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China’s extension of EU dairy import probe linked to September talks

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China will not conclude its anti-dumping investigation into EU dairy imports until at least early next year as talks are set to continue in September.

In response to China’s decision this week to extend its probe to February, the European Dairy Association (EDA) said it was not surprised by the decision given Chinese officials are due to make “technical visits” to Belgium and the Netherlands next month, as well as hold talks with the European Commission (EC).

China kicked off its investigation in August last year to ascertain whether the EU was guilty of exporting dairy products to the Asian country at prices that put local producers at an unfair advantage. The probe followed similar enquiries launched by China for pork and brandy shipped from the European trading bloc that commenced in June and January of 2024, respectively.

The trade spat with China was sparked by the EU threatening to impose tariffs on imports of Chinese battery electric vehicles (BEV), with the EC claiming “unfair subsidisation” by its Chinese counterparts that risked “causing a threat of economic injury” to local manufacturers.

Xinhua, China’s state-run news agency and official government mouthpiece, reported on Monday (18 August) that the Ministry of Commerce had extended its investigation into ‘certain dairy products’ from the EU to February

The news service, citing a Ministry statement, said the extension was due to the ‘complexity of the case’.

Similar language emerged from the EDA. Its Secretary General Alexander Anton said in a statement: “This highlights the increasingly complex dynamics of global dairy trade and has required coordinated responses from the industry and policymakers, and EDA will continue to work closely with the EU Commission and the ‘sampled’ dairies that are most involved in the process.”

In October last year, China’s Ministry of Commerce identified Dutch dairy giant FrieslandCampina, Elvir (France) Co. and Sterilgarda Alimenti in Italy as three EU companies that would be subject to a sampling exercise as part of its anti-dumping probe.

Meanwhile, the EC took its case to the World Trade Organization (WTO) last September under a “commitment to firmly defend the interests of the EU dairy industry and the Common Agricultural Policy against abusive proceedings”.

Anton at the EDA said today (20 August) in the statement, when asked for comment and an update on those proceedings by Just Food: “With that, for the very first time in such an early state of the procedure, the EU has given a clear political sign to step up to defend our European interest.

Man starts fire and smashes screens with hammer

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A busy Italian airport as been partially evacuated after a man set fire to a check-in area.

Video footage posted on social media shows chaotic scenes inside Terminal 1 of Milan’s Malpensa airport as a fire rages at one of the desks while a man attacks digital screens before being detained.

A man has been arrested and the situation brought under control, according to the Lombardy Airports Association.

However, it warned of potential delays and cancellations to departures at the bustling tourist hub popular with Brits.

No injuries have been reported so far, according to the Italian newspaper Corriere della Sera.

The incident happened around 11:00 local time (09:00 GMT), the paper said, with emergency services alerted to reports of an “agitated man” in the terminal.

BBC Verify has verified a two-minute video of the incident posted on social media, which shows a fire at a check-in desk as passengers flee the area.

A man then appears to use a hammer to bang on a wall with screens and a large advert near the fire, before another man approaches him shouting “get down”. This man then hits him on the head with a fire extinguisher.

Others surround the suspect, who is then pinned to the ground, calling for police, and one of them throws what appears to be a hammer away.

It is as-yet unclear what may have incited the incident.

Pictures from the airport show huge queues of passengers waiting outside the terminal building as smoke fills the air inside.

Airport firefighters quickly tackled the blaze, but the heavy smoke meant the area had to be evacuated for “safety reasons”, a spokesperson told Corriere della Sera, and said there had been no “significant disruption to air traffic”.

The BBC has contacted Malpensa Airport, and its owners, for comment.

Trump: 'Better' if Putin, Zelensky meet without him

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President Trump said Tuesday that it would be “better” if Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky met without him first as Trump pushes the leaders to bring an end to the more than three-year-long war in Eastern Europe.

The president, who has pushed for a three-way summit with Zelensky and Putin, said he recently had “very successful” meetings with both leaders, but it would be more beneficial if the two presidents met alone first. 

“I thought it would be better if they met without me, just to see. I want to see what goes on. You know, they had a hard relationship, very bad, very bad relationship,” Trump said in an interview on “The Mark Levin Show.”

