News

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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27 August – 31 August

27 August

Germany’s current account surplus, the balance of trade between exports and imports, is set to hit almost $300bn, or 7.8 per cent of gross domestic product, the world’s largest. This has drawn criticism from the Trump administration and international organisations such as the IMF.

Saudi Arabia has cut the length of time that its state energy company has exclusive rights to the kingdom’s vast oil and gasfields, raising questions about Saudi Aramco’s long-term production and revealing a power struggle between the company and the government.

Metro AG rallied on Monday after electronics retailer Ceconomy said Czech-Slovak investor EP Investment is interested in buying the bulk of its 9.99 per cent stake in Metro, sparking takeover speculations over the Düsseldorf-based retailer.

US stocks are looking to start the week on an upbeat note, with futures tipping the S&P 500 to open at a new record high on the heels of reassuring comments from the Federal Reserve chair on interest rates and signs of progress in US trade talks with Mexico.

28 August

Breaking the direct link between eurozone countries and their banking systems is the major goal of the European banking union. But the risks borne by governments and banks continue to be closely connected, as recent events in Italy have shown.

In the centre of Newcastle, next to some of the UK’s finest neoclassical buildings, several dozen small food outlets, bars and shops have begun trading out of 54 former shipping containers.

Paytm, India’s largest mobile payments company, said it would double the number of merchants on its platform over the next year as it confirmed an investment by Warren Buffett’s Berkshire Hathaway.

Uncertainty in the run-up to Italy’s budget in October is leaving the country’s assets looking exposed.

29 August

The US economy grew at a slightly faster pace than expected during the second quarter of this year, according to the second estimate of gross domestic product data.

Shareholder rebellions over high executive pay at the UK’s largest companies have doubled this year, with companies from AstraZeneca to BT and Shell suffering big protest votes at their annual meetings.

It would be China’s largest ever private equity deal. An investor group including Hillhouse Capital Management and KKR was hungry enough to bid almost $18bn for the Chinese operations of Yum Brands, the fast-food group that controls KFC and Pizza Hut.

Equities were mixed in early Asia-Pacific trading on Wednesday as the initial buzz from Monday’s US-Mexico trade deal waned.

30 August

Turkey’s finance minister insisted that the country’s economy did not face significant risks, despite the lira falling to its lowest point in a fortnight as new data pointed to a sharp slowdown.

Nestled among the dizzying heights of YouTube’s most watched videos, between superstar DJs and platinum-selling girl groups, sits an incongruous anthem: Baby Shark.

Amazon shares broke above $2,000 for the first time on Thursday helping the ecommerce giant gain ground in its attempt to catch up to Apple, which became the first public US company to reach the $1tn mark earlier this month.

Oil prices climbed to multi-week highs on Wednesday, after data pointed earlier on Wednesday to a larger-than-expected decline in US crude stockpiles last week.

31 August

European stock markets are feeling the strain, picking up the baton from a wobble in Asia after US president Donald Trump threatened to pull out of the World Trade Organization.

Tencent’s share price dropped by as much as 5 per cent on Friday after Beijing unveiled fresh proposals to curb video-game releases and time spent playing online.

Creditors of Homebase have approved a plan for the ailing DIY and homewares retailer to shut 42 stores, keeping it solvent but putting about 1,500 jobs at risk.

US equity markets were relatively flat most of the day Thursday, before turning downward after media reports that President Donald Trump intended to roll out $200bn in China tariffs as soon as next week.

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20 August – 24 August

20 August

Moody’s has extended its review of Italy’s Baa2 ratings in order to get “better visibility on the country’s policy direction” under its coalition government.

Greece’s exit from eight years of international bailout programmes on August 20 will be a defining moment in its emergence from the depths of austerity. But government and business acknowledge that this is just a milestone.

Daikin Industries is aiming to break new ground in east Africa after success in China and India that catapulted the Japanese group to the world’s largest air conditioner maker.

China’s ecommerce giants are fighting it out over everything from customer data to exclusive contracts with retailers.

21 August

Prices on Italian government debt got a boost on Tuesday after Moody’s extended the deadline for its review into a potential downgrade of the country’s credit rating.

Barclays has poached one of Goldman Sachs’ top electronic trading engineers as the firm continues to overhaul and “digitalise” its markets business.

