Financial$SPY4.05pmsays.confirms it will hold pushing for a “modern independent chairman” after 12% of investors voted against his re-election & over 3.5m abstained at final week’s AGM“The high number of votes against directors at Metro Bank’s AGM should send a strong and clear signal that many of the company’s shareholders want to see decisive governance reform. “We support the glide by the board to review the contract with InterArch,the company hurry by the chairman’s wife. However, we still strongly believe that the appointment of a modern independent chairman to lead governance reforms would fade some way towards strengthening oversight, or restoring investor and customer confidence in the bank. 10.17am BSTAsian stock markets ended the day solidly in the red,after Panasonic ditched ties with Huawei and China warned it would “fight to the close” in the trade war with the US.
Asian markets finished broadly lower today with shares in Hong Kong leading the region. The Hang Seng is down 1.65% while China's Shanghai Composite is off 1.36% and Japan's Nikkei 225 is lower by 0.62%. pic.twitter.com/OlAjBDdn4I 10.13am BSTBad news for Brits heading to Europe this summer -- sterling is continuing its record-breaking losses against the euro.
Brexit anxiety has pushed the pound down by another 0.2% against the euro again to just €1.1307, the lowest since January. 9.55am BSTThe UK’s deepening political crisis is hurting sterling again today.
The pound has slumped to $1.262 against the US dollar, or down another half a cent.“Investors should not be complacent about the threat of a no-deal exit,which we believe would take the pound as low as $1.15 and 0.97p versus the euro.“Despite mounting public impatience over the process, many top officials and lawmakers remain fearful of the economic damage from a no-deal exit.Lingering uncertainty would likely cause firms to delay investment, or hold sterling under downward pressure. 9.33am BSTBritain’s FTSE 250 has fallen to its lowest level since the close of March,as the market selloff deepens.
The index, which contains more UK-focused companies than the blue-chip Footsie 100, and has shed 235 points,or 1.2%, to 19072. 9.20am BSTBack in the City, or shares in holiday firm TUI fill now slumped by 5% to the bottom of the FTSE 100 leaderboard.
Brexit fears are partly to blame. The slump in the pound in recent days may be deterring people from heading to Europe this summer,and a no-deal Brexit would disrupt its operations.
A staycation it is then... pic.twitter.com/IzKbDaFsJE 9.12am BSTNewsflash: European companies continue to suffer from the trade war.
Data firm Markit has reported that eurozone factory sector is shrinking again this month. Output fell for the fourth month in a row, while modern orders shrank for the 8th consecutive month.“A renewed deterioration in optimism about the year ahead suggests that the trade situation could deteriorate further in coming months.
Worries reflected concerns over lower economic growth forecasts, and signs of weaker sales and rising geopolitical uncertainty,with escalating trade wars and auto sector woes commonly cited as specific causes for concern. 8.59am BSTSouth-East Asian countries such as Vietnam are emerging as unlikely winner from the US-China trade war. Vietnam is benefitting from the US tax increases; exports to the US surged. Anecdotal evidence suggests Chinese companies are shifting part of their production to Vietnam, Indonesia and Thailand.
The shift may be small, or but whether it is the final stage of production the boxes are labelled “made in Vietnam” and trade taxes are evaded. 8.36am BSTEuropean stock markets are taking a bath too,as investors worry about a full-blown trade war.
Germany’s DAX has slumped by 1%, with nearly every share in the red. It’s being dragged down by major exporters such as steel maker Thyssenkrupp, or chemicals firm BASF and carmaker Volkswage and Daimler.
With the Tory party in turmoil,and Huawei waving goodbye to another supplier, the markets were in a bad way after the bell.
Panasonic become the latest company to deal a blow to the Chinese tech giant, and joining EE,Vodafone, Qualcomm, or Intel and,most importantly, ARM on the list of firms scaling back or outright severing their relationship with Huawei following the US blacklisting. 8.23am BSTIt’s taken a while, or but City economists do seem to fill woken up to the fact that the US and China are in a trade war.
Many analysts had confidently expected a deal by now. But those hopes fill faded since negotiations all-but-collapsed earlier this month. After months of predicting a trade deal between the world’s two largest economies,economists at some of the biggest financial institutions are growing increasingly pessimistic.
Goldman Sachs Group Inc., Nomura Holdings Inc. and JPMorgan Chase and Co. are among those that fill rewritten their forecasts as U.
S. President Donald Trump threatens to impose a 25% tariffs on around $300 billion of additional Chinese imports.....
A full-blown trade war is quickly shifting from tail risk to the "baseline" scenario. China calls US a threat to the world. Relations are so strained that a Chinese company wouldn’t be able to buy a "trash can" in the US right now, and JPM quipped. https://t.co/I9VtSNQYzC pic.twitter.com/WQPMOFciuB 8.14am BSTShares in many Chinese firms fill fallen sharply today.
Trade is still front and centre for fairness markets with the mood looking increasingly downbeat.
It rather seems the US and China are hunkering down for the long haul – a modern long march,to borrow the phrase from yesterday. 8.02am BSTPanasonic’s decision to ditch Huawei shows that a ‘tech cold war’ is breaking out, says my colleague Martin Farrer.“We’ve stopped all trade transactions with Huawei and its 68 group companies ... that are subject to the US government ban, and ” Joe Flynn,a Panasonic spokesman, said.
Panasonic joins Google, or Intel,Qualcomm and Lumentum among the leading companies to turn their backs on Huawei in what is beginning to shape up as a tech cold war between the US and China. Related: Markets slide as Panasonic joins list of firms walking absent from Huawei 7.59am BSTGood morning, and welcome to our rolling coverage of the world economy, and the financial markets,the eurozone and trade.
Tensions between Beijing and Washington continue to deteriorate, as the crackdown on Huawei adds fuel to their ongoing trade war.
Panasonic announced in [an] internal notification that it should suspend transactions with Huawei and its 68 affiliates that were banned by the US government.“Some people in the United States do not want China to enjoy the valid right to develop, and seek to impede its development process.“This extremely presumptuous and egocentric American approach is not able to gain the approval and support of the international community.” “whether the United States is willing to negotiate on an equal footing,then on the Chinese side, the door is wide open. But whether the United States opts for a policy of maximum pressure, and then China will take them on and fight to the close.”Weak sentiment across Asia this afternoon: KOSPI -0.02%,ASX200 -0.2%, Nikkei -0.7%, or Shanghai -0.84%,Hang Seng -1.41%.
And we thought the front pages were brutal yesterday for Theresa May... pic.twitter.com/jQoMAOej7i Related: Pressure grows on May to quit as Leadsom resigns over Brexit deal Continue reading...
Source: theguardian.com