News

26  December – 30 December

26 December

HSBC is apparently getting close to identifying the chairman it wants as a replacement for Douglas Flint, who plans to retire in 2017. Is it possible that the lender will become a rarity among big global banks and choose a woman for the role?

Over the past year, technology and sharing economy start-ups have continued their disruption of traditional industries — from Uber and other ride hailers’ shake-up of the taxi market to Airbnb’s myriad alternatives to conventional hotel stays.

Look down to the very bottom on the Bloomberg list of estimates for US economic growth next year and you will find John Dunham. The Brooklyn-based economist stands alone in a survey that includes 89 of his peers in projecting a fall in American output next year.

Last week Dear Evan Hansen became the seventh new Broadway show of 2016 to pull in more than $1m at the box office in a single week, at the end of a year in which New York’s theatre takings have so far been roughly flat at $1.34bn.

27 December

President Mauricio Macri has appointed a fiscal hawk as treasury minister as part of his first major cabinet reshuffle in an effort to reinvigorate Argentina’s tepid economic growth.

Chinese technology group Tencent has bought a stake in a German-owned mapping company in an attempt to win market share from Baidu and Alibaba, as the three gear up to compete for driverless cars’ navigation systems.

Like festive shoppers scrambling for last-minute stocking fillers, two of Europe’s biggest oil groups spent the days before Christmas on a $6bn spending spree.

Royal Bank of Scotland is considering plans to restructure the maximum amount its chief executive Ross McEwan and other senior executives can earn under their long-term pay awards as well as forcing them to hold more shares in the part-nationalised lender.

28 December

Mexico’s government has announced the biggest increases in petrol prices in almost two decades in a move that risks a backlash against its efforts to liberalise the country’s energy market.

Like cats in popular folk wisdom, globalisation appears to have many lives. The integration of markets in goods, services and capital that accelerated in the 1990s with the fall of communism and the rise of China has been written off many times, notably during the global financial crisis. Yet it has survived.

Italy is planning to inject around €6.5bn into Monte dei Paschi di Siena, officials said on Tuesday, after the European Central Bank estimated that the country’s third-largest bank had a larger capital shortfall than was thought.

BP has made its biggest downstream acquisition since 2001, spending almost $1.3bn on 527 fuel stations in Australia, in the latest of a string of deals announced by the oil group before the end of the year.

29 December

Optimism among the UK’s largest businesses reached an 18-month high at the end of 2016, as concerns about the short-term effects of the Brexit vote and worries about the global economy receded.

Japan plans to duck new UN rules on accounting for public pension liabilities while recognising pension assets in a way that will obscure the size of its huge public debt.

On October 17, every employee at Dentsu — Japan’s biggest advertising agency and arguably the country’s most influential company — received the same, catastrophic-sounding message from the company’s president, Tadashi Ishii.

The London insurance market, the largest in the world, is predicting a surge in companies and individuals taking out policies against cyber attacks in 2017 after a 50 per cent rise this year.

30 December

The euro is on course to hit parity with the dollar for the first time in more than 14 years, helping the eurozone maintain its recovery by making exports more competitive, according to a Financial Times poll of economists.

In 2016, the economy became even more intertwined than usual with politics. British voters decided that a prolonged period of uncertainty over Brexit should follow the financial crisis of 2007-09 and weak recovery. But political upheavals were not restricted to the UK. This reality must shape any assessment of the economy in 2017.

US mortgage lenders are heading for the quietest year for refinancings since 2000 as rising interest rates are expected to turn some borrowers off the deals, hitting what has been an important source of revenue for the industry.

The chief executive of AstraZeneca has warned that protracted negotiations between drugmakers and the NHS are denying UK patients access to life-saving treatments, including the latest generation of cancer therapies already available in the US and other parts of Europe.

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19  December – 23 December

19 December

The head of the International Monetary Fund has welcomed the Ukrainian government’s decision to nationalise its biggest bank, marking the intervention as an “important step” in securing financial stability in the war-ravaged economy.

Ireland has outlined the grounds for its appeal against the European Commission’s demand that it claw back €13bn of state aid from Apple, accusing Brussels of interfering with national sovereignty. The Irish finance ministry said the EU’s executive arm had misunderstood both Irish law and the relevant facts of the case, and also that the commission had exceeded its powers.

US industrial group Praxair and Germany’s Linde are set to announce preliminary terms of their $65bn merger as early as Wednesday in a deal that will create the world’s largest supplier of industrial gas, four people familiar with the talks said.

A US drugmaker has put a price tag of more than $800 on a pinworm treatment — 200 times more expensive than the equivalent medicine on British pharmacy shelves, in the latest example of “price gouging” in the world’s largest healthcare market.

20 December

The Bank of Japan has kept monetary policy steady at its final meeting for the year and remained upbeat about the economic outlook.

Nigeria was fortunate in the first half of this decade. Gross domestic product increased from $412bn in 2011 to $568bn in 2015 and GDP per capita more than doubled from about $1,500 to $3,100. This is made all the more impressive by the fact that the population increased by about 10 per cent in the same period.

