Good morning! Here’s what you need to know in markets on Monday.
1. Washington is expected to announce new tariffs on $US200 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 $US4 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 $US190 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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