In BIG PICTURE NEWS,Trump and Powell spar, the ECB keeps rates on hold, the EU fails in trade with the US, Germany tries to make conscription attractive and a UK-India trade deal is announced. In BUSINESS TRENDS NEWS, we see a vibe shift in M&A, corporate America takes Trump's tab, UK firms cut staff, farms close in bigger numbers, Wickes sees an uptick and consumer confidence wanes. In TMT NEWS, Nvidia's chips get smuggled into China, Intel announces big layoffs, ITV announces a load of cost-cutting and Liberty Global has a clear out. In MISCELLANEOUS NEWS, Tesla weakens, Puma is downbeat, Reckitt Benckiser is upbeat and LVMH suffers. AND FINALLY, I bring you a magic word - and it's not "abracadabra"...