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US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Chinese president Xi Jinping promisedto open up economy and lower tariffs
Dow Jones rallied as much as 2.2pc in New York as risk appetite returns tomarkets
Buoyant mining stocks boostedFTSE 100 to highest level in six weeks
Global stocks climbed on hopes conciliatory speech at the "Asian Davos" will cool trade tensions
Xi vowed to slash car import tariffs and strengthen intellectual property rights, two key Trump gripes
Bank of England policymaker warnedMPC not to "dally" on raising interest rates
Chinas rise as a power is inevitable and the West can benefit from it
Where did it go wrong for Deutsche Bank's British boss John Cryan?
Small firms have a vital role as public sector suppliers
5:53PM
FTSE 100 hits six week high as relieved markets rally on Xi speech cooling trade tensions
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Markets rebounded on hopes of the trade spat between the world's two largest economies easing
The FTSE 100 hit a six-week high after relieved markets rallied on Chinese President Xi Jinping's keynote speech at the "Asian Davos" cooling trade tensions with Washington.
Markets rattled by the prospect of a severe disruption in trade between the worlds two largest economies were soothed by Xis olive branch to the White House.
Xi reinforced the Asian powerhouses commitment to open up its economy, setting out Chinas stall to attract foreign investment in the shipbuilding, aviation and financial sectors.
Xis conciliatory tone pandered to Donald Trumps criticisms on car tariffs and intellectual property rights but also warned against regressing to a Cold War mentality that could drive a growth-derailing wedge in international trade.
The Dow Jones the US blue-chip index surged as much as 2.2pc on opening in New York whileLondons mining heavyweights, which are so reliant on the free flow of trade and consumption in China, climbed higher along with metal prices.
5:22PM
Surge in risky corporate debt raises spectre of financial crisis
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Global debt is at a record high, and the IMF is worried that more loans are going to risky businesses
Global debts are at a new record high of $237 trillion (?192 trillion) - but a surge in economic growth means the risks may have gone unnoticed.
This is a rise of $21 trillion compared with 2016, the Institute of International Finance said, with debts risingparticularly sharply in China, Argentina, Nigeria and Turkey.
Households in Europe are also borrowing enthusiastically.
The global debt-to-GDP ratio has dipped318pc, due to strong economic growth. But if this growth spurt subsides, the debt burden could bring serious risks for the world economy.
Read Tim Wallace's full report here
4:44PM
Buoyant mining stocks boost FTSE 100 to highest level since February
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

London's mining heavyweight rebounded strongly
Mining sharesrallying on fading trade war fears haveboosted the FTSE 100 to its highest finish since February.
Anglo American, BHP Billiton and Rio Tinto mining heavyweightsreliant on Chinese consumption and free flowing global trade are topping the UK's blue-chip index this afternoon amid hopes that Washington and Beijing will pull back from the brink of a trade war.
Today's 1pc gain on London's benchmark index cameafter Chinese President Xi Jinpings appearance at the "Asian Davos" aimed to cool simmering tariff tensions before they spiral into a full-blow trade war.
Risks of trade war spilling into currency war increase, ING says. The timing of this is somewhat interesting given that the US Treasury is due to release its semi-annual FX report short. https://t.co/4PfIXdcA8z pic.twitter.com/XYuh1pgd8m Holger Zschaepitz (@Schuldensuehner) April 10, 2018
David Madden of CMC Markets has the latest on how company shares have been impacted today by the US sanctions on Russian oligarchs:

"Evraz shares are 1% higher today as the company rebounds from the double-digit decline yesterday on the back of the US sanctions on Russia. Washington decided to impose sanctions on Russia for meddling in the 2016 presidential elections.
"Glencore is also experiencing a lift on the back of the wider mining sector bounce. Glencore CEO, Ivan Glasenberg, resigned as a director of Rusal, and the London-listed mining titan publicly stated it has a number of contracts with the Russian business.
4:05PM
Volkswagen poised to axe boss Matthias Mueller
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Matthias Mueller, chairman of of VW Group's board of management
Volkswagen's boss Matthias Mueller could be set to depart after theGermancar giant said it was mulling a reshuffe ofits top ranks, with VW brand chief Herbet Diess tipped as his successor.
VW threw the future of its chief executive into doubtwith a pair of ambiguous statements on Tuesday, saying it was considering a further development of the management structure of the group. This could include personnel changes in the board of management and different responsibilities for its members, the Wolfsburg-based business said.
Read Alan Tovey's full report here
3:22PM
Dow Jones rallies on cooling tensions; 'too much at stake' in trade war
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

