Steepest drop for US stocks since 2020 as China and EU vow to hit back

The UK Supreme Court has ruled against motorists in a significant car finance case, siding with lenders who were accused of concealing hidden commission payments. While the court dismissed claims from most affected motorists, it upheld one individual's case and noted that the Financial Conduct Authority may still introduce a compensation scheme for those impacted by mis-sold car finance agreements. Want More Context? 🔎

Switzerland expressed disappointment over the US's announcement of a 39-percent tariff on its goods, significantly higher than EU rates, and aims to negotiate a solution despite the tariffs set to begin on August 7. The move has unsettled global markets, with stocks declining, as the US insists Switzerland has not made adequate trade concessions. Want More Context? 🔎

Washington — Donald Trump promised during his campaign that his administration would ensure in vitro fertilization (IVF) coverage for all women and couples, but after signing an executive order in February 2025, advocates are concerned about the lack of progress on this commitment. While public support for IVF remains high, with 86% of Americans in favor, significant out-of-pocket costs and state insurance coverage gaps continue to hinder access to treatment. Want More Context? 🔎

President Trump's special envoy, Steve Witkoff, announced a plan to increase food aid to Gaza following reports from Human Rights Watch and the UN of Israeli forces killing hundreds of Palestinians seeking assistance. Amid ongoing violence, including recent Israeli airstrikes that killed 22, there are calls for urgent humanitarian relief as the death toll in Gaza surpasses 60,000 amid the ongoing conflict. Want More Context? 🔎

Former U.S. Ambassador to Canada, David Cohen, discussed the challenges of rebuilding U.S.-Canada relations after President Trump's tariff war, emphasizing the importance of addressing legitimate security threats to shift Canada's defense spending debate. Despite ongoing trade tensions, Cohen remains optimistic about a future agreement, underscoring the need for Canada to deliver on defense commitments to strengthen negotiations. Want More Context? 🔎

Poundland has announced a third wave of store closures, with 38 branches set to shut this month as part of a restructuring plan following its acquisition by Gordon Brothers for £1. The retailer aims to reduce its store count from approximately 800 to between 650 and 700, discontinuing frozen food sales and closing distribution centers amid ongoing challenges in the retail sector. Want More Context? 🔎