2025-07-11
Grok 4 appears to seek Elon Musk's views when answering controversial questions
This is CNBC’s live blog covering European markets.British pound falls after weaker-than-expected UK growthSterling is trading lower after the U.K. economy unexpectedly shrank in May. The British pound was 0.2% lower against the U.S. dollar at $1.35 and 0.1% lower against the euro at 8:47 a.m. in London.Some economists say the weak growth figures mean the Bank of England is now more likely to cut interest rates in August. Capital Economics’ Chief U.K. Economist Paul Dales forecast that U.K. GDP would rise by a “fairly subdued” 1% this year “due to the lingering drags from a weakening global economy and the rises in domestic taxes for UK businesses.”— Jenni ReidEuropean markets slide at openSentiment has clearly soured in Europe after four days of solid gains, with all Stoxx 600 sectors except oil and gas and insurance opening in the red on Friday. The regional index was 0.46% lower at 8:10 a.m. in London.News of 35% U.S. tariffs set to be slapped on Canada from the start of August, along with the White House’s 50% duty on all copper imports, may have reignited some concerns around global growth. Investors had largely brushed off a slew of tariff announcements this week, sending the U.K.’s FTSE 100 as well as the S&P 500 and Nasdaq Composite to record highs.The big question now is what rate the European Union is facing, after weeks of negotiations over a framework trade deal. President Donald Trump indicated last night that the EU would receive a letter setting out its tariffs today.— Jenni ReidBP flags lower gas, oil sales and impairment of up to $1.5 billionAnna Barclay | Getty Images News | Getty ImagesA electric pylon passed behind the BP logo displayed outside a petrol station that also offers electric vehicle recharging in Trowbridge in Somerset, England, on March 15, 2025.British oil major BP on Friday flagged lower oil and gas sales in the second quarter and an after-tax impairment of up to $1.5 billion across its portfolio.In a trading update released ahead of full second-quarter results on Aug. 5, the energy company said its gas and low-carbon sales will hit earnings by between $100 million and $300 million over the April-June stretch, also noting “average” results from the company’s gas trading arm.Lower oil sales will meanwhile deliver a blow of between $600 million to $800 million over the period.The firm said second-quarter results will also see “post-tax adjusting items relating to asset impairments in the range of $0.5 to 1.5 billion, attributable across the segments.”In the oil products segment, BP said stronger realized refining margins would be in the range of $300 million to $500 million, and that “oil trading result is expected to be strong.”The company also said its second-quarter upstream production is now expected to be higher than in the previous three-month period. BP has been struggling to recalibrate its strategic direction amid underperformance in its share price compared with oil and gas peers, particularly in the U.S. Speculation has been mounting in recent months over whether the company could become an acquisition target.— Ruxandra IordacheUK economy unexpectedly contracts again in MayThe U.K. shrank 0.1% in May, a second monthly contraction, according to figures just out from the Office for National Statistics. That’s below the 0.1% expansion forecast by economists polled by Reuters, and will do little to shake off expectations for U.K. growth to be muted in the second half of the year.— Jenni ReidEuropean markets head for lower open, with tariffs in focusThe pan-European Stoxx 600 index notched a fourth daily gain on Thursday, but IG futures are pointing to a broadly negative open for major bourses on Friday.The big news overnight is that U.S. President Donald Trump will lift tariffs on imports from Canada to 35% from Aug. 1, and warned that the duty might be increased if Ottawa retaliates. The rate is separate from sectoral tariffs placed on steel, aluminum and autos, and shortly copper.Investors are also standing by in anticipation of the release of a letter from Trump in which he is expected to outline tariffs the European Union will face, after he told NBC News that he would be issuing tariffs “over the next couple of hours” to both the EU and Canada. — Jenni Reid, Michael Considine