Business
Stocks end down as Fed policy meeting begins
Stock prices in London closed mostly lower on Tuesday as expectations of a rate cut from the US Federal Reserve continue to dominate.
It follows the release of industrial and retail data in the US.
The Fed started its two-day key policy meeting on Tuesday, AFP reported, hours after Stephen Miran narrowly won confirmation to join the central bank.
Stephen Miran, who has been a key advisor to US President Donald Trump, took the oath of office as a Fed governor on Tuesday after narrowly winning a senate vote on Monday night to become one of the FOMC’s 12 voting members.
It remains to be seen if he will push for larger rate cuts as the US president has repeatedly demanded, with markets widely expecting a 25 basis points cut at the end of discussions on Wednesday.
The FTSE 100 index closed down 81.37 points, 0.9%, at 9,195.66.
The FTSE 250 ended down 154.72 points, 0.7%, at 21,491.87, and the AIM All-Share closed up 0.48 points, 0.1%, at 767.87.
“A barrage of US companies are expected to announce big investments in the UK to coincide with Donald Trump’s state visit,” said AJ Bell’s Russ Mould.
“Google-owner Alphabet is the latest name in the frame, with news it will spend £5 billion in the UK on AI-related infrastructure investments and scientific research… (but) the expected wave of US investment wasn’t enough to lift the UK stock market.
“The FTSE 100 gets more than two-thirds of its earnings from overseas, so even policies that can potentially boost growth domestically may not have the impact on the constituents of the UK’s leading stock market index that some might expect.”
Anglo American, on the FTSE 100, gained 0.6%.
The miner has formally completed its copper tie-up with the Chilean state-owned mining company Codelco.
It comes after the two companies back in February this year signed a memorandum of understanding for a framework to implement a joint mine plan for their adjacent copper mines of Los Bronces and Andina in Chile.
Student accommodation provider Unite Group lost 1.7%.
The UK Competition & Markets Authority has invited comments on Unite’s proposed acquisition of Empiric Student Property, in the first step ahead of a potential formal investigation into the deal.
Empiric, whose shareholders are set to own 10% of the combined firm if the deal goes ahead, was down 1.1% on the FTSE 250.
Also on the FTSE 250, Pollen Street Group closed 3.0% higher.
The London-based asset manager said it was encouraged by growing demand for mid-market alternatives and asset-based lending, as it announced first-half pre-tax profit growing 28% annually to £29.6 million while total income climbed 17% to £63.8 million.
Pollen Street also declared an interim dividend of 27.0 pence, up 1.9%.
Chief financial officer Crispin Goldsmith said the firm “is trading in line with expectations”, adding: “The group remains in a strong position and is strategically well placed and well resourced for further growth through H2 2025 and beyond.”
On AIM, Focusrite closed 15% higher.
The music and audio products hailed a “resilient performance” in the face of tough market conditions, with revenue rising to £87 million for the six months to August 31 and to £168 million for the 12 months.
Focusrite has changed its year-end to February 28 from the end of August.
It expects adjusted Ebitda for the 12 months to August to be within the market forecast range, which it puts at £24.5 million to £26.0 million.
Stocks in New York were lower.
The Dow Jones Industrial Average was down 0.4%, the S&P 500 index down 0.2%, and the Nasdaq Composite down 0.1%.
The yield on the US 10-year Treasury was quoted at 4.05%, widening from 4.04%.
The yield on the US 30-year Treasury was quoted at 4.66%, widening from 4.65%.
US industrial production rose 0.1% on-month in August after a downwardly revised fall of 0.4% in July, the Fed reported.
It outperformed the FXStreet-cited consensus of a 0.1% decline in August.
Also, according to the Census Bureau, US retail sales rose 0.6% in August from July, unchanged on-month but beating the FXStreet cited consensus of a 0.2% rise.
Separate data showed that the export price index rose 0.3% in August from July, though it had been expected to be flat.
The import price index advanced 0.3%, beating consensus of a 0.1% fall.
In other US news, Mr Trump said that the US and China had reached an agreement over TikTok, which Washington says must pass to US-controlled ownership.
“We have a deal on TikTok, I’ve reached a deal with China, I’m going to speak to President Xi on Friday to confirm everything up,” Mr Trump told reporters as he left the White House for a state visit to the UK.
