From 52m ago Introduction: China’s consumer price drop adds to deflation fears Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. While most of the advanced world is struggling with inflation, China has the opposite problem. The world’s second-largest economy has dropped further into deflation territory, with consumer prices falling last month, new data released last weekend shows. China’s consumer price index (CPI) dropped 0.5% on a monthly basis in November, showing that prices of a basket of goods and services fell…
Tag: Stock markets
Chinese fashion giant Shein has filed paperwork to float on US stock market – reports
Fast fashion giant Shein has reportedly lodged confidential paperwork with US securities regulators, informing them of an intention to go public in the US. The listing would likely be the largest initial public offering (IPO) in years. Shein is one of the global leaders of fast fashion e-commerce, harnessing a network of small-shipment manufacturers in China, and a massive online advertising presence. JPMorgan Chase, Morgan Stanley and Goldman Sachs have reportedly been hired as underwriters for the move, according to unnamed sources cited by the Wall Street Journal, Financial Times,…
China falls back into deflation territory; UK energy companies pay £10.8m for missing smart meter targets – business live
From 31m ago Introduction: China’s economy falls back into deflation as pork prices tumble Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. China has dropped into deflationary territory for the second time this year, reigniting concerns over its economy. Consumer prices in the world’s second-largest economy fell by 0.2%, compared with the previous year, in October, a larger decline than the 0.1% expected. Chinese producers also cut their prices at a faster rate. The producer price index (a measure of prices…
US orders immediate stop to some AI chip exports to China; Lloyds profits up but lending margins fall – business live
<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"6538c5068f08fea9e14d9c23","elements":[{"_type":"model.dotcomrendering.pageElements.ImageBlockElement","media":{"allImages":[{"index":0,"fields":{"height":"2100","width":"3500"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/3500.jpg"},{"index":1,"fields":{"isMaster":"true","height":"2100","width":"3500"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg"},{"index":2,"fields":{"height":"1200","width":"2000"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/2000.jpg"},{"index":3,"fields":{"height":"600","width":"1000"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/1000.jpg"},{"index":4,"fields":{"height":"300","width":"500"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/500.jpg"},{"index":5,"fields":{"height":"84","width":"140"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/140.jpg"}]},"data":{"alt":"A picture of some of the cleaning products produced by Reckitt Benckiser: Vanish, Finish, Dettol and Harpic.","caption":"Some of the cleaning products produced by Reckitt Benckiser: Vanish, Finish, Dettol and Harpic.","credit":"Photograph: Stephen Hird/Reuters"},"displayCredit":true,"role":"inline","imageSources":[{"weighting":"inline","srcSet":[{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=620&quality=85&auto=format&fit=max&s=675b8fdd698762e9e498f528bdb37064","width":620},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=c309a496b73c0d83e85ca0d283723a78","width":1240},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=605&quality=85&auto=format&fit=max&s=6b2e918bede5b50d5c9ba74e4d88b2a6","width":605},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=f7d55d398268448f85168d7fa954d6af","width":1210},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=445&quality=85&auto=format&fit=max&s=ff70b33452cc9a9a19c38b96bd5b6491","width":445},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=9cc450ba842fe9462af512ce9d998550","width":890}]},{"weighting":"thumbnail","srcSet":[{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=140&quality=85&auto=format&fit=max&s=29e9af267e01660f619b20e8e986e83a","width":140},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=140&quality=45&auto=format&fit=max&dpr=2&s=9554acb8ee776f1541fc50c11d106bc1","width":280},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=120&quality=85&auto=format&fit=max&s=4b77be53b8b242054decbec4992c12a0","width":120},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=120&quality=45&auto=format&fit=max&dpr=2&s=1fa762527dd326931b4012dc5e7402ad","width":240}]},{"weighting":"supporting","srcSet":[{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=380&quality=85&auto=format&fit=max&s=00dbf5210b596338d162c98954b5a3bc","width":380},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=380&quality=45&auto=format&fit=max&dpr=2&s=1ae0978fe070935ad1be70d0dcf5e6be","width":760},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=300&quality=85&auto=format&fit=max&s=4d90e488927f3e1658b00a4d4f712b5a","width":300},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=300&quality=45&auto=format&fit=max&dpr=2&s=d568e47fb36be332c2c7dd00396d9361","width":600},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=620&quality=85&auto=format&fit=max&s=675b8fdd698762e9e498f528bdb37064","width":620},