Themes from June
President Donald Trump has unilaterally started a trade war imposing tariffs on imports of EU, Canadian and Chinese steel and aluminium. Trump has threatened to impose tariffs on EU autos and auto parts pending a review as to the “national interest”.
John Lewis Partnership owner of Waitrose said it is closing 5 shops after “close to zero” interim profits. The retailer said the sector is going through a period of “generational change”.
Gold dropped to $1260 per ounce, dropping almost $40 over June. Investors have been weary of gold due to rising US interest rates.
Unilever said it is likely to lose its position in the UK100 blue chip index after lengthy discussions with FTSE Russell.
Inmarsat revealed that EchoStar Corporation had expressed interest in a possible takeover though its interest was “highly preliminary and non-binding”.
House of Fraser obtained backing from its creditors for a plan that will close 31 of its 59 shops. Around 6,000 staff will lose their jobs.
Sir Mark Boleat former chairman of the City of London Corporation said Brexit would result in 75,000 City job losses and reduce tax revenues by £10bn.