The UK’s benchmark FTSE100 index has closed up, marking its longest-ever winning run and the 15th straight day of gains, as markets have recovered from the Trump tariff turmoil of early April.

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The FTSE has recouped almost of the losses from the chaotic days in early April when global market plunged amid fears of a trade war.

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The London market will be closed on Monday for a bank holiday, with trading resuming on Tuesday.

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In other business news today:

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  US non-farm payrolls came in higher than expected at 177,000 jobs, compared with estimates of 130,000

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  Amazon founder Jeff Bezos is set to sell up to $4.75bn of stock in the retail giant in the next year

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  TikTok has been fined €530m by Irish regulator for failing to guarantee China would not access EU users’ data

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  The boss of Marks & Spencer has called on shoppers to visit its stores over the long weekend, as its online operation remains crippled by a cyber attack

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  The UK’s financial regulator is looking to ban retail investors from using borrowed funds to invest in cryptocurrency as it looks to overhaul supervision of the digital assets market

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You can follow some of our other live coverage from around the world:

“,”elementId”:”ec416d3f-b55b-47d1-87ad-5c5445e53af8″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Trump unveils 2026 budget blueprint that includes deep cuts to non-defense spending – live”,”elementId”:”9154791f-4302-49d2-89ba-305e69d881ad”,”role”:”thumbnail”,”url”:”https://www.theguardian.com/us-news/live/2025/may/02/donald-trump-tariffs-immigration-courts-pbs-npr-media-pete-hegseth-us-politics-live-updates”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”English local elections live: Farage says ‘it’s the beginning of the end of the Conservative party’ after sweeping Reform triumphs”,”elementId”:”85ab96ce-b4c8-4830-92f1-93c5ddd8e9e9″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/politics/live/2025/may/02/local-elections-polls-labour-tories-reform-council-mayor-uk-politics-live-news”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Thanks for following developments today with me and Jasper Jolly and wishing you all a pleasant weekend. JP

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The UK’s benchmark index, the FTSE 100, closed up on Friday, continuing its longest-ever winning run.

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This marked the 15th consecutive day of gains, as markets have recovered from tariff-induced turmoil in April, means it has beaten the last length rally, from January 2017.

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The FTSE ended Friday 1.17% higher at 8,596.

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This means it has now recovered almost all of the losses made early last month, when Donald Trump’s announcement of sweeping tariffs first sent global markets plummeting over fears of a trade war.

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London’s main index moved higher throughout the day on Friday, as investors held out hopes that trade relations are thawing between the US and China, and after US job figures came in stronger than expected. Airlines, defence firms – including Melrose and Babcock – and consumer companies such as Reckitt Benckiser and Haleon were among the biggest risers.

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European markets including France’s CAC 40 and Germany’s DAX also closed higher.

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Trade war, what trade war? If the chief executive of Shell is worried about the impact of Trump’s trade tariffs on the oil giant’s US business he isn’t letting it show. At least not yet.
n Wael Sawan told an investor call that the trade tariffs would have a “limited impact” on the company, which has a significant presence in the US.
n Trump’s tariffs stop short of including the trade of energy commodities but major energy companies are expected to face higher costs for imported steel, aluminum and component parts to develop energy projects.
n Oil companies are also braced for a “second order impact” if the tariffs cause an economic slowdown which hurts demand for their oil, gas and refined petroleum products.
n Still, Sawan has remained bullish on Europe’s demand for its liquified natural gas this year and said weaker oil and gas prices would be unlikely to have an impact on Shell until 2026. So far the company had seen “very limited pain to the organisation”, he added, and the impacts they can see “are manageable”.

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Jeff Bezos, the founder of Amazon, is preparing to sell holdings in the e-commerce company worth up to $4.75bn over the next year, regulatory filings have revealed.

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Bezos – whose net worth is estimated at almost $207bn by Forbes – is planning to sell up to 25m shares in the company, currently valued at $4.75bn, based on Thursday’s closing price of $190.

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The retail giant’s founder – who stepped down as chief executive in 2021 – sold stock worth around $13.5bn during 2024, a year when the company’s stock rose above $2tn.

