 of the United Nations’ annual ranking of most innovative countries for the first time on Tuesday, replacing Europe’s largest economy, Germany, as firms in Beijing invest heavily in research and development.
Switzerland remained in first place, a position it has held since 2011, followed by Sweden and the United States, while China was in 10th place in the Global Innovation Index (GII) survey of 139 economies that ranks them based on 78 indicators.
China is on track to become the biggest R&D spender as it rapidly closes the gap in private sector financing, the GII showed.
At the same time, the outlook for global innovation is clouded by declining investment, according to the survey.
R&D growth is set to slow to 2.3% this year from 2.9% last year, which was its lowest since 2010 after the financial crisis.
China contributed about a quarter of international patent applications in 2024, remaining the biggest source of them, while the United States, Japan and Germany – which together make up 40% of total applications – all recorded slight declines.
Ownership of patents is widely seen as an important sign of a country’s economic strength and industrial know-how.
Looking at the long-term, Germany should not be alarmed by its fall to 11th place, said GII co-editor, Sacha Wunsch-Vincent, adding that the new rankings did not reflect the impact of tariffs imposed by the Trump administration in the U.S.
“The challenge for Germany is how…, alongside its strong, decades-long status as a really powerful engine of industrial innovation, to become a powerhouse of digital innovation,” said WIPO Director General Daren Tang.
The other countries in the list’s top 10 – behind the U.S. and ahead of China – were, in order of ranking: South Korea, Singapore, Britain, Finland, the Netherlands and Denmark.
Reporting by Miranda MurrayEditing by Matthias Williams and Gareth Jones
The Office for National Statistics figures showed the number of workers on firms’ payrolls falling for a seventh month in a row and broader wage growth edging down
International News via Reuters:
Britain’s jobs market has lost a little more steam, official data showed on Tuesday, potentially easing worries at the Bank of England about persistent inflation pressures.
The Office for National Statistics figures showed the number of workers on firms’ payrolls falling for a seventh month in a row and broader wage growth edging down. But there was also a hint that employers might be ready for some more hiring.
The BoE is expected to keep interest rates on hold this week, having cut them in August. Many of its policymakers remain wary about inflation heat in the jobs market.
Tuesday’s figures showed the number of payrolled employees fell by a provisional 8,000 in August. July’s drop was revised to 6,000 from a previously reported reduction of 8,000.
TAX INCREASE, CONCERNS OF FURTHER RISES WEIGH ON STAFFING
Employers have blamed a tax increase ordered by finance minister Rachel Reeves for their cautious stance on staffing and many are worried about a possible further hit in her next budget due in November.
“Some businesses may be choosing to delay recruitment decisions until there is more clarity on potential tax changes,” said Yael Selfin, chief economist at KPMG UK.
Basic wage growth in the private sector – watched closely by the BoE – slowed to 4.7% between May and July from 4.8% in the three months to June.
Overall average weekly earnings, excluding bonuses, grew by 4.8%, weaker than the previous reading of 5.0% but still above the roughly 3% level seen as consistent with the BoE’s 2% inflation target.
“Today’s data release won’t do much to alleviate the Bank of England’s concerns over the upside risks to inflation,” said Ashley Webb, UK economist at Capital Economics.
Investors do not expect another BoE rate cut for at least six months.
There were some signs in the ONS data of an improvement in employers’ appetite for hiring.
The number of job vacancies in the three months to August rose to 728,000 after touching its lowest in the previous month’s release since early 2021.
It was the first increase in the number of vacancies from one month’s job report to the next since the three months to February last year, the ONS said.
Sanjay Raja, Deutsche Bank’s chief UK economist, said a wave of staffing cuts by employers was now probably complete although budget uncertainty was likely to weigh on hiring, and pay settlements would edge lower over the rest of the year.
“This should give some comfort that the path ahead may be less bumpy than perhaps some of the survey data suggests,” Raja said.
Britain’s unemployment rate in the three months to July held at 4.7%, its highest since the second quarter of 2021, although that figure is based on a survey of households that the ONS has said is not currently reliable.