Do not let your stock price go down. This plain admonition comes from a lawyer involved in longstanding litigation at Zynga, the once high-flying mobile game maker known for its viral hit, FarmVille.
Volkswagen Canada has agreed to pay up to C$2.1bn ($1.6bn) to buy back or fix more than 100,000 cars equipped with test-cheating software — making Canada the second most expensive country after the US for VW’s global diesel scandal.

21 December

Keep on keeping on. A measure of consumer confidence in the eurozone gained further momentum in December, jumping 1.1 points to its highest level since April 2015 at -5.1.

Yoghurt troubles continue to sour sales and profits at General Mills. The food giant saw its shares slide 3.5 per cent on Tuesday after it announced quarterly earnings that missed Wall Street’s estimates, as demand for its Yoplait yoghurt slumped.

Producer prices in the eurozone’s second largest economy remained in deflation in November but showed encouraging signs of an inflationary uptick on the back of rising energy costs.

Nike posted better-than-expected profits and sales thanks in part to strong overseas businesses in western Europe, China and emerging markets despite battling headwinds from a strong US dollar.

22 December

Pigging out. Import prices faced by German manufacturers have surged to their highest level since 2012, helped up by a bumper rise in pork prices, in another encouraging signs of growing inflationary momentum in Europe’s largest economy.

Consumer spending growth narrowly missed expectations in November as income gains unexpectedly stalled, highlighting the US economy’s still patchy nature.

Dong Energy, the world’s biggest operator of offshore wind farms, has raised its profit guidance after agreeing to sell half of a UK project to Australian investment bank Macquarie in a deal worth £1.6bn.

Aer Lingus and Ryanair face a combined bill of at least €16m after the European Court of Justice on Wednesday ruled that they had benefited from illegal state aid.

23 December

German consumers are feeling upbeat heading into the new year, reporting rising income expectations, indicating a pick-up in economic growth in Europe’s largest economy.

The Swiss economy is likely to stick on its current trajectory, judging from the latest reading of the KOF economic barometer.

Unite, the UK’s biggest trade union, called off threatened Christmas strike action by its members for the second time this week, suspending a planned walkout by some British Airways cabin crew amid new proposals from management.

Vitol and its private equity partner Helios Investment Partners are to take full control of an African petrol station joint venture in a deal that values the business at $1.25bn*.

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12  December – 16 December

12 December

Italy’s beleaguered economy will struggle to achieve growth above 1 per cent over the next two years in the aftermath of renewed political and financial instability, according to a major rating agency.

Eurozone sovereign bond yields are surging to their highest levels since the start of the year as the Federal Reserve gets ready to raise interest rates for the second time in a decade later this week.

The Shenzhen Stock Exchange’s benchmark index fell as much as 2.6 per cent on Monday as foreign investor participation in a much-vaunted stock market link-up with the Hong Kong Stock Exchange remained muted.

Investors sank their teeth into Chipotle on Monday, sending shares of the fast-casual burrito chain up more than 3 per cent after it announced it will return to having just one chief executive following the departure of co-chief executive Monty Moran.

13 December

Prudential Financial has been dragged into the Wells Fargo sham accounts scandal as it suspends a distribution deal with the bank amid allegations executives at the US insurer covered up fraudulent sales of its policies.

Fund managers have given a cool reception to Ofcom’s plans to force change on BT, with top City investors meeting the regulator and expressing frustration at the disruption it has caused in the telecoms market.

Demand for oil will outstrip supply in the next six months as long as Opec and countries outside the cartel can implement a deal signed at the weekend to lower output, according to one of the world’s leading energy forecasters.

Spain’s annual inflation rate stayed steady at three-year highs in November, the statistics office confirmed.

14 December

The Federal Reserve on Wednesday will hold its final rate-setting meeting before Donald Trump is due to enter the Oval Office. A quarter-point increase in the federal funds rate target range to 0.5-0.75 per cent has already been priced in by the markets, so the focus will be firmly on what happens to policy in 2017 and beyond.

US companies in the lower rungs of investment grade are facing long-term borrowing costs of almost 5 per cent, a sharp reversal of a six-decade low touched just monthsa ago, as the sell-off in sovereign bonds ripples out in the corporate debt market.
“America is not a country, it is a world,” remarked Oscar Wilde in an interview with the Cleveland Leader about his time in the US. Since Donald Trump’s victory in the presidential election, Wall Street’s record run has outpaced global equities, not least in Europe.

Insurer and asset manager Old Mutual will sell 13m shares as it ploughs on with a complete break-up of the group. Old Mutual announced the offering of its ordinary shares as well as the repurchase of 6m shares through its US asset management arm on Tuesday.

15 December

The Bank of Korea has left interest rates unchanged in December, as expected. Rates were held at 1.25 per cent, the level reached by June’s sole cut of 2016.

Subprime borrowers are set to feel the pinch as US banks nudge interest charges up in response to the Federal Reserve’s rate rise, threatening to sour more credit card loans and some other types of debt.

Google, Facebook and other online advertising businesses face strict new privacy rules from Brussels on the ways they can track people online.

