Fear may be the source of the gold rally

This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. Happy “liberation day”. Liberation from what, you ask? We don’t know, but we look forward to finding out … Read more

A biotech M&A revival is in the pipeline

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Drug developers have been hit by a succession of maladies. Higher interest rates have cut the value of their future breakthroughs. Sector M&A has swooned. Most recently, uncertainty over the health politics of US President … Read more

Fiscal tweaks won’t solve Britain’s growth problem

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In last Wednesday’s Spring Statement, Rachel Reeves, chancellor of the exchequer, did exactly what was expected of her. Confronted, as predicted, with worse forecasts from the Office for Budget Responsibility than those of last October, … Read more

Gold miners strike a rich seam

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Unstoppable force meets no-longer-immovable object. Soaring gold prices typically bypass miners of the shiny stuff — but not this time. Shares in top duo Newmont and Barrick Gold are up by a quarter and fifth … Read more

The realpolitik of Trump’s tariffs

Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world T-day — or Tariff Day — is coming this week. Or not. We simply won’t know until it’s here, given that President Donald Trump changes his mind about policy daily. But assuming reciprocal … Read more

Biggest cost from Trump’s tariffs is uncertainty for Asian carmakers

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In the 1980s, Japanese carmakers were accused of gutting the US car industry. In response, the Reagan administration negotiated voluntary export restraints — politely worded, but unmistakably coercive, pressuring them to make more cars in … Read more