With plenty of otherproblems piling up on the Oval Office desk this afternoon, Donald Trump has been notably silent on trade followingXi Jinping's olive branch.
The Dow Jones has rallied 1.6pc in early trading across the Atlanticwhile European stocks are also moving higher following the opening bell in New York.
Was the sharp pullback on markets in recent weeks overdone?
Oxford Economics said that there "is too much at stake for both sides" to let tensions boil over into a full-blown trade war.
It explained:

"To us, an eventual cooperative solution is still likelier than a full-fledged trade war, despite the rhetorical flourishes of the US president and Chinas apparent readiness to respond in kind. Trade policy risk has rarely been a dominant driver of market risk premia in recent years.
"We think that the wedge between trade-war rhetoric and actual policy will likely remain large and therefore cautiously maintain our moderately risk-positive asset allocation stance."
2:42PM
China opens up car market to foreign manufacturers as Xi calms trade war talk
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

JLR drove a car Dragon Road in China as part of it marketing in the country
Chinese president Xi Jinping has pledged to open up his countrys car industry to foreign manufacturers, improving access to the worlds largest vehicle market.
In a speech seemingly designed to defuse growing trade tensions between the US and China, President Xi said that current controls on ownership of businesses building vehicles in China would be eased.
Mr Xi described this move as part of a"new phase of opening up" the Chinese economy. He sought to reiterate the regime's linethat China was a reluctant part in the trade spat with the US.
Read Alan Tovey's full report here
2:14PM
German car giant Volkswagen signals management shake-up
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Matthias Mueller has helped Volkswagen weather the emissions scandal storm
German carmaking giant Volkswagen is reportedly on the verge of naming brand boss Herbert Diess as its next chief executive after signalling a surprise managementshake-up earlier today.
The Wolfsburg-based company's supervisory board will vote on a successor to Matthias Mueller at a meeting on Friday after announcing this morning that it was considering a change in management.
Mr Mueller has guided Volkswagen in the aftermath of the emissions scandal in 2015, replacing the majority of the carmaker's board.
1:29PM
Card Factory raises dividend despite profit slide
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Card Factory raised its final dividend by 1.6pc to 6.4p a share
Card Factory has raised its dividend, despite challenging retail environmentsand a decline in profits, as it expects cost pressuresto fall away over the next two years.
Chief executiveKarenHubbard said that thecompany would not return to profit growth until 2019,as theimpact of the weak pound and higher wage costs lessens and itimplements its own cost-cutting initiatives.
The budget greetings card retailer posted ?72.6m profit before tax in the year to January 31, down 12.3pc on the previous year. Revenue was up 6pc at ?422.1m.
Read Ayesha Javed's full report here
12:56PM
Oil prices pop on report that Saudi Arabia is targeting $80 per barrel
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

