A fifth of California homes are investor-owned as state’s affordability crisis deepens – report

New figures show that the Golden state’s rate of investor-owned homes is 19%, with mountain regions up to 83%

The Guardian view on global inequality: the rising tide that leaves most boats behind

Editorial: The world’s assets are piling up in the hands of the few as growth is built on widening gaps. That’s not just unfair – it’s economically unsustainable

European Central Bank leaves interest rates unchanged despite trade war uncertainty – as it happened

Live, rolling coverage of business, economics and financial markets as policy rate left at 2%

European Central Bank keeps interest rates on hold despite sluggish growth

Central bank shuns calls to reduce borrowing costs as higher US tariffs loom

UK firms cutting staff at fastest pace since February as economy struggles

Headcounts being reduced in response to higher taxes and uncertainty over US tariff threats, PMI survey shows

Lloyds boss warns Reeves against hiking taxes on banks as profits rise 17%

Charlie Nunn says higher taxation would be inconsistent with chancellor’s drive for growth

Donald Trump will add to pressure on Jerome Powell with visit to Federal Reserve

The US president and the central bank have clashed over a $2.5bn renovation and its ongoing refusal to cut interest rates

EU and US nearing trade deal that would put 15% tariffs on imports from bloc

Rate would apply to most goods but bloc still hardening retaliatory measures in case Trump does not agree deal

Markets rally after Trump announces tariff deal with Japan

US president says Japanese imports will face 15% levy instead of threatened 25%, prompting reports of a similar deal with the EU

Help wanted: Reeves seeks heavyweight economic advisers as budget looms

Chancellor under pressure to recruit new experts as John Van Reenen and Anna Valero return to academia

Two City traders win appeals against rate rigging convictions after ‘Kafkaesque nightmare’ – as it happened

Tom Hayes and Carlo Palombo have convictions for rigging benchmark interest rates quashed by Supreme Court

UK borrowing rises more than expected, putting pressure on Rachel Reeves

June figure of £20.7bn comes as chancellor prepares for autumn budget where she may have to impose tax rises

Rachel Reeves vows to stick to fiscal rules and declines to rule out wealth tax – as it happened

Rolling coverage of the latest economic and financial news, as chancellor Rachel Reeves testifies to House of Lords economic affairs committee

Rachel Reeves faces gloomy autumn after borrowing overshoots

Very tough budget looms as interest rate costs on bonds drive June figure to second-highest on record

Ofwat to be abolished as government takes forward five recommendations to address water’s ‘Great Stink moment’ – as it happened

England and Wales’s water industry requires ‘fundamental reform’ to address the problems that have dogged the sector, Independent Water Commission says