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UK government bond prices and the British pound rally after political turbulence

U.K. government bond prices and the British pound strengthened after speculation over the U.K. Finance Minister Rachel Reeves’ future triggered a decline in those markets on Wednesday.

British Prime Minister Keir Starmer’s reassurance that his finance chief is “going nowhere” appeared to have calmed the markets Thursday, as the nearly 10 basis point decline in 10-year gilt yields indicates. Bond prices move inversely to yields.

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Fixed income investors were concerned that the potential removal of Reeves meant Britain’s fiscal credibility could be called into question. Meaning, the U.K. would be spending more than previously expected.

The consequence of the parliamentary maneuvers means analysts are now cautioning that the U.K. will most likely have to raise taxes to avoid breaking its fiscal rules.

“Changes to the welfare reform plans imply £5 billion worth of a fiscal headroom hit. Combined with the possible OBR growth downgrades, recent policy decisions mean that in the absence of tax hikes or alternative spending cuts, fiscal rules would be broken in the autumn,” said Bruna Skarica, U.K. economist at Morgan Stanley. “We think tax hikes look most likely.”

— Ganesh Rao

European stocks open higher

We’re 15 minutes into Thursday’s trading session, and European shares are broadly higher.

The pan-European Stoxx 600 index was last seen up by 0.3%, with all sectors and major bourses in positive territory.

London’s FTSE 100 is leading regional gains with a jump of 0.4%.

Chloe Taylor

U.S. lifts chip software restrictions on China

If you’re just joining us, you may not yet have seen the news that the Trump administration has lifted restrictions on chip design software sales in China.

That comes as part of the trade truce between the two countries, and was announced by semiconductor software companies Synopsys and Cadence early on Thursday. Under the new requirements, leading chip designers will no longer need to seek government licenses to do business in China.

Read more here.

Domi Suskova, Dylan Butts

UK government borrowing costs fall

The yield on the U.K.’s benchmark 10-year government bonds — known as gilts — has edged slightly lower this morning, cooling from a spike seen in yesterday’s session.

The 10-year yield was last seen trading 1 basis point lower, at 7:18 a.m. in London. Longer and shorter-duration gilts all saw their yields move 2 basis points lower.

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Yield on the U.K. 10-year government bond.

Bond prices and yields move in opposite directions.

Yields on gilts across the board surged on Wednesday, after questions were raised about the future of U.K. Finance Minister Rachel Reeves’ position in the current government.

Chloe Taylor

Here are the opening calls

Alexander Spatari | Moment | Getty Images

Welcome to CNBC’s live blog covering all the action and business news in European financial markets on Thursday.

Futures data from IG suggests European markets will open higher, with London’s FTSE 100 looking set to open 0.3% higher at 8,799, Germany’s DAX 0.2% higher at 23,836, France’s CAC 40 also up 0.2% at 7,757 and Italy’s FTSE MIB up 0.15% at 39,926.

The positive start in Europe comes after a more mixed day on Wednesday, particularly for the U.K. where bond prices, as well as the FTSE, tumbled sharply.

Those moves came after U.K. Finance Minister Rachel Reeves appeared visibly upset in Parliament on Wednesday as pressure mounted on the government over welfare reforms. The government said Reeves was dealing with a “personal matter” and Prime Minister Keir Starmer later said she has his full support.

U.S. stock futures were little changed on Wednesday night as traders braced for June’s nonfarm payrolls data. Economists polled by Dow Jones expect that the economy added 110,000 jobs last month. That compares with May’s gain of 139,000. Economists also see the unemployment rate inching higher.

In the Asia-Pacific region overnight, Vietnamese stocks climbed to their highest in over three years as investors awaited further details on the U.S.-Vietnam trade agreement that President Donald Trump announced Wednesday.

The U.S. is imposing a 20% tariff on goods imported from the Southeast Asian nation, while the latter will impose “ZERO Tariff,” Trump said on Truth Social. 

— Holly Ellyatt

What to keep an eye on

Jobseekers talk to recruiters during the New York Public Library’s annual Bronx Job Fair & Expo at the Bronx Library Center in the Bronx borough of New York, on Sept. 6, 2024.

Yuki Iwamura | Bloomberg | Getty Images

It’s a reasonably quiet day for data and earnings in Europe on Thursday, although Spain and Italy’s latest purchasing managers’ index data on business activity will be released.

More global market attention will be on the U.S. as June nonfarm payrolls data is released later in the U.S. trading session.

Economists polled by Dow Jones expect that the economy added 110,000 jobs last month. That compares with May’s gain of 139,000. Economists also see the unemployment rate inching higher to 4.3%, up from 4.2% in May.

A report from payrolls processing firm ADP released Wednesday morning showed that private sector hiring fell by 33,000 last month.

— Holly Ellyatt. Lisa Kailai Han



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Watch as RFK Jr pressed on vaccines and CDC turmoil at Senate hearing

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RFK Jr’s HHS controversies pile uppublished at 14:24 British Summer Time

Madeline Halpert
US Reporter

RFK JrImage source, Getty Images

Since taking the helm at the Department of Health and Human Services (HHS) in February, Kennedy has made a number of moves that have alarmed health experts and caused chaos at health agencies.