“And now we’ll see how they do and, if necessary, and it probably would be, but if necessary, I’ll go and I’ll probably be able to get it close,” he told conservative podcaster Mark Levin.

After meeting with Zelensky and seven European leaders at the White House on Monday, Trump said his administration would help broker a meeting between Putin and Zelensky and that soon after, a trilateral meeting including the U.S. president would take place. 

Zelensky has expressed openness to meeting with Putin, but Russia so far has not committed to such a huddle. 

Russian Foreign Minister Sergey Lavrov said Tuesday that any such meeting should be prepared “step by step, gradually, starting from the expert level and then going through all the necessary stages.”

After Monday’s Oval Office meeting, Trump called Putin and the two spoke for about 40 minutes. The conversation came days after the president traveled to Alaska to meet with Putin, their first face-to-face interaction since the first Trump administration, alongside Secretary of State Marco Rubio and special envoy Steve Witkoff. 

“I just want to see what happens at the meeting,” Trump told Levin. “So they’re in the process of setting it up, and we’re going to see what happens.”

Mix of Bullish Forces Boosted Broadcom (AVGO) in Q2

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Baron Funds, an investment management company, released its “Baron Opportunity Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund posted solid returns, rising 23.27% (Institutional Shares), exceeding the Russell 3000 Growth Index’s (the Benchmark) 17.55% gain and the S&P 500 Index’s 10.94% gain. The Fund appreciated 8.52% for the first half, compared to 5.80% and 6.20% returns for the indexes. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its second-quarter 2025 investor letter, Baron Opportunity Fund highlighted stocks such as Broadcom Inc. (NASDAQ:AVGO). Broadcom Inc. (NASDAQ:AVGO) designs and develops various semiconductor and infrastructure software solutions. The one-month return of Broadcom Inc. (NASDAQ:AVGO) was 3.96%, and its shares gained 77.89% of their value over the last 52 weeks. On August 19, 2025, Broadcom Inc. (NASDAQ:AVGO) stock closed at $294.91 per share, with a market capitalization of $1.387 trillion.

Baron Opportunity Fund stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its second quarter 2025 investor letter:

“Broadcom Inc. (NASDAQ:AVGO) is a leading semiconductor and enterprise software company, generating approximately 60% of revenue from semiconductors and 40% from software. The company is strategically positioned at the intersection of high-performance AI compute and networking infrastructure, while also demonstrating disciplined execution in software. Broadcom has continued its leadership in networking silicon from the cloud era to the AI era and emerged as the most reliable silicon partner for AI foundational model builders to design custom chips to train and inference their frontier models. Shares rose during the quarter on continued momentum in Broadcom’s AI product lines. In its April quarter, Broadcom reported over $15 billion in total revenue, up 20%; over $4.4 billion in AI revenue, up 40%; and over $6.6 billion in software revenue, up 25%. Broadcom continued to demonstrate excellent profitability, with operating margins over 65% and free cash flow margins at 43%. On the company’s earnings call and during other public appearances, Broadcom CEO Hock Tan confirmed that all programs supporting the company’s projected $60 billion to $90 billion serviceable addressable AI market by 2027 were “on track,” inference demand had emerged as an important AI revenue opportunity, and that the company’s AI revenue growth should accelerate to the 50% to 60% level for fiscal years 2025 and 2026.”

Kneecap rapper appears in court on terror charge

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A member of rap group Kneecap is appearing in court in London for allegedly displaying a flag in support of Hezbollah, a proscribed organisation in the UK, at a London gig last year.

Liam Óg Ó hAnnaidh was met by a large crowd of supporters – many with Palestinian flags – as he arrived at Westminster Magistrates’ Court on Wednesday.

The 27-year-old, who performs under the stage name Mo Chara, denies the charge and claims the case is “political” and intended to silence Kneecap.

It was brought after the Metropolitan Police studied video footage.

Mr Ó hAnnaidh confirmed his name, date of birth and address to the court at the start of proceedings.

He is sitting in court beside an Irish language interpreter.

The hearing has been dealing with legal arguments.

He has been on unconditional bail since his first court appearance in June.

A large crowd has gathered outside court, with supporters holding signs which read “Free Mo Chara” while others waved Palestine and Irish flags before the rapper’s arrival.