“Neither side wants to be seen as weak, but there is also a desire to keep trade flowing between the two sides,” Mr Mould said.
“Progress on TikTok’s future in the US and US-China trade agreements more broadly have been slow, and they look set to drag on.
“Finding a middle ground that satisfies both the authorities in the US and China has proved to be difficult to achieve, which makes the prospect of a framework deal on TikTok’s US somewhat curious.
“More information is expected on Friday, and the structure of any potential agreement could provide hints to how future deals are struck more broadly between the US and China.”
In European equities on Tuesday, the CAC 40 in Paris closed down 1.0%, while the DAX 40 in Frankfurt ended down 1.8%.
German industrial major thyssenkrupp was up 4.9% in Frankfurt, after announcing that India’s Jindal Steel International has made a “non-binding, indicative offer” for its steel business Thyssenkrupp Steel Europe.
Thyssenkrupp, which has been looking to split itself into standalone businesses to boost profitability, would “carefully review” the offer and pay “particular attention” to what it would mean for employment at its sites, it added.
The pound was quoted higher at 1.3642 dollars at the time of the London equities close on Tuesday, compared to 1.3597 dollars on Monday.
The euro stood higher at 1.1837 dollars, against 1.1765 dollars.
Against the yen, the dollar was trading lower at 146.65 yen compared to 147.34 yen.
Brent oil was quoted higher at 68.32 dollars a barrel at the time of the London equities close on Tuesday, from 67.37 dollars late on Monday.
Gold was quoted higher at 3,680.32 dollars an ounce against 3,668.27 dollars.
The biggest risers on the FTSE 100 were Fresnillo, up 92.6p at 2,288.6p, J Sainsbury, up 5.0p at 322.8p, Croda International, up 39.0p at 2,556.0p, Glencore, up 3.7p at 310.55p, and Mondi, up 11.1p at 1,007.5p.
The biggest fallers on the FTSE 100 were Haleon, down 17.0p at 339.7p, easyJet, down 15.8p at 457.2p, Barclays, down 9.8p at 374.85p, Coca-Cola HBC, down 92.0p at 3,598.0p, and NatWest, down 13.4p at 524.4p.
On Tuesday’s economic calendar, as well as the Fed rate decision and press conference, look out for UK and eurozone consumer inflation.
On Tuesday’s UK corporate calendar, Barratt Developments releases full-year results; IP Group has half-year results; and Games Workshop holds its annual general meeting.
– Contributed by Alliance News
Business
India-US trade deal: 25% penal tariffs linked to Russian oil gone? Here’s what we know – The Times of India
US President Donald Trump has reportedly agreed to remove the 25% tariff America imposed on India for its crude oil imports from Russia. A New Delhi–based source quoted in a Bloomberg report said that the US has agreed to withdraw the 25% penal tariff for India’s Russian oil procurement. In the meantime, India and the US have announced a trade deal, with the Trump administration lowering the tariffs on Indian exports to 18%. Trump took to social media platform Truth Social to announce the trade deal, which was later confirmed by PM Narendra Modi confirming it via X (Twitter). However, India is yet to confirm the details of the trade deal shared by Trump in his post.
Also Read | India-US trade deal announced by US President Donald Trump; check detailsUS Ambassador to India Sergio Gor also told a TV channel that the final figure of tariff on India will be 18%, indicating that the 25% penal tariff linked to Russian crude has also been removed.He also said that the 18% tariff rate is effective immediately, and that India would buy $500 billion worth of US energy, coal, technology and agricultural products.Russia has been the largest supplier of crude for India since the start of the former’s war with Ukraine. The share in India’s oil import basket has gone up to almost 40%. But recently, after US sanctions on Russian oil firms, Indian refiners had been forced to reduce Russian crude oil purchases.
India-US Trade Deal: What PM Modi, Trump said
PM Modi posted on X, “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement. When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights.”Before Trump had posted on social media, “It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!”
People walk in front of Cinderella’s Castle at the Magic Kingdom Park at Walt Disney World on May 31, 2024, in Orlando, Florida.
Gary Hershorn | Corbis News | Getty Images
All is well in the Magic Kingdom — and all of Disney’s other theme parks, too.
