Market Buzz
Tuesday newspaper round-up: Rates, cars, Sports Direct, Vodafone
Central bankers around the world may be about to knock stock markets off course by raising interest rates just as “storm clouds are gathering” over the global economy, analysts at a leading Wall Street bank have warned. Markets are at risk of becoming “too complacent” around signs that global trade tensions may be easing, Citigroup analysts declared, at a time when significant geopolitical risks remain and three central banks look set to raise rates. - The Times.
Sunday newspaper round-up: No-deal Brexit, Thomas Cook, Barclays, Babcock
Ministers have drawn up plans to send in the army to deliver food, medicines and fuel in the event of shortages if Britain crashes out of the EU without a deal. Blueprints for the armed forces to assist the civilian authorities, usually used only in civil emergencies, have been dusted down as part of the “no deal” planning. Helicopters and army trucks would be used to ferry supplies to vulnerable people outside the southeast who were struggling to obtain the medicines they needed.
Wednesday newspaper round-up: Brexit talks, Facebook, Metro Bank, Eon
Theresa May has taken back control of crucial negotiations with Brussels from her new Brexit secretary just hours after the government published its white paper on withdrawing from the European Union. The prime minister announced she would now lead the crunch talks with the EU while Dominic Raab, who was appointed two weeks ago, would be left in charge of domestic preparations, no-deal planning and legislation. – Guardian.
Thursday newspaper round-up: trade war, Brexit meeting, retail jobs, Facebook
Donald Trump and European Union officials stepped back from a trade war on Wednesday as they struck a deal to work towards “zero” tariffs, barriers and subsidies. The EU also agreed to buy billions of dollars worth of American exports, including soya beans and natural gas, and work to reform international trade rules. - Guardian.
Tuesday newspaper round-up: Trade, Brexit, takeovers, banks
European Union officials have denied that Jean-Claude Juncker is set to make a significant concession during trade talks with President Trump tomorrow. The president of the European Commission hopes to “de-dramatise” a simmering transatlantic trade dispute during the White House meeting, in an attempt to avoid steeper American import levies on cars. - The Times.
Monday newspaper round-up: De La Rue, Tesco, Glaxo Smith Kline
The hedge fund pushing for change at passport and banknote maker De La Rue has increased its stake and ramped-up pressure on the boss to overhaul the firm. Crystal Amber is now understood to control about 4 per cent of the British company, up from 3. 1 per cent following a high volume of trades on Friday. The activist fund is calling on De La Rue's management to come up with a strategy that will prepare it for the future by focusing more on selling its technology.
Tuesday newspaper round-up: Netflix, equality, Brexit, investment platforms
Netflix, the streaming giant behind hits like The Crown and Stranger Things, missed its own forecasts by more than a million subscribers, sending its shares down sharply. The company second-quarter results, announced on Monday, spooked investors and suggested the company’s explosive subscriber growth may now be slowing. Netflix shares fell 14% to $346. 05 in after-hours trading in New York. For the second quarter, Netflix reported a profit of $384. 3m, or 85 cents a share, up from $65.
Monday newspaper round-up: Brexit, global workforces, Debenhams, AA
Justine Greening became the most high profile Conservative to endorse the idea of a second referendum, to end what she said would be a likely parliamentary deadlock over Brexit, warning that Theresa May’s Chequers plan did not represent “a workable compromise” that a majority of MPs could get behind. The former education secretary and remain supporter said that May’s plan was “a fudge I can’t support” and, in a blow to the prime minister, said it amounted to “the worst of both worlds” – complying with EU rules without the influence of being a member of the multi-country bloc.
Market buzz: FTSE flies as Trump tramples on Brexit plans, DCC leads pack
1600: US equity markets are mixed as banks kick-off earnings season, with numbers from JP Morgan,. Well Fargo and Citi. Traders booked some of their profits on US stocks after they had a strong finish yesterday. The trade spat with China is still bubbling away in the background, and remains at the forefront of traders’ minds.
