Investors snapped up consumer staples such as Coca-Cola and Colgate-Palmolive amid concerns over a potential slowdown in the US economy. Abu Dhabi’s oil company Adnoc could offer €14.4bn for German chemical group Covestro, and the European Central Bank cut interest rates to 3.5 per cent. Plus, people in Los Angeles are encouraged to park their car obsession ahead of the 2028 Olympics, and amateur astronauts completed the first private spacewalk.

Investors pile into Coca-Cola and Colgate as recession fears grow

Abu Dhabi closes in on German group that helped ‘invent chemistry’

ECB cuts interest rates to 3.5%

Can LA end its love affair with cars?

Astronauts complete first private spacewalk

The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Peter Wells, Persis Love, Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

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