24 September – 28 September

24 September

According to recent surveys, investors say the biggest risk they see is the trade war. Generally, financial markets do not reflect this, perhaps because the economic impact so far is not that big, and the earnings and revenue effects even less. Yet, investors are right to focus on the trade war, which will have implications for the global economy and markets, and no less trenchant repercussions on China.

Increasing regulatory scrutiny, Brexit-related costs, rising bad loan provisions and low interest rates are poised to dent European banks’ profitability by 40 per cent over the next five years, according to a new study by German banking consultancy Zeb.

Satellite radio group SiriusXM has agreed to purchase internet music service Pandora Media in an all stock deal valued at $3.5bn.

A sharp drop for Comcast shares cast a pall over the launch of the S&P 500 communication services sector in an otherwise smooth debut.

25 September

Net short positions in US Treasuries are running at new record levels. Indeed, this must surely be one of the most crowded trades, perhaps the most crowded trade, in global markets. That would normally be a very good reason to question the underlying logic. But on this occasion I suspect the conventional wisdom might just be right.

A US digital bank backed by Spain’s BBVA is offering to pay 2.02 per cent for on-demand savings in a move likely to heap further pressure on larger banks to increase their deposit rates.

Ascena Retail reported its first quarterly rise in a key sales metric for the first time since 2015, and decided to reinstate full-year guidance as it delivered earnings ahead of market forecasts in the fourth quarter.

Geopolitical tensions have reduced investor appetite for initial public offerings, with the number of companies listing on stock exchanges globally dropping a fifth compared with last year, according to advisory firm EY.

26 September

An escalation of the global trade war to engulf the US and all its major trading partners would hurt America much more than the rest of the world, economists at the European Central Bank have warned.

Chinese state-owned enterprises have nationalised at least 10 privately owned groups this year, prompting warnings that the trend risks sucking the vitality out of China’s economy.

The Football Association has agreed terms for a £600m sale of Wembley Stadium to Pakistani-American billionaire Shahid Khan, but doubts have emerged over whether the deal will survive a critical vote within English football’s governing body.

Argentina assets rallied after falling sharply on the news that the country’s central bank chief had resigned after just three months on the job.

27 September

Pessimism in France and Spain dragged down economic sentiment across the eurozone, according to official statistics published on Thursday, as a drop in confidence among consumers and industry outweighed a more optimistic outlook from the retail trade and construction sector.

Luckin Coffee, a Chinese chain that has become the country’s first coffee shop valued at $1bn, says it is not worried about profits as it moves to challenge US rival Starbucks’ dominant position in the country’s fast-growing market.

Indian start-up Oyo Rooms is to put $600m from new funding towards a drive to become the largest hotel chain in China, its founder said, after a $1bn cash injection that made it one of Asia’s most valuable unlisted tech companies.

Gold lost some of its shine on Wednesday, finding little support among buyers after the Federal Reserve raised interest rates and sounded a bullish outlook on economic growth for this year and next.

28 September

Global bond funds have suffered their sharpest outflows in more than half-a-year, as investors girding themselves for a more hawkish posture from the Federal Reserve and the European Central Bank triggered a small squall in debt markets.

The US government is working to stop Chinese telecoms company Huawei from building a major internet infrastructure project in Papua New Guinea, in the latest pushback by western powers against Beijing’s growing influence in the region.

Hong Kong house prices declined for the first time in 29 months in August as rising interest rates piled pressure on the world’s least affordable property market.

Asia-Pacific stocks got off to a strong start on Friday despite a lukewarm lead-in from Wall Street, as energy equities got a boost from oil price gains overnight and after local currencies lost ground to the dollar.