The Saudi Aramco IPO is expected to be the biggest flotation in the world
Oil prices have popped back above $70 per barrel after Opec kingpin Saudi Arabia signalled that it wants to lift prices to the $80 per barrel mark ahead of the huge Saudi Aramco IPO.
After geopolitical tensions in the Middle East boosted prices2.3pc yesterday, crude extended its rally after Bloomberg revealed the kingdom's $80 target despite higher prices leaving the door open to a surge in supply in the US shale region.
Floating its national oil company, Saudi Aramco, is part of the country's plan to modernise its economy and move away from its reliance on oil.
12:22PM
Aluminium prices climb after US sanctions ignite supply squeeze fears
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Aluminium prices have extended their climb after US sanctions on major Russian producer Rusalignited fears of a supply squeeze.
Prices on theLondon Metal Exchangeadvanced 0.5pc to hit $2,157.50, a five-week high.
ING noted that a huge 36pc of LME aluminium stocks are from Eastern Europe and likely to be from sanction-hit Rusal, the world's second largest producer of the metal.
12:02PM
Ousted Deutsche Bank chief John Cryan in line for ?6m payout
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Yorkshire-born John Cryan was ousted from Germany's biggest bank on Sunday
Deutsche Banks ousted British chief executive John Cryan is in line for a payout of nearly 7m (?6.1m) after being ditched with two years left to run on his contract.
Three years of losses and consistent poor performance at the German lenders investment bank saw Mr Cryan replaced with Deutsche Bank lifer Christian Sewing on Sunday.
Under the severance terms for executives at the bank, set out in its annual report, Mr Cryan is entitled to a payment upon early termination of two annual compensation amounts.
Read Iain Withers' full report here
11:38AM
Haldane: UK growth would be 8pc lower were it not for loose monetary policy
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Bank of England chief economist Andy Haldane said loose monetary policy has added ?9,000 to household incomes
The pound has reached a two-week high against the dollar after hawkish Bank of England policymaker Ian McCafferty urged his fellow MPC members to hike interest rates at next month's meeting.
Meanwhile, the central bank's chief economist Andy Haldane has defended the use of ultra low interest rates to kickstart an economic recovery since the financial crisis, arguing that UK GDP growth would be 8pc lower and unemployment 4pc higherwithout the monetary stimulus.
At a speech in Australia, he said that the MPC's monetary policy has added?9,000 to household incomes with the lion's share of this boost from the "positive effect of looser policy at jobs and wages".
Sterling rises to its highest level in two-weeks against the dollar on afterBank of England policy maker Ian McCafferty said U.K. interest rates should be raised again without delay. pic.twitter.com/94xsvWv1qq Peter Hoskins (@PeterHoskinsTV) April 10, 2018
11:14AM
Xi Jinping speech gives markets 'a new lease of life'
China's President Xi Jinping speaks out on trade, addressing what @realDonaldTrump and @elonmusk care most about.
"China doesnt seek a trade surplus. We have a genuine desire to increase imports...This year we'll significantly lower the tariff on imported vehicles." #Boao2018 pic.twitter.com/Zoju89sjg4 Krystal Hu (@readkrystalhu) April 10, 2018
President Xi Jinping has set the stage for a possible effort to resolve a worsening conflict with Washington over technology and trade by promising to cut auto import taxes, improve intellectual property protection and boost imports. Benjamin Wood (@BenjaminWoodPHX) April 10, 2018
President Xi Jinping has given troubled markets "a new lease of life" in the wake of his trade tensions-easingspeech overnight, according to ING's Chris Beauchamp.
The FTSE 100 is slightly underperforming its peers on the Continent on a 0.5pc gain but has still climbed to its highest level since February.
Xi has batted the ball back into the US's court and traders will be nervously awaiting the White House's response, Mr Beauchamp said.
He added:

"If Mr Trump nods his approval of this first step towards negotiation we might see stock markets edge up once more. Now is not the time to chase equities, particularly with earnings season just days away, but those who bought into last weeks lows will be keeping their fingers crossed that this bounce has a bit more life in it yet."
10:44AM
Russian-linked stocks rebound from US sanctions slump
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Oleg Deripaska controls aluminium miner Rusal and energy giant EN+
Russian-linked companies are enjoying a modest rebound after sliding yesterday in the wake of US sanctions on seven Russian tycoons and 12 of the companies they own.
London-listed miners Evraz andPolymetal tumbled yesterday despite their owners avoiding the sanctions. UK companies controlled by Vladimir Putin's inner circle are clawing back lost ground today with Roman Abramovich owned Evraz climbing2.2pc.
Aluminium miner Rusal, which is controlledby sanction-hit oligarch Oleg Deripaska, has plunged a further 8.7pc in Hong Kong while his London-quoted energy company EN+ is stuck in flat territory this morning.
10:30AM
British Gas to hike energy bills for 4.1 million customers
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

The price hike will not affect 3.7 million customers who are on fixed-term contracts
British Gas is hiking the price of its dual fuel tariff by an average of 5.5pc, or ?60 a year, in a move that will hit 4.1 million households
Centrica, the parent company of British Gas, said its decision has been driven by "rising wholesale and policy costs".
Energy companies have come under pressure over the use of standard variable tariffs which are oftenmore expensive for customersthan fixed-term deals.
Read Ayesha Javed's full report here
10:04AM
Chinese President Xi Jinping cools trade tensions at "Asian Davos" - key takeaways
Xi bump: US futures rose after China President Xi Jinping pledged greater openness in response to escalating trade disputes w/ the U.S in a speech that also warned against returning to a Cold War mentality. S&P 500 futures jumped as much as 1.5% while markets in Asia also rose. pic.twitter.com/wT6ETnP4lA Holger Zschaepitz (@Schuldensuehner) April 10, 2018
#Chinas President Xi Jinping Boao forum comments very positive towards a negotiated resolution to trade dispute with US. China will: cut auto tariffs; ease foreign equity rules re car industry; open shipping, aviation, finance to more foreign inv; strengthen prop rights. Shane Oliver (@ShaneOliverAMP) April 10, 2018


