Finance
10 things you need to know in markets September 17
Good morning! Here’s what you need to know in markets on Monday.
1.
Washington is expected to announce new tariffs on $200 billion
worth of Chinese imports this week. China may reject
new trade talks if the US imposes more tariffs, the Wall Street
Journal reported on Sunday.
2.
Asian share markets slipped on Monday amid reports Washington was
about to announce a new round of tariffs on Chinese imports,
setting the stage for possible reprisals by Beijing.
The Hong Kong Hang Seng is down by 1.31% at the time of writing
(7.13 a.m. GMT/2.13 a.m. ET) and China’s Shanghai Composite is
down by 1.02%.
3.
Deutsche Bank is considering shifting large volumes of assets
from London to Frankfurt after the UK’s planned exit from the
European Union next year to meet demands from European
regulators, a person close to the matter said on
Sunday. Deutsche will also transform its UK arm into
a ringfenced subsidiary after Brexit and reduce the size and
complexity of its British operations, the source said.
4.
The British Chambers of Commerce (BCC) has downgraded its
prediction for UK growth this year and the following, joining a
growing number of forecasters that warn Brexit uncertainty has
sapped the economy’s strength. The Guardian reports
that, looking ahead to the end of the year, economists at the BCC
said GDP growth will fall to 1.1% from a previous forecast of
1.3% while next year it will hit only 1.3%, down from 1.4%.
5.
Some of Amazon’s online sellers are offering bribes to Amazon
employees to take down bad reviews or retrieve confidential
information, the Wall Street Journal reports. The
practice, which is especially common in China, has reportedly
launched an internal investigation within the company.
6.
Sweden’s H&M, the world’s second-biggest fashion retailer,
reported on Monday higher local-currency sales growth than
expected for its fiscal third quarter. Reuters
reports that local-currency sales including VAT in the
June-August period rose 4% from a year earlier, against a mean
Reuters poll forecast for a 1.9% increase.
7.
ITV has entered the bidding for Endemol Shine, the $4 billion
independent production giant behind programmes such as Big
Brother, The Fall, MasterChef, and Peaky Blinders.
The Sunday Times reports that the FTSE 100 broadcaster is
understood to be among a number of parties in the running to buy
the Dutch company, which is being sold by the private equity firm
Apollo and 21st Century Fox.
8.
Credit Suisse will be overseen by an independent monitor after
failing in its duty to combat corruption in cases linked to
soccer body FIFA and Venezuelan and Brazilian state oil
companies, Swiss finance industry watchdog FINMA said on
Monday. Reuters reports that the Swiss authority
determined Credit Suisse also fell short of its obligation to
fight money laundering while managing “a significant business
relationship for the bank with a politically exposed person”,
FINMA said in a statement
9.
Salesforce CEO Marc Benioff and his wife Lynne Benioff will buy
Time Magazine for $190 million. The announcement
comes just eight months after Meredith Corp., publisher of
several popular print publications, completed its purchase of
Time.
10.
Online fashion retailer Boohoo has recruited an executive of
Primark to be its new chief executive, it said on
Monday. Reuters reports that John Lyttle, currently
the chief operating officer of Primark, a division of Associated
British Foods, will start his new role on March 15 next year.
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