Markets
Trump turns from pomp to business in United Kingdom visit
During their meeting, Queen Elizabeth gave Mr Trump a book by Winston Churchill on World War Two while his wife Melania received a specially commissioned silver box. Trump also criticized London's current mayor, Sadiq Kahn, ahead of his visit in what amounted to a running war of words between the two men over the course of Trump's trip. [Full Article...]
Top stock-picker Neil Woodford suspends flagship fund
Neil Woodford , who launched Woodford Investment Management on the back of his reputation for delivering stellar returns while at Invesco Perpetual, announced that withdrawals from his flagship fund had ceased with immediate effect. Shares in Woodford's listed investment trust, Woodford Patient Capital Trust, tumbled by more than 20% at one stage despite assurances from Woodford Investment Man... [Full Article...]
Oil Steadies As Investors Weigh Recession Risk Against Saudi Assurance
The contract lost 71 cents, or 1.2%, to $61.28 on Monday. Prices dropped by more than 3% on Friday, with May recording the biggest monthly loss in six months. "Saudi Arabia's preference for continuing with, or even deepening, the OPEC+ output cut commitment has also provided a lift to prices", said Abhishek Kumar, head of analytics at Interfax Energy in London. [Full Article...]
Facebook consults CFTC about GlobalCoin
Citing chairman J. Christopher Giancarlo, the publication revealed that Facebook is attempting to smooth out the regulatory landscape ahead of the asset, now dubbed GlobalCoin , allegedly going live next year. Notably, Facebook's management has also held discussions recently with other government agencies and officials in the USA and the U.K. The conversations have reportedly been focused o... [Full Article...]
Nissan may pay big price for resistance to FCA-Renault merger
Renault, FCA and the French government all declined to comment on the discussions. "From the standpoint of protecting Nissan's interests, Nissan will analyze and consider its existing contractual relationships and how we should operate business in the future", the CEO ends his statement. [Full Article...]
Manufacturing sector contracts after Brexit stockpiling frenzy
Activity was in negative territory not seen since July 2016 as new orders suffered their first drop in seven months, according to the IHS Markit/Cips manufacturing purchasing managers' index . The consumer goods sector however remained strong during the period, reporting increases in output, new business and staff numbers. The Cable gave little importance to the United Kingdom manufacturing PMI... [Full Article...]
Donald Trump's next trade war target: Student visas
From January to March, over 1,350 Chinese students had applied for U.S. student visas but 182 were "unable to make the trip as planned" due to visa issues, accounting for 13.5 percent of all applicants, Xu Yongji, deputy head of a department overlooking foreign academic exchanges at the ministry, told state broadcaster CCTV. [Full Article...]
RBA cuts interest rates for first time in nearly three years
The Morrison government wants banks to pass on the benefits of the latest interest rate cut, to benefit home buyers, businesses and farmers. "We and the market will be shocked if the RBA doesn't cut in June", ANZ economists said. While seeking to boost household incomes and prop-up sagging consumer spending, Dr Lowe said the decision to cut interest rates was not in response to a deterioration i... [Full Article...]