News

05 November – 09 November

05 November

Indonesia’s economy grew slightly faster than expected during the third quarter but exports looked set to exert an ongoing drag on the country’s economy in the year ahead.

Halloween has been and gone but Amazon’s plan to offer free shipping to all its US customers during the holiday season has spooked investors.

Mylan, the maker of the EpiPen, on Monday reported mixed quarterly financial results as weaker regional sales of the company’s flagship product weighed on revenue.

A fintech company that aims to open the controversial practice of securities lending to a much wider market of investors has begun targeting asset managers.

06 November

The Reserve Bank of Australia held rates again at its November meeting, in line with expectations.

Tobacco giant Imperial is betting on ecigarettes to drive sales as demand for traditional combustibles declines, with “next generation” alternatives expected to contribute to profits by the end of next year.

Ofgem has finalised the level of a price cap on energy bills which it said will save money for 11m customers on poor value tariffs.

Royal Bank of Scotland has become the first of the UK’s big high street lenders to open a standalone digital bank, with the launch of a new business-focused current account that will be run independently of its traditional brands.

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29 October – 02 November

29 October

Facebook shocked investors by warning of a slowdown in user and sales growth, and investors will hope this was just a bump in the road as the social media platform strives to hit its target of 3bn users.

Chinese equities slumped on Monday following data showing industrial profit growth slowed for a fifth consecutive month and as consumer stocks dropped on concerns over earnings.

Mexicans voted two-to-one in favour of scrapping a new $13bn Mexico City airport in a “people’s poll”, setting the stage for a decision that could undermine investor faith in president-elect Andrés Manuel López Obrador even before his government takes office.

Asia-Pacific equities struggled to hold onto early gains on Monday following sharp falls last week for global stocks as earnings outlooks for major US companies rattled sentiment.

30 October

Japan’s unemployment rate edged lower in September, coming in below estimates and at a four-month low.

A strong performance in Mexico and one-off gains from the sale of a business unit in Chile helped BBVA report a nearly 50 per cent rise in profits in the third quarter even as pressure remained on the group’s Turkish operations.

Volkswagen shares rose after the German carmaker beat expectations for the third quarter in spite of falling profits due to a Chinese slowdown and new testing regulations in Europe.

Shares in South Korean chipmakers rose in early trading on Tuesday after the US moved to block sales of key equipment to a Chinese competitor.

31 October

The Trans-Pacific Partnership will enter into force from December 30, marking a rare victory for global trade liberalisation, even as the US erects tariff barriers and steps up its trade war with China.

Air France-KLM’s run of good news has continued with a strong set of third quarter results, showing pre-tax profit up 7.3 per cent to €915m in the three months to the end of September.

Swiss chemicals group Clariant has reported a slowdown in sales and profits growth in the third quarter after demand for its products softened in China.

The Trans-Pacific Partnership will enter into force from December 30, marking a rare victory for global trade liberalisation, even as the US erects tariff barriers and steps up its trade war with China.

01 November

Apple is turning to traditional broadcasting to boost its streaming service, exploring a tie-up with iHeartMedia, the largest US radio group that is attempting to claw itself out of bankruptcy.

Credit Suisse reported a mixed set of third-quarter results, with revenue and net income missing expectations after a sharp fall in trading income, taking the shine off an almost 70 per cent surge in overall pre-tax profits

China’s manufacturing sector eked out mild growth in October as export sales declined for a seventh consecutive month, according to a private survey.

Chinese stocks rose on Thursday a day after Chinese Communist party leaders signalled a fresh round of stimulus measures, in a bid to shore up confidence as China’s economy faces headwinds from slower growth and the US-China trade war.

02 November

Around 2010 some China economy watchers began quipping about the “Wen Jiabao put option”, noting how China and its then-premier had replaced the “ Greenspan put”, named after the former US Federal Reserve chair, as the ultimate guarantor against market turmoil by enacting forceful stimulus at the first whiff of trouble.

European companies in China are suffering heightened security risks and greater expenses due to a requirement to use state-run telecoms companies to bypass the country’s “great firewall” of internet blocks, according to a business advocacy group.