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Amazon reported strong first-quarter earnings late on Thursday, which came in ahead of analysts’ estimates, in a sign of consumer resilience in the face of Donald Trump’s tariff wars.

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Amazon’s stock price has dropped 17% so far this year over fears that shoppers will cut back on purchases in response to the US president’s tariffs.

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US stock markets have opened higher following US non-farm payrolls data, tracking European gains.

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The tech-focussed Nasdaq was 1.1% up, while the Dow Jones Industrial Average was around 1.2% higher and the S&P 500 was about 1.1% up on Friday in morning trading.

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The moves track gains in Europe, as traders breathed a sigh of relief after US jobs data came in better-than-expected (but still showed a slowdown in hiring compared with a month) and amid hopes that a relations between the US and China.

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After the non-farm payrolls report, traders bet that the Fed will now wait until July to start cutting interest rates. Earlier, they had predicted that a move was more likely in June.

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European markets have extended their earlier gains after the US non-farm payroll report came in stronger than expected.

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The major indices in the UK, France and Germany were already trading higher on hopes that trade tensions between the US and China are thawing.

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The UK’s FTSE 100 is now 1.1% higher, Germany’s DAX is up 2% and France’s CAC 40 is 1.8% higher.

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Gains earlier on Friday appeared to be a reaction to China’s government saying it is “evaluating” US approaches for trade talks.

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April’s US non-farm payroll numbers have come in higher than expected, as the economy added 177,000 new jobs in April, compared with a forecast of 130,000.

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This is however lower than the 185,000 jobs created in March (which was revised down from 228,000).

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The employment rate is unchanged at 4.2%.

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The markets are poised for US non-farm payrolls to land shortly, with analysts forecasting they will rise by 130,000 in April, lower than the 228,000 gain seen in March.

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The statistics will be published by the US Bureau of Labor Statistics.

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The jobs report is always closely watched – and especially so at the moment – given the focus on the US economy amid the White House’s flip-flopping on tariff policies.

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The outcome of the jobs report could impact the chances of whether the US Federal Reserve will choose to cut rates in June.

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The numbers follows hot on the heels of Wednesday’s figures which showed the US economy shrank in the first quarter of the year.

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Gross domestic product (GDP), a key measure of the US economy, contracted by 0.3% in the first quarter of the year, down from growth of 2.4% in the last quarter of 2024.

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The drop in activity also came amid a huge fall in US consumer sentiment in April, and disappointing quarterly results in recent days from some US corporate giants including McDonald’s and Starbucks.

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The UK is considering banning borrowing to invest in cryptocurrencies like bitcoin, amid concerns that it could lead people into a debt spiral.

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The Financial Conduct Authority (FCA) shared details of a potential clampdown on cryptoassets, including forcing companies to be based in the UK if they deal with UK customers.

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In a discussion paper published on Friday, the FCA said:

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n

we are exploring whether it would be appropriate to restrict firms from accepting credit as a means for consumers to buy cryptoassets. We are considering a range of restrictions, including restricting the use of credit cards to directly buy cryptoassets, and using a credit line provided by an e-money firm to do so.

n

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Retail investors would also be blocked from accessing crypto lenders, which come with a lot of complicated risks.

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David Geale, FCA executive director of payments and digital finance, said, in an interview with the Financial Times:

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Crypto is an area of potential growth for the UK but it has to be done right. To do that we have to provide an appropriate level of protection.

n

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Eurozone inflation held steady at 2.2%, according to a flash reading of price pressures for April.

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That was slightly above a 2.1% year-on-year inflation forecast from economists polled by Reuters.

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However, underlying inflationary pressures appeared to increase. Core inflation – excluding volatile food, energy, alcohol and tobacco, jumped to 2.7%, up from 2.4%. That was higher than the 2.5% expected by economists.

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And services inflation, which is closely watched by the European Central Bank, also rose to 3.9%, up from 3.5% in March.

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Stock markets have gained across Europe, as investors welcomed signs of a possible thaw in the trade war between the US and China.

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Germany’s Dax gained 1.2% in the early trades, while France’s Cac 40 was up 1.4% – after both were closed over the May Day bank holiday. The Stoxx 600 index, which tracks big companies across Europe, rose by 0.9%. The FTSE 100 was up 0.9%.