Band members Móglaí Bap (Naoise Ó Cairealláin) and DJ Próvaí (JJ Ó Dochartaigh) and the band’s manager accompanied him.

On Tuesday evening, the Metropolitan Police said they “imposed Public Order Act conditions to prevent serious disruption being caused by a protest” outside the court.

Any protest in support of Mr Ó hAnnaidh and “aligned causes must remain in the red area. Any stage must be erected in the green area” they said in a post on social media.

In a social media post, the band said the “police action is designed to try to portray support for Kneecap as somehow troublesome”.

It thanked supporters and urged them to comply “with all instructions issued, irrespective of how pitiful”.

Companies have invested billions into AI, 95 percent getting zero return

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Although there has been between $30 and $40 billion in enterprise investment into generative AI, a recent MIT report shows that 95 percent of organizations are seeing zero return.

Just 5 percent of integrated artificial intelligence pilots “are extracting millions in value,” while the majority contribute no measurable impact to profits, the report found.

Many companies are implementing tools like OpenAI’s ChatGPT and Microsoft Copilot, with over 80 percent having explored or piloted these technologies, and nearly 40 percent reporting their deployment. However, these tools primarily function to enhance individual productivity rather than contribute to overall company earnings.

Most times, AI integration fails to contribute to profits “due to brittle workflows, lack of contextual learning, and misalignment with day-to-day operations,” the MIT report reads.

The AI systems are unable to learn and think in ways humans can, as “most GenAI systems do not retain feedback, adapt to context, or improve over time,” it continued.

The research also suggests that generative AI implementation is unlikely to result in widespread job loss, at least for the next few years.

“Until AI systems achieve contextual adaptation and autonomous operation, organizational impact will manifest through external cost optimization rather than internal restructuring,” the report concluded.

iCapital, Apollo expand tie-up to offer evergreen private markets solutions

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iCapital has expanded its partnership with alternative asset manager Apollo to extend the reach of evergreen private market investment options to investors.

As part of this initiative, Apollo has made available a selection of evergreen private market products domiciled in Luxembourg on the iCapital Marketplace platform.

The move aims to provide wealth managers with alternative investment choices, structured in a Luxembourg format, which can be offered to their clients.

These evergreen products are designed to be continuously funded, with entry points for investors starting at an investment minimum of $25,000.

They also present the possibility for periodic liquidity options.

iCapital head of International Marco Bizzozero said: “We are delighted to continue to support Apollo, unlocking new private market investment opportunities to the wealth management channel.

“The expansion of our partnership demonstrates that iCapital is the partner of choice for asset managers wishing to accelerate their distribution efforts into the growing pool of private wealth, leveraging iCapital’s cutting-edge technology platform and operating system to manage the investment and education experience at scale.”

Additionally, Apollo will be utilising the iCapital Marketplace for the purposes of streamlining reporting processes and managing the investor lifecycle associated with these evergreen structures.

Apollo head of EMEA Global Wealth and managing director Véronique Fournier stated: “We are pleased to extend our partnership with iCapital, further enhancing access to our institutional-grade solutions and broadening the reach of our Global Wealth products to investors in Europe and around the world.

“Private markets can offer diversification to the portfolios of wealth investors; we are focused on education and democratising access to such products, in structures tailored to their needs.”

The move follows the introduction of the Apollo Allocation Pro, a tool aimed at aiding financial advisors in the incorporation of alternative investments into client portfolios.

This tool is a product of iCapital Architect technology.

Recently, iCapital secured over $820m in a funding round.

The round saw participation from T. Rowe Price Associates, T. Rowe Price Investment Management, and SurgoCap Partners, leading to a substantial valuation increase for iCapital.

“iCapital, Apollo expand tie-up to offer evergreen private markets solutions ” was originally created and published by Private Banker International, a GlobalData owned brand.

 


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Air fares and food prices push rate up to 3.8% in July

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Karen Hoggan

Business reporter, BBC News

Getty Images A woman sitting in a bar restaurant wearing a striped apron and checking off a pile of receipts against a tabletGetty Images

Prices in the UK rose by 3.8% in the year to July, driven mainly by a jump in the price of air fares and food.