The company’s experiences division, which includes its parks, cruise ships, hotels and consumer products, posted record revenue for the fiscal first quarter, topping $10 billion for the first time in Disney’s more than 100-year history. It also reported operating income of $3.3 billion, a 6% bump from the same period a year ago.
Growth in this segment has supercharged in the wake of the Covid pandemic. It often accounts for the lion’s share of the company’s profits. For the period ended Dec. 27, experiences represented 38% of Disney’s total revenue, yet generated a whopping 71% of its operating income.
Company executives expect those good times to continue, forecasting high-single-digit growth in operating income for the segment for fiscal 2026.
“When you look at the footprint of the business today, it’s never been more broad or more diverse,” Bob Iger, CEO of Disney, said during Monday’s earnings call. “And the projects that we have underway are going to make it even more so.”
The strong parks performance comes against the backdrop of a CEO succession competition that could see Chairman of Disney Experiences Josh D’Amaro step in for Iger. The Disney board is meeting this week and is expected to vote on its next CEO, according to people familiar with the matter who spoke on the condition of anonymity about internal matters.
Industry insiders and Disney sources expect D’Amaro to be appointed Iger’s successor, though the decision ultimately lies with the Disney board and won’t be final until directors vote.
“The board has not yet selected the next CEO of The Walt Disney Company and once that decision is made, we will announce it,” a Disney spokesperson said in a statement, declining to comment on the timing of the next board meeting.
Parks expansion
Much of the experiences division’s success comes from major investments to expand the footprint of Disney theme parks, refurbish existing rides and themed areas of its parks, add cruise ships to its fleet and grow its digital gaming presence. This new evolution of the segment is being fueled by Disney’s library of franchises and iconic intellectual property.
Disney has long pulled from its portfolio of content. Disneyland opened its doors more than 70 years ago with rides based on “Alice in Wonderland,” “The Adventures of Ichabod and Mr. Toad,” “Peter Pan” and “Snow White.”
While those classic attractions remain, the company’s more recent developments have been fueled by Iger’s strategic acquisitions of four major film studios — Pixar in 2006, Marvel in 2009, Lucasfilm in 2012 and 20th Century Fox in 2019. This brought coveted franchises under the House of Mouse roof, including Star Wars, Toy Story, the Avengers and Avatar.
“As we added IP to our stable … we gained access to intellectual property that had real value in terms of parks and resorts, and enabled us to lean into more capital spending because of the confidence level we had in improving returns,” Iger said.
Having the film and television rights to these properties allows the company more control over production and how that translates into rides, experiences and merchandise.
And that work continues as part of a 10-year, $60 billion investment effort that launched in 2023.
“We have expansion projects underway at every one of our theme parks,” Iger said.
He touted the upcoming opening of the World of Frozen in Disneyland Paris and the launch of a new cruise ship, the Disney Adventure, which will make berth in Asia.
On the horizon is also a new villains land coming to Magic Kingdom as well of the reshaping of “Rivers of America,” “Tom Sawyer Island” and the “Liberty Square Riverboat” into an area called “Piston Peak” — a second Cars-themed land modeled after America’s natural parks. At Hollywood Studios there will be a new “Monsters Inc.” land while the Muppets will take over the Rock ‘n’ Roller Coaster attraction. Animal Kingdom will host an “Encanto” ride and a new Indiana Jones ride.
At Disneyland, Avengers Campus, the Marvel-themed area, will get two new attractions, guests will get a glimpse at the Land of the Dead from “Coco” and Disney will build a new Avatar area inspired by the scenery in “Avatar: Fire and Ash.”
Internationally, Disney has struck a deal to bring a new park and resort to Yas Island in the United Arab Emirates.
International headwinds
The company’s commitment to bringing beloved IP into its parks is paying off, according to Iger, particularly outside the U.S.
“The percentage of people that go to Shanghai Disneyland just to go to Zootopia Land is very, very high,” he said Monday.
Revenue from international theme parks and experiences grew 7% during the fiscal first quarter, to $1.75 billion.
Of course, the company is still facing headwinds from the decline of international visitors to its domestic parks.
It’s a trend that many theme park destinations in America are contending with, as overall tourism to the United States fell 6% in 2025. Industry analysts point to higher travel costs and fees, ongoing trade frictions and geopolitical unease for the drop in demand for travel stateside.
Despite this, domestic theme park and experiences revenue grew 7% during the quarter, to $6.91 billion.
