Good morning. China may tone down its tariff response. Alphabet’s shares surge on Google ad sales. And London’s luxury property market is getting a taste of New York’s cutthroat culture. Listen to the day’s top stories.
China may suspend its 125% tariff on some US imports, people familiar said, as the economic costs of the trade war weigh heavily on certain industries. Medical equipment and ethane are among goods that may see exemptions.
US and European futures were higher. Asian stocks climbed and the yen weakened on signs that trade negotiations were progressing as well as US Federal Reserve comments indicating an openness to rate cuts.
Alphabet rose postmarket after quarterly sales and profit exceeded estimates, buoyed by Google’s ad revenue. Intel dipped as its current-quarter revenue forecast came in well below estimates. Apple plans to shift all US iPhone assembly to India as soon as 2026 in a pivot from China, the FT reported.
Central bank wrap: The European Central Bank’s Klaas Knot told CNBC it’s “way too early” to take a position on any June decision. And Bank of England Governor Andrew Bailey said fears of the dollar’s decline are overdone.
Deep Dive: NY Style
The affluent area of Belgravia in central London. Photographer: Chris Gorman/Getty Images Europe
London's getting a taste of New York’s cutthroat real estate culture. When Marcus O’Brien brokered the sale of an £80 million mansion in London’s Kensington and Chelsea district last year, he pocketed at least a 20% share of the roughly £1.6 million commission UK Sotheby’s charged the seller.
It’s a familiar practice among US realtors, but in London’s luxury housing market, it represented a revolution. New York’s “eat-what-you-kill” real estate culture had arrived.
Sotheby’s has been poaching top talent from rivals like Knight Frank, which in turn is tweaking its pay structure.
The line between pragmatic necessity and magical thinking can be a fine one when it comes to the UK’s China policy, Matthew Brooker writes. Labour’s economic engagement is mired in misconceptions about the nature of the Communist system.
Moto Buds Loop open-ear earbuds encrusted with a layer of Swarovski crystals. Photographer: Michael Nagle
Crystal-clear. Motorola is debuting Swarovski-encrusted earbuds in conjunction with Bose. Resembling a fashion accessory, they’re just the thing for blinging up its new AI-infused Razr Ultra phone, priced at $1,300.
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