Surveys published last week showed that employers had offered the lowest pay settlements in more than three-and-a-half years in July and hiring had continued to slow – albeit by less than in previous months.
Writing by William Schomberg; editing by Suban Abdulla
Worldpanel said prices were rising fastest in markets such as chocolate, fresh meat and butter and were falling fastest in household paper, sugar confectionery and dog food
International News via Reuters:
British grocery inflation edged down to 4.9% in the four weeks to September 7, according to data from Worldpanel by Numerator, offering only modest respite for shoppers still grappling with elevated food prices.
The figure, the most up-to-date snapshot of UK food inflation, compared with 5.0% in last month’s report.
Worldpanel said prices were rising fastest in markets such as chocolate, fresh meat and butter and were falling fastest in household paper, sugar confectionery and dog food.
Britain’s food retailers have said that higher employer taxes and regulatory costs as well as increased staff wages are adding to inflationary pressure from higher prices for commodities.
The British Retail Consortium, which represents Britain’s biggest retailers, predicts that food inflation will be up to 6% by the end of the year, putting more pressure on household budgets in the run up to Christmas.
The Bank of England has forecast it will hit 5.5% before Christmas and then fall back as global wholesale factors fade.
Overall UK inflation hit 3.8% in July, according to official data published last month, the highest among the G7 economies. Data for August will be published on Wednesday.
Worldpanel said industry leader Tesco won more market share than any other grocer in the 12 weeks to September 7, accounting for 28.4% of all sales, up 0.8 percentage points on the year. Its sales rose 7.7% – its highest rate of growth since December 2023.
Sales at number two player Sainsbury’s rose 5.4% but Asda remained the industry laggard with sales falling 2.7% and a loss of 0.9 percentage points of market share on the year.
Discounter Lidl and online supermarket Ocado remained Britain’s fastest growing grocers with sales growth of 11.0% and 11.9% respectively.
Worldpanel highlighted sales growth for supermarkets’ premium own label lines of 10.3% over the 12 weeks, making it six straight months that they’ve increased by double digits – more evidence that consumers are looking to save money by treating themselves at home rather than dining out.
UK supermarkets’ market share and sales growth (%)
The pan-European STOXX 600 index dropped 0.13% to 555.42, as of 0822 GMT, driven by banks and insurance stocks, which were down about 1% each
International News via Reuters:
European shares slipped on Tuesday, led by rate-sensitive banks and insurers, as investors grew cautious ahead of the U.S. Federal Reserve’s highly anticipated monetary policy verdict on Wednesday.
The pan-European STOXX 600 index dropped 0.13% to 555.42, as of 0822 GMT, driven by banks and insurance stocks, which were down about 1% each.
The Fed will kick off its two-day policy meeting later in the day, with markets pricing in a 25-basis-point interest rate cut announcement on Wednesday, potentially its first dovish policy verdict this year following signs of a weaker U.S. job market. Some traders see a potential 50-bp cut.
“If the Fed did (cut by) 50 bps, you could interpret that things were worse than we thought they were, that the jobs market was slowing down or there was something happening with economic figures that we weren’t seeing. That could be interpreted either way because we’re in a market which can flip very quickly,” said Rebecca Chesworth, a senior equities strategist at State Street Investment Management.
The decision will also come at a time when investors have also been worried about political interference in the U.S. central bank’s independence.
The U.S. Senate confirmed President Donald Trump’s nominee Stephen Miran to the Fed’s Board of Governors, while Lisa Cook will also attend the meeting, as an appeals court said Trump could not fire her.
Meanwhile, shares of hiring firms took a hit after SThree forecast annual pre-tax profit well below market expectations, sending shares of the UK firm as much as 21% down to their lowest level since 2009.
Other European recruiters including Hays and Randstad lost about 2.5% each, while Adecco lost nearly 4%.
In a bright spot, luxury stocks rose 0.9% to hit their highest level since late July.
