Victor Yang Xueliang (L), senior vice president of Geely Holding Group (L) and Jim Baumbick, president at Ford of Europe, hold a joint press conference at the Ford factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)

LONDON, ENGLAND - JULY 23: Conservative Leader Kemi Badenoch gives a speech at IET (Institute of Engineering and Technology) on July 23, 2026 in London, England. Conservative Leader Kemi Badenoch is demanding that the new Labour Prime Minister, Andy Burnham, explicitly rule out tax rises to fund what she calls a "spending spree". Since Burnham took office he has has introduced a flurry of immediate "cost of living" measures including scrapping the 5% VAT on domestic electricity bills, bringing back the £2 maximum bus fare cap and Introducing a 20% cut in business rates for pubs, clubs, and live music venues. (Photo by Dan Kitwood/Getty Images)

(FILES) European Central Bank (ECB) President Christine Lagarde addresses a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on April 30, 2026. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

(FILES) The European Central Bank (ECB) headquarters is pictured in Frankfurt am Main, western Germany, on December 18, 2025, prior to the meeting on the Eurozone's monetary policy,. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

(FILES) Flags of the European Union flutter in front of the headquarters of the European Central Bank (ECB) in Frankfurt am Main, western Germany, on December 12, 2024, prior to the bank's press conference on monetary policy in the eurozone. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

(FILES) A visitor walks past a giant Euro sign inside the headquarters of the European Central Bank (ECB) in Frankfurt am Main, western Germany, on June 11, 2026, ahead of the bank's meeting on the Eurozone's monetary policy. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

(FILES) The headquarters of the European Central Bank ECB are pictured prior to celebrations to mark the bank's 25th anniversary in Frankfurt am Main, western Germany on May 24, 2023. (Photo by Daniel ROLAND / AFP via Getty Images)

(FILES) The sign posting on the STMicroelectronics headquarters in Paris on October 9, 2017. The share price of the French-Italian semiconductor manufacturer STMicroelectronics fell by more than 15% at the opening of the Paris Stock Exchange on July 23, 2026, following the publication of its half-year results. (Photo by ERIC PIERMONT / AFP via Getty Images)