A vaccine sceptic, Kennedy has attempted to remake how the federal government regulates and recommends immunisations.

He fired every member of a panel of independent vaccine experts that issues recommendations for the shots, and replaced them with people who are more sceptical of vaccines.

He has attempted to narrow recommendations for who should get Covid-19 vaccines, excluding healthy children and pregnant women.

As an outbreak of measles became the worst in the US in decades, he continued to spread misinformation about the safety of the measles vaccine.

Recently, hundreds of HHS employees wrote a letter to Kennedy, accusing him of contributing to the harassment of health workers after a gunman fired 500 rounds at the US Centers for Disease Control and Prevention headquarters in Atlanta last month.

They said the misinformation he has spread has helped sow mistrust in public health officials.



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Giorgio Armani: Italian fashion designer dies aged 91

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Italian fashion designer Giorgio Armani has died at the age of 91, the Armani Group announced on Thursday.

The designer is credited over his decades of practice with curating a quintessentially Italian aesthetic in his clothes, as well as taking Hollywood’s red carpets to new heights.

“Il Signor Armani, as he was always respectfully and admiringly called by employees and collaborators, passed away peacefully, surrounded by his loved ones,” the Armani Group said in a statement, describing the founder as “a tireless driving force.”

“In this company, we have always felt like part of a family,” read a statement provided by the brand on behalf of his family and employees. “Today, with deep emotion, we feel the void left by the one who founded and nurtured this family with vision, passion, and dedication. But it is precisely in his spirit that we, the employees and the family members who have always worked alongside Mr. Armani, commit to protecting what he built and to carrying his company forward in his memory, with respect, responsibility, and love.”

In June 2025, Armani was not present to take his usual bow at the brand’s show during Milan’s Men’s Fashion Week, marking the first time in his career he had missed his own runway event. At the time, the company released a statement that he was “currently recovering at home” without specifying his health condition.

In the current luxury landscape, which is dominated by conglomerates such as Louis Vuitton owner LVMH and Gucci parent company Kering, Armani was one of the few designers to remain the sole shareholder of his company. As of yet, there is no obvious heir to the Armani business, which in 2024 was valued by analysts at Bloomberg Intelligence between 8 to 10 billion euros ($9.3 billion to $11.7 billion).

A string of celebrations for Armani’s 50th year in business have been planned to take place during Milan Fashion Week this month, including the unveiling of an exhibition at the Pinacoteca di Brera — the first at the museum to be dedicated to fashion — and a runway show at Palazzo Brera.

In August, Armani was featured in a cover story by the Financial Times’ supplement HTSI, where he discussed his continued dedication to the fashion industry, and his company, where he still oversees all creative direction. “I don’t know if I’d use the word workaholic, but hard work is certainly essential to success,” he said. “My only regret in life was spending too many hours working and not enough time with friends and family.”

Born in 1934, in the northern Italian town of Piacenza, Armani didn’t show a professional interest in fashion until 1957, after studying medicine and then a stint in the military, he got a job as a window dresser at the historic La Rinascente department store in Milan — a move that would begin his lifelong association with Italy’s fashion capital.

In 1964, designer Nino Cerruti took a chance on Armani, who was by then a buyer at La Rinascente, by giving him a job designing menswear. It was here that he first learned about unstructured jackets — suit jackets with the traditional lining and stiff padding removed to accentuate the wearer’s body — which he would later perfect and become famous for.

While working for Cerruti, Armani met Sergio Galeotti, an architect who would become his life and business partner. Galeotti persuaded Armani to set up his own business, and the two later founded the brand Giorgio Armani in 1975.

Their first menswear collection found success in the US: It was stocked at Barney’s New York in 1976, and the department store even produced a TV commercial introducing Armani to American shoppers (Barneys shut down in February 2020 after filing for bankruptcy). It was soon followed by a womenswear collection, which saw the brand debuting an androgynous look. (“I was the first to soften the image of men, and harden the image of women,” Armani later said.)

His jackets earned the attention of Hollywood. In 1980, Richard Gere famously wore an Armani suit in “American Gigolo,” turning it into a status symbol. Soon, dressing stars for the red carpet became another form of advertising for the brand. Many of the biggest celebrities of the day — Arnold Schwarzenegger, Sophia Loren, Jodie Foster, Sean Connery and Tina Turner, among others — were all pictured wearing its creations. This led to a fierce competition with the other big name of 1980s Italian fashion, Gianni Versace, whose dazzling style stood in stark contrast to Armani’s typically understated looks.

In 1985, Galeotti died from AIDS, leaving Armani as the company’s sole shareholder. Of his relationship with Galeotti, Armani told Vanity Fair in 2000: “Love is too reductive a term. It was a great complicity vis-à-vis life and the rest of the world.”

