Profits also fell last year at world’s largest asset manager

For most 20-year outcomes, equities will certainly beat boring bonds, but there are many where they will lose

A new Fed facility?

FCA’s approval comes as the fast-fashion company faces major challenges from Trump’s tariffs

Plus more on valuing stocks in a crisis, and inflation

Chief executive says soaring coffee prices driven in part by speculation in the market

Trump’s tariffs were erratic and flawed but imbalances in the world economy are real

Mayhem threatens to erode the appeal of US investments — which could, perversely, help Trump get what he wants.

Sector ‘ideally positioned’ to take advantage of disruption to global supply chain

Analysts point to crisis of confidence in US currency amid chaotic rollout of Trump tariffs

Stock markets of Taiwan, Thailand and Vietnam deep in the red this year, despite rallying after reprieve on tariffs

Investors rush away from junk bonds and leveraged loans on rising recession fears

Scale of US levies on Chinese goods deepens recession fears

But trade war with China and tariffs on most US imports still risk great harm

Regular guidance from executives on the near-term path of profit just got more elusive

Countries queueing to negotiate with the White House have 90 days to strike a trade deal

PBoC has allowed weakening in ‘fixing’ rate for the onshore currency for six consecutive sessions

Swiss government and watchdog propose higher requirements for lender that rescued Credit Suisse

Swapsmageddon or a Basisclysm?

Sell-off in 10- and 30-year gilts prompts central bank’s decision to sell only shorter maturity bonds in April 14 auction