US companies in the lower rungs of investment grade are facing long-term borrowing costs of almost 5 per cent, a sharp reversal of a six-decade low touched just monthsa ago, as the sell-off in sovereign bonds ripples out in the corporate debt market.

16 December

The Obama administration has added to the growing series of trade battles with China even before Donald Trump takes office, launching a World Trade Organisation challenge to Chinese restrictions on grain imports.

The Australian government is lobbying hard for the China-led Asian Infrastructure Investment Bank to include coal among its lending priorities, as the country seeks to defend its lucrative exports.

A one-two punch of a surging US dollar and rising interest rates sent the price of gold tumbling to its lowest level since February on Thursday, hurting the shares of miners and spurring hefty liquidations of exchange traded funds that track the metal.

Yahoo shares dropped 5 per cent on Thursday amid worries that the latest hacking revelations could scuttle its deal with Verizon Communications.

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05 December – 09 December

05 December

Growth in Spain’s services sector accelerated in November, according to a closely-watched survey of sector activity strattera capsule. IHS Markit’s purchasing managers’ index rose to 55.1 from October’s 54.6, its 37th consecutive month of improvements. A reading above 50 indicates expansion. Economists had predicted a reading of 55.0.

In another blow to the European establishment, Italian voters said a resounding no to prime minister Matteo Renzi’s constitutional reforms in a referendum on Sunday. As the defeat became apparent, Mr Renzi announced that he would resign. The result has plunged Italy into political crisis and raises fears of turmoil in the country’s banking system. The euro briefly dropped to its lowest since March 2015 in Asian trading but both the currency and shares in Italian banks later rallied after the initial losses.

China’s commodities traders brushed off a strengthening dollar and Twitter attacks from the US president-elect on Monday morning, driving key futures prices higher at the week’s outset.

Corporate share buybacks on Wall Street, a major source of demand for US equities since the financial crisis, are expected to set a new record thanks to a boost from the incoming Trump administration’s planned tax overhaul.

06 December

Last spring, Sime Darby, a Malaysian conglomerate, announced that it planned to sell noncore assets. It was an attempt to generate cash because much of its Rm16bn debt was coming due quite soon. Like many other companies in Southeast Asia, Sime Darby had ramped up borrowing in the expectation of better economic times that failed to materialise. Its debt swelled from Rm10bn in 2013 to Rm18bn in 2015, while net income dropped by 30 per cent, according to Bloomberg data.

Bringing skills she gained working at a bank to her grocery store in Caracas, beset by a triple-whammy of ravaging food shortages, galloping inflation and plummeting currency, Miriam Borthomier relies on a basic but time-saving algorithm: 100 notes of any denomination of Venezuela’s currency weigh 110 grams.

Stock markets have a new purpose. Once devoted to trading stocks and setting their prices, they are now the venue for buying and selling something other than shares: exchange traded funds.

A tax holiday for US companies looms under president-elect Donald Trump, with some seeing this wave of cash as the catalyst of an investment boom and faster US economic growth. However, analysts and investors caution that the likeliest result is companies putting the money into share buybacks, echoing what happened in 2004 when the last overseas tax holiday was announced.

07 December

Some of the clouds looming over the North American telecommunications and cable industry could part next year depending partially on the fate of the proposed Time Warner-AT&T mega-merger, according to Fitch Ratings.

US President-elect Donald Trump took to Twitter on Tuesday to say Japan’s SoftBank plans to invest $50bn in the US in a move that would create 50,000 new jobs.

UK house price growth slowed significantly in November after an unexpected jump the previous month, according to Halifax’s latest monthly survey.

The pound has fallen 0.6 per cent against the dollar today, marking its worst run since mid-November after a grim set of numbers on the state of UK industry were released earlier this morning.

08 December

A handful of hedge funds are emerging as big winners this year, even as the industry has struggled to assuage investor ire over high fees and mediocre performance.

Shares in Tokyo Electric Power have continued to climb in Tokyo amid reports the government would boost by more than half an interest-free loan to the nuclear power plant operator.

The Nasdaq Composite became the latest Wall Street gauge to hit an all-time high, as a rally in European stocks following the European Central Bank’s decision to scale back its quantitative easing programme helped to bolster US equity markets.

Investors have poured money into small-caps partly on hopes that Mr Trump and a Republican-controlled Congress will deliver a stronger domestic economy. What has added to their sheen is the bet they will be shielded from the stronger dollar that has been a thorn in the side of large US multinationals and their reliance on foreign revenues over the past two years. The cut in the US corporate tax that Mr Trump has promised is also expected to help as smaller companies tend to pay a higher rate than larger entities.

09 December

The IMF on Thursday said it was watching the climb in the dollar seen since last month’s US election and working through its potential impact on emerging markets.

The Czech National Bank may be close to injecting some excitement into its currency, if today’s inflation figures are anything to go by.

Oxford Sciences Innovation, which commercialises science and technology from Oxford university, has expanded its coffers to £580m in a new funding round, making it the largest private university fund in the UK.

Spotify has abandoned plans to acquire rival SoundCloud, as the music streaming company gears up for an IPO next year.

