Good morning! Here’s what you need to know in markets on Friday.
1. President Donald Trump’s tariffs on Chinese products officially kicked off Friday, escalating the growing trade war between the US and China. The office of the US Trade Representative directed Customs and Border Protection to begin collecting duties on Chinese imports at midnight.
2. Asian share markets are resilient on Friday despite the Sino-US trade war. Japan’s Nikkei closed up 1.18%, the Hong Kong Hang Seng index is up 0.98% at the time of writing (7.30 a.m. BST/2.30 a.m. ET), and China’s Shanghai Composite is up 0.80% at the same time.
3. US hedge fund manager Steven Cohen has been blocked by the UK regulator from reopening his multibillion-dollar fund to investors in Britain after a two-year ban over insider trading at his previous firm expired at the start of this year.The Financial Times reports that Cohen recently returned to the US hedge fund business and had hoped to move back into Europe by managing outside money again in the UK.
4. Rolls-Royce is pushing ahead with plans to move design approval for large jet engines out of the UK, becoming the latest iconic British brand to press for Brexit clarity as the Cabinet readies for a crunch meeting at Chequers. The Telegraph reports that the blue-chip engineer said it had begun the process to shift the design approval to Germany, as a “contingency measure” to “ensure there is no interruption in our service to customers as a result of Brexit”.
5. Investors are fleeing Social Capital, the young venture firm founded by early Facebook executive Chamath Palihapitiya, to start a fund of their own. Ted Maidenberg, a founding partner of Social Capital, is leaving the firm to join former colleagues Arjun Sethi and Jonathan Hsu at the new fund.
6. Nonfarm payrolls probably increased by 195,000 jobs last month, adding to the 223,000 positions generated in May, according to a Reuters survey of economists. Actual data on US jobs will be released at 1.30 p.m. BST (8.30 a.m. ET) by the US Department of Labour.
7. Equity derivatives traders have become the focus of an intense Wall Street hiring battleground. There have been more than 40 moves at the level of vice president or higher in equity derivatives in the US this year, according to one headhunter.
8. Nine years after the financial crisis, investors everywhere are wondering what will trigger the end of the subsequent expansion. Chris Hyzy, the chief investment officer of Bank of America Global Wealth and Investment Management, is eyeing European credit.
9. Apple has reportedly informed Intel that it will not be buying Intel’s 5G modem chips for iPhones planned for 2020, according to Israeli news site CTech. Apple’s decision has caused Intel to halt development of the chip, internally called “Sunny Peak,” CTech also reports.
10. Samsung on Friday said its second-quarter operating profit likely rose 5.2% from a year earlier, missing analyst estimates. Its sluggish mobile business pressured strong margins from its chip sales, analysts have said.
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