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=c309a496b73c0d83e85ca0d283723a78","width":1240},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=605&quality=85&auto=format&fit=max&s=6b2e918bede5b50d5c9ba74e4d88b2a6","width":605},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=f7d55d398268448f85168d7fa954d6af","width":1210},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=445&quality=85&auto=format&fit=max&s=ff70b33452cc9a9a19c38b96bd5b6491","width":445},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=9cc450ba842fe9462af512ce9d998550","width":890}]},{"weighting":"showcase","srcSet":[{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=860&quality=85&auto=format&fit=max&s=f177ad64390473ffb181e190a8cf1201","width":860},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=860&quality=45&auto=format&fit=max&dpr=2&s=39ea152e26915a82b0b383d6ad21f522","width":1720},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=780&quality=85&auto=format&fit=max&s=36ebd3a97f9471df658ce735a4f93018","width":780},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=780&quality=45&auto=format&fit=max&dpr=2&s=b4779a2086cf5c01a8437f17fdd97063","width":1560},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=620&quality=85&auto=format&fit=max&s=675b8fdd698762e9e498f528bdb37064","width":620},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=c309a496b73c0d83e85ca0d283723a78","width":1240},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=605&quality=85&auto=format&fit=max&s=6b2e918bede5b50d5c9ba74e4d88b2a6","width":605},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=f7d55d398268448f85168d7fa954d6af","width":1210},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=445&quality=85&auto=format&fit=max&s=ff70b33452cc9a9a19c38b96bd5b6491","width":445},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=9cc450ba842fe9462af512ce9d998550","width":890}]},{"weighting":"halfwidth","srcSet":[{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=620&quality=85&auto=format&fit=max&s=675b8fdd698762e9e498f528bdb37064","width":620},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=c309a496b73c0d83e85ca0d283723a78","width":1240},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=605&quality=85&auto=format&fit=max&s=6b2e918bede5b50d5c9ba74e4d88b2a6","width":605},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=f7d55d398268448f85168d7fa954d6af","width":1210},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=445&quality=85&auto=format&fit=max&s=ff70b33452cc9a9a19c38b96bd5b6491","width":445},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=9cc450ba842fe9462af512ce9d998550","width":890}]},{"weighting":"immersive","srcSet":[{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=1900&quality=85&auto=format&fit=max&s=9c95f49c69a82e0eec1f842ef79967d1","width":1900},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=1900&quality=45&auto=format&fit=max&dpr=2&s=0a11652a0116e752e67c49548f4a7620","width":3800},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=1300&quality=85&auto=format&fit=max&s=7e83fdcae032c506b14fde9f3327e27d","width":1300},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=1300&quality=45&auto=format&fit=max&dpr=2&s=df01659af8bf35d6ae8f346eceb49cc0","width":2600},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=1140&quality=85&auto=format&fit=max&s=f85706cfe8aa58865b2fe085dd120d85","width":1140},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=1140&quality=45&auto=format&fit=max&dpr=2&s=0d856fbfbdbaad93d527a038baf1a73c","width":2280},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=980&quality=85&auto=format&fit=max&s=ccd935c095bb4452114083042ac1f59d","width":980},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=980&quality=45&auto=format&fit=max&dpr=2&s=bd77ff19c560af83b05f743cec6142b1","width":1960},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=740&quality=85&auto=format&fit=max&s=88ed0c13569e79b8c49ef6c2f7e66afa","width":740},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=740&quality=45&auto=format&fit=max&dpr=2&s=b562d568c93510d9babfa6f26e13702e","width":1480},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=660&quality=85&auto=format&fit=max&s=58a4696d6bf70281feb3cebccb467f7a","width":660},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=660&quality=45&auto=format&fit=max&dpr=2&s=0572fd37c7d0bfab6b45b75b01fa76d7","width":1320},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=480&quality=85&auto=format&fit=max&s=bda64e483028cded59cdd1c070000d06","width":480},{"src":"https://i.guim.co.uk/img/media/f32da0d3586433c65660769d81bbddffc1e14eba/0_0_3500_2100/master/3500.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=f6c32dafb3532af2db775828fc0ef92e","width":960}]}],"elementId":"2f3ac618-b32c-4ee5-b919-9bc052e5642c"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Reckitt, the maker of Dettol bleach and Finish dishwasher products, has missed sales expectations as revenues dropped 3.6% year-on-year in the third quarter. ","elementId":"c705bb63-9627-4831-b267-42b06d699530"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Its shares were down 2.3% on Wednesday morning, despite it also committing to buy back £1bn in shares. ","elementId":"7d7e69ac-7899-4b7d-8dd7-43d2450dec8a"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" It missed expectations because of the comparison with strong sales in…