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The gains appeared to be a reaction to China’s government saying it is “evaluating” US approaches for trade talks. Reuters reported a statement from the Chinese commerce ministry:

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n

“The US has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China,” the statement said, adding that Beijing was “evaluating this”.

n

“Attempting to use talks as a pretext to engage in coercion and extortion would not work,” it said.

n

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That came after a state-linked social media account said there was “no harm” in China engaging in talks – even if it also sounded a note of caution. Nevertheless, it comes after US administration officials and Donald Trump himself repeatedly signalled they want to cut tariffs.

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Jim Reid, a strategist at Deutsche Bank, said:

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n

This optimism has continued overnight after China’s Ministry of Commerce said that it’s evaluating trade talks with the US. The ministry said this comes as “the US has recently sent messages to China through revenant parties” and urged Washington to shows “sincerity” towards China. Against that background Asian equities are higher on the news (more below), with S&P 500 (+0.77%) and NASDAQ 100 (+0.50%) futures also moving higher even after unwhelming results from Apple and Amazon last night.

n

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Shell has reported a 28% drop in profits to $5.6bn (£4.2bn) as big oil companies grapple with lower prices.

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Oil prices have dropped from the heights hit after Russia’s invasion of Ukraine caused a global energy crisis. Shell’s adjusted profits were down from $7.4bn in the first quarter of 2024, or the record first-quarter profits of more than $9.6bn in 2023.

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However, Shell’s performance this year was still better than analysts’ expectations of $5bn, according to forecasts collected by the company.

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Brent crude oil futures were trading at $62 per barrel on Friday, compared with more than $130 at the peak of the energy crisis in early 2022. Oil companies are having to contend with Saudi Arabia’s apparent willingness to tolerate low prices in order to defend its market share, as well as Donald Trump’s desire for low energy prices – not to mention the threat of slower global growth or even recession from Trump’s trade war on the world.

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}],”data”:{“alt”:”A chart showing that the price of Brent crude oil futures has dropped from above $130 in 2022 to below $60 in recent days.”,”caption”:”The price of Brent crude oil futures has dropped from above $130 in 2022 to below $60 in recent days.”,”credit”:”Photograph: LSEG”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Shell’s profits took a hit of £500m that went to the UK government under the energy profits levy, after chancellor Rachel Reeves raised the tax by three percentage points and closed “loopholes”.

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NatWest takes a step closer to full private ownership

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NatWest bank has taken a step nearer to full privatisation with a sale of a shares that takes the government’s stake to less than 2%, as the lender reported a 36% jump in profits.

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The bank, formerly known as Royal Bank of Scotland, was the biggest recipient of a bailout during the financial crisis of 2008. The government’s stake has dropped from 84% when it was part-nationalised, and 38% in December 2023.

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Recent months have not been the worst time to offload a stake in NatWest: in fact the bank’s share price has more than doubled since early 2024. (Of course, the flip side of that is that the government would have benefited from the price increase had it held on to the shares.)

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Here is NatWest’s share price over the last decade:

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}],”data”:{“alt”:”A chart showing that NatWest Group’s share price has more than doubled since the start of 2024.”,”caption”:”NatWest Group’s share price has more than doubled since the start of 2024.”,”credit”:”Photograph: LSEG”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Recent performance has looked strong. NatWest reported operating profit before tax of £1.8bn, up from £1.3bn in the same period last year, beating analyst consensus forecasts by £200m.

“,”elementId”:”18c86b24-9c9f-44e6-b9b8-c93873cade79″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Paul Thwaite, NatWest’s chief executive, said:

“,”elementId”:”0b7810be-3042-411b-96bb-6b290c3970cb”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

In the face of increased global economic uncertainty, our customers remain resilient and we saw good levels of activity through Q1 2025. The strength of our balance sheet means we are well placed to help our customers navigate any challenges, whilst also investing in our business and delivering returns to shareholders.

