Ouch! Activity in the UK construction sector has fallen at the fastest rate in over five years, indicating the government is struggling to hit its housebuilding targets.Data firm S&P Global has reported that there was “a considerable slump in the UK construction sector” in July, as builders reported a renewed decline in housing projects.That is a sign that Labour are falling behind in their target to boost housebuilding and build 1.5 million new homes by 2029.Commercial construction, and civil engineering, both also shrank in July.

S&P Global says:Underlying data highlighted marked decreases in volumes of work carried out across all three monitored sub-sectors, but a considerable drag came from a fresh drop in residential building,This pulled the S&P Global UK Construction Purchasing Managers’ Index (PMI) down to posting 44,3 in July, from 48,8 in June,Any reading below 50 shows a contraction, and today’s data signals the sharpest contraction in over five years.

Builders blamed site delays, lower volumes of incoming new business and weaker customer confidence for falling activity in July,Joe Hayes, principal economist at S&P Global Market Intelligence, says UK construction suffered “a fresh setback” in July, explaining:Dissecting the latest contraction, we can see a fresh and sharp drop in residential building, as well as an accelerated fall in work carried out on civil engineering projects,Forward-looking indicators from the survey imply that UK constructors are preparing for challenging times ahead,They’re buying less materials and reducing the number of workers on the payroll,Expectations also continue to underwhelm, despite a modest pick-up in confidence from June’s two-and-a-half-year low.

Time to wrap up…,Activity in the UK construction sector fell last month at the sharpest rate since the height of the Covid pandemic amid a collapse in housebuilding, underscoring the challenge facing the government to meet its 1,5m new homes target,The figures from S&P Global Market Intelligence showed activity fell in July at the steepest pace since May 2020, during the first UK coronavirus lockdown,The data provider said a sharp drop in residential building pulled down its monthly purchasing managers index (PMI) for the UK construction sector as a whole, alongside a plunge in civil engineering and a softer downturn in commercial property.

It’s been another day dominated by Donald Trump’s trade wars too, with the White House is placing an additional 25% tariff on imports from India.The move brings total tariffs up to 50%, in retaliation over the country’s purchase of Russia oil.Shares in European pharmaceutical companies have sunk to a near four-month low, after Donald Trump repeated his threats to introduce tariffs on drug imports “within the next week or so”.Europe’s STOXX Healthcare index has dropped to its lowest level since mid-April, shortly after the US president’s initial “liberation day” tariff announcements.The Japanese carmaker Honda has reported a 50% drop in quarterly profits as it counted the cost of Donald Trump’s tariffs and electric vehicle policies, even as it said the full impact would be less than its worst expectations.

The manufacturer’s operating profits fell by half to 244bn yen (£1,2bn) in the three months to June, according to financial results published on Wednesday,That was mainly because of a 124bn yen hit from tariffs, as well as 113bn yen in losses on electric car sales in the US,Elsewhere…,OpenAI is reportedly in early talks about a sale of shares held by current and former employees that would value it at half a trillion dollars, overtaking Elon Musk’s SpaceX.

If the transaction goes ahead, the value of the ChatGPT developer would rise by about two-thirds, from $300bn (£225bn).And…FTSE 100 miner Glencore has decided to retain its stock market listing in London, rejecting calls for it to move to the US in a boost for the London Stock Exchange.Despite the latest twists in Donald Trump’s trade wars, the UK’s stock market has ended the day at a new closing high.The FTSE 100 index has cloased 21 points higher at 9164 points, up 0.24%.

Although that’s a closing peak, it’s still below the intraday high of 9190 hit last week.The top risers were insurer Hiscox (+9.4%), precious metals producer Fresnillo (+8.9%), drinks firm Diageo (+4.2%) and BP (+3%).

Analyst John Kicklighter predicts that the White House’s targeting of Russian energy customers will drive up crude oil costs, and also be “a burden on India”:I don't know how the Trump administration will effectively target Russian oil consumption through trade partners consuming the (generally cheaper) energy product, but I do believe it will raise crude prices.It will also be a burden on India.$USDINR and India's trade balance: https://t.co/HTLOfvzas3 pic.twitter.

com/adJYpJ5SqNThe executive order signed by Donald Trump today also leaves open the possibility that other countries are hit with higher tariffs for buying Russian oil.In it, Trump says:The Secretary of Commerce, in coordination with the Secretary of State, the Secretary of the Treasury, and any other senior official the Secretary of Commerce deems appropriate, shall determine whether any other country is directly or indirectly importing Russian Federation oil.Such a country could, like India, face an an additional ad valorem tariff of 25% on their imports to the US, the order explains.We also have more details about the investment pledge from Apple which Trump economic adviser Kevin Hassett mentioned earlier.A White House official has now revealed that Apple will announce a domestic manufacturing pledge of $100bn today that will focus on bringing more manufacturing to the United States.

The pledge would be a new financial commitment, the official told Reuters, on customary condition of anonymity.The iShares MSCI India ETF, which tracks Indian equities, has dropped by 0.5% today as traders react to this new tariff hit.Donald Trump’s new executive order has been issued shortly after his envoy, Steve Witkoff, met Russian President Vladimir Putin in Moscow.Donald Trump has followed through on his threat to penalise India for buying energy from Russia.

