<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"682c18208f08d37c78c1d264","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. ","elementId":"23b79db8-98e7-4fa4-a88c-ff2c0221bb75"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" China’s and Australia’s central banks have both cut interest rates to stimulate their economies and cushion the impact of US trade tariffs. ","elementId":"652d1f9c-abc2-427e-b10d-3503711900a8"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" China cut its benchmark lending rates for the first time since October, following Beijing’s sweeping monetary easing measures. The People’s Bank of China reduced the one-year loan prime rate by 10 basis points to 3.0%, and the five-year loan prime rate was cut by…
Tag: Stock markets
China criticises UK-US trade deal; Aviva’s £3.7bn acquisition of Direct Line faces competition probe – business live
<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"682431d08f08426112ae2b44","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. ","elementId":"faca82ae-9a35-49a3-9f0a-283066999f95"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" China has reportedly taken aim at last week’s trade deal between the UK and US that could be used to squeeze Chinese products out of Britain’s supply chains. ","elementId":"181322d6-3c0e-4750-8eb6-bfe262a81eb4"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" The deal – the first struck by Donald Trump’s administration since announcing sweeping tariffs last month – was announced on Thursday, and includes strict security requirements for Britain’s steel and pharmaceutical industries. It could make it harder for…
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…
China’s consumer prices fall at fastest rate in 15 years as economy battles deflation – business live
<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"65c4744d8f08ddaeb791ac96","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. ","elementId":"f360f36b-68cb-4691-91e1-b5ee0a0581e9"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Consumer prices across China are falling at the fastest pace in 15 years, as its economy struggles with weak demand. ","elementId":"281c6eec-65c8-4ee6-8eec-7f06198e10c1"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" China’s consumer price index fell 0.8% year-on-year in January, data released this morning showed. It’s the fourth straight month of declines, and the biggest contraction since 2009 after the financial crisis. ","elementId":"37c285e3-8b4c-406e-b0e0-94f7767919fa"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" The inflation rate was dragged down by falling food prices, which dropped by 5.9%…
Comments on Weibo giraffe post bemoan state of Chinese economy
A social media post about giraffe conservation has become the latest place for people in China who are unhappy about the economy to vent their frustration, as the Chinese government increasingly cracks down on negative commentary. On 2 February, the US embassy in China posted an update on its Weibo account about tracking giraffes in Namibia using GPS technology. As of Monday afternoon local time, the post had received approximately 166,000 comments, many of them about China’s economic pains. “Who can help me? I’ve been unemployed for a long time,”…
Chinese markets rally on report Beijing considering £222bn state rescue plan
Chinese markets have lifted following a report suggesting that Beijing policymakers are scrambling to mobilise billions of yuan from state-owned enterprises to reverse a recent share rout. The benchmark CSI 300 index, which replicates the top 300 stocks traded on the Shanghai and the Shenzhen bourses, had fallen to a five-year low, while the Hang Seng China Enterprises Index, which tracks Chinese stocks traded in Hong Kong, had dropped to its lowest in nearly two decades. However, Chinese indexes recovered slightly on Tuesday after Bloomberg reported that the authorities were…