6:37 am, February 4, 2025
Wall Street falls as Trump imposes tariffs, but not as badly as feared
The threat of a punishing trade war sent Wall Street on a rollercoaster on Monday, with indexes initially falling sharply on worries about Donald Trump’s tariffs before paring their losses after Mexico said it had negotiated a one-month reprieve.
The S&P 500 ended up falling 0.8% after Asian and European indexes logged worse drops. The Dow Jones Industrial Average lost 122 points, or 0.3%, and the Nasdaq composite sank 1.2%.
The US stock market had been on track for a much worse loss at the start of trading on worries about how much pain US companies would feel because of the tariffs. The S&P 500 was briefly down nearly 2%, and the Dow dropped as many as 665 points.
AstraZeneca investment deal ‘didn’t add up for UK taxpayer’, says minister
A planned investment deal between the government and AstraZeneca is not going ahead because it did not ‘add up for the UK taxpayer’, science minister Sir Chris Bryant said.
He told MPs the government feels ‘regretful’ about the plan being ditched and ‘would prefer to have got this over the line’.
The pharmaceutical company cancelled a £45m investment in a vaccine manufacturing plant in Merseyside, saying Labour failed to match the previous government’s offer of support. The decision reverses an announcement made by then-chancellor Jeremy Hunt at last year’s March budget that would have seen the pharmaceutical company expand its existing facility in Speke.
Average cost of car insurance falls by £221 year-on-year
The average cost of car insurance premiums has dropped to £729, making it the cheapest monthly average since May 2023.
That’s a fall of £221 since December 2023, when figures were averaging £950, according to data from Compare the Market.
The comparison site says these are the lowest figures in 19 months when prices were averaging £718. The drop may be partly attributed to the stabilisation in the cost of claims for insurers as inflation slowed in recent months.
The markets
The FTSE 100 finished in the red on Monday after a turbulent day for markets, after US President Donald Trump imposed trade tariffs on Canada and China, but delayed similar measures for Mexico.
London’s blue-chip index dropped 90 points to finish the day at 8,583, or a 1% fall, marking its steepest one-day drop of 2025 so far. France’s Cac 40 closed 1.2% lower, and in Frankfurt the Dax was down 1.5%.
The pound bounced back from early falls against the US dollar, up about 0.6% at 1.239 dollars as markets were closing. It was 0.5% up against the euro at 1.206.
Police continue to question teenager over fatal stabbing at Sheffield school
Police are continuing to question a teenager after a 15-year-old boy died in a stabbing attack at a Sheffield school.
The victim, named in reports as Harvey Willgoose, was stabbed at All Saints Catholic High School in Granville Road in the city at about 12.17pm on Monday.
Officers and paramedics were called, but the teenager died shortly afterwards, police confirmed.
Starmer calls for deeper defence co-operation with European Union
Sir Keir Starmer urged Europe’s leaders to do more to counter Vladimir Putin’s attempts to sabotage vital undersea cables.
The prime minister told European Union counterparts there should be increased military co-operation and greater industrial collaboration to strengthen defence on the continent.
His comments came as Europe scrambled to consider how to respond to Donald Trump’s return to the White House.
Latest on Car Dealer
Big Motoring World sales executive set to avoid prison for killing colleague in horror crash
A Big Motoring World sales executive who killed his colleague in a horror 100mph crash with a 26-tonne truck has been told he is likely to escape jail. Judge Sarah Munro, KC, said that Ivan Zailac is likely to face ‘supervision order’, after being ruled unfit for trial last year.
Vauxhall MD James Taylor leaves British brand after 25 years of service
Vauxhall MD James Taylor is leaving after 25 years, with Stellantis UK chief Eurig Druce as interim replacement. Taylor, who has led the British brand since 2022, praised colleagues for transforming Vauxhall into an electric-first brand and wished them success.
Podcast: ‘Massively re-energised’: Derren Martin on shock Cap HPI exit and ‘exciting’ new venture
Derren Martin, former Cap HPI valuations director, joined the latest Car Dealer Podcast. He chatted about this exit from Cap HPI after 25 years following his brother’s death, and how he has launched Black and Gold Consulting which advises on residual values. With four clients, including a Chinese manufacturer, he feels re-energised by the career change and industry opportunities. Click the link above to listen.
Peugeot CEO Linda Jackson to retire as Stellantis shuffles senior management
Peugeot CEO Linda Jackson is retiring after 48 years in the car industry. Alain Favey will replace her as part of Stellantis’ restructuring. The changes also impact Jeep, DS Automobiles, and commercial vehicles, while Stellantis continues searching for a new CEO.
Used car auction house brings the hammer down on 30 years in the motor trade
Arrow Motor Auctions in Redditch has closed after 30 years in business. The final sale took place on January 22, with operations ceasing on January 31. The company thanked loyal customers for their support, having previously sold up to 200 vehicles weekly.
Used car sales off to slow start in 2025 due to bad weather – but footfall is expected to rise
Car supermarkets and franchised dealers saw slower sales in January 2025, with conversion rates down 11% and 13%, while independents rose 1%. Stock levels remained stable, and used car prices edged up 1% year-on-year. Bad weather contributed to the sluggish market.
Weather
Heavy rain for Scotland this morning, reports BBC Weather. Stretching from Scotland down to the south-east, this band on rain will push eastwards by midday. Dry in eastern parts; mild with temperatures up to 11 degrees.
The rain, now lighter, will continue its push eastwards tonight. Clear skies for most although Scotland will see wintry showers.
