23 July – 27 July
China’s central bank injected Rmb502bn ($74bn) into its banking system on Monday to help fortify a weakening domestic economy against the impact of an escalating trade war with the US and growing friction with Washington over its falling currency.
The schism in global trade relations was laid bare at a meeting of G20 finance ministers and central bank governors in Argentina over the weekend, who warned that increasing trade tensions risk undermining the global economy.
Amazon shares sank on Monday as President Donald Trump again took aim at the ecommerce giant and hinted at the prospect of antitrust claims being brought against it.
State-owned China Tower Corporation will seek to raise up to $8.68bn in a Hong Kong initial public offering that is expected to be the largest flotation on the Asian stock exchange in several years.
The Turkish lira plunged on Tuesday after the central bank kept interest rates on hold despite soaring inflation, exacerbating fears about the country’s economic management following the re-election of President Recep Tayyip Erdogan earnings that were ahead of Wall Street expectations.
Japan’s manufacturing sector recorded its slowest growth in 20 months in July with business confidence also dipping, according to a preliminary gauge tracking the sector.
Treasury Wine Estates was the toast of the town on Tuesday after Australia’s industry group said the country’s wine exports grew at their fastest rate in 15 years last year amid strong demand from China.
Julian Dunkerton, the co-founder of successful casual clothing brand Superdry, has pocketed £71m by selling a large chunk of his shares in the business.
US futures were softer on Wednesday morning as investors continued to trudge through company earnings. The declines follow on from a weak day for European exchanges and as US president Donald Trump prepares for a meeting with European Commission president Jean-Claude Juncker that will focus heavily on trade.
German business expectations declined for the eighth month in a row in July even as the current assessment brightened, amid persistent concerns over the Washington-led trade battle, according to new data released on Wednesday.
In late May, a team of Qualcomm lawyers arrived in Beijing to seal a deal with Chinese competition regulators, optimistic that they would soon clear the last hurdle in the US semiconductor company’s proposed $44bn acquisition of the Dutch-owned NXP.
Pinduoduo surged in its debut on Thursday, giving the Tencent-backed Chinese shopping site a market value of nearly $30bn and making its founder, a former Google engineer, a wealthy man.
A weak quarter from Nokia, the telecoms equipment maker, has cast a shadow over an improved performance from Europe’s largest telecoms companies.
McDonald’s on Thursday said a key sales metric grew faster than expected in the second quarter as growth in its overseas markets moderated cooling US sales.
Racing to keep up with hyper-inflation which the International Monetary Fund (IMF) forecasts will hit 1,000,000 per cent this year, the Venezuelan government said it will knock five zeros off its currency, the bolívar — not the three it had previously planned.
Whether it is global trade tensions or rumblings of inflation in the US, the gold price has not been short of a catalyst in 2018. But with an almost 6 per cent drop this year, the metal has failed to catch a break.
Surging demand for data centre chips is driving the strongest growth at Intel for years, but Wall Street has its sights set further ahead. It worries about the continuing delays to an important technology shift at the company, the likelihood of tougher competition in the data centre market, and the margin-depressing effects of Intel’s push into new markets.
Amazon blew past Wall Street earnings forecasts as its diversification into higher-margin cloud computing and the dominance of its online retail business produced the first $2bn quarterly profit in its history.