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British Prime Minister Theresa May warned her divided party on Sunday that there may be "no Brexit at all" if they wrecked her plan to forge a close relationship with the European Union after leaving the world's biggest trading bloc. Linking the fate of Brexit to her own survival in such an explicit way indicates just how precarious May's position remains after her government was thrust into crisis and U.S. President Donald Trump publicly criticised her Brexit strategy.
British Prime Minister Theresa May said U.S. President Donald Trump had previously advised her to sue the European Union as part of her Brexit strategy, disclosing a piece of advice Trump said last week she had ignored. "He told me I should sue the EU," May told BBC television. May pointed out that Trump, who was visiting Britain, had also advised that now she was in a negotiation, she should not walk away.
German government bond yields fell to six-week lows while Belgian and French borrowing costs hit their lowest levels since at least early January as investors sought safe assets in the face of economic and global trade concerns. Although the prospect of a trade war between the United (Shenzhen: 000925.SZ - news) States and China eased a touch on Friday, worries over slowing economic growth in Europe and cautious comments from European policymakers on future rate increases have held down yields across the bloc.
World stocks rose for a second consecutive week on Friday as investors prepared for an expected run of strong earnings in the United States, although fears about the U.S.-China trade conflict kept gains in check and pushed the dollar higher. Expectations of a bumper U.S. earnings season and news that China's overall global export growth beat expectations led European shares up on Friday with industrials and technology sending the pan-European STOXX 600 up 0.2 percent. Data showing China's trade surplus with the United States swelling to a record in June could further inflame a trade dispute with Washington.
The euro fell to a eight-day low on Friday as U.S. inflation numbers boosted interest rate expectations and an easing in trade tensions between the United (Shenzhen: 000925.SZ - news) States and China supported the dollar. U.S. President Donald Trump's comments on Britain's Brexit plan killing hopes of a U.S. trade deal also knocked sterling lower, pushing the dollar up across the board.
With (Other OTC: WWTH - news) friends like Donald Trump, Theresa May might be forgiven for thinking who needs enemies, although she’s not short in that department, either. The S&P500 hit four-month highs on Wall Street overnight as the big U.S. banks, such as JPMorgan (LSE: JPIU.L - news) , get second-quarter corporate reporting underway, with aggregate annual profit growth expected at more than 20 percent for the second quarter.
:: Policy chairman at the City of London Corporation, Catherine McGuinness, said: "Today's Brexit white paper is a real blow for the UK's financial and related professional services sector. "As the EU's gateway to capital, the UK is a significant trading partner for the bloc.
Prime Minister Theresa May published her blueprint for Britain's future relations with the European Union on Thursday, proposals which would keep close trade ties after Brexit but make it harder for banks to access the European single market. With (Other OTC: WWTH - news) less than nine months before Britain leaves the bloc, May has been under pressure to spell out her position to unblock the all-but-stalled talks with the EU that will shape Britain's biggest shift in foreign and trade policies for decades.
Ireland (Other OTC: IRLD - news) committed to divesting public funds from fossil fuel companies on Thursday after parliament passed a bill forcing the 8.9 billion euro ($10.4 billion) Ireland Strategic Investment Fund (ISIF) to withdraw money invested in oil, gas and coal. Members of Ireland's Dail (Parliament) passed the Fossil Fuel Divestment Bill, which requires the fund to divest direct investments in fossil fuel undertakings within five years and not to make future investments in the industry.
U.S. consumer prices recorded their largest increase in nearly 6-1/2 years in the year through June, while the monthly pace continued to suggest a steady buildup of inflation that could keep the Federal Reserve on a path of gradual interest rate increases. Other data on Thursday showed first-time applications for unemployment benefits dropped to a two-month low last week as the labor market strengthened further. The tight jobs market is supporting inflation, and import tariffs, which are set to be broadened to include consumer goods, could fan price pressures.
ASOS (LSE: ASC.L - news) , the online fashion retailer popular among 20-somethings, has warned its full-year sales growth will be at the "lower end" of expectations. ASOS expects full-year sales growth to be "towards the lower end" of a 25% to 30% range. Despite missing the forecast, ASOS and rival Boohoo have benefited as consumers move away from traditional high street retailers in favour of shopping online.
In a major policy shift, Britain has abandoned a plan for close ties with the EU for financial services, instead saying it would push to improve the EU's legal mechanism for access to countries outside the bloc known as "equivalence," where access is patchy and can be revoked at short notice. "Today's Brexit White Paper is a real blow for the UK's financial and related professional services sector," said Catherine McGuinness, in practice the political leader of the historic financial district’s municipal body.
3. It rallied half a percent against the yen at 112.56 yen. The conventional wisdom is that any escalation in trade conflict between the United States and its trading partners will feed through to inflation and prompt the U.S. Federal Reserve to raise interest rates at least twice more this year. With (Other OTC: WWTH - news) the stimulus effect from U.S. tax cuts expected to wane next year and worries that the trade war rhetoric may fuel a selloff in global stock markets, some analysts advise caution in buying the dollar at these levels.