Investors withdrew $36bn from bond funds in October, the biggest monthly net redemption in almost three years, as even exchange traded fixed-income funds succumbed to the global market turbulence.

Hong Kong stocks were on track for their best week since 2015 and Chinese equities rallied on Friday as signs of thawing US-China trade relations boosted sentiment.

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22 October – 26 October

22 October

The White House’s top economic adviser has accused Beijing of doing “nothing” to defuse trade tensions ahead of a likely meeting between Donald Trump and Xi Jinping at the G20 in Argentina next month, damping expectations of a truce in the economic warfare between the US and China.

Hasbro has blamed the bankruptcy of long-term customer Toys ‘R’ Us and the strong dollar for a sharp drop in sales and profits for the third quarter — news that sent its shares down 8.5 per cent in pre-market trading.

Italian bank shares rebounded strongly on Monday after four-straight weeks of declines knocked the sector to its lowest close since early last year.

Chinese stocks had their biggest one-day gain in almost three years on Monday, staging a dramatic rebound after Beijing made a concerted move last week to reassure investors and buoy markets following a steep sell-off.

23 October

Dyson is to build the first of its electric cars in Singapore, choosing the country over the UK and China to manufacture the product that the engineering brand hopes will come to define its business.

Transact, one of the UK’s largest online platforms used by financial advisers, warned of an “increasingly challenging market environment” and lower inflows over the last quarter of the year, echoing comments from DIY platform Hargreaves Lansdown.

Bloomsbury Publishing reported increased first-half profits and revenues on the back of strong sales from the fantasy author Sarah J Maas and the Harry Potter series, which last year celebrated its 20th anniversary.

Turkey’s lira tumbled by the most since the peak of the currency crisis earlier this summer after an apparent rift between President Recep Tayyip Erdogan’s Justice and Development party and one of its key allies raised the spectre of domestic political turbulence.

24 October

US industrial companies unnerved investors on Tuesday with reports of rising prices and costs for products ranging from earthmoving equipment to Post-it Notes, raising concerns about tariffs squeezing profits and adding to pressure on global inflation.

Saudi Arabia agreed to give support worth at least $6bn to Pakistan to help the south Asian country avert a balance of payments crisis, in a move that highlights Riyadh’s financial clout even as it struggles to emerge from a diplomatic imbroglio.

Lyft, the US ride-hailing company, has bought UK technology start-up Blue Vision Labs to boost its efforts in developing self-driving vehicles.

US stock markets are poised to continue their fall on Wednesday despite other parts of the world seeing modest rebounds.

25 October

Swiss engineering group ABB said a 9 per cent rise in third quarter orders showed its plans to revive sales expansion were on track, despite investor scepticism about global headwinds hitting the industrial sector.

Hyundai Motor has undershot market estimates for third-quarter earnings by a large margin as it struggles to revive sales in its main overseas markets, including the US and China.

The euro and the pound made tentative moves higher in morning dealings on Thursday as currency traders shifted their focus to the European Central Bank meeting.

The euro and the pound made tentative moves higher in morning dealings on Thursday as currency traders shifted their focus to the European Central Bank meeting.

26 October

To US farmers whose soyabean sales have slumped amid a trade war with China, an unlikely country is lending a hand: Iran.

Amazon and Google’s cooling growth knocked up to $100bn off the technology companies’ market capitalisation in after-hours trading on Thursday, as investors feared their strong runs on revenue could be wavering.

A strong dollar and sluggish sales growth drove a sharp drop in quarterly profits at Colgate-Palmolive and the world’s biggest toothpaste maker warned the sales pressure has carried through to the current quarter.

A widely watched measure of inflation expectations fell to its January lows on Thursday, as doubts about the strength of long-term growth in the US have emerged and oil prices have slumped.

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15 October – 19 October

15 October

Third quarter revenues at Bank of America came in just ahead of analysts’ estimates, growing 4 per cent to $22.8bn, thanks to a good performance from retail banking.

Shares in faux-Japanese clothing brand Superdry tumbled on Monday after the group warned on profits, blaming poor weather and foreign exchange costs.