The White House has announced that US President Trump has issued an executive order imposing an additional 25% tariff on India, for directly or indirectly imported Russian oil.Trump says:I determine that it is necessary and appropriate to impose an additional ad valorem duty on imports of articles of India, which is directly or indirectly importing Russian Federation oil.Federal Reserve Bank of Minneapolis president Neel Kashkari has suggested it could soon be time to start cutting US interest rates.Speaking to CNBC today, Kashkari warned that the US economy is slowing, adding:In the near term it may become appropriate to start adjusting the federal funds rate.Kashkari suggested it might be better for Fed policymakers to act soon, rather than wait until the impact of Donald Trump’s trade wars is clearer, arguing:How long can we wait until the tariff effects become clear? That’s just weighing on me right now.

If the best of all the options is we make some adjustments and then we have to pause, or even then we have to reverse course, that might be better than just sitting here on hold until we get clarity on tariffs,The Fed’s FOMC committee left interest rates on hold in July, but has since learned that job creation in May and June was much lower than previously thought, with hiring weak in July too,Under the rotating seat system operated by the Fed, Kashkari doesn’t have a vote on interest rates this year (unless a committee member can’t make a vote), but will join the FOMC in 2026,Wall Street has opened a little higher, as investors digest the latest earnings reports, and weigh up the prospects of interest rate cuts soon,The Dow Jones Industrial Average rose 84.

9 points, or 0,19%, at the start of trading to 44,196,61,Apple (+2,5%) are the top riser on the Dow, followed by McDonald’s (+1.

9%) as traders welcome its pick-up in sales,Disney, though, is down 4% despite beating earnings forecasts,The broader S&P 500 index has gained 10 points, or 0,16%, to 6,309 points, while the tech-focused Nasdaq is up almost 0,2%.

Sales of Novo Nordisk’s injectable diabetes drugs including Ozempic have slowed sharply amid fierce competition and the threat of US tariffs, prompting it to cut costs and sharpen its commercial focus.The Danish drugmaker, whose booming sales of GLP-1 diabetes and obesity drugs in recent years had turned it into Europe’s most valuable company, has lost nearly $100bn (£75bn) in market value since cutting its full-year sales forecast last week, when its share price slid 30% in its worst week in more than two decades.It has fallen a further 3% today…White House economic adviser Kevin Hassett has hinted that Apple could make an investment announcement today.Hassett dropped the teaser as he discussed the financial pledges made by companies and countries under President Donald Trump, in an interview with Fox Business Network.Hassett said:“They’re moving here in droves.

This is trillions and trillions of dollars of commitments for people to build new factories here,In fact, you’re likely to see one today from Apple,”Back in february, Apple pledged to invest $500bn in the US in the next four years that would include a giant factory in Texas for artificial intelligence servers…Car hire and food delivery group Uber has announced a $20bn share buyback programme, after reporting sales and earnings growth,Uber reported 17% growth in gross bookings, year-on-year, to $46,8bn in April-June, with income from operations up 82% YoY to $1.

5bn.And in a sign of confidence, the firm is also planning to spend $20bn buying back some of its stock.Prashanth Mahendra-Rajah, Uber’s CFO, says:Today’s announcement of a new $20bn share repurchase authorisation underscores our confidence in the business, following yet another quarter of strong top- and bottom-line performance.Our trailing 12-month free cash flow hit a new all-time high of $8.5bn and we remain committed to driving durable, profitable growth.

Fast food chain McDonald’s has shrugged off economic anxiety, and posted a rise in sales in the last quarter.McDonald’s has reported that global comparable sales increased by 3.8% in the April-June quarter, with “broad-based growth across all segments”.Sales in the US rose by 2.5%, while McDonald’s overseas restaurants grew sales by 4%.

Bloomberg points out that this ended four quarters of weak growth as the burger chain dealt with an E.coli outbreak, backlash against American brands in the Middle East and consumer unease about the economy in response to President Trump’s trade disputes.Claire’s Accessories faces an uncertain future on UK high streets after its US parent business filed for bankruptcy.US-based fashion accessories and jewellery business Claire’s has filed for Chapter 11 bankruptcy in a court in Delaware, according to new filings.It is the second time the group has declared bankruptcy, after first filing for the process in 2018 after it was unable to repay a loan.

The group saw its finances improve after wiping around $1.9bn (£1.4 billion) off its balance sheet in a refinancing but has come under pressure from recent weak consumer demand and supply chain uncertainty.Claire’s runs 2,750 stores across 17 countries.It has around 280 stores in the UK.

Its UK stores are currently unaffected by the bankruptcy process, PA Media reports.Last month, Sky News reported that Claire’s has hired advisers at Interpath Advisory to find a buyer for its British operations, and that a sale of the British chain could lead to significant numbers of store closures.Entertainment giant Disney has just beaten Wall Street expectations.In its latest financial results, Disney reported a 16% rise in adjusted earnings per share to $1.61, beating analysts forecasts of $1.

47.Disney reported:Revenues increased 2% for Q3 to $23.7bn from $23.2bn in Q3 fiscal 2024Income before income taxes increased 4% for Q3 to $3.2bn from $3.

1bn in Q3 fiscal 2024Income from “Experiences” (Disney’s theme parks) rose by $294m year-on-year to $2,5bn in the quarter,Income from “Sports” (such as TV channel ESPN) rose $235m to $1bn,But income from “Entertainment” (such as Disney+ and Hulu) fell by $179m to $1bn,CEO Bob Iger said Disney was pleased with its “creative success and financial performance” in the last quarter, adding:“The company is taking major steps forward in streaming with the upcoming launch of ESPN’s direct-to-consumer service, our just-announced plans with the NFL, and our forthcoming integration of Hulu into Disney+, creating a truly differentiated streaming proposition that harnesses the highestcaliber brands and franchises, general entertainment, family programming, news, and industry-leading sports content