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28 November – 02 December

28 November

Policymakers at the European Central Bank will have to make a series of judgements about the sustainability of Greece’s debt and the trajectory for its economic growth before deciding on whether to include the country in its bond-buying measures, one of its senior officials has said.

The Organisation for Economic Co-operation and Development has backed Donald Trump’s economic plans, predicting that the president-elect’s pledge to boost spending on infrastructure will increase growth in the US, combat inequality and energise workers you could check here. The verdict reflects how views of US prospects have changed since the election. The FT’s Chris Giles writes that before the vote, international institutions like the IMF and World Bank saw Mr Trump as a sort of Voldemort figure, who — like the Harry Potter villain — was referred to in hushed tones.

Beijing may have recently eased coal mines’ working day curbs in a bid to depress rising prices, but domestic futures contracts are sending mixed signals about the impact on China’s domestic market.

Large shareholders in Rio Tintohave voiced concerns about the miner’s handling of a payments crisis in Africa, accusing it of failing to stand behind senior executives in the face of possible anti-bribery investigations.

29 November

It’s still early days, but signs of Japan’s economy reaching a potential turning point look to have surfaced in October. Data out today showed the likes of retail sales and household spending shrinking at reduced rates last month, and continued tightness in the labour market.

Tougher rules for payday lenders have not caused a feared rise in illegal loans, as measured by the caseload of Citizens Advice Bureau.

Time Inc, the publishing company that owns Sports Illustrated, People and Time magazines, has rejected an unsolicited bid worth close to $1.8bn from a consortium backed by Len Blavatnik, the billionaire owner of Warner Music Group, according to people briefed on the offer.

The global market for battery chemical lithium is likely to remain “fairly balanced” for the next four to five years with supply rising to meet increased demand from electric vehicles, according to Albemarle, one of the biggest producers.

30 November

Last year the reformist head of China’s central bank convinced his Communist party bosses to give market forces a bigger say in setting the renminbi’s daily “reference rate” against the US dollar.

Carrier, the air-conditioning and heating company, has said it has struck a deal with President-elect Donald Trump to keep about 1,000 factory jobs in Indiana.

City-centre attractions such as Sea Life aquariums have remained affected by fears of terrorism in the wake of attacks across Europe in the past year, according to Merlin Entertainments.

Is the hype around a blockchain for financial markets finally over? The verdict from some of the market’s most active participants at a conference in London this week was definitive.

01 December

For two decades China’s economy – second in size only to that of the US – roared ahead at annual double-digit rates of growth. This year, according to official data, it is growing at 6.7 per cent. The current rate would be significantly less were it not for the continued willingness of China’s authorities to pump increasing amounts of cash into overheated real estate, financial and state owned enterprise sectors.

Syrian rebels have begun secret talks with Russia to try to end the fighting in Aleppo. The Turkish-brokered talks have been taking place in Ankara and are a sign of how the US is becoming increasingly sidelined in the region.

Gold has suffered its worst month since mid-2013, as the election of Donald Trump, the rising dollar and increased expectations of a US rate rise combined to send prices down 8.1 per cent in November.

GoPro is shutting its media division as part of a cost-cutting effort, admitting defeat on one of its central pitches to investors when it went public two years ago

02 December

Carrier’s decision to cancel plans to move 1,000 jobs to Mexico was on Wednesday painted as a trade-off for planned tax cuts, as one of Donald Trump’s economic advisers said he hoped other US businesses would see the deal as a “beacon signal” of a climate where they can keep more jobs at home.

The tree has taken some shaking this year. Of the two companies that dominate the smartphone sector, Apple last quarter reported the first annual decline in iPhone sales volumes. Samsung has been burnt by the furore around the exploding Galaxy Note 7.

Investors poured money into US equity funds and pulled it from European ones in a week dominated by hopes for an acceleration in US economic growth and anxiety over Italy’s referendum on constitutional reform this weekend.

Opec’s production cut this week to bolster oil prices may strike many as a throwback to an earlier era, but it hinged on a very modern method of communication: a messaging group between the smartphones of Saudi Arabia’s delegation in Vienna and Prince Mohammed bin Salman al-Saud.

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21 November – 25 November

21 November

What’s bugging gold? The election as US president of a political neophyte with questionable temperament was supposed to be a sweet moment for gold, perhaps the best-known haven when markets or politics get a little hairy.

The Malaysian central bank’s moves to curb what it describes as “speculative and damaging” offshore trading in the ringgit are causing disquiet among investors and raising concerns about the regulator’s handling of the markets.

China has offered itself as the Pacific Rim’s lead advocate for free trade, as US President Barack Obama defended the remnants of what he had hoped would be one of his biggest policy legacies.

Facebook will hire an extra 500 employees in the UK next year, boosting its British headcount by 50 per cent when it opens its new London office in the latest sign of technology companies pledging confidence in the capital.

22 November

The National Bank of Hungary has left its benchmark interest rate on hold at a record low of 0.9 per cent, as economists had predicted.

Shares in Mitie fell almost 10 per cent on Monday after it warned its full-year profit would fall short of expectations because of uncertain economic conditions following the Brexit vote, lower government spending and a rise in the UK minimum wage.