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The agenda

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  9am BST: Eurozone manufacturing purchasing managers’ index (April; previous: 48.6 points; consensus: 48.7)

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  10am BST: Eurozone inflation (April; prev.: 2.2% annual; cons.: 2.1%)

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  10am BST: Eurozone unemployment (March; prev.: 6.1% annual; cons.: 6.1%)

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  1:30pm BST: US non-farm payrolls (April; prev.: 228,000 jobs; cons.: 130,000)

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Closing summary

The UK’s benchmark FTSE100 index has closed up, marking its longest-ever winning run and the 15th straight day of gains, as markets have recovered from the Trump tariff turmoil of early April.

The FTSE has recouped almost of the losses from the chaotic days in early April when global market plunged amid fears of a trade war.

The London market will be closed on Monday for a bank holiday, with trading resuming on Tuesday.

In other business news today:

• US non-farm payrolls came in higher than expected at 177,000 jobs, compared with estimates of 130,000

• Amazon founder Jeff Bezos is set to sell up to $4.75bn of stock in the retail giant in the next year

• TikTok has been fined €530m by Irish regulator for failing to guarantee China would not access EU users’ data

• The boss of Marks & Spencer has called on shoppers to visit its stores over the long weekend, as its online operation remains crippled by a cyber attack

• The UK’s financial regulator is looking to ban retail investors from using borrowed funds to invest in cryptocurrency as it looks to overhaul supervision of the digital assets market

You can follow some of our other live coverage from around the world:

Thanks for following developments today with me and Jasper Jolly and wishing you all a pleasant weekend. JP

The FTSE has completed its longest-ever winning streak

The UK’s benchmark index, the FTSE 100, closed up on Friday, continuing its longest-ever winning run.

This marked the 15th consecutive day of gains, as markets have recovered from tariff-induced turmoil in April, means it has beaten the last length rally, from January 2017.

The FTSE ended Friday 1.17% higher at 8,596.

This means it has now recovered almost all of the losses made early last month, when Donald Trump’s announcement of sweeping tariffs first sent global markets plummeting over fears of a trade war.

London’s main index moved higher throughout the day on Friday, as investors held out hopes that trade relations are thawing between the US and China, and after US job figures came in stronger than expected. Airlines, defence firms – including Melrose and Babcock – and consumer companies such as Reckitt Benckiser and Haleon were among the biggest risers.

European markets including France’s CAC 40 and Germany’s DAX also closed higher.

Shell boss believes Trump tariffs will have a “limited impact” on the oil giant

Jillian Ambrose

Trade war, what trade war? If the chief executive of Shell is worried about the impact of Trump’s trade tariffs on the oil giant’s US business he isn’t letting it show. At least not yet.
Wael Sawan told an investor call that the trade tariffs would have a “limited impact” on the company, which has a significant presence in the US.
Trump’s tariffs stop short of including the trade of energy commodities but major energy companies are expected to face higher costs for imported steel, aluminum and component parts to develop energy projects.
Oil companies are also braced for a “second order impact” if the tariffs cause an economic slowdown which hurts demand for their oil, gas and refined petroleum products.
Still, Sawan has remained bullish on Europe’s demand for its liquified natural gas this year and said weaker oil and gas prices would be unlikely to have an impact on Shell until 2026. So far the company had seen “very limited pain to the organisation”, he added, and the impacts they can see “are manageable”.

Amazon founder Jeff Bezos is to sell nearly $5bn in the company’s stock

Jeff Bezos, the founder of Amazon, is preparing to sell holdings in the e-commerce company worth up to $4.75bn over the next year, regulatory filings have revealed.

Bezos – whose net worth is estimated at almost $207bn by Forbes – is planning to sell up to 25m shares in the company, currently valued at $4.75bn, based on Thursday’s closing price of $190.

The retail giant’s founder – who stepped down as chief executive in 2021 – sold stock worth around $13.5bn during 2024, a year when the company’s stock rose above $2tn.

Amazon reported strong first-quarter earnings late on Thursday, which came in ahead of analysts’ estimates, in a sign of consumer resilience in the face of Donald Trump’s tariff wars.

Amazon’s stock price has dropped 17% so far this year over fears that shoppers will cut back on purchases in response to the US president’s tariffs.