That means inflation is at its highest level since January 2024 and still far above the Bank of England’s target of 2%.

The cost of eating out, as well as food and non-alcoholic beverages more generally, helped to push up prices, according to the Office for National Statistics (ONS).

Beef, chocolate and confectionery, instant coffee, and fresh orange juice saw some of the biggest price rises.

July’s rise in the Consumer Prices Index (CPI) measure of inflation was slightly higher than most economists had predicted and compares with a rise of 3.6% in the year to June.

The Bank’s latest forecast expects inflation to peak at 4% in September.

A line chart titled 'UK inflation rate up to 3.8% in July', showing the UK Consumer Price Index annual inflation rate, from January 2020 to July 2025. In the year to January 2020, inflation was 1.8%. It then fell close to 0% in late-2020 before rising sharply, hitting a high of 11.1% in October 2022. It then fell to a low of 1.7% in September 2024 before rising again. In the year to July 2025, prices rose 3.8%, up from 3.6% the previous month.

ONS chief economist Grant Fitzner said the “hefty” increase of 30.2% in air fares between June and July was the biggest jump for that period since the collection of monthly data began in 2001.

He said it was “likely due to the timing of this year’s school holidays”.

This year, the collection day for the ONS data overlapped with the start of the school holidays in a way they didn’t last year.

The cost of food and non-alcoholic beverages rose 4.9% in the year to July, up from 4.5% in the year to June. It was the fourth month in a row in which food and drink inflation had risen, bringing prices to their highest since February 2024.

AJ Bell head of financial analysis Danni Hewson said the “weekly trip to the local supermarket… gives most of us the greatest insight into our cost of living”.

“With UK farmers highlighting the expected impact of a dry summer on food production, many households will be worried that it’s going to take a considerable amount of time before these higher prices unwind.”

‘Cost of my weekly shop has gone up so much’

Michelle Birkenhead looks straight at the camera and smiles while holding a baby wearing a blue bib with a picture of a lion on it. She is smiling, wearing glasses and a  sleeveless white top with black flowers on it. She is outside and the sky behind her is overcast.

Michelle Birkenhead says the speed at which food prices have been rising is “ridiculous”

Rising food and fuel prices are “stretching” Michelle Birkenhead’s finances.

But she says budgeting for her family has been the key to managing her money and planning ahead for social activities.

“It’s so expensive,” says Michelle. “It’s gone up so much, it’s ridiculous. What used to cost us, two years ago, a weekly shop of £100, you’re looking at £150.”

Policy makers at the Bank of England take into account inflation and other economic data when deciding what to do about interest rates.

Earlier this month, they narrowly voted to cut rates to 4%, down from 4.25%, taking rates to their lowest for more than two years.

Inflation is now predicted to hit 4% in September, which would not normally prompt further interest rate cuts.

However, at the same time, the economy has been struggling to grow and the jobs market is uncertain, which would usually encourage the Bank to cut rates to encourage spending.

Bank of England governor Andrew Bailey told the BBC that this month’s decision to cut rates at been “finely balanced” and that the future course of interest rates was “a bit more uncertain frankly”.

“Interest rates are still on a downward path,” he said. “But any future rate cuts will need to be made gradually and carefully.”

Reacting to the latest figures, Chancellor Rachel Reeves said the government had “taken the decisions needed to stabilise the public finances, and we’re a long way from the double-digit inflation we saw under the previous government”.

But she added: “There’s more to do to ease the cost of living.”

Shadow chancellor Mel Stride said the news on inflation was “deeply worrying for families”.

“Labour’s choices to tax jobs and ramp up borrowing are pushing up costs and stoking inflation – making everyday essentials more expensive.”

Liberal Democrat treasury spokesperson Daisy Cooper said rising inflation was “grim news for families, pensioners and businesses still struggling with the cost-of-living crisis”.

She said the chancellor needed to take “far bolder action, starting with the Liberal Democrat plan to halve energy bills by 2035”.

Another measure of inflation, the Retail Prices Index (RPI) rose to 4.8% in the year to July, up from 4.4% in June. RPI differs from CPI in that it includes mortgage interest payments and buildings insurance.

It is also used to determine upcoming hikes in train fares in England.