The dollar held at a nine-day high on Thursday, bolstered by concern U.S. inflation pressures will pick up, although worries about an escalation in trade conflict capped gains. The conventional wisdom is that any escalation in trade conflict between the United States and its trading partners will feed through to inflation and prompt the U.S. Federal Reserve to raise interest rates at least twice more this year. With (Other OTC: WWTH - news) the stimulus effect from U.S. tax cuts expected to wane next year and worries that the trade war rhetoric may fuel a selloff in global stock markets, some analysts advise caution in buying the dollar at these levels.
Low-cost airline Ryanair has cancelled 30 flights on Thursday after talks with pilots ended without an agreement. Scheduled flights between Ireland (Other OTC: IRLD - news) and the UK will face the brunt of the action, as Ryanair faces its second strike since recognising unions for the first time in December. "Thanks to efforts of the majority of Irish pilots, Ryanair expects limited disruptions... other than 30 Ireland-UK flights already cancelled... (whose customers have been re-accommodated)," the airline said.
On the face of it, active managers, who attempt to identify market inefficiencies to deliver higher returns for investors, should be doing relatively well. The S&P 500 ended the first half up less than 2 percent, the MSCI (Frankfurt: 3HM.F - news) world index down less than 2 pct and European stocks down almost 3 pct. Common to all of them was a growing lack of direction, confidence and conviction. "Whether you're a value picker or a growth picker, there should be a lot of opportunity," said Bill Street, head of investments EMEA at State Street Global Advisors, which manages $3 trillion of assets, of which $2 trillion track indexes.
U.S. producer prices increased more than expected in June amid gains in the cost of services and motor vehicles, leading to the biggest annual increase in 6-1/2 years. Economists expect tariffs on lumber, steel and aluminum imports to drive up prices, likely keeping the Federal Reserve on track to increase interest rates two more times this year. "With (Other OTC: WWTH - news) underlying inflationary pressures building even before the tariffs, we suspect the Fed will be forced to continue raising rates once a quarter," said Michael Pearce, senior U.S. economist at Capital Economics in New York.
Britain wants to maintain a leadership position in fighter jet technology and will not take a subsidiary role to France and Germany as they move ahead on developing a next-generation warplane, the country's air chief said on Wednesday. Britain is considering its future air combat strategy, and the government said in February it will provide a further update on it at some point this summer. Hillier noted Britain had played a key role in development of the Eurofighter Typhoon and Lockheed Martin Corp's F-35.
Safe-haven bond yields in the euro zone pushed lower on Wednesday as the United States threatened to impose 10 percent tariffs on a list of Chinese imports. Investors often sell existing bonds to make way for new supply but on this occasion, the trade-war jitters held sway and pinned yields down.
British Prime Minister Theresa May won the support of senior ministers and an endorsement from Europe's most powerful leader, Angela Merkel, on Tuesday, surviving the explosive resignations of two top cabinet members in protest at her Brexit plans. May's government was rattled on Monday by the departures of foreign minister Boris Johnson - the face of Brexit for many - and her chief Brexit negotiator David Davis.
North Africa-focused oil and gas company SDX Energy (Berlin: 76S1.BE - news) , expects its revenues from Morocco to quadruple in the next three years as it expands gas production, its CEO said. SDX Energy produces 6 million standard cubic feet (MMSCF) of gas a day in Morocco, piping supplies to industrial clients in the city of Kenitra and generating revenue of $12.4 million in 2017, according to its financial statements. It plans to raise that to 8-10 MMSCF a day by the end of this year, eventually increasing output to the pipeline's full capacity of 24 MMSCF, CEO Paul Welch said.
Britain's aviation regulator has stepped up planning for a "no deal" disorderly Brexit, identifying how many new staff would be needed and preparing safety systems to take on work now carried out by European authorities. The Civil Aviation Authority had said in January it was purposely not planning for a scenario where it was excluded from Europe's safety body, "as it would be misleading to suggest that's a viable option". Prime Minister Theresa May said on Friday the government would step up preparations for the possibility of Britain leaving the European Union without reaching a deal with Brussels.
World shares hovered near three-week highs on Tuesday, supported by optimism about U.S. company earnings and hopes that global economic growth can withstand trade tensions, although political bickering ...
Demand for beer, barbeques and big-screen televisions ahead of the World Cup lifted retail sales last month. The British Retail Consortium (BRC (Shanghai: 600466.SS - news) ) said like-for-like sales increased by 1.1% in June, compared to 1.2% in the same month a year ago. Helen Dickinson, chief executive of the BRC, said: "Beer, barbeques and big TVs lifted June's sales as warm weather and World Cup fever gripped the nation.
The soccer World Cup prompted shoppers in Britain to spend more on beer, barbecues and big-screen televisions in June but the overall increase in sales slowed in a reminder of how wary many consumers remain, a survey showed on Tuesday. Total (LSE: 524773.L - news) retail sales values rose by 2.3 percent compared with June 2017, the British Retail Consortium (BRC (Shanghai: 600466.SS - news) ) said. Consumer spending accounts for around 80 percent of Britain's economy and the Bank of England is watching closely for how shoppers are behaving as it weighs up whether to raise interest rates at its next policy meeting in August.