Over the years, Armani launched a popular diffusion line, Emporio Armani, as well as other successful spin-offs such as Armani Jeans, Armani Exchange and the home interiors brand Armani/Casa. In 2011, he opened a huge Armani complex occupying an entire block in downtown Milan. As well as offering products from various Armani ranges, including chocolates, flowers, jewelry and cosmetics, it also serves as a nightclub and luxury hotel. (This followed the opening of the Armani Hotel Dubai a year earlier in the world’s tallest building, the Burj Khalifa.)

Armani on the runway during the Armani Privé haute couture Spring-Summer 2025 in January, 2025.

A longtime sports fan, Armani bought Olimpia Milano, Italy’s most successful basketball team, in 2008. He then launched EA7, a sports apparel range inspired by the jersey number of Ukrainian soccer player Andriy Shevchenko, once a striker for AC Milan. Borrowing from that range’s aesthetic, he went on to design the Italian team’s uniforms for the London 2012, Rio de Janeiro 2016 and Tokyo 2020 Olympic games.

Armani’s influence in fashion also extends to the present day: the timelessness and precision of his tailoring has led to a burgeoning secondhand market for vintage Armani designs. His pantsuits, which offered women a powerful and sophisticated alternative in the workplace and beyond, continue to be favored by stars, including Cate Blanchett who opted for a silk, two-piece suit by the label as she attended Wimbledon in 2025.

Armani’s many accolades include being named a Grand Officer of the Order of Merit of the Italian Republic in 2021, one of the country’s highest honors, and a Lifetime Achievement Award from the Council of Fashion Designers of America. He was appointed as a Goodwill Ambassador for the UN’s refugee agency, UNHCR, in 2002.





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Dana Carvey reveals shocking truth about Heidi Gardner’s ‘SNL’ exit

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Dana Carvey is spilling the tea about the brutal “Saturday Night Live” cast shakeup.

The comedian, 70, shared intel about Heidi Gardner’s exit from the NBC show on Wednesday’s episode of his “Fly on the Wall” podcast with David Spade.

“From what I know as of this recording, that it was not her idea to leave,” Carvey claimed.

David Spade and Dana Carvey on their podcast.
Heidi Gardner in an “SNL” skit in 2018. NBCU Photo Bank/NBCUniversal via Getty Images

“I could be wrong about that,” he added, “but that’s what I read.”

Spade, who was on “SNL” for six seasons in the 1990s, said he finds it “a little shocking” that the show would fire Gardner.

“Because she really is one of the core ones you know from that show and she always does a great job,” Spade, 61, said.

“You never know, and it is a hard thing, but I was really, really surprised,” Carvey replied. “I think she’s got a likability. She can play real, straight news woman, she can play big, brawn, funny, physical.”

“So I was surprised by that,” he added of Gardner’s departure.

Heidi Gardner at the 2025 Big Slick Party and Show in Kansas City. Stephen Lovekin/Shutterstock

As Carvey also pointed out that Gardner did eight full seasons on the show, Spade added, “Eight is a lot. Eight is enough for the show.”

The Post confirmed Aug. 28 that Gardner is not returning to “SNL” for Season 51.

Gardner was the longest-tenured woman on the show as of last season. She joined the sketch comedy juggernaut during Season 43 as a featured player before being promoted to the main cast in 2019.

Heidi Gardner, Michael Longfellow on “SNL” in March 2024. Will Heath/NBC via Getty Images
Heidi Gardner at a “SNL” FYC 2025 event. Todd Williamson/NBC via Getty Images

She has yet to publicly address her exit.

The Post has reached out to Gardner’s rep for comment. 

Alongside Gardner, Devon Walker, Emil Wakim and Michael Longfellow are also leaving the show, while five newcomers have been added to the Season 51 cast.

Emil Wakim, Devon Walker and Michael Longfellow at the American Museum of Natural History’s Museum Gala in Dec. 2024. Evan Agostini/Invision/AP

“Let’s give our props to Michael Longfellow, a really cool, interesting character,” Carvey said on the podcast, as he shouted out the trio exiting the show.

“Emil was an adorable person and funny out there,” Carvey continued about Wakim, 27. “They can’t have 100 cast members. I don’t know how these people feel, but I give them my props. I was there with all of them.”

Heidi Gardner and Michael Longfellow on “Saturday Night Live.” Holland Rainwater/NBC via Getty Images
James Austin Johnson and Emil Wakim on “SNL.” Will Heath/NBC

Carvey also recalled talking to Walker — who called the show “toxic” as he announced his departure — about the difficulties of “SNL.”

“Devon had told me that when you don’t get on the show a lot,” Carvey said, “then when you get out there and you have a moment, you’re not relaxed because it’s like, if you don’t score here, you go back in line.”

Devon Walker playing Michael Strahan on “SNL.” Will Heath/NBC via Getty Images

“So, it can be emotionally violent depending where you are in the show or it could be a magic ride,” Carvey added.

“SNL” Season 51 premieres Oct. 4 on NBC.



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