BAE raises profit guidance on back of higher military spending
FTSE 100 defence group wins £13.2bn worth of new orders in first six months of year
Eurozone economy expanded by 0.1% in second quarter despite global trade tensions
Unexpected positive growth figure follows expansion in previous three months
FirstFT: US markets face ‘pivotal’ 3 days of economic data and corporate results
Also in today’s newsletter, an investigation into Haitian gangs and turmoil at Novo Nordisk
Starmer threads the needle on Palestinian recognition
Most Labour MPs and much of government believe UK has been too slow to act on Gaza crisis
Aberdeen hit with outflows as chief pushes on with turnaround
Jason Windsor says he is making ‘good progress’ with cost-cutting drive despite net outflows at asset manager
UK to recognise Palestinian state unless Israel ends Gaza crisis
Canada, Australia and others say they too will consider the move as Netanyahu accuses Starmer of rewarding Hamas
GSK profits rise on strong cancer drug sales
UK-listed pharmaceutical company plans to bring four more speciality medicines to late-stage clinical trials this year
Rio Tinto profits sink to 5-year low on weak iron ore price
Incoming chief Simon Trott expected to restructure miner after taking over next month
Adidas warns of €200mn tariff hit
Shares in German sportswear maker slide as Donald Trump’s tariffs add to costs
Hermès rises above luxury malaise as sales of Birkin bags grow
Demand for high-end handbags drives 9% sales growth in second quarter as luxury group defies industry downturn
Google set to sign EU code of practice on development of AI
Move set to boost efforts to regulate artificial intelligence in face of opposition from Meta and pressure from US
Letter: Smith and Ricardo reimagined for the age of the tech billionaire
From William Dixon and David Wilson
Letter: ‘Active non-alignment’ — and Brazil is Exhibit A
From Ambassador (r) Jorge Heine, Former Ambassador of Chile to China, Santiago, Chile
Letter: Keef favours a fedora
From Bob Frost, Deal, Kent, UK
HSBC profits slide 29% on hit from China and restructuring
Second-quarter earnings miss forecasts as Europe’s largest bank pursues overhaul
Letter: Smartphones in class and game-based learning
From Eilert Giertsen Hanoa, Oslo, Norway
Letter: Unintended consequences of new online safety rules
From Michael Hobbs, Founder, isAI Tech Ltd, London N13, UK
Letter: Reeves rhetoric on planning bill is needlessly corrosive
From Sally Hayns, CEO, Chartered Institute of Ecology and Environmental Management, Romsey, Hampshire, UK
US says extended trade war truce with China hinges on Trump approval
Treasury secretary heads back to Washington after two days of talks in Stockholm
Letter: Let’s follow French lead and test the US Cloud Act
From Mark Boost, Chief Executive, Civo, London EC2, UK
Correction: Singapore Airlines’ net profits
The carrier’s first-quarter net profits fell by S$266mn to S$186mn, rather than from S$266mn, as incorrectly stated in an article on July 29.
Valuations and bubbles
Plus European markets shrug at the US trade deal
FTAV’s further reading
Human energy; US grift perceptions; hula hoop inventor dies; micro-influencer drama
Mercedes-Benz profit halved by Trump tariff hit
German carmaker chief says he is not expecting further concessions, as group predicts ‘significantly lower’ vehicle sales