Chinese President Xi Jinping vowed to lower tariffs on car imports and ease restrictions on foreign ownership in the car industry.
He also pledged to open up the shipbuilding, aviation and financial sectors to foreign investment.
Xi promised to strengthen intellectual property rights, a key Trump criticism of China.
The President warned against adopting a "Cold War mentality", arguing that "zero-sum-game thinking" is outdated.
9:55AM
Hawkish Bank of England policymaker warns MPC not to "dally" on interest rates
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Hawkish rate-setter Ian McCafferty
Bank of England policymaker Ian McCafferty has warned the Monetary Policy Committee not to delay on raisinginterest rates.
In an interview with Reuters, the hawkish rate-setter said that the central bank "shouldnt dally when it comes to tightening policy modestly".
The Bank is widely expected to raise rates for a second time at its meeting in May.Mr McCafferty was one of the central bank's policymakers that voted for an increase to 0.75pc last month but was outnumbered by sevenvotes to two.
He argued that a pick-up in wage growth could put upward pressure on inflation, adding that thestrong global economy also paves the way for a May hike.
9:20AM
Where did it go wrong for Deutsche Bank's British boss John Cryan?
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Yorkshire-born John Cryan struggled to turn around Germany's biggest bank
Just before the Easter holidays, John Cryan, the embattled Yorkshire-born boss at the helm of Deutsche Bank, sent a memo to the lenders 98,000 staff saying: I am absolutely committed to serving our bank.
Less than a fortnight later the CEO had been ousted. After a four-hour meeting of the board on Sunday, Germanys biggest bankditched Cryan in favour of one of his deputies, the Deutsche Bank lifer and rising star Christian Sewing.
Corporate depositions are frequently savage, but Cryans was still wince-inducingly brutal.
Read the full analysis by Iain Withers here
9:00AM
Xi speech will provide 'short-term relief' for marketsbattered by trade row
Markets LOVED what Xi Jinping said about opening up China to the world. S&P futures up. Asia up. USD-JPY up. Hang Seng up. pic.twitter.com/DkWu3vc9Ho David Ingles (@DavidInglesTV) April 10, 2018
Risk appetite has bounced back on markets after Chinese President Xi Jinping struck a conciliatory tone at the "Asian Davos" with trading screens in the City awash with green this morning.
The long-planned appearance had always been earmarked as an opportunityfor Xi to signal a more open Chinabut healso used the speech to cool tensions with Washington.
Lee Hardman at MUFG said that the speech has provided "short-term relief" for markets but offered "little in the way of new policy".
He added:

"The main focus overnight has been a speech from Chinese President Xi Jinping in which he pledged a new phase of opening up. The speech offered little in the way of new policy, but did reiterate the pledge to open up the financial sector as well as supporting an accelerated process to join the WTOs government-procurement agreement.
"A White House official who watched the speech has stated that the reference to autos appeared to be an opportunity to develop trust between the two sides."
8:38AM
Agenda:Markets calmed by open-armed Xi Jinping speech easing trade tensions
US stocks rally as Xi Jinping olive branch to White House eases trade tensions

Chinese President Xi Jinping with Donald Trump
Chinese President Xi Jinping has vowed to usher in a "new phase of opening up"and promised to"significantly" cut import tariffs on cars amid simmering trade tensions with the US.
The closely-watched appearance at the Boao Forumpanderedto a number of Donald Trump'sgripes over Chinese trade with Xipledging to strengthen intellectual property rights andslashtariffs on certainproducts.
The Chinese President also set out China's stall for future foreign investment, indicating that he will ease restrictions on foreign ownership in the car industry.
Asia stocks rally as Xi calms jitters over US-China trade row. #China President backs globalization in key speech. He promised to lower import tariffs on products including cars this year. Haven assets like US treasuries decline w/ gold, yen. Oil holds advance. Bitcoin stuck <$7k pic.twitter.com/X33BZHAup7 Holger Zschaepitz (@Schuldensuehner) April 10, 2018
Global stocks jumped higher after Xi's open-armed keynote speech at what has been dubbed the "Asian Davos"warnedagainst returning to a Cold War mentality.
Xi's conciliatory appearance boosted shares across the globewith the FTSE 100 gaining 0.5pc and the DAX in Frankfurt jumping 1.2pc in early trading. As risk appetite flooded back on markets, the Hang Seng Index in Hong Kong advanced 1.7pc while Dow Jones index futures pointed to a strong start on Wall Street this afternoon.
Full-year results:Card Factory, Eddie Stobart, Hostelworld
Interim results: Robert Walters
Economics: British Retail Consortium sales (UK), PPI (US), Wholesale inventories (US)

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