The German government has revised down its forecast for economic growth next year from 1.5 per cent to 1 per cent, in a further sign of the slowdown that is clouding the prospects for the eurozone’s largest economy.
Morgan Stanley capped off a mixed earnings season for Wall Street banks by reporting its strongest third quarter of the past decade, as a surge in bond trading revenue more than compensated for falling wealth management revenues*.
Investment in European food and agritech start-ups is expected to more than double this year as corporate and generalist venture capital groups increased funding in what has been regarded as a niche market.
Unilever delivered weaker-than-expected third quarter sales as slowdowns hit in two of its biggest emerging markets, India and China, and a long hoped for recovery in Latin America failed to materialise.
IBM came up short of Wall Street’s revenue expectations in the latest quarter, as the acquisition of open source company Red Hat failed to stem a 3.9 per cent decline that partly reflected signs of growing business uncertainty in Europe.
Many businesses have lowered their outlooks for the next year, with companies in the Midwest and Great Plains particularly downbeat, according to the Fed Beige Book’s report of conversations with local business leaders around the US.
General Motors and the United Auto Workers union reached a tentative agreement on a new labour deal, paving the way for an end to the month-long strike that has rippled across the car maker’s North American operations and cost it around $2bn.
Bank of America reported industry-leading growth in investment banking fees, driving better than expected quarterly results despite headwinds from a slower US economy, lower interest rates, and choppy markets.
UK inflation in September remained at its lowest level since late 2016, according to official data, providing continued support to consumer spending power as Brexit uncertainty clouds the economic outlook.
Latitude Financial has abandoned a second attempt at an initial public offering due to concerns that shares in Australia’s largest non-bank lender would tumble on debut, scuppering what was set to be the country’s largest listing this year.