UBS warned of a deteriorating outlook for Europe’s banks after a mixed set of second-quarter results, with its flagship wealth management unit and investment bank both posting a significant decline in earnings.

US stocks joined a global advance on Tuesday as the prospect of further easing by central banks provided support and well-received earnings in Europe and the US helped lift the mood.

US toymaker Hasbro on Tuesday said strong sales of its Avengers toys and Magic: The Gathering game helped it to upbeat second-quarter results even as it cautioned it would have to raise prices if the US implemented tariffs on Chinese products.

Ursula von der Leyen, the new head of the European Commission, and French president Emmanuel Macron have both pledged to work closely with Boris Johnson, the incoming British prime minister, on Brexit, the Iran crisis and other matters.

China’s BAIC has bought a 5 per cent stake in Daimler for about €2.5bn in a move analysts said was aimed at cementing the carmaker’s partnership with the German luxury automotive group and preventing rival Geely from undermining the alliance.

Moody’s and Goldman Sachs have both warned that Boris Johnson’s victory in the race to become the UK’s next prime minister has increased the likelihood of an economically damaging no-deal Brexit.

Investors should not count on the Bank of England cutting interest rates to support growth, despite the dovish shift in the stance of other major central banks, Andy Haldane said on Tuesday.

Harley-Davidson on Tuesday lowered its full-year motorcycle shipment forecasts citing delays in regulatory approvals and weaker European retail sales, highlighting how Washington’s tariff war has made business more complicated for corporate America.

Coca-Cola on Tuesday raised its annual forecast, saying the global economy had held up better than expected and prompting a 5 per cent rally in the drink maker’s shares.

Britain has sold 10-year bonds at close to the lowest yield in history, as investors respond to growing risks of a no-deal Brexit by gravitating towards safe assets.

Biogen, the neuroscience-focused biotech company, raised full-year guidance and beat earnings and revenue expectations, driven by sales of drugs for multiple sclerosis and the serious genetic disease spinal muscular atrophy.

South Africa unveiled a further $4.2bn in bailout funds for Eskom, the embattled state power monopoly, months after it already committed billions of dollars to rescuing the electricity supplier from bankruptcy.

Getlink, the Channel tunnel operator, has said that a no-deal Brexit is becoming “very likely” as uncertainty continues over whether the UK will reach any deal with the European Union by October 31.

LG Display, the world’s second-largest display maker, has reported wider second-quarter losses as LCD (liquid crystal display) panel prices continued to fall amid Chinese overcapacity, despite rising sales of large-screen OLED (organic light-emitting diode) panels.

Hermès said on Tuesday that its sales beat market expectations in the second quarter, as the French luxury group continued to be boosted by Asian demand for its goods and global trade tensions showed little sign of having an impact.

Austrian chipmaker AMS has reignited its bid to acquire Germany’s Osram Licht, its second U-turn on the potential deal in seven days, reopening the prospect of a bidding war.

The chief executive of insurer Beazley has warned that prices for marine insurance will rise after the seizure of a British-flagged tanker in the Strait of Hormuz.

Santander has vowed to fight Andrea Orcel in court should he sue the Spanish bank for withdrawing its offer to make him chief executive.

Shares listed on China’s new science and technology-focused equities market failed to maintain their breakneck momentum on their second day of trading, with most stocks pulling back.

Donald Trump has promised major US companies his administration will process their applications to supply Huawei quickly.

The president on Monday met with chief executives from seven large technology companies, including microchip makers Qualcomm, Broadcom and Micron, as well as Google, which sells its Android operating software to Huawei for use on its smartphones.

According to the White House, the chief executives asked the president to swiftly process their applications to export to Huawei, following Mr Trump’s announcement that a ban on selling to the Chinese company would be relaxed.

A spokesperson for Mr Trump said: “The CEOs expressed strong support of the President’s policies, including national security restrictions on United States telecom equipment purchases and sales to Huawei. They requested timely licensing decisions from the Department of Commerce, and the President agreed.”

Companies have been seeking clarity on US policy since Mr Trump said the ban he previously announced would be eased, following a meeting with Xi Jinping, the Chinese president.

Meanwhile the Trump administration has been urging companies to submit applications since that decision, according to people briefed on the situation, in the hope of pleasing Beijing amid US-China trade talks.

Technology stocks led the advance for the broader US market as investors kept an eye on the strained geopolitics of the Gulf.

Fourteen EU countries have agreed to share the burden of receiving migrants rescued while attempting to reach Europe by crossing the Mediterranean, although only eight nations are “active” participants, French President Emmanuel Macron said on Monday night.

Continental, Europe’s largest publicly listed auto technology supplier, cut its 2019 guidance and its forecast for production across the automotive sector, underscoring industry-wide difficulties.

Carl Icahn renewed his attack on Occidental Petroleum and its chief executive Vicki Hollub on Monday, saying the investor Warren Buffett “figuratively took her [Hollub] to the cleaners” after he pumped billions of dollars into Occidental to fund its $55bn takeover of rival Anadarko Petroleum.