European stocks rise as oil falls back below $100; UK could lose ‘advantage’ over EU due to Trump’s new tariffs, industry warns – as it happened

Rolling coverage of the latest economic and financial newsOn the corporate front today, the consumer goods group Reckitt Benckiser has warned it will take a £175m hit from selling its business in Russia to local manufacturer Arnest Management.The deal is part of Reckitt’s wider plans to transfer ownership of its operations in Russia, as many Western businesses have withdrawn from the country since its invasion of Ukraine.Hospitality companies saw demand boosted by good weather, the FIFA World Cup and more domestic holidays, as high costs and uncertainty continued to deter some foreign travel.However, overall services growth remained lacklustre amid cost-of-living pressures. Unusually for recent years, manufacturing is now growing faster than services, buoyed by rising exports.Inflationary pressures clearly remain elevated, as the ongoing energy shock and supply squeeze from the war in the Middle East continues to add to existing business cost pressures from earlier government policies. These higher costs led to a further fall in employment, which has declined continuously since the Autumn 2024 Budget.Business optimism about the year ahead improved, reflecting some relief at reduced geopolitical tensions during the survey period and the associated drop in oil prices. But with Middle East worries flaring up again in recent days, a sustained cooling in the price data and upturn in business confidence is by no means assured.” Continue reading…