Toyota and Mazda — the two Japanese automotive groups most sceptical about electric vehicle technology — have finally revealed plans to mass-produce battery-powered cars. They are late to a game that most of the world’s carmakers — including Volkswagen, Daimler, General Motors and Jaguar Land Rover are already playing, as they confront the rise of US electric vehicle start-up Tesla.

US president-elect Donald Trump’s pledge to ignite faster economic growth has put the shares of smaller US companies on track to outshine big multinationals this year for the first time since 2013.

23 November

The pace of construction work done in Australia during the September quarter shrank at its fastest pace in 16 years and came in sharply below expectations.

Donald Trump has reversed course on several campaign pledges including suggesting he will reconsider his view on withdrawing from the Paris climate accord, and has shown less confidence in the usefulness of waterboarding and other forms of torture after a frenetic 24-hour blizzard of activity.

Wm Morrison, the UK grocer, is reviving the Safeway brand, more than a decade after it bought the supermarket group of the same name for more than £3bn.

Hewlett Packard Enterprise suffered a bigger revenue slip than expected in its latest quarter, though the decline did little to dent Wall Street’s revived interest in the company’s stock as it prepares to spin off large parts of its business.

24 November

Germany confirmed its economic growth rate slowed to 0.2 per cent in the third quarter, as a decline in capital investment and its trade surplus weighed on growth.

The central bank chief of war-torn Ukraine has warned that a surge in destructive populist politics and slowdown in reforms risks battering the economy in a double whammy scenario: undermining macroeconomic stability while simultaneously severing financial assistance from foreign backers.

Shares in Deere & Co surged to a high on Wednesday after the US tractor maker delivered quarterly earnings that beat expectations and signalled that the downturn in global farming equipment sales could begin to ease next year.

So Brexit was not a historical accident after all. The Trump victory seals it. A complacent, mainly urban liberal class, has been undone by a revolt. Nationalists are in charge of Washington and London now. These “strongmen” and “strongwomen” will control borders, restrict the movement of labour and subject cross-border M&A to ever tighter public scrutiny tests. Security will come first cheapest generic ventolin. The twin freedoms of capital and labour movement are fading, secular relics from a passing liberal age.

25 November

Direct Line’s shift towards growing its own-brand business will lead to better customer retention and lower commission costs, which should boost margins, the broker told clients.

The European Central Bank has warned of the risk of a rout in Europe’s markets, saying political instability in the US could infect investor sentiment around the world and trigger a further surge in borrowing costs for eurozone governments.

South32, the mining company spun out of BHP Billiton last year, on Thursday declared that it was on the hunt for more coal deals following the rebound in commodity prices this year.

US stock funds continued attracting investors’ cash this week as all four main Wall Street equity benchmarks hit further highs.

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14 November – 18 November

14 November

Japan’s economy has continued its solid run in 2016, expanding during the September quarter and at a faster clip than the market had expected, potentially taking pressure of the Bank of Japan to ease monetary policy further

Politics looks set to become the key driver of the euro, just as it is shaping sterling and the dollar, as investors turn their attention to several forthcoming European elections that herald another wave of Brexit and Trump-style anti-establishment sentiment try this.

A private report by EY has been circulated among UK lawmakers and government estimating 83,000 related job losses over the next seven years if euro-denominated clearing is forced out of London into continental Europe.

Bertelsmann, Europe’s largest media group by sales, plans to double its investments in China, India and Brazil over the next three to five years to €1bn as it diversifies away from its home market in Europe.

15 November

Federal fund futures — or the contracts that investors use to bet on interest rate movements — imply a 92 per cent chance of a rate rise next month, compared with 84 per cent on Friday.

After months of sending government troops to battle militants blowing up oil pipelines in the Niger Delta, Muhammadu Buhari tried a different tack. The Nigerian president invited the region’s community leaders and traditional rulers to his villa this month for talks — a step energy sector executives hoped could halt a wave of sabotage since January that has cost the country billions of dollars in damages and lost exports.

Brent crude oil dropped below $44 a barrel on Monday to hit its lowest level for three months, as a strengthening US dollar and doubts over Opec’s ability to agree supply curbs when it meets this month led to funds selling out of the market.

Greencore, producer of half the sandwiches sold on Britain’s high streets, will accelerate its US expansion plans with the acquisition of Peacock Foods for $747.5m, a deal that will quadruple its sales in the country.

16 November

Donald Trump’s election victory heralds the beginning of a new era of retreating globalisation and rising bond yields that could last for a decade, according to Bridgewater’s Ray Dalio.

Global inflation expectations have soared to their highest level in 12 years according to a survey of fund managers, raising fears the world economy could be heading into a period of “stagflation”.

A bigger than expected jump in US retail sales last month renewed optimism about the strength of consumer spending, supporting the argument for the Federal Reserve to lift interest rates in December.

Premier Foods, the British manufacturer of Mr Kipling cakes and Oxo stock cubes, said it was less vulnerable to inflationary pressure from the post-Brexit fall in the pound than many of its bigger competitors, giving it the capacity to absorb higher prices.