US markets have opened higher after US jobs data came in higher

US stock markets have opened higher following US non-farm payrolls data, tracking European gains.

The tech-focussed Nasdaq was 1.1% up, while the Dow Jones Industrial Average was around 1.2% higher and the S&P 500 was about 1.1% up on Friday in morning trading.

The moves track gains in Europe, as traders breathed a sigh of relief after US jobs data came in better-than-expected (but still showed a slowdown in hiring compared with a month) and amid hopes that a relations between the US and China.

After the non-farm payrolls report, traders bet that the Fed will now wait until July to start cutting interest rates. Earlier, they had predicted that a move was more likely in June.

TikTok fined €530m by EU privacy regulator for sending user data to China

In other news, TikTok has been fined €530m (£450m) by Ireland’s Data Protection Commissioner (DPC) over concerns how it protects user information. It has also been ordered to suspend transfers of data of TikTok users in the EU to China if its processing is not brought into compliance within six months.

The DPC said that TikTok, owned by China’s ByteDance, failed to show that EU users’ personal data, some of which is remotely accessed by staff in China, was afforded the high level of protection which is provided for under EU law’s GDPR regulations.

DPC Deputy Commissioner Graham Doyle commented:

“As a result of TikTok’s failure to undertake the necessary assessments, TikTok did not address potential access by Chinese authorities to EEA personal data under Chinese anti-terrorism, counter-espionage and other laws identified by TikTok as materially diverging from EU standards.

TikTok has strongly contested the finding and said it planned to appeal. The company said it had used the EU’s own legal framework, in so-called standard contractual clauses, to grant tightly controlled and limited remote access. It said that EU user data is stored in dedicated data centres in Europe and the US.

The US jobs figures for April was higher than forecast, but still means that hiring in the country slowed last month, according to official figures.

The workforce added 177,000 jobs as Donald Trump’s aggressive trade strategy clouded the economic outlook.

As the White House pressed ahead with sweeping tariffs on overseas imports, claiming this would revitalise the US economy, employers across the country continued to add jobs at a steady pace.

The April reading is down from the revised 185,000 jobs reported for March – and above the 133,000 expected by economists. The unemployment rate was unchanged at 4.2%.

While April’s hiring was stronger than predicted, the Bureau of Labor Statistics also shaved 58,000 off its tallies for February and March’s gains. April’s largest hiring gains were in healthcare and transportation and warehousing.

Federal government employment declined by 9,000 in April as the Elon Musk-led “department of government efficiency” continued to cut government workers. Federal employment has fallen by 26,000 since January.

The jobs report came days after official figures showed the US economy shrank by 0.3% in the first quarter of the year.

You can read more from my colleague Michael Sainato here:

Markets extend their gains after positive US jobs data

European markets have extended their earlier gains after the US non-farm payroll report came in stronger than expected.

The major indices in the UK, France and Germany were already trading higher on hopes that trade tensions between the US and China are thawing.

The UK’s FTSE 100 is now 1.1% higher, Germany’s DAX is up 2% and France’s CAC 40 is 1.8% higher.

Gains earlier on Friday appeared to be a reaction to China’s government saying it is “evaluating” US approaches for trade talks.

US employment data for April stronger than expected

April’s US non-farm payroll numbers have come in higher than expected, as the economy added 177,000 new jobs in April, compared with a forecast of 130,000.

This is however lower than the 185,000 jobs created in March (which was revised down from 228,000).

The employment rate is unchanged at 4.2%.

European markets trading higher at lunchtime as fears of trade wars subside

A quick lunchtime look at the European stock markets before that crucial US jobs data is released.

France’s CAC 40 was nearly 1.6% higher a few moments ago.

London’s FTSE 100 is currently 0.8% up.

And Germany’s DAX is trading 1.83% higher.

Markets will of course be closely watching the upcoming US employment data, due in a few minutes.

US employment data expected shortly

The markets are poised for US non-farm payrolls to land shortly, with analysts forecasting they will rise by 130,000 in April, lower than the 228,000 gain seen in March.

The statistics will be published by the US Bureau of Labor Statistics.

