From 16m ago Introduction: China’s May factory activity shrinks as tariffs hit demand Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Evidence is mounting that Donald Trump’s trade war is disrupting manufacturing activity around the globe. China’s manufacturing activity in May shrank at its fastest pace in two and a half years, according to the latest survey data, as firms were hit by a fall in new orders, and weaker export demand. The Caixin/S&P Global manufacturing purchasing managers’ index, released this…
Tag: Stock markets
Tech shares climb after strong Nvidia results despite warning over rise of Chinese rivals
Technology shares climbed on Thursday, buoyed by strong results from Nvidia, despite the AI chip company’s boss issuing a warning about the rise of Chinese rivals. The Stoxx Europe tech index rose by 0.8% on Thursday following Nvidia’s financial report, with the Dutch semiconductor equipment maker ASML rallying by 2.4%. In the US, futures for the tech-focused Nasdaq climbed 2%, and shares in Nvidia itself jumped 6% in pre-market trading. The boost to tech and artificial intelligence stocks came hours after Nvidia beat Wall Street forecasts, with quarterly revenues jumping…
Shein turns to Hong Kong for flotation as London attempt stalls, reports say
Shein is reportedly aiming to list on the Hong Kong stock exchange as the online fast-fashion retailer struggles to gain the go-ahead from Chinese regulators for a flotation in London. The company, which was founded in China where the majority of its suppliers are based but now has its headquarters in Singapore, is aiming to file a draft prospectus with Hong Kong’s stock exchange in the coming weeks, according to Reuters. It said Shein plans to go public in the Asian financial hub this year, which would scotch hopes of…
China and Australia cut interest rates; Greggs sales improve as Mac and Cheese goes viral – business live
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China criticises UK-US trade deal; Aviva’s £3.7bn acquisition of Direct Line faces competition probe – business live
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UK must rebuild trade relationship with EU, says BoE boss; China-US shipments slump – business live
From 2h ago UK must ‘do everything’ to rebuild trade with EU, Bank of Engand boss says The Governor of the Bank of England has called for Britain to “rebuild” its trade relationship with the European Union, as the UK celebrates yesterday’s trade deal with the US. Andrew Bailey has told the BBC that reversing the post Brexit hit to UK-EU trade would be “beneficial”. And while Bailey was keen not to take a view on Brexit, as a public official, he also argued that a closer relationship between the…
Stock markets rise as Trump says he will reduce tariffs on China ‘substantially’
Stock markets have risen around the world after Donald Trump said his tariffs on China would come down “substantially” and he had “no intention” of firing the chair of the American central bank, Jay Powell. The president told reporters in Washington on Tuesday he plannned to be “very nice” to China in trade talks and that tariffs could drop in both countries if they could reach a deal, adding: “It will come down substantially, but it won’t be zero.” The comments sparked a fresh rally on Wall Street, with the…
Boeing investors brace for fallout from Trump tariffs
Investors in Boeing are braced to learn the full impact of Donald Trump’s trade war, amid fears the US planemaker could be hit harder than first expected after jets intended for a Chinese airline returned to the US. A Boeing 737 Max 8 plane intended for use by a Chinese airline returned to the US on Monday from Boeing’s China finishing centre, according to flight data cited by Reuters. It followed the arrival in the US on Sunday of another 737 Max painted in the livery of China’s Xiamen Airlines…
Fast fashion retailer Shein doubles profits as it awaits IPO approval
Shein, the online fast fashion retailer founded in China, has more than doubled its profits to more than $2bn (£1.6bn) as it awaits approval for a stock market listing in New York or London. The company, which is growing rapidly around the world by using social media to promote its goods, recorded sales of about $45bn last year, according to a report in the Financial Times based on information from sources close to the company. Shein, which has moved its headquarters to Singapore, is among the most profitable fashion companies…
UK watchdog secures changes from Asos, Boohoo, Asda on green claims; Xi Jinping meets US CEOs – business live
From 31m ago UK watchdog secures changes from Asos, Boohoo, Asda on green claims Millions of consumers can expect to see accurate and clear green claims when shopping for fashion items with Asos, Boohoo and George at Asda, Britain’s competition watchdog said. The Competition and Markets Authority (CMA) said the companies had signed formal agreements to change the way they display, describe, and promote their green credentials. The CMA launched an investigation into ASOS, Boohoo and George at Asda in July 2022, having identified concerns of possible greenwashing during an…