Miners drag down FTSE 100 after iron ore prices dip July 24, 2019 The FTSE 100 fell 63 points today as mining stocks tumbled on news that Brazilian giant Vale was resuming operations at one of its major facilities. Shares in Rio Tinto fell 4.5 per cent to 4,610p, shares in BHP fell 4.1 per cent to 1,958p and shares in Anglo American slipped 3.4 per cent to [...]
Tradeweb’s CEO on tech, China, and modernising bond markets July 24, 2019 While researching Lee Olesky, the co-founder and chief executive of the fixed-income market platform Tradeweb, I came across an article comparing him to Amazon’s founder Jeff Bezos. Both started their companies in the nineties. Both set out to use the internet and ecommerce to disrupt their respective industries at a time when the idea of [...]
US sanctions blamed for Huawei 5G decision delay July 22, 2019 The government has put off a decision on whether Chinese telecoms giant Huawei should be part of the construction of the UK’s next-generation 5G networks, saying US sanctions might stop the firm from being a viable long-term partner. Read more: Next PM urged to prioritise Huawei decision The delay means the next government, which will [...]
China’s Nasdaq rival Star Market see shares surge on first day of trading July 22, 2019 Shares shot up on the launch of China’s new Nasdaq rival – the Star Market – today. Shanghai Stock Exchange’s tech-focused stock market aims to use Shanghai’s credentials as a global financial hub as a springboard to success, with 25 firms listed on it already. Read more: Google terminates Project Dragonfly, its censored Chinese search [...]
Voyager Air grounds plans for London Stock Exchange listing July 18, 2019 An aircraft leasing firm has stalled its planned initial public offering (IPO), becoming the second major company in a fortnight to put off its float in London. Voyager Air has halted its ambition to raise $200m ($160m) through an IPO on the London Stock Exchange, blaming “currently unfavourable” market conditions for the move. Read more: [...]
German investors grow gloomier over Iran and trade tensions July 16, 2019 German investors became increasingly gloomy about the country’s economic prospects in July, a survey showed today, as they fretted over the raging US-China trade war and tensions in Iran. Read more: German malaise continues as factory orders tumble The ZEW think tank’s indicator of economic sentiment fell to minus 24.5 points in July compared to [...]
Chinese steel producers set new record in June July 15, 2019 Chinese steel mills were busy last month, hitting an all-time daily production record, new figures out today show. Output hit 87.53m tonnes of crude steel in June, data from the National Bureau of Statistics show. Read more: Greybull Capital ‘to bid for British Steel’s non-UK assets’ The figure is a small decrease in overall monthly [...]
Trump 2020? Firms haven’t felt this gloomy since the financial crisis July 15, 2019 Global businesses were at their gloomiest about business activity and profits since the financial crisis in June, a new survey has shown. Read more: China growth slows to 27-year low Bosses were increasingly anxious about US trade tensions with China, Mexico and the European Union, as well as the possible reelection of President Donald Trump [...]
Bitcoin continues to tumble after central banks attack Facebook’s Libra coin plans July 15, 2019 Bitcoin fell over 10 per cent over the weekend following criticism of Facebook’s proposed digital currency from powerful figures including US President Donald Trump and chair of the Federal Reserve Jay Powell. Read more: Trump dismisses bitcoin, saying cryptocurrencies aren’t money The world’s largest cryptocurrency had rebounded slightly to $10,344 shortly after 11am UK time [...]
China growth slows to 27-year low as trade war pressure take its toll July 15, 2019 China’s economic growth slowed down to a 27-year low during the second quarter of 2019, as trade war tensions with the US escalated. Gross domestic product (GDP) in the country climbed 6.2 per cent in the three months to the end of June, falling from 6.4 per cent in the first quarter and marking the [...]