17 November

In Arizona miners can travel 1.4bn years back in time in 15 minutes. A dark, two-storey cage lift takes its passengers on a 2km journey straight down, reaching one of the world’s great copper reserves.

Japan’s prime minister Shinzo Abe will be the first foreign leader to meet Donald Trump following his shock election victory last week. Mr Abe is seizing the chance to lobby the president-elect while key US policies are in flux and is expected to underscore the importance of the Japan-US alliance after Mr Trump raised the prospect of a US retreat from Asia during his election campaign.

India, at the start of this year, began requiring retailers that received more than Rs200,000 ($3,000) in cash from a customer to report details of the sale — and the buyer’s taxpayer identification number — to tax officials. The impact on Ethos Watches, a luxury watch retail chain with 45 stores, was immediate: sales plunged 60 per cent. Before the new rule, 45 per cent of the company’s sales were of Swiss timepieces worth more than Rs200,000 — often bought with suitcases full of notes.

It’s a mixed but relatively subdued day for Asian equity markets, while government bonds are creeping higher and the US dollar is pausing after hitting its strongest level in 13 years.

18 November

Worries are growing that a build-up of unsold oil off the coast of the UK will keep prices down as the broader market surplus increases pressure on Opec to cut production.

Volkswagen slashes jobs The German carmaker will cut 30,000 jobs around the world by 2020 as it shifts investment to electric cars in the wake of the diesel scandal. The company hopes the restructuring will free up €3.7bn a year for investment in developing electric vehicles. (FT)

Protectionist pledges by the US president-elect -particularly against China- might mean inter-Asia trade grows. About 60 per cent of goods exported by Asian countries now stay withing the region, up from 50 per cent in the early 2000s.

Are US regulators finingJPMorgan $264m in settlement of alleged foreign corrupt practices? Or are they punishing the bank for cruelty to the slower kids in the class? Chinese “princelings” hired for their family connections to state businesses were referred to by colleagues as “the photocopiers”, according to the Securities and Exchange Commission. Duplication was the only task some seemed fit for.

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07 November – 11 November

07 November

Swiss inflation watchers are well accustomed to disappointment. This month’s reading is no exception, with hopes for rose to a 0 per cent annual inflation rate quashed by a result of -0.2 per cent.

It is a bit like waking up after a big party and trying to find someone to help wash up the dirty dishes. After the excitement of sealing the Paris climate change agreement last December, no country has come forward with an offer to host next year’s UN negotiations, which will focus on the less glamorous task of putting the new accord into action.

A demographic milestone, a surge in wedding dress prices and a rich abundance of stock choices have prompted Japanese investors to assess how to exploit the commercial implications of four weddings and eight funerals.

C5 Capital has bought ITC Secure Networking for £24m, after the cyber security company spurned approaches of larger trade buyers.

08 November

Investors have rushed to protect their portfolios against market turmoil that could follow a surprise US presidential election result, with trading in futures and options contracts rising sharply.

London-listed investment group BACIT will absorb the investment fund of Cancer Research UK and a similar fund at the Wellcome Trust to create a £1bn vehicle that aims to become a “national champion of life science investing”.

Sotheby’s shares gained more than 7 per cent after the New York-based auction house improved its commission margin even as global art market struggles led to it reporting a third-quarter deficit.

France’s Total and China National Petroleum Corp are set to sign the first major agreement with Iran for the development of its gasfields since the loosening of international sanctions in January.

09 November

European regulators are set to formalise tougher rules for private swap deals by the middle of the month, triggering its countdown to a global derivatives “big bang” early next year.

Global financial markets have been shaken by the growing spectre that Donald Trump may win the US election as investors eye the latest polling.

The pound’s weakness has yet to benefit British exporters, the Office for National Statistics has said, as it reported an unexpected widening of the UK’s foreign trade deficit in September.

Tesco Bank has moved to restore confidence in its fraud-stricken systems by swiftly repaying £2.5m to the 9,000 customers who had money stolen in one of the UK’s biggest cyber heists over the weekend.

10 November

Xi Jinping is rekindling efforts to promote a rival to the US-led Trans-Pacific Partnership trade agreement in the wake of Donald Trump’s election victory, Chinese officials said on Thursday.

History can veer off course. It happened in 1914 when the first age of globalisation was consumed in the flames of the Great War; and again during the 1930s when economic hardship, protectionism and nationalism nurtured the rise of fascism in Europe. Donald Trump’s election victory heralds another of these dangerous dislocations.

Shares of a number of large US health insurers rose on Wednesday, in the wake of the election of Republican presidential candidate Donald Trump, who has pledged to repeal his predecessor Barack Obama’s signature Affordable Care Act legislation.By mid afternoon, shares of four of the five largest US health insurers were in positive territory. Humana and Aetna’s stocks each rose more than 4.5 per cent, and Cigna gained 4.8 per cent. Anthem was up 2.1 per cent, while the largest of the five, UnitedHealth Group had pared some of its earlier losses to trade down 0.4 per cent.

And the era of easy monetary policy continues. The Reserve Bank of New Zealand cut its interest rate by 25 basis points on Wednesday as expected.

