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.
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.
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 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.
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.
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.
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.
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.
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.