French luxury stocks have come under greater focus after designer Giorgio Armani’s death, who included directions on the possible sale of his fashion house in his will, giving priority to LVMH, L’Oreal and eye wear leader EssilorLuxottica.
L’Oreal lost 2% after Jefferies downgraded the cosmetics giant to “Underperform” from “Hold” earlier.
Among others, Schindler fell 2.7% after an investor sold shares of the lift maker through an accelerated bookbuilding process at about an 8.4% discount to the stock last close.
BNP Paribas rose 0.3% in choppy trading after the French bank extended its guidance to 2028 signalling confidence in the longer-term outlook.
Reporting by Tristan Veyet in Gdansk, Johann M Cherian in Bengaluru, editing by Rashmi Aich
Benjamin Jones and Gavin Manders win the 2025 Jamaica International Pickleball Open
Bermuda is bringing home gold from the Jamaica International Pickleball Open!
National team captain Gavin Manders and vice captain Benjamin Jones outplayed higher-ranked opponents in a series of nail-biting matches to claim the top spot.
Jones, who’s gearing up to represent Bermuda at next month’s World Cup, credited their win to smart strategy and staying cool under pressure.
In addition to competing in the men’s doubles, Gavin Manders made it to the quarterfinals in mixed doubles and the semifinals in singles.
And while taking gold in men’s doubles may have offered a bit of payback for Bermuda’s recent football loss to Jamaica, Manders says this win was about more than revenge — it was about proving Bermuda’s place as a dominant force in regional pickleball.
The Epidemiology and Surveillance Unit (ESU) of the Ministry of Health is aware of communications circulating regarding Norovirus cases. At this time, the ESU has received one confirmed report of Norovirus. However, there is currently no public health alert for Norovirus or diarrhea and vomiting illness above expected seasonal levels.
The ESU is also aware of media reports referencing a medical alert for Norovirus, Hand, Foot and Mouth Disease (HFMD), and Impetigo. During the week ending August 30, 2025, two cases of HFMD were reported to the ESU, prompting a medium alert. As of today, there is no alert for fever and rash-related illnesses, including HFMD and Impetigo.
The Ministry of Health reminds the public that simple hygiene practices such as frequent handwashing and proper sanitation are key to preventing the spread of these illnesses. For detailed guidance on prevention, fact sheets are attached and available at www.gov.bm/health-information. Official health alerts and updates are regularly posted to this page, and the public is encouraged to refer to it for accurate and timely information.
The ESU continues to monitor disease trends closely and will provide updates as necessary.
Trump arrives in Britain for a two-day visit on Tuesday, during which he and Prime Minister Keir Starmer will announce the nuclear power tie-up
International News via Reuters:
Britain and the United States will sign a deal to work together on boosting nuclear power during U.S. President Donald Trump’s state visit this week, the British government said, helping secure investment to fund new plants.
Britain’s government has launched a major push to expand nuclear power in recent months, pledging to invest 14 billion pounds ($19 billion) in a new plant at Sizewell C and advancing plans for a Rolls-Royce unit to build the country’s first small modular reactors (SMR).
Trump arrives in Britain for a two-day visit on Tuesday, during which he and Prime Minister Keir Starmer will announce the nuclear power tie-up. The collaboration aims to speed up new projects and investments, including plans expected to be announced by U.S. nuclear reactor company X-Energy and Britain’s Centrica to build up to 12 advanced modular reactors in northeast England.
An 11 billion pound ($15 billion) project to develop advanced data centres powered by SMRs in central England at the former Cottam coal-fired power station set to be announced by U.S. company Holtec International, France’s EDF and real estate partner Tritax, is also on the cards, the statement added.
“These major commitments set us well on course to a golden age of nuclear that will drive down household bills in the long run,” Starmer said on Monday.
Trump and Starmer discussed working more closely together on SMRs when they met at the U.S. president’s golf resort in Scotland in July.
“Today’s commercial deals set up a framework to unleash commercial access in both the U.S. and UK,” U.S. Energy Secretary Chris Wright said in the statement.
