Midday Dispatch – Corporate and Financial News
Fears over a global economic downturn were intensified by disappointing data from China and Germany, sending bond yields tumbling to new lows and weighing on jittery stock markets. – Financial Times. Reuters reports how Wall Street stumbled on Wednesday as investors fled equities for safe-haven assets, seeking shelter amid gathering signs that a recession could be on the horizon.
The Japanese yen and U.S. dollar index were higher on Wednesday after the U.S. Treasury bond yield curve inverted for the first time since 2007 and investors, gripped by fear of a looming global recession, fled to the safety of perceived safe-haven assets. Reuters
Argentina’s peso resumed its slide on Wednesday as President Mauricio Macri announced a raft of emergency measures aimed at providing relief to a population suffering from the impact of a sharp devaluation following his stunning defeat in primary elections. Financial Times
China made no concessions to the United States after President Donald Trump postponed threatened tariffs on some Chinese imports until mid-December, senior U.S. officials said on Wednesday, adding that talks aimed at resolving the trade fight would continue and markets should be patient. Reuters
Unemployment in France has fallen to a new 10-year low, alleviating some of the pressure on President Emmanuel Macron as he pushes ahead with contentious labour market reforms that will cut jobless benefits and encourage the French to extend their working lives. Financial Times