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Good morning. Today we're talking about UK/US trade talks, WH Smith’s high street exit and Europe’s most valuable company.

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UK’s last minute trade talks

With the US poised to impose sweeping tariffs this week, the UK is bracing to potentially retaliate while simultaneously pursuing a trade deal. President Trump's planned 25% tariff on imported vehicles, coupled with broader reciprocal tariffs, has significantly strained UK-US trade negotiations. Initially optimistic about securing an exemption, the UK government now faces a challenging scenario. Downing Street sources confirm they are prepared to retaliate if necessary, arguing the UK maintains a relatively balanced trade relationship with the US, unlike other nations targeted by the tariffs. Trump's "Liberation Day" tariffs, aimed at addressing perceived unfair trade practices, are anticipated to disrupt car production, inflate prices and escalate tensions with key allies. Analysts warn these measures could trigger market instability, impacting businesses and consumers. While White House officials project $100bn revenue gains from the tariffs, the UK government remains focused on securing a trade agreement.

WH Smith’s high street exit

WH Smith is set to exit UK high streets, selling its 480 stores to private equity firm Modella Capital for £76m. The 233-year-old brand will disappear from town centres, rebranding as TGJones following the deal's expected completion in June. This move marks a significant shift for WH Smith, which will now focus exclusively on its lucrative travel division. Modella Capital, owner of crafting retailer Hobbycraft, is acquiring the high street business, including its online operations, which will also transition to the TGJones name. The decision stems from the high street division's struggle to maintain profitability amid declining town centre footfall, with 85% of WH Smith’s trading profit now derived from its travel stores. WH Smith will retain its brand for its nearly 1,300 travel outlets across the UK and 32 other countries, located in airports, train stations and hospitals. The company will also maintain its website for informational purposes, discontinuing online sales. The new TGJones brand, deliberately styled to echo WH Smith, aims to resonate with UK consumers while maintaining a sense of a familiar, family-owned business. This strategic divestment allows WH Smith to concentrate on its successful travel segment, reflecting the changing retail landscape and the company's adaptation to evolving market demands.

Europe’s new market leader

SAP has become Europe's most valuable public company, surpassing Danish pharmaceutical giant Novo Nordisk, fuelled by a 40% share price increase over the past year. This jump, culminating in a market value of €313bn, reflects SAP's successful transition towards cloud-based subscription services and the integration of artificial intelligence features. The German software company's ascent marks a significant turnaround for the German stock market, which has benefited from SAP's strong performance. Conversely, Novo Nordisk, previously a market leader driven by its blockbuster weight loss drugs Ozempic and Wegovy, has experienced a 40% stock decline as investors express concerns about its future product pipeline amidst increasing market competition. The shift highlights the dynamic nature of the European market, where technology and innovation are increasingly driving value. Notably, luxury conglomerate LVMH, which briefly held the top spot in late 2023, has also faced share declines due to concerns over luxury sector demand.

Elsewhere...

New high: Next has become only the fourth British company to make more than £1bn profit a year.

Closing up: Supermarket chain Morrisons is to shut 52 cafes and 17 convenience stores, putting hundreds of jobs at risk.

Car backlash: Tesla’s European sales dropped nearly 45% amid a row over CEO Elon Musk’s President Trump links.

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Number of the Day

22 hours

Length of a non-stop flight between Sydney, Australia and London, UK — a route that Qantas is aiming to fly in 2027. It would be the world’s longest direct flight.

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