The Bank joins the Fed and Bank of Japan in sitting tight, as war in the Middle East drives oil prices higher and blows the spring rate-cut playbook apart.
Microsoft's shares surged up to 10% pre-market after forecasting stronger-than-expected revenue and accelerating Azure cloud growth, indicating its AI investments are paying off. This positive outlook contrasts with Meta Platforms, which reported a Q2 profit decline due to legal and severance costs despite beating revenue forecasts.
Apple exceeded market expectations in its latest quarter due to strong iPhone and Mac sales, marking Tim Cook's final earnings report as CEO. However, investor focus shifted to a weaker-than-expected outlook and warnings about supply constraints and rising memory-chip costs, causing shares to fall.
France continues to battle one of its worst wildfires in decades, with 40,000 businesses and 200,000 jobs in the Bordeaux-Gironde region directly or indirectly affected. The French government announced emergency support, and a meeting is scheduled to provide further assistance.
BP announced plans to sell its North Sea oil and gas business, which employs 1,100 people across five production hubs, to focus on high-value opportunities. The move follows declining production, tax changes, and similar divestments by other energy majors, despite recent UK government signals for a pragmatic approach to North Sea resources.
Porsche AG achieves a 34% increase in first-half operating profit to €1.35 billion, beating analyst projections, despite a 16.5% drop in vehicle deliveries and 5.1% revenue decrease, attributed to cost management and strategic product mix adjustments.
The European Commission introduces a charter to streamline access to Europe's top research and innovation facilities for startups and small companies, aiming to boost the EU's competitiveness with the US and China.
