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It’s been a sea of green for traders on Friday. European stocks joined in a global rally in equity markets that saw the S&P 500 close at a fresh record high, and promise further gains, as investors took some comfort that the latest exchange of tariffs between Beijing and Washington proved more measured than some feared.

The Stoxx Europe 600 climbed 0.4 per cent, as shares of carmakers and miners led the benchmark index for Europe higher. Chinese equities staged an even bigger jump, with the CSI 300, an index of major companies listed on the Chinese mainland, rising 2.7 per cent.

In the US, there has been a bond market sell-off and a weakening of the dollar, which adds up to a strange state of affairs, says John Authers. But he has an explanation, while Gillian Tett discusses the influence of hedge funds on markets. (FT)

In the news

Brexit gloves are off
The EU has just ratcheted up the pressure on Theresa May. At their summit in Salzburg, leaders warned the UK prime minister that her “Chequers” economic plan for Brexit “will not work” and gave her four weeks to save the exit talks. Salzburg has “provided a dose of testy clarity — for Britain”, says the FT in an editorial, while Henry Mance says Mrs May could have tried harder by offering naming rights for a Brexit solution. FT)

web_EU/Brexit border crossing

Uber’s foodie ambitions
Uber is in early-stage talks to acquire the food-delivery app Deliveroo. The ride-hailing company already claims to have built the largest food delivery service outside China with Uber Eats, and UK-based Deliveroo is one of Europe’s best-funded start-ups. (FT)

Brutal banking
A leaked memo has ignited a frenzy of speculation in the City of London about the future of HSBC’s investment bank. Lex asks what’s worse: to be excoriated via a private memo or told off on a public conference call, as at Bank of America this week? (FT)

Australia to reopen US WW2 base
Australia is to reopen a vast Pacific military base used by the US in the second world war as it seeks to counter Chinese expansionism in the region. The Lombrum naval facility, carved out of jungle on Manus Island, in Papua New Guinea, is to be rebuilt amid fears that China is trying to establish control over key shipping and naval routes. (The Times)

Trump lawyer speaks
Michael Cohen, the former personal attorney to President Donald Trump, has given “ critical information” to Robert Mueller’s investigation into Russian interference in the US election. Speaking of which, the New York Times has pulled together what we know so far about the Russia probe and what it means here. In other legal matters, a Republican push to approve Mr Trump’s Supreme Court nominee Brett Kavanaugh risks further alienation of female voters, says Ed Luce, whose Swamp Notes newsletter bemoans the lack of attention to the economy. (FT, NYT)

Master of scalpers
Ticketmaster has developed a secret tool that assists professional scalpers. The system, known as TradeDesk, helps them resell tickets in ways that would seem to violate Ticketmaster’s own rules — and from which Ticketmaster would ostensibly benefit. (NPR)

Did you keep up with the news this week? Take our quiz. The world’s first lunar space tourist is set for lift-off in which year: 2029, 2025 or 2023?

The days ahead

iPhones on sale
The new iPhones are going on sale around the world today, with the familiar queues forming outside Apple stores. In Asia, it’s a wait-and-see on how much buzz the new devices will create, with lower priced Chinese smartphones gaining in popularity. (Nikkei Asian Review)

Battle for Sky reaches climax
The £26bn battle for control of Sky, the European pay TV operator, between Rupert Murdoch’s 21st Century Fox and US cable group Comcast, will be decided on Saturday by an auction. Get ready for a dramatic ending. (FT)

What we’re reading

Financial crisis — who went to jail?
Forty-seven bankers were jailed for their role in the crisis, research by the FT has found, dispelling the myth that no one was held personally accountable for the financial sector’s catastrophic failures. (FT)

Golf lover finally out of prison bunker
After 27 years in prison, a man who loves golf walked free this week. And it was monthly golf magazine Golf Digest who helped clear his name. (Golf Digest)

Women writers dominate Man Booker shortlist
Four of the six writers announced for the annual book prize are women, all writing on contemporary malaise or anxiety. (FT)

‘Maybe new habits die hard’
This week’s FT Magazine focuses on the vegan boom. Our reporter, a vegetarian, experimented with being a vegan for one month. In summary: he didn’t feel more lethargic or more energetic, didn’t lose weight and didn’t feel like a social outcast. He has even stuck with it weeks after the experiment was meant to end. Here’s why. (FT)

‘Bolsonaro would be disastrous’
Brazil is in desperate need of reform. Jair Bolsonaro is not the man to provide it, says the Economist. (Economist)

Video of the day

Brexit: a cry from the Irish border
Belfast-born actor Stephen Rea explores the real impact of Brexit and the uncertainty over the future of the Irish border in a short film. (FT)

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