This year’s rise in the price of rail fares of 4.6% was one percentage point above RPI in July 2024, meaning that if the same pattern was adopted, fares in 2026 would rise by 5.8%.

However, the Department for Transport has said that no decisions have been made yet on next year’s fares “but our aim is that prices balance affordability for both passengers and taxpayers”.

Newsom’s Trump act wins raves from Democrats

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California Gov. Gavin Newsom has figured out the best way to get under President Trump’s skin. 

Act like him. 

In an effort to egg Trump on — and rally his own troops in the Democratic Party — Newsom has taken a page from Trump’s playbook, mirroring everything from the president’s rants to his social media habits. 

In recent days, the California governor has touted his own “beautiful” midterm redistricting proposal and his “beautiful” rally to boot — needling Trump’s braggadocious ways. 

Newsom has started to write his social media posts in ALL CAPS, just like the president.  

And he’s come up with his own Trump-y nickname for the president: TACO, short for Trump Always Chickens Out, an acronym that originated on Wall Street in reaction to Trump’s moves on tariffs and is designed to annoy the White House.

In the process, Newsom is garnering attention from all ends of the media, while emerging Democrats eager to see members of their party fight back at the president.

The HuffPost on Tuesday led with the headline “He’s on a troll” with a photo of a smiling Newsom. Fox News during a segment on “The Five” commented on his efforts to copy Trump.  

“Democrats are over being the nice guy party,” said Democratic strategist Jamal Simmons, who served as Kamala Harris’s communications director in the vice president’s office. “Standing up for Dem values doesn’t mean you have to play by the old rules and Newsom in particular is showing he’ll go as low as he needs to to take on Trump.” 

Since losing the election in November, Democrats have been rudderless and for the most part, leaderless, desperately trying to find their way out of the wilderness.

A Wall Street Journal poll out late last month showed Democrats’ popularity at the lowest point in three decades. The poll showed that 63 percent of voters have an unfavorable view of Democratic Party while 33 percent of voters have a favorable view. 

But Newsom’s recent strategy has given the party a shot in the arm, Simmons and other strategists have said. 

“Gavin Newsom is capturing the hearts and minds of Democrats,” Simmons said, adding that “people who don’t do politics for a living are asking about him and they really like him.” 

Anthony Coley, a Democratic strategist who served in the Biden administration, agreed, saying “watching him go toe-to-toe with Trump on social media — an arena Trump has dominated for a decade — is refreshing, energizing and even fun to watch for many Democrats.” 

A new survey out this week by Echelon Insights showed Newsom surging in a 2028 poll among likely candidates. The poll taken from August 14 to August 18 — a period when Newsom dominated headlines — shows the California governor in second place at 13 percent behind Harris who received 26 percent. 

In recent days, Newsom’s press office —clearly aware of the traction the governor has been getting with his new Trumpian tack— has continued to needle Trump by continuing to echo him. 

But the account isn’t just targeting Trump. It’s also going after Vice President JD Vance. On Monday the account edited a photo of the vice president onto the body of Australian breakdancer Rachael “Raygun” Gunn, who made headlines last year for a mediocre performance. 

The account also targeted other Republicans including Dana Perino, the former White House press secretary turned television host, after she slammed him for being unserious. 

“You have to stop it with the Twitter thing,” Perino said on Monday. “If I were his wife, I would say: You are making a fool of yourself, stop it…He’s got a big job as governor of California, but if he wants an even bigger job, he has to be a little more serious.” 

Support for Newsom’s social media efforts appeared to be growing. As of Tuesday afternoon, the X account Newsom’s press office had nearly 400,000 followers. 

But Kevin Madden, the longtime Republican strategist, said Democrats are making a mistake to focus on “communications tactics” when they should be focused on messaging. 

“Newsom’s strategy and approach has been reflective of that,” Madden said. “He’s got a new podcast and a more aggressive social media presence, but other than more clicks and downloads has that shifted the dynamics or public debate in his favor, or improved the national party brand?

“So far, there is little evidence of that,” Madden added. “It has, though, positioned him at the top of the party’s internal process of sorting out the next generation of national candidates and leaders.” 

