News

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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16 July – 20 July

16 July

Sibanye-Stillwater, the South African gold and platinum miner, has raised $500m through a streaming deal with Wheaton Precious Metals in an effort to reduce its debt following a string of acquisitions.

China’s premier Li Keqiang has extended an olive branch to the US in the midst of Beijing’s efforts to rally international support against new trade tariffs imposed by the Trump administration.

UK property group British Land said on Tuesday that the tough retail climate had hit its rental income after hundreds of shops closed in the early months of the year.

Share on Facebook (opens new window) Share on LinkedIn (opens new window) Share Save Save to myFT Song Jung-a in Seoul JULY 17, 2018 Print this page Shares of Asiana Airlines shot up more than 20 per cent on Tuesday morning on a media report that SK Group is considering buying the troubled airline – a claim the conglomerate later denied.

17 July

US stock futures tip Wall Street for a modestly lower open on Tuesday as investors digest a fresh slate of earnings and await Federal Reserve chair Jay Powell’s testimony.

Singapore’s non-oil domestic exports grew at a slower pace than forecast in June with the picture unlikely to improve as the US-China trade war disrupts regional supply chains, economists said.

Netflix tussled with Walt Disney for the crown as the world’s most valuable media group after disappointing subscriber growth prompted a share price slide at the Silicon Valley video streaming service.

US homebuilder confidence held steady in July, as growing demand for housing offset concerns about rising construction costs.

18 July

The gatekeepers of the UK’s £1.6tn pension fund industry have avoided a forced break-up of their businesses after the UK’s antitrust body stopped short of recommending an overhaul of the investment consultancy sector. But they face increased regulation and mandatory tendering.

The yen slipped past the ¥113 mark on Wednesday for the first time since January as it continued its slide against the dollar despite a plethora of tense geopolitical issues.

Welcome to the $900bn market-cap club Amazon. The e-commerce giant briefly became only the second company after Apple to cross this market value milestone on Wednesday after its shares rose as much as 0.8 per cent at a record $1,858.88.

Brussels has hit Google with a record €4.3bn fine for abusing the dominant market position of its Android operating system for mobile phones.

19 July

Dollar earners such as Johnson Matthey and Ashtead were the top performers as a 10-month low for sterling helped propel the FTSE 100 higher.

The US Department of Commerce has begun an investigation into whether the country’s imports of uranium are a threat to national security, opening a new front in its escalating series of disputes over international trade.

Philip Morris International’s bet on a smoke-free future has hit a snag. The world’s biggest listed tobacco company sharply lowered full-year earnings guidance on Thursday as efforts to win customers for its smokeless devices struggled to gain traction

Retail sales volumes unexpectedly dropped in June, but after two strong months of growth sales for the quarter grew at their fastest rate since 2015.

20 July

Russia is already enjoying a World Cup windfall of positive international PR and a surge in national pride after staging a widely praised tournament and seeing its team defy rock-bottom expectations. The event also gave its economy a welcome shot in the arm, the country’s top bank said on Thursday.

Inflows into technology-focused funds have surpassed the $20bn mark for the year so far, despite rising concerns among some fund managers that the “ tech trade” is overextended.

Agriculture chemicals group UPL agreed to purchase a unit of Platform Specialty Products for $4.2bn on Friday, in a deal that will bolster the company’s offerings of pesticides for farmers.

“Dating” at Lego is not about people, but pieces. The Danish toymaker, which uses 20 different materials in the 75bn parts a year that go into its construction sets, is on a quest to swap all the oil-based plastics it uses for more sustainable materials by 2030. The ambitious push will change the make-up of just about everything it produces, from dragon’s heads to miniature car tyres.

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09 July – 13 July

09 July

Dump tech, buy defensive. That’s the message from analysts at Morgan Stanley on Monday. The bank is bracing for a turn lower in the stock market and is recommending clients to shift away from the technology stocks that have helped drive US equities higher and move into more defensive sectors such as consumer staples, telecoms and utilities.

China is retreating from a policy that has channelled about $1tn in subsidies to homebuyers since 2016, a reversal that has sent tremors through the country’s residential property market amid broader concerns about a housing bubble.

Sportradar, a European sport technology group backed by US billionaire Mark Cuban and former basketball star Michael Jordan, has been valued at $2.4bn, in a deal with new investors designed to expand its reach in the US.

Tesla, the electric-vehicle company, has become one of the first US casualties in a mounting tariff war with China.

