Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Links to Jeffrey Epstein have taken political operator from a vaunted position in British diplomacy to arrest in under six months Just six months ago Peter Mandelson seemed unassailable as the UK’s ambassador to the US, one of the most vaunted positions in British diplomacy. As our man in Washington, Mandelson appeared to have used his skill for schmoozing, learned over years as a cabinet minister...
Links to Jeffrey Epstein have taken political operator from a vaunted position in British diplomacy to arrest in under six months Just six months ago Peter Mandelson seemed unassailable as the UK’s ambassador to the US, one of the most vaunted positions in British diplomacy. As our man in Washington, Mandelson appeared to have used his skill for schmoozing, learned over years as a cabinet minister and a European commissioner, to secure a good relationship with the tricky Trump administration. He was considered instrumental in securing a relatively favourable US trade deal for the UK. He was also an influential voice in Labour politics with the ear of the prime minister and his inner circle, notably his friend and protege Morgan McSweeney , Starmer’s then chief of staff. Continue reading...
The White House is working to raise the global tariff from an initial 10% to 15% in a separate order that requires President Donald Trump’s approval, though no timeline has been set. Hours before the sweeping tariff was set to take effect, U.S. Customs and Border Protection sent a memo informing importers that the rate would be 10% at first and that it would apply to "every country for a period of...
The White House is working to raise the global tariff from an initial 10% to 15% in a separate order that requires President Donald Trump’s approval, though no timeline has been set. Hours before the sweeping tariff was set to take effect, U.S. Customs and Border Protection sent a memo informing importers that the rate would be 10% at first and that it would apply to "every country for a period of 150 days, unless specifically exempt," starting at 12:01 a.m. ET Tuesday, NBC News reported . A White House official confirmed to NBC News that the message to importers was correct. The global tariff will start at 10%, the official said, but the administration is working on raising it to 15% in a separate order that Trump will need to sign. The official did not have a timeline for when that would occur. After the Supreme Court struck down most of Trump's tariff agenda on Friday, he announced that he would quickly implement a 10% flat tariff for all trading partners using a different trade law. One day later, Trump posted on Truth Social that "effective immediately" he would be "raising the 10% Worldwide Tariff ... to the fully allowed, and legally tested, 15% level." More on markets, Tech Bulls Keep Calling The Bottom As Energy And Industrials Steal The Rally Mounting Uncertainty Stocks Drop From Tariff Uncertainty - Dow Jones And U.S. Index Outlook Top 3 things to look out for on Tuesday AI pullback creates 'very good setup' for mega-cap tech rally, Cantor Says
European shares gained as positive earnings boosted chemicals and utilities. Bank stocks slid after JPMorgan Chase & Co.’s Jamie Dimon said he’s seeing parallels to the era before the 2008 financial crisis. The Stoxx Europe 600 Index was up 0.2% at the close. Endesa SA jumped 7.1% after the Spanish utility company reported better-than-expected profit. Novo Nordisk A/S dropped 3.1% following a slew...
European shares gained as positive earnings boosted chemicals and utilities. Bank stocks slid after JPMorgan Chase & Co.’s Jamie Dimon said he’s seeing parallels to the era before the 2008 financial crisis. The Stoxx Europe 600 Index was up 0.2% at the close. Endesa SA jumped 7.1% after the Spanish utility company reported better-than-expected profit. Novo Nordisk A/S dropped 3.1% following a slew of analyst downgrades as data for its next-generation obesity shot CagriSema disappointed. Autos and mining shares also outperformed. Europe’s benchmark index reached record highs after the US Supreme Court tariffs ruling last week but sentiment has been capped by worries around artificial intelligence. Banks are the latest sector to be hit after Dimon told investors that he expects the credit cycle to eventually sour again, though he is not sure when, adding to concerns about the financial industry’s exposure to software companies. Meanwhile, traders grappled with uncertainty over the terms of trade between the US and the European Union. President Donald Trump ’s new 10% global tariff went into effect on Tuesday, but EU officials believe the White House will soon streamline its broad levies on products containing steel and aluminum — a topic that’s been an irritant in transatlantic relations. “Much of the resilience of European markets may be due to differences in their makeup, with a heavier focus on financials and industrials versus tech in the US,” said Emma Moriarty , portfolio manager at CG Asset Management. However, she cautioned that investor confidence remained fragile and “could easily drift back into risk-off territory.” In other individual stocks, Germany’s MTU Aero Engines AG dropped 6.6% on underwhelming cash flow. For more on equity markets: AI Worries Burnish Health Care’s Haven Credentials: Taking Stock M&A Watch Europe: JDE Peet’s, Aegon, Nexans, Oxford Biomedica Saudi IPOs Line Up as Flagging Bourse Needs a Boost: ECM Watch US Stock Futures Little Change...
Shein plans to invest over 10 billion yuan ($1.45 billion) to strengthen its supply chain in Southern China, as the fast‑fashion online retailer seeks to reinforce ties with Beijing amid a stalled Hong Kong initial public offering and mounting external pressures. Shein will channel the investment into intelligent supply chain systems in Guangdong Province, home to its vast manufacturing networks, ...
Shein plans to invest over 10 billion yuan ($1.45 billion) to strengthen its supply chain in Southern China, as the fast‑fashion online retailer seeks to reinforce ties with Beijing amid a stalled Hong Kong initial public offering and mounting external pressures. Shein will channel the investment into intelligent supply chain systems in Guangdong Province, home to its vast manufacturing networks, the company’s founder and Chairman Xu Yangtian said in a rare public speech at a conference in the city of Guangzhou on Tuesday. Shein will “remain firmly rooted in Guangdong and build a world-class fashion industry cluster,” Xu said. “We will be heavily involved in Guangdong Province’s cross-border e-commerce pilot in the next three years so that more small and medium factories can reap the benefits.” Xu’s unusual public appearance and pledge to pour more resources into the southern Chinese trade hub underscore Shein’s effort to cultivate goodwill with Beijing. This marks a tactical shift from its previous strategy of distancing itself from its Chinese roots, having relocated its headquarters to Singapore several years ago and initially planning to seek a New York listing. As recent as early last year, the company has asked some of its manufacturers to move productions to Vietnam to dodge US President Donald Trump ’s threat to remove the so-called “de-minimis” tax exemptions for small parcels, Bloomberg reported. But as mounting geopolitical tensions between China and the US led to increased western scrutiny of Shein, the company moved its IPO from New York to London, and then to Hong Kong. To receive Beijing’s blessing for the Hong Kong listing, the company was said to consider moving its base back to China , Bloomberg reported in August. Originally founded in eastern Chinese city of Nanjing, Shein has relied on a sprawling network of manufacturers in Guangdong to churn out ultra-low-cost clothing sold to western consumers. The retailer now works with nearly 10,000 suppli...