Friday newspaper round-up: Brexit, Sky, Glencore, BT, banks
President Trump has savaged Theresa May’s Brexit plan, saying that it would almost certainly kill a trade deal between Britain and the United States. He suggested that the prime minister’s proposal was a betrayal of those who voted to leave the European Union and said that Boris Johnson would make a great prime minister. - The Times.
Market buzz: Pound rises on Brexit white paper despite staunch opposition
1352: UK manufacturers’ trade body, the EEF, likes the look of the white paper, so does the Institute of Directors, mostly, calling for more clarity on VAT and a business dispute resolution mechanism to be proposed.
Thursday newspaper round-up: Brexit, poll, aerospace, banks
Plans for a tight new relationship with the European Union in financial services after Brexit will not be included in the government’s long-awaited white paper to be published today. Instead the new approach to the City’s relationship with Brussels, which will mean less access to the European market for UK-based financial service groups, has been described as “cohabiting but without the same commitment as marriage”. - The Times.
Market buzz: China mulling 'other ways' to retaliate against US
1614: Governor Carney to begin speaking at 1635 BST.
Wednesday newspaper round-up: M&S, Ocado, Facebook, Trump tariffs
The chairman of Marks & Spencer has given his starkest warning yet about existential threat faced by the high street giant as he refused to rule out further store closures and job losses. This business is on a burning platform,” said Archie Norman, who took over as M&S’s chairman last year. “We don’t have a God-given right to exist and unless we change and develop this company the way we want to, in decades to come there will be no M&S. ” – Guardian.
Tuesday newspaper round-up: Retail, waistcoats, Sky, Ei Group
Britain’s retailers are benefiting from England’s continuing World Cup run and the warm weather boosting beer, barbecue and big-screen TV sales, despite the severe underlying challenges facing the high street. Suggesting deep problems remain for retailers as they close hundreds of stores across the country, the British Retail Consortium (BRC) and KPMG said World Cup fever sweeping the nation along with a heatwave helped paper over the cracks for the industry in June.
Monday newspaper round-up: Audits, Sky, BT, Amazon
The competition watchdog has challenged the accounting profession to find ways to improve choice in the auditing market that could save the Big Four firms from being broken up. Andrea Coscelli, chief executive of the Competition and Markets Authority, issued the challenge in meetings with the biggest accountants. It signals a reluctance from the regulator to force accountants to spin off their audit practices after they called the idea “unworkable”. - The Times.
Sunday newspaper round-up: Brexit, GDP, pensions, submarines, Sky
Theresa May’s desperate attempts to unite her party and country behind a new Brexit blueprint are under severe strain, as more than 100 entrepreneurs and founders of UK businesses dismissed it as unworkable – and hardline anti-EU Conservative MPs warned it could mean an outcome worse than “no deal” at all. There were also signs that Brussels was less than impressed after an initial examination of the plans, which were thrashed out and agreed by the entire cabinet at an all-day summit at Chequers on Friday.
Friday newspaper round-up: Trade war, Brexit meeting, airlines, business rates
A long-threatened trade war between the US and China got underway on Friday as the US imposed tariffs on $34bn in Chinese goods. China has promised to levy its own tariffs immediately after on a similar quantity of US imports. Minutes after the US tariffs went into effect at 12:01 Friday US time (0401 GMT), a spokesperson for China’s ministry of commerce said, “China promised not to fire the first shot, but in order to safeguard the country’s core interests as well as that of the people, it is forced to fight back”.
Thursday newspaper round-up: Trade, Brexit, North Sea oil, WPP
Rising trade tensions threaten to derail global economic growth and signs of a slowdown have started to emerge, the World Trade Organisation has warned. Nations were urged to “show restraint” amid heightened fears of a full-blown trade war between the United States and other countries. President Trump is set to impose tariffs on $34 billion of Chinese products tomorrow. The government in Beijing is expected to strike back with retaliatory duties within hours.
Market buzz: TalkTalk speculation grows, UK services data shortens hike odds
1435: AIM-listed fashion e-retailer Koovs is shooting higher after an investment from one of India's biggest retail groups.