German energy company Eon will raise British dual fuel prices by 4.8 per cent from August following a “significant rise in the cost of wholesale energy,” it said on Tuesday. 

The greenback climbed on Tuesday to its highest level since last July, with traders driving the currency higher thanks to the dollar’s ‘haven’ appeal and expectations that tariffs on imported goods could boost inflation.

Equities sold off and havens firmed on Tuesday after Donald Trump ordered officials to draft plans for tariffs on a further $200bn in Chinese imports should Beijing not abandon plans to retaliate against $50bn in US duties on imports announced last week.

Shares in fashion and footwear retailer Footasylum tumbled almost 47 per cent on Tuesday after it said it expects more modest earnings growth for 2019, in part due to drab consumer sentiment.

China’s stock markets have had a difficult return from a long weekend, tracking $200bn in new tariffs and darkening rhetoric on trade from the White House, as fears of a move towards a full-blown trade war deepen.

Shares in Hornby tumbled 17 per cent after the company said that persistent problems with backlogs and discounting schemes will take some time to resolve under the new management’s turnround plan.

McCarthy & Stone shares slumped to a record low on Tuesday after the retirement housebuilder announced the departure of its chief executive and issued a profit warning on disappointing spring sales.

Mario Draghi has said the European Central Bank pressed ahead with plans to announce the end of its landmark quantitative easing programme despite signs of a slowdown in growth, as there was “substantial” progress towards policymakers hitting their inflation target.

The Chinese currency slipped to a five-month low on Tuesday as the dollar strengthened and Chinese equities slumped after the US ratcheted up pressure on Beijing over trade. 

Emerging-markets currencies are feeling the heat from the latest wave of nerves about a global trade war that has hit stock markets and boosted the appeal of haven assets.

The Abu Dhabi Investment Authority has bought a 21 per cent stake in privately-held PIC from private equity group JC Flowers, which has owned the stake for 12 years and has been looking for a buyer for much of this year.

Shares in high street retailer Debenhams fell nearly 20 per cent in early trade on Tuesday, after the British department store warned on profits for the third time  this year.

Flybe reported a smaller pre-tax loss in the 12 months to the end of March on higher passenger numbers and increased revenue per seat, but it also restated its loss for the previous year to more than £48.5m.

European stocks faced heavy selling in early trade, following declines across Asia, after a fresh tariff threat by the US to apply further tariffs on Chinese imports unnerved investors.

The clean-up efforts following the devastation wreaked by hurricanes Harvey, Irma and Maria in 2017 helped drive revenue at FTSE 100 group Ashtead Group up by 21 per cent last year, the company said on Tuesday.

Swiss drugmaker Roche will spend $2.4bn buying out remaining shareholders in Foundation Medicine, a US molecular and genomic analysis company in which it took a controlling stake three years ago.

British department store group Debenhams has issued its third profit warning of 2018, adding to the deep sense of gloom on UK high streets.

Donald Trump has ordered his administration to draft plans for tariffs on a further $200bn in Chinese imports if Beijing does not abandon its intention to retaliate against US duties on imports announced last week.

Apple has been ordered to pay A$9m ($6.7m) in penalties in Australia for misleading customers with faulty iPhones in a ruling that the country’s competition watchdog said showed multinationals would be held accountable for the actions of their local subsidiaries.

Mercari saw its shares rocket up as much as 76 per cent on Tuesday as the Japanese flea market app and unicorn made its stock exchange debut in Tokyo.

Havens swung into favour in Asia-Pacific trading on Tuesday after Donald Trump threatened another $200bn in tariffs on imports from China.

ZTE shares tumbled to their lowest level in two years on Tuesday after the US Senate voted to block Donald Trump’s deal with ZTE that had allowed the company to resume operations after a month-long hiatus.

Equities dropped and the yen firmed on Tuesday after Donald Trump threatened another $200bn in tariffs on imports from China. 

Xiaomi has mothballed its planned listing of what would have been China's trailblazing China Depositary Receipts. The smartphone maker had planned to raise $5bn through the instruments, which are designed to allow mainland investors exposure to overseas-listed shares.