Sears, the department store chain that once dominated the US retail landscape, filed for bankruptcy protection on Monday as it succumbed to a crushing debt burden and failure to adapt to upheaval in the industry.

The US economy faces a looming deceleration as tighter monetary policy starts to weigh on activity and ratchets up pressure on financial markets, according to the world’s biggest hedge fund.

16 October

Grocery delivery service Instacart has raised a $600m new war chest to help US supermarkets to go up against Amazon-owned Whole Foods.

Morgan Stanley’s growth in investment banking outshone Wall Street rivals in the third quarter, pushing revenues and profits past analysts’ expectations.

The Reserve Bank of Australia remained generally positive during its October policy meeting despite noting tighter lending standards by domestic banks amid an inquiry into the country’s scandal-ridden financial sector.

Asia-Pacific equities edged higher in a cautious start to trading after a late sell-off hit Wall Street on Monday.

17 October

Samsung Electronics is boosting its 5G networks business by purchasing Spanish network data analysis firm Zhilabs as the South Korean technology group tries to grab a bigger share of the next-generation telecoms equipment market.

Netflix shot past estimates for subscriber growth and earnings in the third quarter thanks to strong global growth, sending its shares surging after the close of trading on Tuesday.

Poland’s state-run energy company PGNiG has struck a 20-year deal to buy liquified natural gas from the US, as the country pushes to reduce its dependence on imports of Russian gas.

Having been on the back foot on the bad days, tech stocks are back on the front foot on the good days . . . like today. The sector is the top performer in the S&P 500, which itself is eyeing its second-biggest one-day advance this year.

18 October

Swiss drugmaker Novartis has announced a $2.1bn deal to acquire a US company specialising in targeted radio cancer treatments in its latest move away from high-volume drug production towards innovative and personalised medicines.

Oil prices declined for the second day in a row on Thursday, with investors still focused on a sharp build in American crude inventories.

Japan’s exports fell for the first time in close to two years in September, with shipments to major trading partners including both the US and China contracting as the Trump administration pushed for Tokyo to enter bilateral trade negotiations.

Brussels has approved a trade agreement with Vietnam in the latest sign of how the EU is trying to strike deals to fight a growing climate of protectionism.

19 October

Procter & Gamble on Friday unveiled a new round of price rises on products from toothpaste to deodorant, warning of relentless input cost pressure even as the US consumer products bellwether produced its biggest sales increase in five years.

Michelin suffered its worst stock market fall in eight years yesterday after the tyremaker cut its forecasts and said sales would slow.

Households in Ukraine will face higher natural gas tariffs in a move aimed at shoring up the stretched finances of the country and easing the concerns of international debt holders, the government announced on Friday.

US stocks extended their sell-off by mid-afternoon amid rising concerns about the US-China trade war, the prospect of further rate rises by the Fed and growing international furore at Saudi Arabia.

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08 October – 12 October

08 October

China’s stock markets slid on Monday despite the People’s Bank of China’s move to cut reserve requirement ratios for most commercial banks in a bid to shore up the economy following disappointing manufacturing data. Here’s how economists are assessing the move.

Revenues for asset managers across Asia-Pacific are on course to nearly double from $66bn to $112bn over the next five years, driven by reforms in China, ageing populations and rising wealth in emerging economies, according to a study by McKinsey, the consultancy.

Shares in the Hong Kong-listed healthcare unit of property developer China Evergrande sank by a fifth on Monday, following an announcement that electric vehicle start-up Faraday Future wants to back out of a deal to sell it a stake.

Matalan, the discount store operator, said full-price sales grew 3 per cent in the second quarter in a “volatile and challenging” environment and warned that the weaker pound would continue to cause it problems.

09 October

Risks are building in the global economy, with growth supported by increasingly unsustainable policies and global co-operation undermined by nationalist policies, the IMF warned on Tuesday.

It was another day to forget for emerging market investors. EM assets extended their losses on Monday as renewed concerns over China’s growth outlook rattled investors, whose risk appetites have already been sapped by the prospect of rising US interest rates.

