Shares of Peugeot-Citroen, Renault and Volkswagen have fallen as much as 2.4%, while Daimler stock has dropped more than 4%, after Daimler warned the US-Chinese trade dispute is likely to decrease earnings. Daimler, which owns Mercedes-Benz, says lower SUV sales and higher manufacturing costs "must be assumed because of increased import tariffs for US vehicles into the Chinese market".
Xiaomi has decided against a simultaneous initial public offering in Hong Kong and Shanghai and plans to launch in Hong Kong first. The decision has been attributed to China's lack of readiness to trade depositary receipts and casts doubt on the country's ability to host tech IPOs.
Chart indicators for European automakers are gloomy, technical analyst Andy Dodd says. Dodd, tracking the STOXX Europe 600 Automobiles & Parts weekly chart, sees a head-and-shoulders pattern forming, indicating a significant fall ahead.
A consortium of 25 investors controlling assets worth more than $1 trillion has called on Nestle, PepsiCo, Procter & Gamble and Unilever to curtail use of plastic packaging. The group's request for the companies to disclose annual use, to set reduction goals and to move toward recyclable, reusable or compostable packaging has been positively received by some of the firms, which say they are launching environmentally responsible initiatives.
The possibility of an interest-rate increase in August from the Bank of England has increased after Chief Economist Andy Haldane voted for one, breaking from the majority. Economic performance is the main influence on a potential increase, analysts say, but the surprising vote from Haldane makes one more likely.
Deutsche Boerse CEO Theodor Weimer says the UK might not play fair after Brexit to maintain financial supremacy. "The British will do everything to preserve London's standing as a financial centre -- by fair or perhaps even foul means: tax cuts, incentives and the like," he says.
International creditors have issued a final loan tranche of €15 billion to Greece and have extended by 10 years the maturity of loans set to start maturing in 2023. The actions clear the way for Greece to emerge from a bailout in August.
EU banks say their data do not come close to standards in a stress test the European Banking Authority started in January. Institutions are receiving at least tens of thousands of data-entry rejections because numbers in two databases do not completely match.
Chinese officials are injecting liquidity and are pressing creditors to reach agreements with individual borrowers to prevent further stress on the $11 trillion bond market. These moves indicate tweaks in financial deleveraging, market participants say, necessitated by a wave of defaults.
The financial-services agreement between the EU and the UK after Brexit must be stronger than what has been proposed, Bank of England Governor Mark Carney and UK Chancellor Philip Hammond say. Hammond says he opposes moving euro clearing from London to the EU.
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