Urban Outfitters shares rose as much as 5 per cent in after-hours trading after the apparel retailer reported revenue and earnings that surpassed analyst expectations.

Estate agency group Countrywide has raised £140m from investors, despite issuing a profit warning earlier this summer as it grapples with a faltering property market.

22 August

Asia-Pacific stock markets diverged on Wednesday with some equities benchmarks sustaining losses in spite of a solid lead-in from Wall Street, where the S&P 500 index hit an all-time intraday high, just a day before the US stock market was set to notch a record for the longest bull run ever — barring a major collapse.

The Federal Reserve should gradually raise rates three or four more times to move towards a neutral monetary policy stance, Robert Kaplan, president of the Federal Reserve Bank of Dallas, wrote in an essay published Tuesday.

Geely has become China’s third-largest carmaker after six months that saw profits rise 53 per cent on the back of strong sales in spite of tougher conditions in its home market.

Goldman Sachs has agreed the £1.2bn sale and leaseback of its new London headquarters with Korea’s National Pension Service in the latest sign of strong demand for property assets in the city.

23 August

Stocks and bonds were unperturbed following the release of the minutes of the Federal Reserve’s most recent meeting, which showed the central bank remained on track to raise interest rates next month.

Japan’s manufacturing sector showed some signs of improvement in August with strength in the domestic market providing support as export orders fell, according to a preliminary reading of an industry gauge.

Investors soured on Hormel Foods on Thursday, after the meat and packaged food company revised down its net sales forecast as it contends with pressures on pork sales and potential tariff-related risks.

Australian airline Qantas has announced record profits as its domestic business flourished. Full-year underlying pre-tax profit rose 14 per cent to A$1.6bn (US$1.2bn) compared with 2017. This was at the top end of its guidance from May.

24 August

A fall in the UK pound accelerated in New York trading on Thursday, with investors mulling the government’s contingency plans for a no-deal Brexit. Shortly before 11am on Wall Street, sterling was off 0.7 per cent against the buck at $1.2821. It was off 0.4 per cent against the euro, with a pound buying €1.1085.

Germany recorded a record budget surplus in the first half of this year, an achievement that immediately triggered calls for tax cuts and higher public investment. According to figures released by the federal statistical office, Germany had a surplus of €48.1bn in the first six months of 2018, equivalent to 2.9 per cent of economic output — the highest level since German reunification in 1990.

Profits at the world’s largest Ferrari, Lamborghini and Bentley dealer HR Owen doubled last year, spurred by cost cutting under new ownership and buoyant spending by super-wealthy customers.

HP, the printer and personal computer business spun out of Hewlett-Packard in 2015, reported a solid jump in quarterly profit amid gains in both its printing and personal systems divisions.

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13 August – 17 August

13 August

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

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

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

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

14 August

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

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

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

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

15 August

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

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

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

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

16 August

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

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

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

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

17 August

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

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

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

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

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06 August – 10 August

06 August

Italian bond prices climbed in early trading on Monday, following the latest debt buyback operation carried out by the national treasury after a decline on Friday.

Russian oil company Rosneft has approved a $2bn share buyback programme, as the state-controlled major seeks to boost its attractiveness to investors.

Shares in IWG, the world’s largest serviced office group, dropped by nearly a quarter on Monday after the company ended takeover talks with investors clamouring to buy the WeWork rival.

Turkey’s financial markets sustained another day of heavy selling on the heels of a bruising week amid mounting investor unease.

07 August

Germany is to increase its powers to block foreign investments by significantly lowering the threshold for deals that can be subject to ministerial veto, in a further sign of growing protectionist sentiment towards Chinese acquisitions.

Pandora, the Danish jeweller, dropped by a fifth on Tuesday after it reduced its outlook for 2018 sales growth and cut its forecast for a key profit margin.

Dell Technologies released a rosy growth forecast late on Monday as the PC maker tries to convince investors to back a deal that would see Michael Dell’s company return to public markets four years after it went private.

Asia equities were broadly higher on Tuesday after US stocks neared a record high, while the pound hovered at an 11-month low on concerns over Brexit.

08 August

Saudi Arabia is selling Canadian assets as the kingdom escalates its response to Ottawa’s criticism of the arrest of a female activist.

Snapchat’s daily active user count fell in the second quarter, after a botched redesign and intensifying competition from Facebook, marking the first such decline in the picture messaging app’s seven-year history.

