Week 29 2017

Week 29 2017

July 17 – 21 July


17 July


China’s Shenzhen Composite index fell as much as 4.5 per cent in early trading and the Shanghai Composite was down as much as 2.6 per cent ahead of the release of China gross domestic product data.


Dubai’s Emirates airline has announced an “extensive partnership” agreement with its sister low-cost airline flydubai, opening up a combined network of 216 destinations, as Gulf carriers adapt to a slowdown in the region.


Nelson Peltz, the veteran activist investor, has launched a campaign to win a seat on the board of Procter & Gamble, the US consumer goods company in which his Trian Fund Management group took a stake of more than $3bn in February.


Manufacturing growth in the state of New York dropped more than Wall Street forecast last month, a survey released on Monday showed.


18 July


The Irish economy is about a third smaller than expected. The country’s current account surplus is actually a deficit. And its debt level is at least a quarter higher than taxpayers have been led to believe.


Chinese property developer CC Land is setting up an office in Mayfair as it hunts for more London assets to acquire after its high-profile purchase of the “Cheesegrater” skyscraper.


The head of Google Fiber stepped down suddenly on Monday without explanation, furthering the turmoil at the Alphabet subsidiary that has been trying to bring high-speed internet to American homes.

A big hole has opened up in those expectations for an early rise in UK interest rates, taking a bite out of sterling in the process.


19 July


South Africa’s inflation rate fell further than expected in June to its lowest level since November 2015, taking pressure off the country’s central bank which has been struggling to fight a difficult combination of high inflation and low growth.


China’s holdings of US Treasuries climbed to the highest level since the country ceded its status as America’s largest creditor nation to Japan last year.


Along with lower taxes and financial deregulation, higher interest rates were supposed to give a big boost to US banks after Donald Trump’s election.


Dame Carolyn McCall landed at easyJet from the media industry and proved that an industry outsider can run an airline successfully.


20 July


Australia’s unemployment held steady at an 8-month low in June as the number of full-time jobs rose.


IBM shares on Wednesday struck a more than one-year low, deepening Big Blue’s 2017 slump that has bucked the ebullient performance of other technology heavyweights this year.


GSK has announced plans to sell its Horlicks brand of drinks in the UK alongside a “strategic review” of some of its businesses that will lead to the loss of more than 300 jobs.


Severstal, one of Russia’s largest steel producers, reported a 20 per cent rise in earnings for the second quarter as the country’s economic recovery boosted domestic demand, but said a strengthening global market was tainted by worries over threats of trade tariffs.


21 July


The International Monetary Fund is keeping the pressure on in Greece. Having approved “in principle” a largely symbolic cash injection for the country, the IMF is pressuring its eurozone partners to provide more realistic budget targets and ambitious debt relief as its price for involvement in the Greek bailout.


The Australian dollar fell from a 2-year high on Friday after a top central banker said rate rises overseas did not automatically mean the policy rate in Australia needed to be increased.


The price of crude rose above $50 a barrel for the first time in six weeks on Thursday, gaining strength from a report that showed a further reduction in US oil stocks


Nelson Peltz has always had a healthy appetite for food. Heinz, Cadbury, Mondelez, PepsiCo and Danone — the veteran US activist investor has agitated for change in them all.