News

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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17 October – 21 October

17 October

The central bank governor behind one of the world’s biggest experiments with negative rates has declared their introduction “undramatic” even as many economists expect further cuts.

Europe’s steelmakers are urging EU leaders to take a tougher stance on unfair trade to help preserve the industry on the continent at a time when it is under pressure from cheap Chinese imports.

Four years ago, at a coffee shop just outside Kuala Lumpur, a young woman with a smartphone in her hand, looking a bit out of place, eagerly explained to local taxi drivers how to use a ride-hailing app. This is how Tan Hooi Ling started her business. The now 32-year-old is the co-founder and chief operating officer of Grab, the biggest ride-hailing mobile service provider in Southeast Asia, whose app has been downloaded more than 21m times in six countries.

The bad start to the day for UK government bonds has not improved, with yields on the country’s 10-year debt sweeping up to 1.2 per cent. (Yields rise when prices fall; today those yields are up by 0.105 percentage points.)

18 October

The Brazilian stock market is continuing to soar on expectations towards the economic reforms proposed by President Michel Temer.

UniCredit has priced the first ten-year bond from Italy’s banking sector this year, in a sign of appetite for longer-dated risk in European credit markets. The Italian lender is borrowing €1bn at a yield of just under 2.2 per cent. The senior unsecured bond is rated at triple B minus by Standard & Poor’s, and attracted orders of €1.6bn, reports Thomas Hale in London.

Uber and other ride-hailing services have fueled a surge in the number of self-employed drivers in the US. The figure more than doubled in four cities in tech-friendly California between 2012 and 2014. It grew by an average of 48 per cent across the US’s 50 largest cities, whereas conventional employment in the sector grew more slowly or declined.

European leaders will be asked to help salvage a stalled EU-Canada trade deal at a summit later this week after fruitless efforts to break the deadlock before a special meeting today.

19 October

In May, Peng Guangsheng stood in a long queue at the Gu’an county government office in Hebei province, near Beijing’s city limits. As a waidi ren or “outsider” from Suzhou in eastern China, Mr Peng needed special approval to buy a property in Gu’an and was restricted to one purchase.

The Chinese economy expanded at an annual rate of 6.7 per cent in the third quarter, in line with the government’s full-year target, but exacerbating fears of inflated corporate debt levels and overheated property markets.

Faltering starts to the new football season by Manchester United and Barcelona helped UK bookmaker Ladbrokes achieve a double-digit boost to revenues — its fourth consecutive quarter of growth.

Healthcare may be the worst performer on the S&P 500 so far this year, but on Tuesday it led the broad-based rally on the benchmark index. The S&P 500 healthcare sector rose 1.1 per cent and was the biggest gainer on the index after private health insurer UnitedHealth Group reported better than expected results that triggered a rally in shares of its rivals as well. Despite Tuesday’s gain however, healthcare is the only sector in the red so far this year, down 2.6 per cent.

20 October

Morgan Stanley edged closer to its long-term profit target on Wednesday, as it brought down the curtain on a generally upbeat third-quarter earnings season for the biggest US banks.

Gold prices are back on the rise as investors become less convinced that the Federal Reserve will raise interest rates this year.

Sweden’s currency fell against the dollar for the seventh time in the past 10 trading days, providing further reason for its central bank not to ease interest rates at next week’s policy meeting despite surprising falls in inflation.

The head of the world’s biggest listed oil company and Opec’s most powerful member Saudi Arabia on Wednesday offered sharply differing views on the outlook for the oil market generic ventolin.

21 October

EU leaders warned that critical discussions in Brussels on Friday could determine the fate of Europe’s trade policy as they stepped up frantic efforts to persuade a regional parliament in Belgium to lift its veto on a deal with Canada.

Shares in Nintendo slumped on Friday morning in Tokyo as investors and gamers parsed the contents of a three-minute video that introduced the world to the company’s new games console, Switch — the weapon with which it plans to do battle with Sony and Microsoft.

Robust earnings from US financials have consolidated their status as the best performing major sector in the S&P this month and raised hopes that the broad market’s longest profit recession since the Great Recession is coming to a close.

Broadcasters Sky and ITV suffered on Thursday thanks to concerns about the outlook for television advertising. The companies became the two biggest fallers in the FTSE 100. Shares in Sky fell 3.6 per cent to close at 829p while ITV lost 3.7 per cent to 173p.

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