The new tie-up will cover nuclear regulation, meaning if a reactor passes safety checks in one country, the other can use the findings to support its own checks, cutting licensing time to two years from three to four years at present.
Commenting on its new partnership deal with X-Energy, Centrica’s Group CEO Chris O’Shea said it would build a resilient, affordable, low-carbon energy system, while X-Energy’s CEO J. Clay Sell said Hartlepool was the right place for it to scale its technology in Britain given its experienced workforce and local services.
Holtec chair and CEO Kris Singh said its plan with EDF would create thousands of local jobs while drawing on the lessons from its Palisades project in Michigan, while Simone Rossi, CEO of EDF in the UK, said the plan would benefit energy security.
In a related announcement, Rolls-Royce said it had entered the U.S. regulatory process for its SMR, paving the way for potential new jobs and investment in the U.S.
Among the other investments expected to be announced is a deal for UK-based Urenco to supply an advanced type of low-enriched uranium to the U.S. market.
Governor’s Council will meet again on Tuesday, Opposition are not involved
Bermudians want a firmer response to ‘community terrorism’.
That’s what Premier David Burt has called the scourge of community violence and anti-social behavior.
The Governor’s Council, involving Governor Andrew Murdoch, the Premier, the National Security Minister and others, last week explored potential solutions such as specialist officers coming in from the UK, and new equipment to prevent the importation of firearms.
The council is set to meet again tomorrow.
Gary Foster Skelton asked the Premier about the activities of the Council, why the Opposition are not a part of it, and if he is confident it will bring real change, since the Governor is not constitutionally required to act on any of the solutions explored. (WATCH ABOVE)
Premier David Burt: “From the first meeting, I am reasonably confident, but we’ll have an update meeting on Tuesday and we’ll be able to see you, and I’m happy to speak at that time.”
GFS: “Why were no members of the Official Opposition included on the governor’s council?”
Premier David Burt: “You would have to refer to the Bermuda Constitution, which states who are members of the governor’s Council, and that does not include the Opposition. We are the Government. They are Opposition. They have role and we have a role. I know that the Shadow Minister of National Security has dialog with the Minister of National Security, and they can do so. But the reality is that there is Government and Opposition.”
While section 70 of the constitution does state who is required to sit on the Governor’s Council, it also leaves room for others to be asked to be involved, following consultation between the Governor and the Premier.
Considering the universality of the issue of community violence, we subsequently asked why the Premier hasn’t taken that opportunity to request a bipartisan approach – especially considering the current opposition leader has a background in Corrections, and his predecessor served as a police officer.
A Government response to our question today simply referred to the Premier’s Ministerial Statement regarding the Governor’s Council, and said there is nothing further to add.
In our interview, the Premier did acknowledge that this issue is something the parties could work on together – but he also says it goes beyond politics…
Premier David Burt: “I would certainly agree that it’s an ideal time for bipartisanship – not just for bipartisanship, but for community involvement. This is not just political. You would have heard inside of my statement when speaking about the Parental Responsibility Act. Everyone must play their part. So whether it’s government, whether it’s opposition, whether it’s helping agencies, whether it’s police, and we are making sure that from the perspective of the law enforcement side, which is under the responsibility of the Governor, the Government… are clear of what the people of this country want, and that is a firmer posture to deal with, as I call it, community terrorism that is taking place by a very small amount of people in this country who are disturbing the peace and tranquility of the majority.”
The CFA Society Bermuda held a Pension Breakfast Seminar to unpack the financial realities of retirement in Bermuda
How well are you managing your financial future?
It was a major topic of discussion this morning during the CFA Society Bermuda’s Pension Breakfast Seminar at the Hamilton Princess and Beach Club to raise awareness of financial literacy among to population to improve pension management.
Key insights into the actual cost to retire in Bermuda and economic factors were discussed at length.
For more information on how to register for the Financial Literacy course at the Bermuda College go to college.bm or sign up by following this link: http://TINYURL.COM/NPXCXY7A
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