10 July

Just two years after telecoms consolidation appeared stymied by Brussels’ steely competition watchdog, European executives are again talking up the chances of mergers seen in the industry as key to investment in next generation mobile networks.

Fitch has upgraded Mongolia’s long-term debt rating in a sign the central Asian nation is getting to grips with its debt burden, just under two years after it went to the International Monetary Fund for a rescue loan.

Grab is opening up its platform to third-party developers and peers as part of efforts by the south-east Asian start-up to pivot from a ride-hailing app to a “one-stop shop”.

Online grocer Ocado has forecast higher costs and renewed losses as it ploughs money into its business of building robot-operated warehouses for other retailers.

11 July

Despite an upbeat trading day for stocks, futures were hit after the closing bell on Tuesday by a report that the US is preparing to release its list of an additional $200bn in Chinese goods it will hit with tariffs.

Turkish equities, bonds and the lira took a blow on Wednesday after a report that showed the country’s current account deficit rose for the third month in a row, underscoring growing imbalances in its economy.

Morgan Stanley is no stranger to bitter power struggles. One of the most dramatic regime changes ever seen on Wall Street took place at the bank in 2005 when John Mack seized the helm. It followed a bruising battle over the leadership of Phil Purcell, who had forced Mr Mack out four years earlier.

Pfizer has postponed price increases on 100 products following an extensive discussion with President Donald Trump, who had said the company should be “ashamed” of the move.

12 July

Asia-Pacific equities rose on Thursday after declining in the previous session on the latest development in the US-China trade spat, while oil prices steadied following the biggest one-day tumble in more than two years.

Donald Trump’s escalating trade war with China shook investors on Wednesday, as US multinationals warned its impact would outweigh the benefits of tax cuts and some Republicans voiced fears about the political fallout.

Weeks of unseasonably warm weather prompted a decline in footfall to the UK high street as consumers swapped shops for the beach, homewares retailers DFS Furniture and Dunelm warned on Thursday, compounding already challenging trading conditions.

Asos, the Aim-listed online fashion retailer whose market value now exceeds that of Marks and Spencer, said full year sales growth would be “towards the lower end” of a 25-30 per cent range.

13 July

Tech stocks were the winners on Thursday, with some of the market’s best-known names powering Wall Street higher and pushing the Nasdaq Composite to a record high close.

Iran has touted $50bn worth of potential Russian investments in its oil and gas sector as it seeks to deepen its relationship with Moscow, amid mounting pressure from the US to curb the country’s energy exports and diplomatically isolate Tehran.

McDonald’s shares fell on Thursday evening after two states said they were investigating whether the fast-food chain’s salads were linked to dozens of cases of foodborne illness.

MasterCard has apologised after an outage at the credit card company blocked payments for customers using its cards around the world only weeks after its main rival Visa was hit by technical problems.

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02 July – 06 July

02 July

No fewer than three Bank of England policymakers publicly discussed the UK’s poor productivity performance last week, but, while all focused on different aspects of the problem, their interventions showed that a consensus is emerging about its source.

Eurozone manufacturers battled a sharp increase in costs in June as global trade tensions pushed up prices of steel and other metals.

The latest exchange of cross-Channel gunfire about the City of London’s post-Brexit status has started in earnest.

Debt at UK listed companies has soared to hit a record high of £390bn as companies have scrambled to maintain dividend payouts in response to shareholder demand despite weak profitability.

03 July

China’s renminbi pushed past the Rmb6.7 per dollar mark for the first time in nearly eleven months as downward pressure seen during a record monthly drop in June showed no sign of dissipating in July.

Sweden’s krona has popped higher after the central bank kept interest rates on hold but bumped up its inflation forecasts.

Micro Focus will sell one of its highest-growth divisions to the Swedish private equity fund EQT for $2.5bn in cash, locking in a large gain on its 2014 acquisition of the business, known as Suse.

US casino stocks took a tumble after data showed slower-than-expected monthly revenue growth in Macau, the world’s largest gambling centre.

04 July

Major tech stocks remain among the biggest winners of the year so far, despite the looming threat of trade disputes showing signs of weighing on the sector.

China’s services sector growth rose markedly in June, according to an independent industry gauge.

Uber is in early-stage talks about a deal with Middle Eastern ride-hailing rival Careem that could include taking a majority stake or acquiring the company outright, according to two people familiar with the matter.

A deteriorating print advertising market weighed on Telegraph Media Group’s annual results, with operating profit at the owner of the Telegraph newspaper and website falling more than 32 per cent.