The jobs report is always closely watched – and especially so at the moment – given the focus on the US economy amid the White House’s flip-flopping on tariff policies.

The outcome of the jobs report could impact the chances of whether the US Federal Reserve will choose to cut rates in June.

The numbers follows hot on the heels of Wednesday’s figures which showed the US economy shrank in the first quarter of the year.

Gross domestic product (GDP), a key measure of the US economy, contracted by 0.3% in the first quarter of the year, down from growth of 2.4% in the last quarter of 2024.

The drop in activity also came amid a huge fall in US consumer sentiment in April, and disappointing quarterly results in recent days from some US corporate giants including McDonald’s and Starbucks.

RAF’s new StormShroud drones designed to jam enemy radars come into operation

British-made StormShroud autonomous drones are entering operation today with the Royal Air Force (RAF).

They are fitted with high-tech signal jammers which are designed to disrupt enemy at long range and will fly alongside RAF aircraft on missions.

The government has invested an initial £19m into the drones, which are made in the UK, supporting 200 engineering jobs at multiple locations from West Wales to Somerset, while further opportunities are expected in future. It comes as the government has pledged to ramp up defence spending.

No 10 said the technology took “advantage of learnings from countering Putin’s illegal war in Ukraine”.

The drones are manufactured in the UK by British-Portuguese tech company Tekever, while the BriteStorm signal jammer they are equipped with is manufactured by the Italian defence company Leonardo in Luton. The site was visited by Keir Starmer on Friday.

Tekever has said it will invest a further £400 million over the next 5 years across the UK to create up to 1,000 highly skilled jobs.

The drones support RAF aircraft like Typhoon and F35 Lightning by confusing enemy radars, allowing combat aircraft to attack targets unseen.

M&S boss urges shoppers to visit stores amid hack fallout

The boss of Marks & Spencer has urged customers to come into its stores to shop in person this bank holiday weekend as the retailer works “day and night” to tackle the cyber-attack that has crippled its online operation.

The retailer’s IT systems were hit by a major ransomware attack almost two weeks ago. It is still not taking online orders, and the availability of some products in its stores has been affected after it took some of its systems offline in response.

“We are really sorry that we’ve not been able to offer you the service you expect from M&S over the last week,’ said the chief executive, Stuart Machin, in a post to customers on LinkedIn.

We are working day and night to manage the current cyber incident and get things back to normal for you as quickly as possible.

Our teams are doing the very best they can, and are ready to welcome you into our stores – whether you are shopping for food or for fashion, home and beauty this bank holiday weekend.

You can read the full report here:

UK considers banning borrowing to buy cryptocurrencies

The UK is considering banning borrowing to invest in cryptocurrencies like bitcoin, amid concerns that it could lead people into a debt spiral.

The Financial Conduct Authority (FCA) shared details of a potential clampdown on cryptoassets, including forcing companies to be based in the UK if they deal with UK customers.

In a discussion paper published on Friday, the FCA said:

we are exploring whether it would be appropriate to restrict firms from accepting credit as a means for consumers to buy cryptoassets. We are considering a range of restrictions, including restricting the use of credit cards to directly buy cryptoassets, and using a credit line provided by an e-money firm to do so.

Retail investors would also be blocked from accessing crypto lenders, which come with a lot of complicated risks.

David Geale, FCA executive director of payments and digital finance, said, in an interview with the Financial Times:

Crypto is an area of potential growth for the UK but it has to be done right. To do that we have to provide an appropriate level of protection.

The higher reading in eurozone services inflation may be a fly in the ointment for the European Central Bank as it considers cutting interest rates further.

The ECB has cut interest rates three times in 2025 so far – and six times in a row – with another two cuts expected for this year. Higher inflationary pressure indicated by services prices rising could give some policymakers pause.

However, Franziska Palmas, senior Europe economist at Capital Economics, a consultancy, said it should not be too tricky:

April’s rise in services inflation is unlikely to worry ECB officials too much as it was probably driven mainly by Easter timing effects. We think services inflation will start falling again in the coming months and that US tariffs will prove disinflationary for the euro-zone, paving the way for two more rate cuts this year.

Eurozone unemployment edging up slightly could also support the case for cutting rates.