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Good morning from the Financial Times. Today is Monday, August 4th, and this is your FD News briefing.

Financial markets are digesting uncomfortable data about the U.S. economy, and the boom years

may be over for luxury brands. Plus, U.S. President Donald Trump's tariffs on Brazil

aren't just about trade. He's imposed much higher tariffs than he has on other countries,

and he's tied them to specifically political demands.

I'm Jess Smith, and here's the news you need to start your day. A lot changed on Friday for financial markets.

New U.S. economic data showed a different picture than the one investors have seen so far.

It's one of slowing jobs growth and warming inflation. To talk about what this means,

I'm joined by the FTs U.S. financial commentator Rob Armstrong. He also co-hosts the FTs

unhedged podcast. Hi, Rob. Hi, how are you? I'm doing well, thanks. So, Rob, can you remind us

what happened on Friday after this new data came out?

I mean, how did markets react? Both the bond and the stock markets responded strongly.

So bond prices rose, meaning bond yields went down in anticipation that the weaker labor market would spur the Federal Reserve to cut interest rates.

And the S&P 500, for example, on the stock side fell by 1.6%.

...