Scandic Hotels Group AB expects hot summer that together with weak krone might help fill empty hotel rooms, Bloomberg reports.
International funds are taking money out of six major emerging markets in Asia with the fastest pace since 2008. This year investors pulled $19 billion from India, Indonesia, Philippines, South Korea, Taiwan and Thailand, Bloomberg reports.
Oil price went lower than level $64 a barrel, while Russia and Saudi Arabia are getting ready to stand against alliance of oil producers in regards to output increase issue, and China and the US continue exchanging threats on trade, Bloomberg reports.
US industrial production fell in May by most since January 2014, Bloomberg informs. Factories volumes dropped by 0,7%. Output including mining and utilities declined by 0,1%. Capacity utilization measuring how much plants are used reduced from 78,1% to 77,9%.
On Friday price of copper dropped to the lowest level in a week, Reuters reports. As dollar strengthens, copper is close to show the biggest weekly drop since April. The reasons for such market drop are slower economy of China, the biggest metal buyer in the world, as well as threat of US tariffs on Chinese import.
Shares are falling today and bonds are going up among escalating trade tensions between US and China. Investors are also evaluating consequences of decisions made this week by ECB and US Fed.
S&P futures went down by 0,4%. Index Stoxx Europe 600 lost 0,2%. FTSE in Britain declined by 0,5%, while German DAX rose by 0,1%.
Sales of Hennes & Mauritz AB did not change in the second quarter as Swedish clothing retailer is trying to reduce record high level of inventory, Bloomberg reports.
On Friday euro is very close to show the biggest weekly slump in 19 months after European Central Bank announced that is going to leave interest rates at record level till the end of next year, Reuters reports.
US President Donald Trump approved tariffs on $50 billion Chinese goods, Bloomberg reports. Administration of President is getting ready to issue renewed list of goods that will be subject to tariffs. First list was published in April and included 1300 Chinese products.
With global expansion WeWork attracts growing number of people into its office spaces, Bloomberg reports. As a result, revenue of the company operating in co-working sector grew by impressive 110% last quarter to $342 million.
Central bank of China did not follow US Federal Reserve System in interest rate hike. It happened at the moment when recent economic data showed that Chinese economy growth slowed down in May, Bloomberg reports.
On Thursday investor’s appetite to risky assets was reduced since they faced prospects of faster rate hikes on behalf of US Fed and not very optimistic data from China. Uncertainty over ECB meeting also puts some pressure on the market.