Democratic strategist Christy Setzer said Newsom’s “trolling” has two main audiences: “Democrats who want someone, anyone, to take on Trump in a real way and the media, who Democrats feel have normalized too much of Trump’s insanity.” 

“I’m surprised it’s taken Democrats this long to do it,” Setzer said, calling the strategy “pretty brilliant.” 

“He’s hoping to get under Trump’s skin, and may have drawn blood on that account [and] is it just me or did Trump stop using the all-caps in his unhinged posts after seeing Newsom’s?” she said. 

Setzer added that while “no one will be Trumpier than Trump” the strategy is working. 

“…As an attention grabbing tactic, he’s already succeeded,” she said. 

US stock futures lower as investors await more earnings, hint of Fed rate cut

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U.S. stock futures are lower as investors wait for more big box retail earnings reports and any hints of an imminent Federal Reserve rate cut.

Before the opening bell, Minnesota-based retailer Target and home improvement company Lowe’s are slated to report quarterly results. Discount giant Walmart is due the next morning. Large retailer earnings can provide a window into how tariffs are affecting companies and consumer spending. Recent retail sales data showed consumers continued to spend last month, but another report signaled waning consumer sentiment and a pick up in inflation worries.

At 6:10 a.m. ET, futures tied to the blue-chip Dow fell -0.18%, while broad S&P 500 futures slipped -0.13% and tech-laden Nasdaq futures lost -0.17%.

Aside from retailer earnings, investors are looking for any signs the Fed will lower rates at its next policy meeting in September.

Minutes from the last policy meeting are due in the afternoon, and investors will get a glimpse into how the discussion over keeping rates unchanged went and what could flip some members towards a rate cut next month. Fed governors Christopher Waller and Michelle Bowman voted against the central bank’s decision to keep rates steady between 4.25%-4.50% last month. It was the first time since 1993 that two governors dissented.

The main event, though, comes at the end of the week with Fed Chair Jerome Powell‘s speech at the annual Jackson Hole Economic Symposium of global central bankers and finance chiefs. Investors will be looking for hints Powell may be done waiting to see tariff effects before cutting rates again.

Many economists expect Powell to suggest he’s open to a rate cut but fall short of signalling one is coming. Nevertheless, the CME FedWatch tool that shows the likelihood that the Fed will change rates at each policy meeting based on market trading suggests an 86.5% chance of the Fed easing rates in September.

NEW YORK, NEW YORK - JANUARY 22: Traders work on the floor of the New York Stock Exchange during morning trading on January 22, 2025 in New York City. Stocks continued an upward swing opening up high a day after the Dow Jones closed up 500 points and the S&P 500 approaching an all-time high. The rise comes after OpenAI CEO Sam Altman, SoftBank CEO Masayoshi Son and Oracle Chairman Larry Ellison made an announcement alongside President Donald Trump that they will create a new company, called Stargate, to grow artificial intelligence infrastructure in the U.S. (Photo by Michael M. Santiago/Getty Images)
NEW YORK, NEW YORK – JANUARY 22: Traders work on the floor of the New York Stock Exchange during morning trading on January 22, 2025 in New York City. Stocks continued an upward swing opening up high a day after the Dow Jones closed up 500 points and the S&P 500 approaching an all-time high. The rise comes after OpenAI CEO Sam Altman, SoftBank CEO Masayoshi Son and Oracle Chairman Larry Ellison made an announcement alongside President Donald Trump that they will create a new company, called Stargate, to grow artificial intelligence infrastructure in the U.S. (Photo by Michael M. Santiago/Getty Images)
  • La-Z-Boy missed adjusted earnings per share estimates in the first three months of its fiscal quarter and gave a sales outlook for the current quarter that fell below expectations.

  • Toll Brothers’ fiscal third-quarter results topped forecasts.

  • James Hardie’s results in the first three months of its fiscal year missed estimates. It also sees annual earnings below forecasts due to a softer U.S. market.

Wyoming became the first state to launch a stablecoin. Its stablecoin, the Frontier Stable Token, is designed to offer instant transactions and reduced fees for consumers and businesses. It will be backed by dollars and short-term Treasuries, and available on several blockchains, including Arbitrum, Avalanche, and Ethereum.

This article originally appeared on USA TODAY: US stock futures down as investors await earnings, hint of Fed cut