Mandarin Oriental said it will close its Hong Kong waterfront hotel the Excelsior next year and undertake a $650m redevelopment of the site into a mixed-use commercial building following a strategic review.

Microsoft is investing in Grab as the US software company seeks to encourage the use of its technology among ride-hailing services around the world.

10 October

European environment ministers have agreed to cut car and van carbon dioxide emissions 35 per cent by 2030, opening the way to negotiate the final EU targets with the more ambitious European Parliament.

Commodity prices have been a tale of two markets this year. Industrial metals have borne the brunt of slowing global activity, while the oil price has soared. It is hard to believe that barely three years ago, it was languishing below $30 a barrel.

Shares in Chinese carmaker Geely jumped on Wednesday following reports that it is in talks with Daimler to launch ride-hailing services in China.

Burger King is in talks to open restaurants in sub-Saharan African countries, including Nigeria, as the US fast-food group accelerates its international expansion to better compete with rival McDonald’s.

11 October

Oil prices further retreated from their four-year highs on Wednesday as concerns over weaker global economic growth and the potential effect of Hurricane Michael on fuel demand kept traders on edge.

US stocks suffered their worst falls in more than eight months on Wednesday as shares of once high-flying technology stocks led a broad sell-off sparked by the recent jump in interest rates.

Japanese companies are stepping up plans to move businesses out of the UK, on the premise that their country’s tax authorities have granted a temporary amnesty on cross-border mergers between Britain and other EU countries ahead of Brexit.

LeasePlan, the private equity-backed car leasing group that announced plans to go public last week, has abruptly pulled its initial public offering citing “market conditions”.

12 October

Singapore’s economic growth slowed in the three months to the end of September as manufacturing growth decelerated, according to a preliminary reading.

Stock market volatility was back on the rise during afternoon trade on Thursday as equities continued to slide.

When growth proves hard to come by, the simple answer for many companies is to look to buy. The top end of the UK technology, media and telecoms sector has become a lonely place, with only the biggest names to choose from — but smaller players have proved more adept at scooping up rivals.

Lending growth continues to go missing at Wells Fargo. The bank’s revenues came in just ahead of expectations in the third quarter, and net income surpassed estimates, but earnings per share fell slightly short.

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01 October – 05 October

01 October

The Canadian dollar firmed to a four-month high on Monday after Canada reached an agreement to join a trilateral deal with the US and Mexico to overhaul Nafta.

Shurgard, the largest owner and operator of self-storage centres in Europe, said it would seek a market valuation of up to €2.4bn when it floats on Euronext Brussels this month after setting a price range for its shares of €23-28.

UK housebuilders Berkeley, Barratt and Taylor Wimpey were among the top 10 fallers on the FTSE 100 on Monday morning, after prime minister Theresa May announced plans to impose a new tax on foreign buyers of properties in Britain.

Italian bonds closed at their weakest point in four years despite efforts by the country’s finance minister Giovanni Tria to reassure investors, and Brussels, that the government’s public spending plans were sustainable after the announcement of his draft budget last week.

02 October

The car industry breathed a sigh of relief at Sunday night’s announcement of a revamped trade agreement between the US, Canada and Mexico. But if Donald Trump was hoping the deal would unlock new investment in US plants, he will be disappointed.

In the 1980s, Toyota famously turned down an offer from Beijing to set up a joint venture in China, choosing instead to produce cars in Taiwan. Snubbed by Japan’s largest carmaker, the Chinese government turned to German rival Volkswagen, which built on its strong presence in China to become the world’s largest car manufacturer.

Rite Aid’s proposed merger with Albertsons may be dead. But that isn’t stopping rival drugstore and supermarket chains from pursuing their own tie-ups.

Equities in Asia-Pacific had a mixed start to Tuesday following gains on Wall Street after the US and Canada agreed to a revamped Nafta deal, while oil prices hovered at a four-year high.

03 October

Australian building approvals fell in August, dragged by a decline in apartments and missing expectations for mild growth.

