Yahoo Finance What to Watch: Trump slams Brexit deal, Thomas Cook in tailspin, Facebook's UK hearing
Here are the top business, market and economic stories you should be monitoring today in the UK, Europe and abroad:
Trump slams May’s Brexit deal
Donald Trump joined the chorus of critics over UK prime minister Theresa May’s Brexit withdrawal agreement.
“Right now if you look at the deal, [the UK] may not be able to trade with us. And that wouldn’t be a good thing. I don’t think they meant that,” he told reporters, in a quick-fire round of questions outside the White House
In response, a UK government spokesperson said that “we have already been laying the groundwork for an ambitious agreement with the US through our joint working groups, which have met five times so far” and that May’s Brexit deal is “very clear” the UK would be able to sign trade deals with countries around the world.
European shares fell on Tuesday after Trump also issued a new threat to impose tariffs on more Chinese imports, “pouring more fuel on the trade war fire while unleashing some unhelpful Brexit comments,” said Connor Campbell, analyst Spreadex.com.
Both the pound against the dollar (GBPUSD=X) and euro (GBPEUR=X) have fallen.
READ MORE: Trump points out a key problem with May’s Brexit deal for US-UK trade
Thomas Cook is in a tailspin
Shares in travel operator Thomas Cook (TCG.L) cratered by more than 30% after it suspended its dividend and issued its second profit warning in two months in an unscheduled statement.
Thomas Cook blamed the “knock-on effects” from the heatwave in Britain for hitting bookings as consumers ended up staying at home to enjoy the weather.
Thomas Cook said it expects underlying operating profits of £250m ($318.8m), £58m lower than last year.
But the company’s outlook signalled a warning for the industry and led to shares of rival Tui (TUI.L), dropping 7%, before recouping some losses later in the morning.
READ MORE: Thomas Cook fresh profit warning after tough year
Facebook’s unprecedented UK hearing
UK and international parliamentarians from Argentina, Brazil, Canada, Ireland, Latvia and Singapore grilled Facebook’s (FB) vice president of policy solutions, Richard Allan, at 11:30am local time (6:30am ET).
Questions centred on disinformation, fake news and privacy on Facebook’s platform.
The group, called an “International Grand Committee,” tried to bring in Facebook CEO Mark Zuckerberg to answer questions, but he declined twice.
READ MORE: ‘Where is Mark Zuckerberg?’ Fury as international politicians rage against Facebook
Meanwhile…
Bitcoin approaching its worst ever slump — here’s what’s driving it
Oil slips on record Saudi output; markets eye G20 and OPEC meetings
British art sales draw a crowd ready to spend, if not break records
