Donald Trump announced that he was increasing tariffs on nearly all Chinese goods on Friday night, further ratcheting up trade tensions between Beijing and Washington after markets sold off on fears of the trade war’s impact on the global economy.

Wall Street fell sharply on Friday as tensions between the US and China reached new heights after Donald Trump demanded American companies seek “an alternative” to China in response to Beijing’s latest volley of tariffs.

Qualcomm has won a partial stay on a court ruling that threatened to upend its business, a victory for the US chipmaker as it seeks to overturn an antitrust case brought by the Federal Trade Commission.

Neil Woodford’s woes deepened on Friday after two companies backed by the embattled UK fund manager revealed troubles that raise new doubts about the valuations of investments held by the one-time star stockpicker.

The Paris prosecutor has launched an investigation into the Jeffrey Epstein affair to examine suspected rape and sexual abuse of under-age girls in France or abroad, in which perpetrators or victims of the crimes may have been French.

Brent crude tumbled below $59 as China announced new tariffs on US imports on Friday, the latest move in the escalation of a trade war that is knocking the outlook for global economic growth and oil demand.

India is rolling back a tax increase on foreign investors, speeding up tax refunds to small businesses and embarking on a car-buying spree in an attempt to revive economic growth.

India’s government said on Friday it would scrap a controversial provision that taxed foreign investors, backtracking only a month after the measure was introduced.

Embattled money manager Neil Woodford has been dealt a fresh blow after one of his flagship funds was forced to mark down the value of its holdings in a company attempting to harness cold fusion.

RBS and Santander have been told to appoint independent bodies to monitor their payment protection insurance processes after falling foul of competition rules for the second time since 2016.

UBS has recruited Huw van Steenis, a senior adviser to Bank of England governor Mark Carney, to run investor relations and chair a new sustainable finance committee, according to an internal memo seen by the Financial Times.

Japanese consumer inflation held at a two-year low in July, as forecast and remaining far from the Bank of Japan’s target.

The chief executive of computer and printer maker HP is to step down, due to a “family health matter”.

US stocks were mixed as Federal Reserve officials cast doubts on further rate cuts and a reading on domestic manufacturing stoked concerns over the health of the economy.

Shares in lithium producers fell on Thursday after Chile’s SQM forecast continued oversupply in the market for the battery raw material, which it said would weigh on prices for the remainder of the year.

Royal Dutch Shell has entered the Australian electricity market with a $418m deal for ERM Power, an energy supplier for businesses.

Activity in America’s factory sector has contracted for the first time in almost a decade, a survey of executives showed, adding to concerns that slowing global growth and the US-China trade war are weighing on the industrial economy.

The pound shot higher and was on track for its best day in more than three months on hopes that a Brexit deal could still be within reach following Boris Johnson’s meetings in Paris and Berlin.

Shares in NMC Health, the most shorted stock on the FTSE 100, jumped 22 per cent on Thursday after the Abu Dhabi-based healthcare group was reported to have become the target of interest from Chinese bidders.

Russian social media company Mail.ru has acquired car sharing service YouDrive, as it targets the Moscow drive app market leader and its biggest rival Yandex.

Environment groups have refreshed calls for a ban on fracking after shale gas company Cuadrilla was forced to temporarily down tools at its site in Lancashire following the biggest earthquake to date at the project.

Australian miner South32 said it was in “exclusive talks” to sell its South African coal mines to local miner Seriti Resources.

UK gambling group Rank said it was starting to see results from a turnround programme as it battles to offset lower spending by high-rolling customers at its Grosvenor Casinos and declining footfall at its Mecca bingo halls.

Chilean copper miner Antofagasta has said it is confident of winning approval to develop a $1bn underground copper mine in a remote area of Minnesota, as it eyes expansion outside its home country.