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Business live
China and Australia cut interest rates; Greggs sales improve as Mac and Cheese goes viral
Live  
China and Australia cut interest rates; Greggs sales improve as Mac and Cheese goes viral
China cuts its benchmark lending rates for the first time since October, following Beijing’s sweeping monetary easing measures
Headlines
Politics  
EU reset deal puts Britain back on the world stage, says Keir Starmer
EU reset deal puts Britain back on the world stage, says Keir Starmer
Brexit  
UK cheesemaker welcomes new EU deal – but says it comes four years too late
From fishing to Erasmus  
What the UK’s deal with the EU will mean
Stocks  
JP Morgan chief warns of ‘complacency’ as markets look past credit downgrade
Australia  
RBA cuts interest rates to 3.85%
Post Office  
Horizon scandal IT victims offered compensation over name and address leak – report
Eurozone  
Growth forecasts cut amid uncertainty over Trump trade war
Airlines  
Ryanair to raise air fares after lower ticket prices hit profits
Trump tariffs  
Johnnie Walker owner Diageo says Trump tariffs could hit profits by $150m
Energy  
Bills in Great Britain could fall this summer but ‘crisis not over’
Food and drink  
Perrier owner scrutinised after France reportedly covered up illegal water filter treatment
23andMe  
Bankrupt DNA testing firm to be purchased for $256m
Today's agenda
China’s and Australia’s central banks have both cut interest rates to stimulate their economies and cushion the impact of US trade tariffs.

China cut its benchmark lending rates for the first time since October, following Beijing’s sweeping monetary easing measures. The People’s Bank of China reduced the one-year loan prime rate by 10 basis points to 3.0%, and the five-year loan prime rate was cut by the same amount to 3.5%.

The lending rate cut was announced just after five of China‘s biggest state-owned banks trimmed their deposit interest rates. Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Bank of China reduced their deposit rates by 5-25bps.

Global investment banks have upped their forecasts for China’s economic growth this year, after Beijing and Washington agreed to a 90-day pause on tariffs, despite ongoing uncertainty around the trade negotiations.

China’s president Xi Jinping called for continuous efforts to build a stronger manufacturing industry, the official Xinhua news agency reported. Xi stressed the need for the country to be self-reliant and to master key technologies, as he visited a bearings manufacturer in China’s central Henan province.

Marco Sun, chief financial market analyst at MUFG Bank, said the rate cuts were aimed at boosting credit lending and stimulating consumption. "The central bank is likely to switch to a wait-and-see approach in coming months unless external geopolitical risks deteriorate enough to extinguish hopes that the economy can stabilise."

The Shanghai and Shenzhen exchanges rose by 0.4% and 0.8%, while the Australian stock market advanced by 0.6% and Japan’s Nikkei was little changed.

The Reserve Bank of Australia cut its cash rate by 25bps to a two-year low of 3.85% at its May meeting, the first rate cut since January. The Australian dollar fell after the decision was announced. The central bank said: "Inflation is in the target band and upside risks appear to have diminished as international developments are expected to weigh on the economy.The board assesses that this move will make monetary policy somewhat less restrictive. It nevertheless remains cautious about the outlook."

Britain’s biggest bakery chain, Greggs, said sales growth picked up in the past six months, as its newly launched Mac and Cheese went viral on TikTok.

The company, famous for its sausage rolls and vegan alternatives, said like-for-like sales (at outlets open at least a year) rose by 2.9% in the first 20 weeks of 2025. In the first nine weeks sales had disappointed with a 1.9% rise, its worst performance since the pandemic, for which it blamed bad weather and a tough macroeconomic backdrop.

After an initial trial last year, its made-to-order range, including chicken burgers, wraps and fish finger sandwiches is now sold in more than 300 shops across the country.

Greggs opened 66 new shops, which means it now has 2,638 outlets, as it aims to launch up to 150 over the year.

The agenda
• 9am BST: Bank of England chief economist Huw Pill speech
• 10am BST: Eurozone construction output for March

We'll be tracking all the main events throughout the day …
Nils Pratley on finance
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Tariffs are clearer at Diageo – not much else is
Opinion
Economics  
Reeves hopes hat-trick of deals shows Britain is open for business
Reeves hopes hat-trick of deals shows Britain is open for business
Editorial  
The Guardian view on the EU trade deal: a rational step forward
Explainer  
How to protect your data after a cyber-attack
Media
TV  
Gary Lineker to leave BBC on Sunday without payoff after antisemitism apology
Gary Lineker to leave BBC on Sunday without payoff after antisemitism apology
US  
Chief executive of CBS News stepping down amid tense Trump legal battle
Spotlight
Will Labour’s shake-up really fix Great Britain’s ailing railways?
Transport  
Will Labour’s shake-up really fix Great Britain’s ailing railways?
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