Midday Dispatch – Corporate and Financial News

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Italian stocks dropped sharply in early trade on Friday as Matteo Salvini, leader of Italy’s League party, called for a snap election. The FTSE MIB I945, -1.85%dripped 1.6% in Milan while the broader Stoxx Europe 600 SXXP, -0.19% fell 0.2%. U.S. stock futures ES00, -0.49% also were lower. Market Watch

Britain’s economy unexpectedly shrank 0.2 per cent in the second quarter – its weakest performance since the last quarter of 2012, when GDP fell by the same amount. GDP last fell by more in early 2009, when the economy was deep in the post-financial crisis recession. Both the Bank of England and City economists had expected zero economic growth in the April-June period. The Independent (UK)

China is expected to dramatically reduce its intake of U.S. crude imports over the coming weeks, energy analysts have warned, following the latest flare-up in trade war tensions between the world’s two largest economies. CNBC

Uber Technologies Inc. recorded its largest-ever quarterly loss as it was weighed down by heavy competition in Latin America and elsewhere, as well as a big expense related to its initial public offering. WSJ

The Malaysian government has filed criminal charges against 17 current and former directors of Goldman Sachs’ subsidiaries in connection with the 1 Malaysia Development Berhad scandal, ramping up its efforts to recover billions of dollars it alleges were misappropriated from the state investment fund. Financial Times

Germans’ love of package holidays risks causing difficulties for eurozone policymakers as they strive to understand how inflation is changing across the bloc. Financial Times

Huawei has launched its own operating system — the HongmengOS, known in English as the HarmonyOS, said the CEO of the Chinese tech giant’s consumer division, Richard Yu, on Friday. CNBC

President Donald Trump’s plan to impose a new round of trade tariffs on Chinese imports is complicating US retailers’ relationships with suppliers as both sides prepare to haggle over prices in an attempt to protect profit margins.  Financial Times

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