11 November

As Donald Trump prepares for the White House, a theme is beginning to emerge: the era of fiscal restraint in the US could be coming to an end. Mr Trump was scathing during the campaign about the increases in US national debt under Barack Obama, and the businessman at one point claimed implausibly that he would pay the entire $19tn stock off in eight years.

Few investors cheered the election of Donald Trump as much as those who held large positions in pharmaceutical stocks, and his victory has prompted a wave of relief across the sector you could try here.

Puma expects its full-year results to be at the top end of expectations after reporting a strong third quarter. In the three months to the end of September, the German sportswear group said its net profits rose to €39.5m from €20m in the same period a year earlier. Analysts had expected €33m, according to a Reuters poll.

Macy’s shares had their best day in three months after the department store said it was teaming with Brookfield Asset Management to unlock value from its vast property holdings.

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31 October – 04 November

31 October

The dollar is gaining and stock markets are slipping in uneasy trade as investors brace for a series of policy meetings for central banks this week and the US presidential vote on November 8.

CenturyLink on Monday unveiled plans to buy Level 3 Communications, which runs infrastructure that allows businesses connect to the internet, in a $34bn deal.

General Electric is to combine its oil and gas business with Baker Hughes, the oilfield services group, to create a global heavyweight in oilfield technology with combined annual revenues of around $32bn and operations in more than 120 countries More Help.

Since the BoJ’s ‘Halloween special’ of 2014, the central bank has been hoovering up assets to the tune of ¥80 trillion per year ($762.4bn). For a while, the enlarged programme was working, weakening the yen to about ¥125 per dollar by 2015.

1 November

The Bank of Japan says it will not reach 2 per cent inflation before the end of Haruhiko Kuroda’s term as governor in a stark illustration of its struggle to escape the country’s entrenched deflation.

The chief executive of Atlantia, one of the world’s largest toll road operators, has branded the US industry immature, fragmented and vulnerable to political interference, in a sign of the barriers to investment in the sector.

Veteran investor Guy Hands has sold the landfill gas division of renewable energy group Infinis for £185m plus debt to 3i Infrastructure. The deal covers Infinis’s 121 sites throughout the UK that make electricity from the gas emitted by rotting rubbish. Together they have a combined generation capacity of around 300MW, forming the largest landfill gas business in the country.

he Mexican peso is finally taking a breather. After plunging as much as 1.4 per cent against the US dollar on Friday after the FBI said it opened a new investigation into emails related to Hillary Clinton, the peso was up 0.7 per cent on Monday to 18.9 after Mexico’s economy made a strong recovery in the third quarter.

2 November

Less than one week remains in the US presidential election, and financial markets are spooked as polls tighten amid a flood of fresh controversies. Mostly, investors fear a victory by Republican candidate Donald Trump.

The European Central Bank’s landmark monetary stimulus measures are no longer “appropriate” for the eurozone’s moderate economic recovery, one of Germany’s most influential group of economists has warned, arguing they threaten to put the future of the European project at risk.

Drugmaker Pfizer cut its earnings outlook on the back of bad news about two potential blockbusters: a new cholesterol-lowering treatment fell short in late-stage trials and a breast cancer drug that saw slower than expected sales.
The Japanese yen was slightly weaker against the US dollar in morning trading after the Bank of Japan kept its monetary policy on hold as widely expected, but later reversed and rose 0.5 per cent to 104.3, its highest level in a week.

3 November

Buckle up peso traders, Thursday is shaping up to be another volatile day of trading for Mexico’s national currency. The peso, which has taken on the informal title of the market’s favorite proxy for betting on the US presidential race, has in the span of four and a half hours swung from a 0.9 per cent loss against the dollar, to a 0.6 per cent gain and – after more whipsawing – is now trading 0.5 per cent higher at 19.27 per greenback.

Super Thursday arrives for the Old Lady of Threadneedle Street. Along with the Bank of England’s monetary policy announcement comes its quarterly Inflation Report — the most detailed review of thinking on the UK economy since June’s referendum in favour of leaving the EU.

Stocks across Asia were creeping higher on Thursday, taking the growing prospect of a December rate rise from the Federal Reserve in their stride and also overcoming some of the uncertainty around the US election that unsettled Wall Street overnight.

Whole Foods shares rallied in extended trading after the upscale grocer said it was doing away with its co-CEO structure that has been in place since 2010, naming John Mackey the company’s chief executive. That accompanied upbeat fiscal fourth quarter profits and disappointing comparable sales.

4 November

The British pound has had its best week since last March after a shift in political risk over Brexit. Buyers have pushed sterling towards $1.25 this week, its highest level since the “flash crash” of October 7. The change comes after Mark Carney, the Bank of England governor, announced he was staying in office until 2019, and the High Court ruled ag

The lira’s record-breaking slide has continued, with the Turkish currency weakening to 3.15 per dollar for the first time as EU leaders warned that the government’s latest crackdown on opposition could “compromise parliamentary democracy” in the country.

