Daily Briefing: - U.S. increases tariffs on Chinese goods - U.S.-China trade spat is biggest threat to world growth - French finance minister - European Union intends to keep agriculture off the trade talks agenda - EU commissioner
Unsurprisingly, safe-haven assets are proving popular. Ten-year Treasury yields slipped below 2.45%, near their lowest levels since late March. But more crucially it stands less than three basis points above the three-month bill yields. It briefly inverted overnight, and a sustained inversion would be a recession signal.
Some clues on whether trade is already affecting growth could come today, but German trade numbers showeds for March. Britain's first-quarter GDP, manufacturing and industrial production numbers are also due. European shares have opened 0.7% to 1.1% higher for the main regional benchmarks, with Germany’s trade-sensitive DAX leading the way. However, that comes after losses yesterday of as much as 1.7%.
Tod’s shares were expected to fall 3% to 7% after the Italian fashion group’s chief financial officer said current consensus expectations arein terms of revenues and profitability. Luxury peer Moncler delivered a positive outlook, helping its shares rise 1% in pre-market. Platinum miner Lonmin is down 6% after it warned full-year sales would be at the lower end of its target range.s to settle a dispute with Italian tax authorities centred on its brand Gucci. The stock has risen around 1.
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