Honda and General Motors have struck a deal to team up in developing self-driving cars, creating the most powerful rival from the traditional automotive industry to technology upstarts led by Alphabet’s Waymo.

London-based private equity group Epiris has closed its first fund, having raised £821m to buy assets including Bonhams auction house and Time Inc’s UK business.

Italy’s economy minister has said the country will reduce its budget deficit from 2020 — a concession to Brussels before Rome sends its formal spending plan to the European Commission for approval this month.

04 October

PWhen Bahrain announced the discovery of an 80bn-barrel oilfieldin the spring — its biggest find since the 1930s — it was greeted with only cautious optimism by industry analysts.

UK engineering conglomerate Smiths Group said on Thursday it planned to buy United Flexible, an engineering solutions group, for an enterprise value of $345m.

Online sales helped drive first-half revenue growth at British fashion retailer Ted Baker but challenging high-street conditions hit profits and were likely to prevail throughout the second half of the year, the group said.

Emerging market currencies were lower in Asia on Thursday amid continued dollar strength after markets were buoyed by solid US economic data overnight.

05 October

After hitting a rough patch this summer, manufacturing orders in the eurozone’s largest economy rose by more than expected in August, according to new data released on Friday.

Tens of thousands of prescription drugs are freely available on the websites of two of China’s largest ecommerce companies, Alibaba and JD.com, with sellers taking advantage of a loophole to skirt regulations.

Womenswear retailer Quiz has issued a profit warning just over a year after floating, sending its shares down by a quarter.

A severe bond sell-off that began on Wall Street rippled out across global markets on Thursday, triggering the biggest US equity decline in nearly four months.

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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.

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17 September – 21 September

17 September

Mining shares and metal prices fell Monday after reports that President Donald Trump’s administration plans to unveil an additional $200bn in tariffs on the world’s largest commodity consumer.

Coffee producers are calling on leading companies including Nestlé, JAB Holdings and Starbucks to cover farmers’ costs as they struggle to make ends meet, with coffee prices tumbling to a 12-year low.

Coca-Cola is examining the market for cannabis-related products, adding further legitimacy to the nascent industry as decriminalisation of the drug spreads across North America.

Your daily cup of coffee is becoming cheaper thanks to political uncertainty in Brazil. Coffee prices are languishing at 12-year lows, dragged down by the weakness in the Brazilian real. The Latin American country is the world’s largest producer and exporter of coffee, and selling pressure on the futures price in New York has intensified alongside the real as Brazilians prepare to vote next month in the hotly contested presidential elections.

18 September

Donald Trump moved to slap a 10 per cent tariff on about $200bn worth of Chinese imports beginning next week and threatened to increase the rate to 25 per cent in 2019 if no deal was reached to ease trade tensions between the US and China.

RenaultNissan and Mitsubishi are to install technology into their cars that will allow motorists to use Google Maps, control music by speaking and even predict breakdowns.

Bank of Baroda, India’s third largest by assets, saw its shares drop almost 14 per cent on Tuesday after New Delhi announced plans to merge the country’s third-largest lender by assets with two smaller state-run banks.

Investors’ optimism about the global economic outlook has hit its lowest level for nearly seven years, according to a widely-watched survey which found that the decoupling between the US and the rest of the world is expected to continue.

19 September

The Bank of Japan kept interest rates unchanged at its September.

Chiltern Railways plans to run hybrid diesel and battery-powered trains from next year that it expects to improve reliability and shorten journey times on routes that may never be electrified because of rising costs.ing as the threat of a global trade war looms over the country’s exports.

Some of the world’s biggest consumer companies have submitted non-binding bids for GlaxoSmithKline’s nutrition business as competition intensifies to secure the company’s prized Horlicks malted drink brand ahead of an auction later this year.

Just over a year ago, Helen Alexander, a former president of the CBI, died at the age of 60. Alexander was a successful businesswoman in many fields. But she also believed passionately that the private sector should do more to build a fairer society.

20 September

Eurozone consumer confidence fell sharply in September to hit its lowest level in more than a year, in the latest sign of lingering weakness in the region’s economy.

