The American consumer’s identity crisis

Stay informed with free updates Simply sign up to the Retail & Consumer industry myFT Digest — delivered directly to your inbox. American households are about to take a wild ride through the basics of global economic policy, thanks to their country’s Big Beautiful Leap Forward. Or the Great Leap Onshoreward, if you’d prefer. This … Read more

Elliott Management steps up proxy campaign against refiner Phillips 66

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Activist hedge fund Elliott Management is increasing the pressure on oil refiner Phillips 66, kick-starting a proxy battle calling for “sweeping changes” at the US energy conglomerate. In a draft letter to investors seen by … Read more

Trump’s tariffs ignite steepest Wall Street sell-off since 2020 Covid crisis

Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world Donald Trump’s tariff offensive convulsed global markets on Thursday, with sectors from banking to tech left reeling from the US president’s bid to remake the global economic order. Wall Street stocks sustained heavy … Read more

European banks exposed to risk of US dollar shortfall, says EU watchdog

Stay informed with free updates Simply sign up to the European banks myFT Digest — delivered directly to your inbox. Almost a quarter of European banks have insufficient US dollar funding to cover their exposures in the currency, fuelling concern among regulators about fragilities that could be exposed by rising geopolitical tensions. The EU’s main … Read more

Queasy Irish banks are opportunities for strong-stomached investors

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. There are few outright winners from a global trade war. But tariffs are a blunt instrument. Sometimes, large headline numbers don’t fully reflect a sector’s exposure — which can create opportunities for sharp-eyed investors. Irish … Read more

Oil slides as Opec+ lifts production and tariffs fuel global growth fears

Stay informed with free updates Simply sign up to the Oil myFT Digest — delivered directly to your inbox. Oil prices tumbled on Thursday as Opec+ unexpectedly announced plans to boost production just as sweeping US tariffs stoked fears of a global economic slowdown. Eight Opec+ members, including Saudi Arabia and Russia, said they would … Read more