Caroline Hepker

The European Parliament is moving closer to approving the EU's trade deal with the United States.

Senior lawmakers have agreed to back the deal ahead of a vote, but they've added a sunset clause to the pact, which would see it expire in March 2028,

in an effort to force the US to lower its 50% tariff on steel and aluminium products.

Months have passed since both sides agreed to dial down trade tensions, compromising on a 15% tariff on EU goods entering the United States.

The deal has faced a rocky path to approval in the European Parliament.

A vote is now expected on 24 February.

Shares in the London Stock Exchange Group jumped by more than 8% at the European Open following news that Elliott Management has built a significant stake in the firm.

It is not yet clear how large a stake the activist hedge fund has taken or the exact changes that it is pushing for.

Under UK rules, investors must disclose holdings of 3% or more in publicly traded companies.

The Financial Times earlier reported that Elliott has been engaging with ELSEG to help engineer an improvement in the group's performance.

Bloomberg LP, the parent of Bloomberg News, competes with ELSEG in providing financial data.

The U.S.

Commerce Secretary Howard Lutnick has also come under fire for his appearance in the files.

Lutnick said that he did visit Epstein's private island in 2012 after Epstein was convicted as a sex offender.

Here is an exchange between the Maryland Senator Chris Van Hollen and Lutnick.

Lutnick is facing calls to resign over his relationship with Epstein since the files show his ties to this disgraced financier were more extensive than he previously revealed.

The White House says President Trump has no plans to remove Lutnick from his post.

I'm Caroline Hepka and this is Bloomberg.

And I'm Caroline Hepker.

And in other news, the European Council president has told Bloomberg that the EU must review its powerful competition rules to boost the bloc's economy.