Drinks group Diageo has warned that its full-year profits will be dented by the recent sell-off in emerging market currencies.

Rocket Internet, the Berlin-based tech investor, unveiled a €150m share buy-back programme on Thursday, in a move to make use of its €2.1bn cash pile.

When world leaders gather in New York for the United NationsGeneral Assembly next week, the contrast between the rhetoric of co-operation and the reality of division will be stark.

21 September

The Hong Kong dollar strengthened sharply on Friday ahead of next week’s US Federal Reserve meeting and an expected a rise in interest rates, putting downward pressure on prices in the world’s least affordable property market.

Uber is targeting the UK’s food delivery market with plans to link up with Deliveroo, the London-based food delivery app, in the latest sign of Big Tech investing in a British start-up.

Investors gave a firm “no” on Friday to India’s Yes Bank, which saw its shares nosedive as much as 34 per cent after the Reserve Bank of India ordered its chief executive to step down by the end of January 2019.

The Hong Kong dollar gained as much as 0.2 per cent against its US counterpart on Friday, a relatively minor move that nonetheless took it to the strongest level in half a year.

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10 September – 14 September

10 September

The US president’s initial tariffs, imposed on $50bn worth of Chinese exports in June, did not bring swift victory. Instead, they were met with Chinese retaliation. Now Mr Trump is preparing to impose tariffs on a further $200bn worth of imports from China, which will probably be met, once again, by a tit-for-tat response from Beijing. The world is on the very brink of a major trade war between the US and China, and it is unlikely to end quickly.

Chinese ride-hailing giant Didi Chuxing made a net loss of more than Rmb4bn ($580m) in the first half of the year, and is still paying out billions of dollars annually in subsidies two years after winning an expensive battle with Uber.

RPC Group, one of Europe’s largest plastic packaging manufacturers, said on Monday it is in talks with private equity about two potential buyout offers, as government environmental crackdowns have strained the industry.

Russia’s rouble weakened to more than Rbs70 per dollar for the first time in almost two-and-a-half years on Monday, as investors extended a sell-off in the currency fuelled by concerns over the independence of its central bank.

11 September

Mexico is open to moving ahead with a bilateral trade pact with the US if Canada cannot reach a deal on the North American Free Trade Agreement with the Trump administration, José Antonio González Anaya, the Mexican finance minister, has said.

Japanese chipmaker Renesas Electronics will buy US rival Integrated Device Technology for $7.2bn including debt to cement its position in the growing $38bn market for connected car technology.

Nike shares on Monday reclaimed the level they were at before investors dumped the sportswear maker for its decision to use Colin Kaepernick, the former football quarterback who sparked national debate for deciding to ‘take a knee’ during the US national anthem, as the face of its latest ad campaign.

A Canadian company has unearthed two large gold encrusted rocks at an underground mine in Western Australia, which geologists say amount to a “once in a century discovery”.

12 September

The government in Kiev can justifiably claim to have made more progress with structural reform in just four years than any administration since the country gained its independence in 1991.

Inditex, the owner of fashion brand Zara, reported an uptick in revenue and profits in the first half of of the year in spite of negative currency effects from a stronger euro.

Candriam, the European asset manager, plans to sell all of its holdings in thermal coal and tobacco producers as well as manufacturers of chemical and biological weapons amid growing demands on money managers to support environmentally friendly and socially beneficial investment strategies.

Russia and China pledged to stand together to fight Donald Trump’s attacks on their economies as the countries’ two presidents sought to deepen their new-found strategic friendship on Tuesday.

13 September

More than 60 per cent of US companies operating in China have been hurt by US and Chinese tariffs imposed on $50bn worth of exports from both countries, according to a survey by the US chambers of commerce in Beijing and Shanghai.

Blackstone has carried out one of the biggest private equity banking deals in the past decade as it agreed to pay €1bn to Nordea and DNB for 60 per cent of their joint lender in the Baltic region.

A year ago, Apple made a daring bet with the iPhone X: that customers would pay as much as $1,000 for a giant leap forward in smartphone technology.

The S&P 500 was struggling for direction at lunchtime on Wednesday as an initial jump in oil and gas stocks wore off and technology companies lagged.

