James Woolcock

Labour has also suffered early losses to the Greens, with expectations of further defeats in councils that begin counting later this morning.

With growing expectation within Westminster, the results could determine Keir Starmer's future as party leader.

The results could also accelerate the end of a system of two-party politics in the UK.

YouGov's Patrick English discusses the counts.

That was Patrick English, YouGov's head of elections and political and social data.

The results of Scottish and Welsh Parliament elections will be announced later today.

The U.S.

Court of International Trade has ruled against President Donald Trump's latest 10% global tariffs.

A three-judge panel granted a request by a group of small businesses and two dozen mostly Democrat-led states to invalidate the levies he imposed in February.

However, the court made clear that for now, the injunction only blocks tariffs against Washington state and the two companies that sued.

It's a fresh blow to the U.S.

President's economic agenda just months after the Supreme Court struck down previous duties.

Now, Commerzbank has announced plans to cut 3,000 jobs as it raises its profit outlook for the year.

The German lender now expects profits of at least €3.4 billion, an increase of €200 million on its previous forecast.

It also sets out new mid-term targets, including staff reductions that it says will help double profit by 2030 and deliver a net return on tangible equity of around 21%.

The update comes as Bettina Orlopp steps up her defence against a hostile takeover attempt by Unicredit.

That's news when you want it.

With Bloomberg News Now, I'm James Walcock.

The hope starts in May.

Last year, first quarter GDP came in at 0.7%.