09 July – 13 July

09 July

Dump tech, buy defensive. That’s the message from analysts at Morgan Stanley on Monday. The bank is bracing for a turn lower in the stock market and is recommending clients to shift away from the technology stocks that have helped drive US equities higher and move into more defensive sectors such as consumer staples, telecoms and utilities.

China is retreating from a policy that has channelled about $1tn in subsidies to homebuyers since 2016, a reversal that has sent tremors through the country’s residential property market amid broader concerns about a housing bubble.

Sportradar, a European sport technology group backed by US billionaire Mark Cuban and former basketball star Michael Jordan, has been valued at $2.4bn, in a deal with new investors designed to expand its reach in the US.

Tesla, the electric-vehicle company, has become one of the first US casualties in a mounting tariff war with China.

10 July

Just two years after telecoms consolidation appeared stymied by Brussels’ steely competition watchdog, European executives are again talking up the chances of mergers seen in the industry as key to investment in next generation mobile networks.

Fitch has upgraded Mongolia’s long-term debt rating in a sign the central Asian nation is getting to grips with its debt burden, just under two years after it went to the International Monetary Fund for a rescue loan.

Grab is opening up its platform to third-party developers and peers as part of efforts by the south-east Asian start-up to pivot from a ride-hailing app to a “one-stop shop”.

Online grocer Ocado has forecast higher costs and renewed losses as it ploughs money into its business of building robot-operated warehouses for other retailers.

11 July

Despite an upbeat trading day for stocks, futures were hit after the closing bell on Tuesday by a report that the US is preparing to release its list of an additional $200bn in Chinese goods it will hit with tariffs.

Turkish equities, bonds and the lira took a blow on Wednesday after a report that showed the country’s current account deficit rose for the third month in a row, underscoring growing imbalances in its economy.

Morgan Stanley is no stranger to bitter power struggles. One of the most dramatic regime changes ever seen on Wall Street took place at the bank in 2005 when John Mack seized the helm. It followed a bruising battle over the leadership of Phil Purcell, who had forced Mr Mack out four years earlier.

Pfizer has postponed price increases on 100 products following an extensive discussion with President Donald Trump, who had said the company should be “ashamed” of the move.

12 July

Asia-Pacific equities rose on Thursday after declining in the previous session on the latest development in the US-China trade spat, while oil prices steadied following the biggest one-day tumble in more than two years.

Donald Trump’s escalating trade war with China shook investors on Wednesday, as US multinationals warned its impact would outweigh the benefits of tax cuts and some Republicans voiced fears about the political fallout.

Weeks of unseasonably warm weather prompted a decline in footfall to the UK high street as consumers swapped shops for the beach, homewares retailers DFS Furniture and Dunelm warned on Thursday, compounding already challenging trading conditions.

Asos, the Aim-listed online fashion retailer whose market value now exceeds that of Marks and Spencer, said full year sales growth would be “towards the lower end” of a 25-30 per cent range.

13 July

Tech stocks were the winners on Thursday, with some of the market’s best-known names powering Wall Street higher and pushing the Nasdaq Composite to a record high close.

Iran has touted $50bn worth of potential Russian investments in its oil and gas sector as it seeks to deepen its relationship with Moscow, amid mounting pressure from the US to curb the country’s energy exports and diplomatically isolate Tehran.

McDonald’s shares fell on Thursday evening after two states said they were investigating whether the fast-food chain’s salads were linked to dozens of cases of foodborne illness.

MasterCard has apologised after an outage at the credit card company blocked payments for customers using its cards around the world only weeks after its main rival Visa was hit by technical problems.