Britain's new $4 billion aircraft carrier sprung a leak — again

• The HMS Queen Elizabeth returned to Portsmouth in southern England early after a leak was found during sea trials.
• A high-pressure seawater pipe reportedly ruptured, letting in more than 200 tons of water, though the cause remains unclear.
• Visit Business Insider’s homepage for more stories.

LONDON — Britain’s new aircraft carrier has returned to its base early after the warship developed a leak duringsea trials.

The 65,000-tonHMS Queen Elizabeth was due to return to its base at Portsmouth, southern England, later this week after five weeks of trials and training.

The trials were terminated when water flooded a compartment Tuesday on the £3.1 billion (US $3.9 billion) warship — the first of two carriers being built for the Royal Navy.

The cause of the leak is unclear, but one report said a high-pressure seawater pipe ruptured, letting in more than 200 tons of water.

The Ministry of Defence said it didn’t recognize the 200-ton figure. A spokesperson for the ministry described the leak as a “minor issue with an internal system.”

It’s the second time the warship has sprung a leak during trials. In late 2017, a shaft seal leak required the warship to return to base.

The warship is scheduled to leave for the East Coast of the United States later this year to beginoperational trials involving British F-35 fighter jets.

WWE Female Superstars To Headline Quibi Unscripted Series ‘Fight Like A Girl’

Jeffrey Katzenberg and Meg Whitman’s short-form video platform Quibi is entering the world of women’s wrestling with unscripted series Fight Like A Girl, toplined by WWE Superstars, from WWE Studios and Critical Content.

In each episode, Stephanie McMahon, Chief Brand Officer of WWE, pairs a WWE Superstar with a young woman struggling with a personal issue that has been holding her back. The WWE Superstars draw from their own life experiences, to help their trainees overcome obstacles and become tougher, stronger and healthier versions of their former selves inside and out. Shot at WWE’s Performance Center, Quibi says “each episode features a stunning transformation and heart-pounding reveal as the women change their lives forever.”

Fight Like A Girl is produced by WWE Studios and Critical Content for Quibi. Executive Producers are Stephanie McMahon, Susan Levison, Ben Zierten and Richard Lowell for WWE Studios, and Tom Forman, Jenny Daly and Jon Beyer for Critical Content.

Oil Futures End At 7-week High On Sharp Fall In Crude Supply

Crude oil prices rose sharply on Wednesday after official data showed a much larger than expected decline in U.S. crude stockpiles in the week ended July 5.

West Texas Intermediate Crude oil futures for August ended up $2.60, or about 4.5%, at $60.43 a barrel, a seven-week high.

On Tuesday, WTI crude oil futures for August ended up $0.17, or 0.3%, at $57.83 a barrel, recovering from a low of $57.29 a barrel.

Data released by Energy Information Administration (EIA) this morning showed U.S. crude stockpiles fell by 9.5 million barrels in the week ended July 5, nearly five times the expected drop. That was the fourth straight weekly decline in U.S. crude inventories.

The EIA report also said that gasoline inventories were down 1.5 million barrels in the week to July 5, higher than an expected fall of 1.3 million barrels.

Meanwhile, distillate stockpiles increased by 3.7 million barrels, beating forecasts for an increase of 0.74 million barrels.

On Tuesday, a report from the American Petroleum Institute (API) said crude oil inventories in the U.S. saw a decrease of 8.129 million barrels in the week ended July 5, compared to analyst expectations of a smaller 3.081 million barrel draw.

Traders were also digesting reports from the National Hurricane Center about the possibilities of a tropical disturbance becoming a storm later on Wednesday or Thursday. Major producers have reportedly evacuated rigs in the Gulf of Mexico.

European Economics Preview: UK Monthly GDP Data Due

Monthly GDP, industrial production and foreign trade reports are due from the UK on Wednesday, headlining a busy day for the European economic news.

At 1.00 am ET, Statistics Finland releases industrial production data for May.

At 2.00 am ET, consumer price data is due from Norway. Inflation is forecast to ease to 2.1 percent in June from 2.5 percent in May.

At 2.45 am ET, France’s Insee is scheduled to issue industrial production for May. Industrial output is expected to climb 0.3 percent on month, following a 0.4 percent rise in April.

At 4.00 am ET, Italy’s Istat publishes industrial production data for May. Economists forecast output to grow 0.2 percent on month, reversing a 0.7 percent fall in April.

At 4.30 am ET, the Office for National Statistics releases UK monthly GDP data, industrial production and foreign trade figures.

The UK economy is forecast to grow 0.3 percent on month in May, reversing a 0.4 percent fall in April. Economists forecast industrial output to grow 1.5 percent month-on-month in May in contrast to a 2.7 percent decrease in the previous month.

The UK visible trade deficit is seen widening to GBP 12.55 billion in May from GBP 12.11 billion in April.

Gold Settles Higher As Dollar Eases On Renewed Rate Cut Optimism

Gold prices rose on Wednesday as the dollar lost ground after Federal Reserve Chairman Jerome Powell’s testimony before the House Financial Services Committee reignited optimism about a potential rate cut by the Fed later this month.

Gold futures for August surged up $12, or about 0.9%, to $1,412.50 an ounce, the highest settlement in a week.

On Tuesday, gold futures for August edged up $0.50 to $1,400.50 an ounce, recovering from the day’s low of $1,387.50.

Silver futures for September ended up $0.079, at $15.226 an ounce, while copper futures for September settled at $2.6950 per pound, gaining $0.0690 for the session.

Powell told lawmakers that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank’s June meeting.

The Fed chief pointed out that increased uncertainties about the economic outlook and muted inflation pressures led the central bank to pledge after the June meeting to “act as appropriate to sustain the expansion.”

Powell noted that many meeting participants saw that the case for a somewhat more accommodative monetary policy had already strengthened.