New offerings at Disney’s international parks, the launch of a cruise ship that services Asia and the new Abu Dhabi park are all ways that Disney can tap into that foreign market and engage with consumers that are not making the trek to the company’s domestic destinations.
— CNBC’s Julia Boorstin and Alex Sherman contributed to this report.
Walt Disney Company CEO Bob Iger looks on prior to the game between the Philadelphia Eagles and the Green Bay Packers at Lambeau Field on November 10, 2025 in Green Bay, Wisconsin.
Michael Reaves | Getty Images Sport | Getty Images
Disney is ready for its next CEO.
On Monday, the company’s leadership outlined its recent successes during its quarterly earnings report. CEO Bob Iger made the case that when his soon-to-be-named successor picks up the baton, Disney will be primed to seize the momentum.
“I’m incredibly proud of all that we’ve accomplished over the past three years to set Disney on the path to continued growth. I’m inspired and energized by the opportunities ahead for this wonderful company,” Iger told investors on Monday.
Iger reclaimed the CEO role in late 2022 after a failed succession plan involving former parks boss Bob Chapek. Disney picked Chapek to succeed Iger in 2020 only to fire him 2½ years later and undo many of the changes he’d implemented.
Now, Disney is counting on a smoother handover the second time around, cushioned by a path to growth.
The Disney board is meeting this week and is expected to vote on its next CEO, according to people familiar with the matter who spoke on the condition of anonymity about internal matters. The company previously said it would announce a replacement for Iger in the first quarter of this year.
“I think what is noteworthy is that when I came back three years ago, I had a tremendous amount that needed fixing,” Iger said on Monday’s call. “But anyone who runs a company also knows that it can’t just be about fixing. It has to be preparing a company for its future … but taking steps to create opportunities for growth.”
On Monday, Disney topped Wall Street expectations for both revenue and earnings for its fiscal first quarter.
The company’s experiences division, which includes theme parks, resorts and cruises, notched more than $10 billion in quarterly revenue for the first time. Chairman of Disney Experiences Josh D’Amaro is among the front-runners to be named as the next CEO.
Industry insiders and Disney sources expect D’Amaro to be appointed Iger’s successor, though the decision ultimately lies with the Disney board and won’t be final until directors vote.
“The board has not yet selected the next CEO of The Walt Disney Company and once that decision is made, we will announce it,” a Disney spokesperson said in a statement, declining to comment on the timing of the next board meeting.
Iger said Monday he was “very, very bullish” on the parks business and its ability to grow. Disney is now planning to develop a theme park and resort in Abu Dhabi, United Arab Emirates, has been launching more cruise ships, and is in the midst of a previously announced investment of $60 billion into its theme parks over the next decade.
Meanwhile, Disney’s entertainment segment — the unit that houses its TV networks, streaming and theatrical releases, and arguably needed the biggest turnaround in recent years — saw revenue rise 7% in the period. Disney stopped breaking out streaming subscriber growth this quarter, but offered guidance that showed Disney is confident it will continue to grow and offset traditional TV declines.
While theme parks, resorts and cruises have been the profit driver for Disney, its TV, streaming and film business is often in focus. Following underwhelming years at the box office, Disney dominated in 2025, and on Monday its leadership touted its slate ahead.
“Looking back just a few years when our movie business was suffering from Covid and the streaming business was obviously not in an acceptable place, it’s clear that the future of both of those businesses, or let’s call it our entertainment business, is also bright and it’s going to grow,” Iger said on the company’s earnings call.
Disney’s co-chairman of Entertainment, Dana Walden, is also among the Iger lieutenants vying for the CEO seat, CNBC previously reported.
Former Morgan Stanley CEO James Gorman has been running the process to select a successor. Given the focus on theme parks in recent years, speculation has recently swung in D’Amaro’s favor.
“In a world that changes as much as it does … trying to preserve the status quo was a mistake,” Iger said Monday addressing Disney’s last leadership transition.
“And I’m certain that my successor will not do that,” he said. “They’ll be handed, I think, a good hand in terms of the strength of the company, a number of opportunities to grow and also the expectation that in a world that changes, you also have to continue to change and evolve as well.”
— CNBC’s Julia Boorstin contributed to this report.
Correction: This story has been updated to correct the spelling of Morgan Stanley.
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