On November 2 Simon Henry, the chief financial officer of Royal Dutch Shell and one of the most respected figures in the industry, told analysts on a conference call for the Shell results presentation that he believed “oil demand will peak before supply and that peak may be between five and 15 years hence”. I think he is right, and that the peak of demand will come within five years and possibly by 2020. The reasons for what sounds like a very radical challenge to the conventional wisdom are clear and the advance warning signs are already evident in the data.

US crude fell below $44 per barrel for the first time since September 20 and oil-linked currencies tumbled amid growing scepticism over Opec’s ability to implement the preliminary agreement reached last month to cut production among the world’s major producers.

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24 October – 28 October

24 October

The abnormally quiet weekend at bars, cinemas and golf courses that followed the death of King Bhumibol Adulyadej on October 13 hints at hard times ahead for the recovering Thai economy.

Economic data released in China last week revealed the government’s two-steps-forward, one-step-back approach to macroeconomic management. While the rest of the world fretted about runaway debt levels in the world’s second-largest economy earlier this year, Chinese economic planners kept their eyes firmly on their target range for gross domestic product growth, set at 6.5 to 7 per cent.

At Anno Walivaka’s two-acre family farm in a valley below Mount Elgon in western Kenya, daily milk production from its handful of cows has increased from less than 5 litres per animal to more than 15 within a decade. And Mr Walivaka is confident that soon “it could get to 20 or even 25 litres”.

Global sales of new corporate bonds have slowed this month, ahead of a US election and central bank meetings which have the potential to cause turbulence that can close markets to all but the most reliable borrowers.

25 October

Investors in Puerto Rican debt have clashed in US federal court over a temporary halt to litigation in one of the first significant disputes between creditors since the crisis intensified last year.

South Korea’s economy slowed in the third quarter as corporate woes such as Samsung’s smartphone recall, a strike at Hyundai Motor and Hanjin Shipping’s bankruptcy took a toll on the export-dependent nation.

Brexit is a constitutional decision that will repatriate a host of economic policy levers. Yet Remainers still take it as given that Britain’s exit from the EU will make it permanently poorer. Led by the Treasury, most assume that leaving must mean an economy averse to trade and migration, with little in the way of positive regulatory change. It is as if the UK within the EU is the pinnacle of economic dynamism.

Vitol, the world’s biggest independent oil trader, said on Monday it agreed to sell a 50 per cent stake in its VTTI oil tank business for $1.15bn

26 October

Mozambique’s $726m “tuna bond” slid to a record low after the government admitted it would have to restructure its debts to emerge from “debt distress” and win succour from the International Monetary Fund.

Investors clamoured for a piece of a €6.2bn bond sale from Danone on Tuesday, prompting the world’s largest yoghurt maker to boost the size and tighten the terms of the deal, US capital markets correspondent Eric Platt reports.

Stock markets are mostly softer amid falling oil prices and some disappointing corporate earnings, while the dollar eases from multi-month highs as short-term US bond yields reflect expectations of a Federal Reserve rate rise in December. Sterling, meanwhile, is yet to fully recover after Tuesday’s sharp drop.

Beer sales by volume picked up at Heineken in the third quarter despite continued weak demand in markets such as Russia, Egypt and the Democratic Republic of the Congo but the Dutch brewing heavyweight has warned that its full year operating profit could be hit to the tune of €215m if foreign exchange markets remain as volatile as at present.

27 October

The UK has posted a stronger-than-expected GDP growth of 0.5 per cent, defying Treasury warnings of the threat of an imminent recession sparked by the vote to leave the EU.

The costly recall of its flammable Galaxy Note 7 devices has dragged Samsung Electronics to its lowest quarterly profit in two years, all-but erasing earnings from its mobile unit in the three months to October.

Oil prices were in retreat at the end of the US trading day on Wednesday, as the tech-heavy Nasdaq continued to sag a day after tech giant Apple released disappointing quarterly results.

Sterling is the crème brûlée of major currencies: tap the surface and you will discover squidgy goo beneath. On Tuesday, with no obvious trigger, the pound slumped by 1 per cent to reach its weakest point against the dollar since the eye-popping flash crash at the start of this month.

28 October

The UK’s first official growth figures since the Brexit vote have confounded the government’s warnings of an immediate recession if Britain voted to leave the EU. The economy was 0.5 per cent larger between July and September than three months earlier, according to the Office for National Statistics Continued. The Treasury had predicted it would shrink 0.1 per cent.

Shares of Ford Motor fell after the car maker reported a more than 50 per cent drop in third-quarter profits and warned of higher Brexit-related losses next year. On the other hand, Bristol-Myers Squibb shares jumped 5 per cent after the drugmaker raised its full-year earnings outlook and third-quarter results exceeded Wall Street estimates.

Selfridges, the upmarket UK department store chain, has reported strong sales growth but posted a drop in full-year profits after an investment programme ate into its balance sheet.

Markets in Asia were trading cautiously on Friday after an overnight jump in sovereign bond yields resulted in a choppy session for stocks and currencies. Yields (which move inversely to price) on a number of major government bonds have begun to track higher as investors weigh a reduced need for accommodative monetary policy following a handful of better-than-expected data releases.

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