05 July

Global markets are bracing themselves as the deadline nears for the Trump administration to start charging tariffs on $34bn of imports from China, in what will mark the first shots fired in the trade war between the world’s two largest economies.

Ireland’s central bank has directed the country’s commercial banks raise their capital buffers to guard against any shock as the economy booms.

Mobike, one of the world’s biggest smart bike-sharing companies, said it would refund all its Chinese users’ deposits — Rmb1bn ($150m), according to an industry insider — heightening competition with rival ofo.

HNA Group, the debt-laden Chinese conglomerate whose founder fell to his death while sightseeing in southern France on Tuesday, will sell its warehouse properties in Singapore for S$730m ($534m).

06 July

Aegean Marine Petroleum, the New York-listed Greek shipping fuel company, has reached a financing agreement with energy trading group Mercuria as part of a sweeping overhaul of operations launched by US activist hedge fund managers appointed to its board

The Federal Reserve has detected rising concern among US business about the potentially harmful impact of tariffs as growing trade tensions prompt some executives to freeze investment plans.

Shares of Embraer, the Brazilian aircraft manufacturer, fell sharply after the company announced an agreement that would hand 80 per cent of its commercial jet operation to Boeing of the US.

Southern Rail cancelled or delayed almost three-quarters of its trains today after a major power failure.

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25 June – 29 June

25 June

Stocks were broadly lower in Asia-Pacific trading after the latest signs of trade hostility between China and the US.

The Trump administration has decided to restrict Chinese investment in US companies and start-ups in sectors from aerospace to robotics as it prepares to deploy its latest weapon in the escalating trade war with Beijing.

Japan is facing international pressure to reduce its 47-tonne stockpile of plutonium, ahead of the expiry of a civil nuclear treatywith the US.

AT&T is stepping up its effort to challenge its big tech rivals with the acquisition of AppNexus, an advertising technology company that will allow the US telecom and media giant to win a bigger slice of the global online advertising market.

26 June

Andreessen Horowitz has become the first venture capital firm to raise a large fund focused on cryptocurrencies, as start-up investors search for ways to join a boom that has threatened to pass the traditional VC world by.

The US drugs regulator has approved the first cannabis-derived medicine for the American market.

The pharmaceutical industry has failed to seriously commit to the fight against drug-resistant superbugs, Jim O’Neill said on Tuesday, as he called for a new tax on drug sales.

One of China’s leading stock indices has slipped into bear market territory, underlining the pressure that escalating trade tensions and a slowing economy are exerting on the country’s biggest companies.

27 June

Wall Street bounced on Tuesday as a rally in crude prices helped bolster energy shares and offset trade concerns that had pushed the S&P and Nasdaq to their worst day in more than two months on Monday.

Emerging market assets sustained a fresh blow on Wednesday, with mounting concern over the escalation in the Washington-led global trade battle.

General Electric shares were on course for their best day in more than three years on Tuesday after the industrial conglomerate said it will spin off its healthcare division and its stake in oil services company Baker Hughes.

Uber will be able to continue to operate in London, its biggest European market, after a court granted the ride-hailing app a new 15-month licence

28 June

India’s economic vulnerabilities have been brought to the fore, as higher oil prices and the threat of a global trade war have sent the rupee tumbling to its lowest ever level against the dollar.

The collapse of the Argentine peso and the government’s struggle to tackle soaring inflation are causing disquiet among companies developing Vaca Muerta, one of the world’s largest deposits of shale oil and gas.

British car production rose 1.3 per cent in May as rising demand at home offset a small drop in exports.

Chipotle executives warned investors of some short-term hiccups — including the closure of up to 60 underperforming stores and a restructuring charge of as much as $135m — as the fast-casual burrito chain tries to transform into a leaner, meaner company under its new chief executive, Brian Niccol.

29 June

The “Albiceleste”, as the Argentine national football team is known, might have advanced to the next stage of the World Cup, but the scorecard is not looking good for the Argentine peso.

The rally for US crude prices is showing no signs of letting up, with a key benchmark touching its highest point since November 2014 on Thursday.

US buyout firm Carlyle is in exclusive talks to acquire a majority stake in Codorníu, Spain’s oldest maker of sparkling wine, in a deal that values the family-controlled company at €390m ($452m), two people familiar with the negotiations said.

Bird Rides has closed a $300m funding round led by Silicon Valley investors including Sequoia and Accel, as the electric scooter start-up seeks to fuel its expansion outside the US.

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