Trump pledges tax cuts, trade wars and border crackdown as he accepts nomination

Good morning. We have updates today on Big Tech stocks and a record summer for transatlantic flights. But before that, we head to the US, where Donald Trump has cemented his place at the top of the Republican party.

Concluding the party’s four-day convention in Milwaukee, Wisconsin, yesterday evening, the former president said he had been saved “by the grace of almighty God” as he recounted Saturday’s assassination attempt.

Formally accepting the Republican nomination for president, Trump also doubled down on his “America First” agenda, vowing to crack down on immigration, slash taxes and renew trade wars if elected again. He promised to “drill baby drill” to bring down energy prices and said he would scrap the current administration’s green policies. We have more from last night’s speech.

Will Biden bow out? As the White House race enters a crucial moment, sign up for our US Election Countdown newsletter for the latest updates. And here’s what else is happening today and at the weekend:

• Economic data: The EU reports first-quarter GDP today, while Germany releases its June producer price index and the US publishes labour market figures. The UK has public sector finances, retail sales and insolvencies data.

• Europe: The International Olympic Committee executive board meets in Paris tomorrow ahead of the 2024 Games, which start on July 26. On Sunday, the Tour de France ends in Nice, while Belgium celebrates its national day.

• Companies: American Express, Electrolux, Finnair and Halliburton report results today. Hargreaves Lansdown has a trading statement.

Did you keep up with the news this week? Take our quiz.

Five more top stories

1. Big Tech stocks are “no longer the only game in town”, according to investors who over the past week have moved out of the megacaps that have driven the market rally for years in favour of smaller companies and other previously unloved sectors. Read more about why fund managers feel “all of a sudden we have a larger menu to choose from”.

2. UK Prime Minister Sir Keir Starmer warned that Europe needed to become more self-sufficient in defence at the end of a region-wide leaders’ gathering in Oxfordshire, where the prospect of a second Trump term and what it could mean for regional security was a key theme. Here’s what was discussed at yesterday’s European Political Community summit.

• War in Ukraine: Britain will target 11 more Russian-linked oil tankers with sanctions as part of a strategy that some of Ukraine’s western allies believe has proved effective.

• French politics: President Emmanuel Macron’s candidate for head of the National Assembly was re-elected yesterday despite his centrist alliance having fewer seats than the left.

3. Netflix added 8mn new subscribers in the second quarter thanks to hit shows such as Baby Reindeer and Bridgerton, lifting the streaming service’s revenue and earnings past Wall Street forecasts. But the company warned that new subscriber additions in the current quarter would be lower than a year ago. More details from its results yesterday.

4. Exclusive: The United Arab Emirates has signalled it is willing to join a multinational “stabilisation” mission for Gaza after the Israel-Hamas war, becoming the first nation to say it could deploy boots on the ground in the strip. The Gulf state told the Financial Times it could deploy its forces if the US provides a leadership role and supports steps towards a Palestinian state. Andrew England and Chloe Cornish have more from Abu Dhabi.

5. OpenAI has been in talks with semiconductor designers including Broadcom about developing a new chip, as the artificial intelligence company looks to ease its reliance on Nvidia. The talks are part of efforts spearheaded by the company’s co-founder and chief executive Sam Altman to beef up the supply of components and infrastructure required to run increasingly powerful AI models. Read the full story.

The Big Read

London was for many years regarded by US law firms as a jumping-off point to serve clients across Europe. But in recent years, a significant expansion of US private equity firms in the city has fuelled demand for legal support, helping the UK offices of American law firms become powerhouses in their own right. The influx of rivals from across the pond has had a profound effect on how Britain’s traditional “magic circle” law firms operate in areas such as recruitment, pay and working culture.

We’re also reading . . . 

• Class effects: New research shows even having a PhD isn’t enough to wash away class-based disadvantages, writes Soumaya Keynes.

• Gareth Southgate: Was the former England manager great, or just lucky? Easy routes through tournaments flatter his record, writes John Burn-Murdoch.

• Saudi Arabia: Riyadh has been rolling out the red carpet for foreign filmmakers, as it builds studios and offers incentives to develop the kingdom’s creative sector.

• Ursula von der Leyen: The European Commission president faces an uphill battle to deliver on a range of issues in her second term. Here are five key challenges.

Chart of the day

US and European airlines have embarked on a record-breaking summer of transatlantic flying, with nearly 418,000 flights scheduled from April to October. Airlines bosses have reported particularly strong demand from American travellers visiting Europe, buoyed by the strong dollar.

Take a break from the news

Mung bean Old Fashioned, anyone? People have been drinking their vegetables since at least the 1920s, when bartender Fernand “Pete” Petiot was said to have invented the Bloody Mary. Today, the options for a vegetable cocktail are becoming increasingly adventurous.

Additional contributions from Gordon Smith and Emily Goldberg