FirstFT: Trump pledges tax cuts, commerce wars and border crackdown as he accepts nomination

Good morning. We now have updates immediately on Massive Tech shares and a file summer time for transatlantic flights. However earlier than that, we head to the US, the place Donald Trump has cemented his place on the high of the Republican get together.

Concluding the get together’s four-day conference in Milwaukee, Wisconsin, yesterday night, the previous president mentioned he had been saved “by the grace of almighty God” as he recounted Saturday’s assassination try.

Formally accepting the Republican nomination for president, Trump additionally doubled down on his “America First” agenda, vowing to crack down on immigration, slash taxes and renew commerce wars if elected once more. He promised to “drill baby drill” to carry down vitality costs and mentioned he would scrap the present administration’s inexperienced insurance policies. We now have extra from final evening’s speech.

Will Biden bow out? Because the White Home race enters a vital second, enroll for our US Election Countdown e-newsletter for the most recent updates. And right here’s what else is going on immediately and on the weekend:

• Financial information: The EU stories first-quarter GDP immediately, whereas Germany releases its June producer value index and the US publishes labour market figures. The UK has public sector funds, retail gross sales and insolvencies information.

• Europe: The Worldwide Olympic Committee government board meets in Paris tomorrow forward of the 2024 Video games, which begin on July 26. On Sunday, the Tour de France ends in Good, whereas Belgium celebrates its nationwide day.

• Corporations: American Categorical, Electrolux, Finnair and Halliburton report outcomes immediately. Hargreaves Lansdown has a buying and selling assertion.

Did you retain up with the information this week? Take our quiz.

5 extra high tales

1. Massive Tech shares are “no longer the only game in town”, in keeping with buyers who over the previous week have moved out of the megacaps which have pushed the market rally for years in favour of smaller firms and different beforehand unloved sectors. Learn extra about why fund managers really feel “all of a sudden we have a larger menu to choose from”.

2. UK Prime Minister Sir Keir Starmer warned that Europe wanted to grow to be extra self-sufficient in defence on the finish of a region-wide leaders’ gathering in Oxfordshire, the place the prospect of a second Trump time period and what it might imply for regional safety was a key theme. Right here’s what was mentioned at yesterday’s European Political Neighborhood summit.

• Conflict in Ukraine: Britain will goal 11 extra Russian-linked oil tankers with sanctions as a part of a technique that a few of Ukraine’s western allies consider has proved efficient.

• French politics: President Emmanuel Macron’s candidate for head of the Nationwide Meeting was re-elected yesterday regardless of his centrist alliance having fewer seats than the left.

3. Netflix added 8mn new subscribers within the second quarter because of hit reveals reminiscent of Child Reindeer and Bridgerton, lifting the streaming service’s income and earnings previous Wall Avenue forecasts. However the firm warned that new subscriber additions within the present quarter could be decrease than a yr in the past. Extra particulars from its outcomes yesterday.

4. Unique: The United Arab Emirates has signalled it’s keen to hitch a multinational “stabilisation” mission for Gaza after the Israel-Hamas battle, changing into the primary nation to say it might deploy boots on the bottom within the strip. The Gulf state instructed the Monetary Instances it might deploy its forces if the US supplies a management function and helps steps in the direction of a Palestinian state. Andrew England and Chloe Cornish have extra from Abu Dhabi.

5. OpenAI has been in talks with semiconductor designers together with Broadcom about growing a brand new chip, as the unreal intelligence firm seems to ease its reliance on Nvidia. The talks are a part of efforts spearheaded by the corporate’s co-founder and chief government Sam Altman to beef up the availability of parts and infrastructure required to run more and more highly effective AI fashions. Learn the total story.

The Massive Learn

London was for a few years regarded by US regulation companies as a jumping-off level to serve shoppers throughout Europe. However lately, a big growth of US non-public fairness companies within the metropolis has fuelled demand for authorized assist, serving to the UK workplaces of American regulation companies grow to be powerhouses in their very own proper. The inflow of rivals from throughout the pond has had a profound impact on how Britain’s conventional “magic circle” regulation companies function in areas reminiscent of recruitment, pay and dealing tradition.

We’re additionally studying . . . 

• Class results: New analysis reveals even having a PhD isn’t sufficient to scrub away class-based disadvantages, writes Soumaya Keynes.

• Gareth Southgate: Was the previous England supervisor nice, or simply fortunate? Simple routes via tournaments flatter his file, writes John Burn-Murdoch.

• Saudi Arabia: Riyadh has been rolling out the pink carpet for international filmmakers, because it builds studios and provides incentives to develop the dominion’s artistic sector.

• Ursula von der Leyen: The European Fee president faces an uphill battle to ship on a spread of points in her second time period. Listed below are 5 key challenges.

Chart of the day

US and European airways have launched into a record-breaking summer time of transatlantic flying, with practically 418,000 flights scheduled from April to October. Airways bosses have reported significantly robust demand from American travellers visiting Europe, buoyed by the robust greenback.

Take a break from the information

Mung bean Previous Usual, anybody? Folks have been consuming their greens since at the very least the Twenties, when bartender Fernand “Pete” Petiot was mentioned to have invented the Bloody Mary. Immediately, the choices for a vegetable cocktail have gotten more and more adventurous.

Further contributions from Gordon Smith and Emily Goldberg