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Revealed: The most viewed overseas homes for sale including a Majorcan villa once featured on hit TV show Love Island – which exotic pad would you pick? The Footsie was down most of the day but managed to close 3. 01 despite a slump on Wall Street as a trade dispute between the US and China intensified. 7 in early trading while German and French markets were also in the red. 50billion worth of Chinese imports by blacklisting over 100 US products worth the same amount including soybeans, chemicals and US cars.
Interestingly, both sides left the starting day open. China’s finance ministry which made the announcement did not mention when the tariffs will take effect. US companies can oppose the decision until 25 May. Cincotta added: ‘Shares of mining companies were worst hit by the US-China trade spat on fears that the dispute would affect China’s metal imports. China is the biggest global buyer of metals and accounts for almost a half of the demand for most of the major metals. She noted that shares in gold miner Anglo-American were down 3.
85 per cent, diversified miner Rio Tinto traded down 2. 9 per cent while Anglo-Australian iron ore and metals producer BHP Billiton were 2. Even major metals trading house Glencore was not spared, falling around 2. The company is a large producer of zinc with China being one of its main markets. Sir Martin Sorrell, who strongly rejects the allegations.
David Madden, market analyst at CMC Markets UK, said: ‘The timing isn’t great since the company recently lowered its profit outlook. He added that Topps Tiles shares closed 13 per cent lower after the company issued a less than optimistic outlook. First-half profits were slightly higher but the poor weather was blamed for the decline in the second-quarter numbers. It was the cautious forecasts that sent the stock tumbling. 111p a share on the back of positive visitor numbers for March. Its shares hit a high of 113. It announced today that its website saw 12 million visits in March, the first full month since its IPO and more than double the visits it saw a year earlier.
The volatility means the VIX is back up above 23 but still some way off the levels seen in Feb and, in what is a potential signal of bullish divergence, is making lower highs. The AD line is also signalling potential bullish divergence while oversold indicators are starting to flash. Today’s overreaction follows China’s list of 106 US exports to be hit by tariffs. Investors might expect further escalation but we must come back to the view that this process has all the hallmarks of a Trump negotiation where we see the president back down from the worst case scenario in return for key concessions.
The kneejerk reaction reflects undefined fears rather than careful assessment of the economic impact of tariffs, or the likelihood that they will stick. 624,000 just a year after a shareholder revolt over his pay packet. Mr Fallon could have earned had additional performance targets been met. The remuneration committee also highlighted that there was no increase in Mr Fallon’s base salary, though it would rise by 2. 2018 “in line with the average increases for UK employees”. 350 point decline is in no way good.
US-China trade war, the Dow can count itself sort of lucky. Ducking a complete US bloodbath meant the FTSE could re-cross 7000 after reducing its daily decline to a comparatively insignificant 20 points. The DAX roughly halved its losses, though is still the wrong side of 12000 with a 100 point slide, while the CAC sneaked back above 5100 after trimming its dip to 0. Given that this week has seen 2 tariff announcements from China with a retaliatory reveal stuffed in the middle from the US, there is the very real danger that the rest of the week is going to be dictated by this tit-for-tat escalation. The fear of Trump’s next move is going to hang over the markets for at least the next few sessions, continuing this abject start to the second quarter.
Despite markets on Wall Street suffering sharp falls in trading today the FTSE has managed to claw back some of its losses. It stands at 7,025 currently, having fallen to 6,973 earlier today. Is this the end of Bargain Booze? C, the Irish cider giant that makes Magners and Bulmers, as it prepares to enter administration today.