Samsung has announced a $160bn three-year investment in new technologies, with the aim of ensuring profitability in the face of stiff competition from Chinese rivals.

09 August

Consumer inflation in China nudged higher in July as the price of non-food items rose while growth in producer prices slowed for the first time since March.

Stock markets were mostly higher in Asia trading as major benchmarks shook off an early tumble by energy stocks, prompted by a fall by crude prices on Wednesday.

Thyssenkrupp posted a net loss in the third quarter but said that with sales and orders each growing by 7 per cent it could “unlock” potential in the years ahead.

Ikea opened the doors of a 400,000-square-feet store in southern India on Thursday morning, the culmination of a 12-year struggle to set up shop in a market that the Swedish furniture group sees as one of the world’s most promising growth opportunities.

10 August

Japan has avoided a technical recession in the second quarter of 2018, with preliminary numbers showing the economy has returned to robust growth.

For the first time in several years bond salesman Watarau Hirano was at work in Tokyo at around 6am. It was a week before the Bank of Japan’s July meeting and speculation that officials would begin unwinding their ¥80tn-a-year stimulus plan had delivered a rare jolt to the dormant Japanese bond market. Over the next few days, the yield on the 10-year government bond had notable swings, triggering three hasty interventions by the BoJ.

Yelp shares were on track for their best day since 2012 after the company late on Wednesday lifted its full-year outlook and posted upbeat quarterly results.

Fonterra Cooperative Group cut the price it intends to pay farmers for milk and issued a profit warning on Friday, sending shares in the world’s biggest dairy exporter down to near three year lows.

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30 July – 03 August

30 July

Sweden’s economy roared ahead in the second quarter of the year driven by a boom in consumer spending, giving the krona a lift and defying expectations for a moderation in the pace of economic growth in the Scandinavian country.

Investors sold off technology shares on Monday, leaving the closely monitored group of Faang stocks down more than 2 per cent and in correction territory.

T-Mobile US has signed a $3.5bn deal with Nokia to supply telecoms equipment for a roll out of 5G networks across the country.

Dutch brewer Heineken cut its profit expectations for the year as weak margins in its growing Brazilian market, adverse currency moves and a series of misfortunes took the fizz out of its half-year results.

31 July

Concerns over a slowdown in the eurozone rose on Tuesday after official figures showed growth in the region hit its weakest rate in two years in the second quarter.

The past month has been a volatile one for tech stocks, with Facebook, Netflix and Twitter suffering share-price plunges after reporting their latest earnings. Apple, however, could yet outdo them all in the stock-price drama. If an unexpectedly strong set of results puts a rocket under its shares, the world’s most valuable company could quickly become the first to hit a market capitalisation above a trillion dollars.

Shares in MoviePass owner Helios & Matheson plunged again on Monday as investors and customers of the unlimited-cinema ticketing service fretted that its survival might have become “Mission: Impossible”.

Asia-Pacific’s major bourses were mostly in negative territory in early trading on Tuesday as a tech sell-off on Wall Street and investor caution ahead of a slew of key central bank meetings weighed on sentiment.

01 August

Signs of buoyancy in Spain’s factory sector weakened further in July, in the latest indication that growth in one of the eurozone’s strongest economies is moderating.

The publishing company founded by Felix Dennis, the late media entrepreneur, has been sold for £166m to private equity firm Exponent.

Shareholders in Rio Tinto are set to enjoy a cash windfall after the Anglo-Australian miner said it would return more than $7bn through dividends and share buybacks.

Wall Street was higher at the open on Wednesday as Apple shares climbed after strong results and as benchmark US Treasury yields crossed the 3 per cent mark ahead of the Federal Reserve’s policy meeting later today.

02 August

The Czech central bank has raised rates for the fifth time in a year, in its latest attempt to cool the central European country’s booming economy.

Pinpointing the moment when Apple will officially become the first trillion-dollar public company is trickier than it may seem, largely because of the company’s mammoth stock buyback programme.

GAM shares tumbled for a second time this week after the crisis-hit Swiss asset manager froze redemptions from bond funds with SFr7.3bn ($7.3bn) in assets following the suspension of one of its top portfolio managers.

