Global stocks struggled to find direction on Wednesday as investors turned their attention to the US Federal Reserve, with policymakers set to trim rates this afternoon.

The British Airline Pilots Association, the union that represents the majority of British Airways’ pilots, have said they will no longer strike next Friday, as it called on the airline to restart talks.

Donald Trump has tapped Robert O’Brien, the envoy for hostage affairs at the state department, to be his national security adviser, capping a short search following John Bolton’s exit from the White House earlier this month.

The rate of new home construction in the US raced to its highest level in more than 12 years in August, against a backdrop of declining borrowing costs after the Federal Reserve cut interest rates for the first time since the financial crisis.

Donald Trump has asked the Treasury department to “substantially” toughen economic sanctions on Iran as the US weighs its response to a strike against Saudi Arabian oil facilities that knocked out more than half the kingdom’s production.

Banks and investors rushed on Wednesday to gobble up $75bn in short-term cash the Federal Reserve made available in a second attempt to steady one of the world’s most important money markets.

A SoftBank-backed Canadian lithium project has hit another setback after bondholders with $350m in debt decided to withdraw their support following delays to its construction.

Danish energy company Orsted said on Wednesday it had sold its domestic utility business for more than $3bn, months after being forced to hit pause on the divestment amid political push back.

The chances of a global recession are rising despite looser monetary policy from major central banks, while Europe faces another eight years of negative interest rates, JPMorgan Asset Management predicts.

Sirius Minerals remained under pressure as analysts and investors picked over potential financing solutions for its $5bn potash mine on the North York Moors.

UK inflation in August dropped to its weakest level since December 2016, driven by the prices of computer games and clothing, and offering a boost for consumers against the backdrop of a strong labour market and Brexit-related economic uncertainty.

UK home improvements group Kingfisher revealed that weakness in France, one of its two main markets, and B&Q outlets in the UK hurt its earnings in the first half.

A founder shareholder of Cenkos Securities with close links to stockpicker Neil Woodford is to leave the City of London stockbroker’s board as it grapples with pressure from an activist investor and declining revenues. 

Jean-Claude Juncker has thrown doubt on the possibility of the EU striking a Brexit deal with the UK, warning that time is tight for an agreement as Boris Johnson has yet to spell out his demands on the Irish backstop.

French energy group EDF said that it would not for the moment need to close nuclear reactors due to welding problems that sent shares tumbling earlier this month.

Pendragon swung to a loss of in the first half of the year and warned it expected to report a full-year loss at the bottom end of its expectations as “heightened political and Brexit uncertainty” weighs on consumer confidence.

Japanese exports fell for the ninth straight month in August, data showed on Wednesday, as shipments from the world’s number three economy flail amid a global slowdown and trade tensions. 

Mozambique is teaming up with the energy trading giant Vitol to optimise overseas sales of its natural gas riches.

FedEx offered a dimmer outlook for its current fiscal year and booked quarterly earnings below Wall Street’s expectations, as the group continues to grapple with the fallout from the US-China trade spat and a severed ground-delivery deal with Amazon.

Oil retreated sharply from a historic one-day jump as investors weighed a positive report on the outlook for bringing Saudi Arabia’s output back online after a strike on the country’s production infrastructure at the weekend.

Benjamin Netanyahu, Israel’s longest serving prime minister, has failed to clinch an outright majority for his Likud party and other rightwing allies, as exit polls broadcast by Israeli news channels show the bloc garnering less than 61 seats.

President Donald Trump has identified five finalists to serve as his national security adviser following John Bolton’s departure from the White House.

The Department of Justice is seeking to prevent Edward Snowden, the former National Security Agency contractor who leaked information about US government surveillance, from profiting off a new memoir.

The former founders of Diamondback Capital Management, which ran $6bn at its peak, have raised $1bn for the second-biggest hedge fund launch of the year.