UK government delays post-Brexit border checks for fifth time – business live
From 2h ago UK government confirms another delay to post-Brexit food checks The UK government has confirmed that it will delay the introduction of post-Brexit checks on food by another three months, after warnings the long-promised new regime would not be ready in time. The UK’s Cabinet Office said that “remaining sanitary and phytosanitary controls, as well as full customs controls for non-qualifying Northern Ireland goods, […] will now be introduced from January 2024. The government had said in April that new checks would come into force on Halloween, 31…
Homebuilder shares tumble as UK housing market weakens – business live
<gu-island name="KeyEventsCarousel" deferuntil="visible" props="{"keyEvents":[{"id":"64e30eba8f0897043a8e0b70","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Share prices of UK house builders have tumbled following a profit warning from Crest Nicholson. ","elementId":"e9140f4a-eca6-40c9-b443-db595666eb64"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Crest Nicholson itself is down 14.4%, and is on track for its biggest daily drop since the Covid pandemic in June 2020. ","elementId":"7db1389f-8202-4bde-84b8-a3d5123e2e11"},{"_type":"model.dotcomrendering.pageElements.ImageBlockElement","media":{"allImages":[{"index":0,"fields":{"height":"2148","width":"3500"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/8be2f6bc881bdce9e13c8e9c231631bae0caaefc/0_0_3500_2148/3500.jpg"},{"index":1,"fields":{"isMaster":"true","height":"2148","width":"3500"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/8be2f6bc881bdce9e13c8e9c231631bae0caaefc/0_0_3500_2148/master/3500.jpg"},{"index":2,"fields":{"height":"1227","width":"2000"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/8be2f6bc881bdce9e13c8e9c231631bae0caaefc/0_0_3500_2148/2000.jpg"},{"index":3,"fields":{"height":"614","width":"1000"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/8be2f6bc881bdce9e13c8e9c231631bae0caaefc/0_0_3500_2148/1000.jpg"},{"index":4,"fields":{"height":"307","width":"500"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/8be2f6bc881bdce9e13c8e9c231631bae0caaefc/0_0_3500_2148/500.jpg"},{"index":5,"fields":{"height":"86","width":"140"},"mediaType":"Image","mimeType":"image/jpeg","url":"https://media.guim.co.uk/8be2f6bc881bdce9e13c8e9c231631bae0caaefc/0_0_3500_2148/140.jpg"}]},"data":{"alt":"Houses under construction, as housebuilder Crest Nicholson said that the housing market has slowed considerably this summer, as it downgraded its profit forecast for the year.","caption":"Houses under construction, as housebuilder Crest Nicholson said that the housing market has slowed considerably this summer, as it downgraded its profit forecast…
Italy approves 40% windfall tax on banks; China’s trade slumps – business live
From 1h ago Italy approves 40% windfall tax on banks The Italian government is hitting the country’s banks with a new windfall tax, to help families through the cost of living squeeze. Italy’s cabinet yesterday approved a 40% “windfall tax” on bank profits this year, with the proceeds earmarked to help mortgage holders and cut taxes. Deputy prime minister Matteo Salvini told a news conference that the levy will hit the profits reaped from higher interest rates: “One only has to look at the banks’ first-half 2023 profits, also the…
AstraZeneca considers spinning off its China business
AstraZeneca is considering spinning off its business in China and listing it in Hong Kong or Shanghai to shield the multinational drugmaker from geopolitical tensions. Britain’s largest stock-market-listed company has drawn up the plans in attempt to protect its business from the fallout from increasing tensions between China and the US and its allies. Executives at the Anglo-Swedish company have been discussing the move with bankers for several months, although it could still be abandoned, the Financial Times first reported. The spin-out would mean Astra separates its division in China…
Chinese owner of Lotus Technology to list a stake in US via blank cheque firm
The Chinese owner of Lotus is to list a stake in a division of the luxury sports car group in the US as part of deal with a firm backed by the world’s richest man. China’s Geely said on Tuesday that it plans to merge electric carmaker Lotus Technology – an offshoot of the Norfolk-based sports car brand – with a special purpose acquisition vehicle (Spac) founded by L Catterton, which is backed by LVMH and its billionaire founder, Bernard Arnault. The Nasdaq listing is expected to value the business…
Global economic forecast for 2023? A stormy start followed by a ray of hope
Investors should brace for another turbulent year in the financial markets, economists have warned as central banks fight inflation, China reopens its economy after Covid-19 restrictions and the Ukraine war pushes the global economy towards recession. The first half of the new year is likely to be choppy, according to Wall Street predictions, after global markets suffered their biggest fall since the 2008 financial crisis last year. But the US S&P 500 is still expected to end 2023 a little higher than it began the year. The average target of…