14 September

The stellar ride asset prices have enjoyed since the demise of Lehman Brothers dominates the financial system. And the prospect of a reversal is rightfully worrying.

Norsk Hydro has pulled its €345m offer for Rio Tinto’s aluminium smelter in Iceland after opposition from European regulators.

Dalian Wanda has struck a deal to cut its stake in US cinema chain AMC Entertainment, as the troubled Chinese group continues a push to sell off assets in a bid to pay down overseas debt.

As the prospect of a legal marijuana industry across North America looms, retail and professional investors are proving to be enthusiastic buyers as they anticipate explosive growth for the sector.

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03 September – 07 September

03 September

Turkey’s central bank signalled it might be unable to maintain its much-criticised policy of keeping interest rates on hold after new data showed inflation rising to 17.9 per cent.

At the annual meeting of the World Nuclear Association this week in London, the mood will be mixed at best. There is some good news. Although the pace of development has slowed, the Chinese nuclear construction programme continues. Of the 53 nuclear new reactors under construction in 2017 globally, 20 were in China. Beijing’s commitment to building an industry with international reach is as strong as ever.

After years of struggling to stay afloat, the South Korean shipbuilding industry is preparing for the return of growth. As signs of a global recovery emerge, the country’s big three shipbuilders — Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries — have also cleaned up their balance sheets through tough restructuring.

Indonesia’s currency continued its weakening trend on Monday, hitting its lowest against the dollar in two decades and prompting the country’s central bank to intervene in the market.

04 September

Business confidence among manufacturers in Vietnam has fallen to its lowest in at least six years as fears of global trade flows, according to an industry survey.

Deutsche Bank is to drop out of Europe’s leading index of blue-chip companies this month, the latest setback for the group that before the financial crisis was one of the world’s largest lenders by assets.

Lego’s sales and profits continued to slide as a new chief executive at the world’s most profitable toymaker seeks to stabilise the privately owned company.

US stock futures drifted lower ahead of Tuesday’s open as traders return from the Labor Day holiday with an eye on the volatile global backdrop marked by trade tensions and market turmoil in Argentina and Turkey.

05 September

South African factories reported the sharpest decline in output in more than two years in August, adding further fuel to a sell-off in the rand a day after official data showed the country had slipped into recession.

Shares in UK bookmaker William Hill rose as much as 5 per cent in early trade on Wednesday after the group announced a nationwide partnership with US-based casino operator Eldorado Resorts, accelerating its push into the newly liberalised market.

Singapore and Malaysia on Wednesday signed an agreement to defer the high speed rail link connecting the two countries for almost two years, in what is a sharp reversal from Kuala Lumpur’s initial plans to cancel the project altogether.

China’s biggest bitcoin mining company Bitmain Technologies is hoping to raise up to $1bn in pre-IPO private funding even as the falling value of bitcoin has hit demand for its products and brought down prices.

06 September

Sweden’s central bank said on Thursday it plans to raise its main lending rate in either December or February, but said that core inflationary pressures remain “moderate”.

Taxify, a ride-hailing app backed by Daimler and Didi Chuxing, has become the third company to launch electric scooters in Paris, after US start-ups Bird and Lime entered the market earlier this summer.

Brussels has approved Apple’s purchase of music-recognition app Shazam without conditions, after an in-depth investigation.

Russia’s rouble joined the ranks of emerging market currencies descending to multiyear lows, with the currency hitting its weakest level since 2016.

07 September

The Australian dollar took a fall on Friday in the face of building downward pressure from concerns over the next round of escalation in the US-China trade war.

Activist investor Elliott Management has reignited a campaign to force Hyundai Motor, South Korea’s second largest conglomerate, to overhaul its corporate structure, paving the way for another showdown between the two adversaries.

Gambling software developer Playtech has sold its near 10 per cent holding in online trading site Plus500 a day after the site’s five founders disclosed plans for a share sale worth £145m at the same price.

Asia-Pacific stocks fared poorly on Friday amid persistent concerns about tariffs and emerging markets.

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