New trade war front threatens European stocks
The FTSE is under pressure after the US opened a new trade war front, this time against the EU over subsidies for aircraft maker Airbus. The CAC where Airbus is listed is still in positive territory despite a decline in the aircraft maker's shares and some of its major suppliers.
Pound higher on May bid to delay Brexit deadline
PM Theresa May’s last minute bid to negotiate an extension for Brexit has put the currency market in a cautiously optimistic mode and sterling is nudging higher against both the dollar and the euro. The euro on the other hand is range trading, feeling some pressure from the latest US trade moves but being supported by the likely delay in Brexit.
US looking to levy tariffs on some food and drink makers
Just as the trade war with China was looking as if it was about to come to some resolution the US is set to impose tariffs on a number of European goods in a counter measure to European subsidies. The case is not new; the US has been in litigation with Europe for 14 years, but it is now only a step away from tariffs coming into place, which could happen as soon as this summer, pending a decision from a World Trade Organization arbitrator. Affected companies will include plane part makers, food, clothes and drinks makers including wine and cheese producers.
Debenhams heads for administration
Debenhams appears to be the latest high street retailer heading for administration after the company refused a rescue plan offer from Sports Direct owner Mike Ashley. Ashley’s late night offer to underwrite a GBP200 million rights issue in exchange for becoming CEO has been rejected after an acrimonious battle.
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