13 August – 17 August

13 August

Wall Street’s rebound ran out of steam by mid-morning amid lingering concerns of a financial crisis in Turkey and following media reports the FBI has fired Peter Strzok over anti-Trump text messages.

The euro is hovering around one-year lows against the dollar while the crisis in Turkish markets continues to stir concerns over contagion into the nearby currency bloc.

Use of a new electronic trading system for London’s specialist insurance market has jumped after Lloyd’s said it would force brokers and underwriters to use it.

MyDreamPlus Technology, a prominent competitor to WeWork in providing shared office space in China, has raised $120m from a group of investors including Hillhouse Capital, the Beijing and Hong Kong-based investment firm, and New York-based private equity firm General Atlantic.

14 August

Bitcoin slipped below $6,000 on Tuesday to its lowest in six weeks in a move echoed by other major cryptocurrencies.

As European stock markets bounced from their lows late on Monday, it was tempting to write off the global ramifications of Turkey’s currency crisis.

Shares in China Literature fell 17 per cent to a record low on Tuesday, a day after the Tencent-backed ebook company announced it was splashing out $2.3bn to buy a film and television production company.

The UK government has proposed measures to make it easier for council tenants to buy their homes through shared-ownership schemes, in a long-awaited green paper on social housing.

15 August

Shares in Asian gaming developers dropped on Wednesday amid renewed concerns over delays in licensing for new titles in China and ahead of earnings from Tencent, the Chinese tech giant behind top-grossing mobile video game Honour of Kings and which this week had to pull a promising new title from shelves.

Indonesia’s central bank has raised rates in a move that went against economists’ expectations but followed a sharp depreciation in the country’s currency.

The consolidation of the US shale oil industry is continuing with an agreed $9.2bn deal to combine Diamondback Energy and Energen, two of the largest exploration and production companies focused on the Permian Basin of Texas and New Mexico.

High hopes for the imminent start of legal marijuana sales in Canada were dimmed by news that one of the country’s largest provinces would delay the start of brick-and-mortar retail sales until next year, dinging shares of some of the companies that hope to capitalise on the country’s coming green rush.

16 August

Europe led a global retreat from the US Treasury market in June, as the region’s central bank plots a slow retreat away from it bond buying program.

Emerging markets tumbled by the most in six months on Wednesday and remained weak on Thursday, slumping into a bear market as investors were spooked by a commodity price rout, currency turmoil and disappointing results from one of China’s technology giants.

Hookers, Britain’s largest motor dealership, continued to weather the storm in a weaker UK car market with buoyant used car sales helping it to outperform the wider industry, despite a drop in overall profit.

Redcore, a Chinese start-up that claims to have produced a homegrown browser used by key government bodies and state-run companies, has come under fire after users discovered its software was heavily based on Google’s Chrome browser.

17 August

Thousands of blockchain and cryptocurrency projects sprung up at the beginning of 2018 as prices of digital assets such as bitcoin soared. Today, that bandwagon has slowed. A painful crypto bear market has begun and critics are increasingly raising questions over whether blockchain’s distributed ledger technology can deliver on its promises to revolutionise finance — as well as other industries.

Malaysia’s economy posted its slowest growth since late 2016 in the three months to end of June as the country’s mining and agriculture sectors contracted.

Economists, politicians and progressive think-tanks in the US have become increasingly concerned about superstar companies that are grabbing a swelling share of revenues while workers suffer from pedestrian wage growth.

Nvidia reported strong year-on-year revenue and profit growth in its second quarter thanks to its gaming and data centre businesses, but shares sank in after-hours trade as the graphics chip maker’s guidance for the current quarter fell short of market expectations.