Week 38 2017

Week 38 2017

18 September – 22 September

 

18 September

 

Ryanair shares dipped in early trading after the discount airline admitted that it “messed up” in booking leave for its pilots, prompting it to cancel hundreds of flights over the next six weeks.

 

Britain’s convenience stores, once the Cinderellas of the retail sector, are starting to attract suitors. The biggest UK grocers, including Tesco and J Sainsbury, are battling for a slice of the local market because their larger stores have proved less popular than executives anticipated during a building spree that ended only in the middle of this decade.

 

Growth in Singapore’s non-oil domestic exports grew at double the previous month’s pace in August, boosted by still faster growth in outbound electronics shipments and gold.

 

Rising risk appetite among investors should be good for emerging markets. And that is not the only factor looking good for the asset class, at least at first glance, according to research from UBS.

 

19 September

 

Britain has sought to make itself a hub for Islamic finance in the western world and, this week, investors will tune into a case in London’s high court with potentially wide ranging implications for the market.

 

At first glance Romania seems an unlikely base for cutting-edge tech start-ups. Even regular visitors associate it with misty mountains, medieval churches and potholed roads.

 

Nation-states are the most improved credits in the world so far this year, according to ratings agency Fitch, but the macroeconomic environment that is powering their recovery is set to wane.

 
 
Stock markets broadly lifted in Asia on Tuesday following another record close on Wall Street. In Tokyo, the Topix index was up 1.3 per cent, helped by a weaker yen and returning from a market holiday on Monday, while Hong Kong’s Hang Seng was up 0.2 per cent, as was Sydney’s S&P/ASX 200. South Korea’s Kospi was flat.

 

20 September

 

Hitachi Metals has filed a complaint with the US International Trade Commission against China-based companies it alleges stole trade secrets for manufacturing ribbons made of a special alloy.

 

In the conference hall he has just left, brokers representing three of the more than 60 securities houses drafted in to sell a ¥1.3tn ($12bn) tranche of shares in Japan Post Holdings (JPH) are attempting to answer precisely that question. It is, some admit privately, an uphill battle.

 

UK growth will fall this year and next, the Organisation for Economic Co-operation and Development reiterated in its interim report on Wednesday, highlighting lingering uncertainty even as policymakers have taken a more confident tone on the economy.

 

Investors are expecting Portuguese government bonds to improve on the double-digit returns the debt has delivered so far this year when the country wins back its investment-grade status from another rating agency.

 

21 September

 

Bain Capital, Apple and other US tech groups have agreed a $18bn acquisition of Toshiba’s prized memory chip business, marking one of the biggest private equity-led buyouts since the end of the financial crisis.

 

Manchester United achieved record annual revenues last season, boosted by a major new broadcasting deal for English football and a return to winning ways on the pitch.

 

New Zealand’s gross domestic product grew faster in the second quarter as an uptick in outbound shipments of dairy products helped overall exports grow at a quicker clip.

 

Asia Pacific stock markets diverged in Thursday trading after the Fed on Wednesday announced that it would begin paring back its balance sheet in October and left the door open for another rise in short-term borrowing costs in 2017.

 

22 September

 

France’s private sector is growing at the quickest clip in more than six years, according to a survey of business executives released on Friday.

 

The Grand Duchy of Luxembourg has won a hard-fought battle against a landowner in the central region of Bissen, whose refusal to sell a small plot of potato farmland had threatened to scupper its efforts to woo Google for a billion-euro investment.

 

Saga, the UK travel and insurance company for the over-50s, plans to expand its cruise ship holiday business, despite a dip in profits at the start of the year.

 

Selling pressure on gold accelerated after the latest meeting of the US Federal Reserve, dropping below $1,300 a troy ounce for the first time in a month after the central bank affirmed its intention to raise interest rates over the next year.