07 – 11 May

07 May

Each of Alfonso Rossi’s pesos was worth a dollar 16 years ago. After the Argentine currency’s stumble over the past fortnight, each is now worth less than 5 cents.

The euro slipped against the US dollar on Monday, hitting its lowest level of 2018, with analysts focused on a slate of patchy economic data that have contrasted with the more robust readings from America.

Nissan is to phase out diesel from its cars in Europe, becoming the latest carmaker to shun the scandal-tainted fuel source.

Elliott Management, Paul Singer’s activist hedge fund, has made an offer to acquire Athenahealth, an American electronic medical records company, for about $7bn in one of its largest attempted takeovers to date.

08 May

Chinese exports rebounded in April with imports coming in higher than forecast as talks to avert a trade war between Beijing and Washington continue.

Italian assets are being hit by a brisk sell-off, with the growing prospect of a second general election within months leaving Milan stocks looking distinctly out of fashion with investors and the country’s bond yields rising.

Add Tyson Foods to the list of American companies struggling with rising cost pressures.

Shire’s board has unanimously recommended its shareholders accept a takeover offer from Japanese group Takeda that values the company’s equity at about £46bn and adds to a wave of acquisitions in the pharma industry.

09 May

Japan’s wage data for March came in well ahead of expectations on Wednesday with the strongest increase in earnings since 2003.

Oil prices trimmed earlier losses after President Donald Trump pulled the US out of the landmark nuclear deal with Iran, vowing to re-impose sanctions on Tehran and defying pleas from allies for the agreement to be preserved.

Perhaps Mike Coupe’s now famous rendition of “We’re in the Money” was a prediction, rather than a reaction. Four days after announcing a proposed takeover of Asda that sent the group’s stock price soaring, the Sainsbury’s chief executive and colleagues exercised option awards over £4.5m worth of shares.

Japanese human resource company Recruit Holdings said on Wednesday it had agreed to buy San Francisco-based employer review website Glassdoor for $1.2bn in cash.

10 May

Britain’s building and manufacturing sectors both contracted in March, according to official statistics, providing more evidence that the economy has made a weak start to 2018.

China credit spreads hit their widest level in nearly two years this week following new regulations that undermined long-held assumptions about implicit guarantees on debt linked to local governments.

Citadel, a $28bn hedge fund titan, last year traded enough natural gas to meet more than a month of US residential demand, becoming an unusual force in a market dominated by merchants, energy producers and utilities.

Rupert Murdoch’s 21st Century Fox said its revenues fell less than feared in its fiscal third quarter despite strength in its cable network programming, as attention remains focused on the company’s deal with Walt Disney.

11 May

The investor withdrawal from emerging markets accelerated over the past week, with equity funds suffering their worst outflows in nearly a year and bond funds losing money for a third week running — the longest streak of withdrawals since late 2016.

Asia-Pacific equities were mostly buoyant on Friday, tracking a positive lead from Wall Street and following the announcement that a summit between the US president and the North Korean leader will take place in Singapore in June.

Apple has scrapped plans to build an €850m data centre in Ireland in a blow to the country’s efforts to attract global tech investment.

The UK is suffering from a “pothole epidemic”, with cavities in the road causing a boom in insurance claims. According to the AA, there were about 4,200 pothole-related insurance claims between January and April, a 171 per cent increase on the same period last year. At an average of £1,000 per claim, that adds up to a £4.2m bill for insurers.