What’s Fueling Tesla’s Growth in Norway?
Cucinelli Reports Revenue Growth; UK Boosts Investment in Eutelsat
The Italian luxury fashion brand Cucinelli reported a 10.7% rise in revenue for the first half of the year, aligning with predictions. Sales surged in both America and Asia, and the company confirmed its outlook for around 10% annual sales growth for this year and the next.
Shares dipped roughly 0.1% in early trading.
In related news, the UK plans to invest 163 million euros ($190.5 million) into satellite operator Eutelsat, a competitor to Elon Musk’s Starlink. European authorities view this investment as a way to bolster local space capabilities and decrease dependency on U.S. entities for satellite communication and security.
British Pound Declines Following Unexpected UK Economic Contraction
The British pound experienced a drop after the UK’s economy unexpectedly contracted in May. It was 0.2% lower against the U.S. dollar at $1.35 and 0.1% less against the euro early in London.
Some economists predict these disappointing growth figures will increase the likelihood of the Bank of England cutting interest rates in August. Capital Economics’ Chief U.K. Economist, Paul Dales, estimates that UK GDP will grow modestly by about 1% this year, hindered by ongoing global economic weaknesses and rising domestic tax burdens for businesses.
European Markets Open Lower Amidst Deteriorating Sentiment
European market sentiment has notably soured following four consecutive days of gains. All sectors within the Stoxx 600, except for oil and gas and insurance, opened in the red on Friday.
BP Anticipates Decreased Oil and Gas Sales with Possible Impairment
A BP logo outside a petrol station with electric vehicle charging was photographed in Trowbridge, Somerset, in March.
The British oil giant BP has indicated lower oil and gas sales for Q2 and an after-tax impairment ranging up to $1.5 billion. In a recent trading update, the company noted negative impacts on profits due to its gas and low-carbon sales, estimated to reduce earnings by $100 million to $300 million for the April-June period.
In addition, declining oil sales could impact earnings by $600 million to $800 million, and the second-quarter results may reflect asset impairments between $0.5 to $1.5 billion across its segments.
UK Economy Contracts Again in May
The latest data confirms that the UK economy unexpectedly contracted once again in May, raising concerns about future growth.
European Markets Expected to Open Lower Amid Tariff Concerns
The Stoxx 600 index noted a fourth consecutive gain on Thursday, but IG futures suggest a predominantly negative opening for major European exchanges on Friday.
The significant news from overnight is that U.S. President Donald Trump plans to raise tariffs on Canadian imports to 35%, starting August 1, with the prospect of further increases if Canada retaliates.