A trade of the decade was made in December 2016 by Gloria Gebbia, mother-in-law to Real Housewives of Beverly Hills star Carlton Gebbia, who spent $7.8m to buy 91 per cent of Siebert Financial, a New York brokerage founded by the first woman to own a seat on the New York Stock Exchange.

03 August

Growth in Japan’s service sector broadly continued at a steady pace in July with an uptick in new business and employment growth at a four-month high, according to an industry gauge.

TripAdvisor shares eye worst day since November after the travel review and booking site posted disappointing quarterly revenues and as investors failed to drum up excitement for the earnings beat.

Crédit Agricole’s asset management business and investment bank helped push profits above market expectations in the second quarter.

China has been knocked from its perch as the world’s second-biggest stock market by Japan following a months-long rout that has wiped $2.29tn off the value of its stocks from their January high.

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23 July – 27 July

23 July

China’s central bank injected Rmb502bn ($74bn) into its banking system on Monday to help fortify a weakening domestic economy against the impact of an escalating trade war with the US and growing friction with Washington over its falling currency.

The schism in global trade relations was laid bare at a meeting of G20 finance ministers and central bank governors in Argentina over the weekend, who warned that increasing trade tensions risk undermining the global economy.

Amazon shares sank on Monday as President Donald Trump again took aim at the ecommerce giant and hinted at the prospect of antitrust claims being brought against it.

State-owned China Tower Corporation will seek to raise up to $8.68bn in a Hong Kong initial public offering that is expected to be the largest flotation on the Asian stock exchange in several years.

24 July

The Turkish lira plunged on Tuesday after the central bank kept interest rates on hold despite soaring inflation, exacerbating fears about the country’s economic management following the re-election of President Recep Tayyip Erdogan earnings that were ahead of Wall Street expectations.

Japan’s manufacturing sector recorded its slowest growth in 20 months in July with business confidence also dipping, according to a preliminary gauge tracking the sector.

Treasury Wine Estates was the toast of the town on Tuesday after Australia’s industry group said the country’s wine exports grew at their fastest rate in 15 years last year amid strong demand from China.

Julian Dunkerton, the co-founder of successful casual clothing brand Superdry, has pocketed £71m by selling a large chunk of his shares in the business.

25 July

US futures were softer on Wednesday morning as investors continued to trudge through company earnings. The declines follow on from a weak day for European exchanges and as US president Donald Trump prepares for a meeting with European Commission president Jean-Claude Juncker that will focus heavily on trade.

German business expectations declined for the eighth month in a row in July even as the current assessment brightened, amid persistent concerns over the Washington-led trade battle, according to new data released on Wednesday.

General Motors shares fell by the most in nearly seven years after higher steel and aluminium costs forced the carmaker cut to its earnings outlook.

LG Display, a supplier to Apple, has reduced by $2.7bn the amount it plans to invest by 2020, blaming an uncertain outlook for the global smartphone market.

26 July

In late May, a team of Qualcomm lawyers arrived in Beijing to seal a deal with Chinese competition regulators, optimistic that they would soon clear the last hurdle in the US semiconductor company’s proposed $44bn acquisition of the Dutch-owned NXP.

Pinduoduo surged in its debut on Thursday, giving the Tencent-backed Chinese shopping site a market value of nearly $30bn and making its founder, a former Google engineer, a wealthy man.

A weak quarter from Nokia, the telecoms equipment maker, has cast a shadow over an improved performance from Europe’s largest telecoms companies.

McDonald’s on Thursday said a key sales metric grew faster than expected in the second quarter as growth in its overseas markets moderated cooling US sales.

27 July

Racing to keep up with hyper-inflation which the International Monetary Fund (IMF) forecasts will hit 1,000,000 per cent this year, the Venezuelan government said it will knock five zeros off its currency, the bolívar — not the three it had previously planned.

Whether it is global trade tensions or rumblings of inflation in the US, the gold price has not been short of a catalyst in 2018. But with an almost 6 per cent drop this year, the metal has failed to catch a break.

Surging demand for data centre chips is driving the strongest growth at Intel for years, but Wall Street has its sights set further ahead. It worries about the continuing delays to an important technology shift at the company, the likelihood of tougher competition in the data centre market, and the margin-depressing effects of Intel’s push into new markets.

Amazon blew past Wall Street earnings forecasts as its diversification into higher-margin cloud computing and the dominance of its online retail business produced the first $2bn quarterly profit in its history.

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