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Glencore : Markets slide as Trump threatens China with $200bn of new tariffs - business live

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06/19/2018 | 09:07am CEST

block-time published-time 8.45am BST

Asian stocks have hit a six-month low today, Bloomberg reports:

enltrTrade dispute between U.S. & China triggers a global sell-off in riskier assets. The MSCI Asia Pacific Index sinks 1.5%, reaching the lowest in more than 6 months. #BQMarketsNowhttps://t.co/IgjCkPT9vRpic.twitter.com/VzizTqnEPW

— BloombergQuint (@BloombergQuint) June 19, 2018

block-time published-time 8.43am BST

Trade war fears send China's stock market to near two-year low

China’s stock market has suffered a late rout, as investors in Shanghai shivered at the prospect of fresh US tariffs.

The benchmark Shanghai composite sank by 3.8% percent to close below the 3,000 mark at 2,906.43. That’s its lowest level since late June 2016.

enltrChinese stocks getting mullered pic.twitter.com/0wWWQkEoZG

Mike Bird (@Birdyword) June 19, 2018

Reuters reports that speculators were badly hit by the selloff:

The slump risks triggering fresh margin calls in a highly-leveraged stock market, potentially causing a downward spiral that could derail Beijing’s plan to lure the listings of high-tech giants.

“The market is so fragile. You don’t know where the bottom is,” said David Dai, general manager of Shanghai Wisdom Investment Co Ltd. “It’s more rewarding watching the World Cup.”

Elsewhere, Japan’s Nikkei ended down 1.7% while the Hong Kong Hang Seng index lose 2.8%

A stock indicator showing the close of the Tokyo Stock Exchange today. Photograph: Toshifumi Kitamura/AFP/Getty Images

block-time published-time 8.27am BST

European stock markets are a sea of red, as trade war fears ripple through the trading floors.

European stock markets this morning Photograph: Thomson Reuters

block-time published-time 8.15am BST

FTSE 100 hits 6-week low in early trading

DING DING: Shares are falling sharply in London at the start of trading.

The FTSE 100 index of top shares has shed 1%, or 80 points, to 7551 - the lowest level since the start of May.

The FTSE 100 Photograph: Thomson Reuters

The mood in the City is decidedly edgy, as traders worry that Donald Trump will trigger a full-blown trade war with China - with serious consequences for the global economy.

Mining stocks are among the big fallers, with Anglo American losing 3% and Glencore down 2.6%. Technology firm Micro Focus has also shed almost 3%.

Mike van Dulken of Accendo Markets says:

Global sentiment is on the back foot amid signs that neither side will back down, potentially taking global commerce a step closer to an unwelcome trade war.

block-time published-time 8.00am BST

It is impossible for China to retaliate in kind to Trump’s new threat.

That’s because China imported $170bn from America in 2016 -- $115bn of goods and $55bn of services.

So by threatening to impose 10% tariffs on $200bn of Chinese goods, Trump is (deliberately?) putting a tit-for-tat response out of Beijing’s reach.

However, China could technically impose a higher tariff on that $170bn, which would certainly escalate the situation even further.

Simon Rabinovitch of The Economists explains:

enltrBut China has asymmetric options. It could levy higher tariffs than the 10% that Trump proposes. It could mess with US firms in China, which make most profits in country, not as exports. And it could add security dimensions to the conflict, perhaps testing US resolve on Taiwan.

Simon Rabinovitch (@S_Rabinovitch) June 19, 2018

enltrIn short, if Trump takes it to $200bn, this has the potential to get much, much messier. Strictly speaking, it's true that China and US aren't in a trade war yet: neither has implemented their big threatened tariffs. But the path to escalation is now frighteningly clear.

Simon Rabinovitch (@S_Rabinovitch) June 19, 2018

block-time published-time 7.50am BST

Donald Trump’s threat has met with an immediate, chilly response from Beijing, implying that the US is losing the plot.

The Ministry of Commerce in Beijing has vowed to hit back if the US actually imposes $200bn of fresh tariffs.

“If the U.S. loses its senses and publishes such a list, China will have to take comprehensive quantitative and qualitative measures and retaliate forcefully.

block-time published-time 7.34am BST

The agenda: Trump threatens to escalate trade war U.S. President Donald Trump at the White House yesterday Photograph: Leah Millis/Reuters

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Markets are sliding today after president Donald Trump escalated America’s trade dispute with China.

Overnight, Trump threatened to impose a 10% tariff on $200bn of Chinese imports, a tit-fot-tat move that could trigger a full-blown trade war.

Trump is angry that China is imposing tariffs on $50bn of US imports - in retaliation to his original tariffs on $50bn of Chinese goods. He wants Beijing to back down, or else he’ll ratchet up the trade dispute between the two powers.

The president declared:

“Unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports.

“Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship.

Related: Trump threatens new tariffs on $200bn in Chinese imports

China has already responded firmly, accusing Trump of “blackmail” and promising “strong countermeasures” if America goes through with its $200bn threat.

The news has sent Asian investors reeling. China’s stock market has fallen by 2.7% and Japan is down 1.7% in a wide-ranging rout.

European markets are expected to slide too, with Britain’s FTSE 100 called down 55 points (0.7%).

Michael Hewson of CMC Markets says the City is increasingly worried about Trump’s approach to trade:

Things have changed overnight after President Trump upped the ante by threatening another $200bn worth of tariffs at a 10% rate on a whole new raft of Chinese goods and services, if China went ahead with their retaliation measures.

This upping of the ante saw markets in Asia slide and unlike yesterday haven bond markets rallied as US treasury yields slid back, the Japanese yen gained and gold rallied. As such European markets look set to continue their losing streak and open lower.

Asian stock markets today Photograph: Bloomberg TV Here’s the agenda
  • From 9am BST: European central bank forum in Sintra, Portugal
  • 10am BST: Eurozone construction output
  • 1,30pm BST: US housing figures

block-time updated-timeUpdated at 7.43am BST

779 2018-06-22T06:30:00Z true 2018-06-19T06:36:59Z false false 2018-06-19T07:48:03Z true UK theguardian.com

https://gu.com/p/8zk8b false true https://media.guim.co.uk/06c927361544d5065238d821658dd63f71ca735e/0_339_5079_3047/500.jpg false en Asian stocks have hit a six-month low today, Bloomberg reports: China’s stock market has suffered a late rout, as investors in Shanghai shivered at the prospect of fresh US tariffs. The benchmark Shanghai composite sank by 3.8% percent to close below the 3,000 mark at 2,906.43. That’s its lowest level since late June 2016. Reuters reports that speculators were badly hit by the selloff: The slump risks triggering fresh margin calls in a highly-leveraged stock market, potentially causing a downward spiral that could derail Beijing’s plan to lure the listings of high-tech giants. “The market is so fragile. You don’t know where the bottom is,” said David Dai, general manager of Shanghai Wisdom Investment Co Ltd. “It’s more rewarding watching the World Cup.” Elsewhere, Japan’s Nikkei ended down 1.7% while the Hong Kong Hang Seng index lose 2.8% European stock markets are a sea of red, as trade war fears ripple through the trading floors. DING DING: Shares are falling sharply in London at the start of trading. The FTSE 100 index of top shares has shed 1%, or 80 points, to 7551 - the lowest level since the start of May. The mood in the City is decidedly edgy, as traders worry that Donald Trump will trigger a full-blown trade war with China - with serious consequences for the global economy. Mining stocks are among the big fallers, with Anglo American losing 3% and Glencore down 2.6%. Technology firm Micro Focus has also shed almost 3%. Mike van Dulken of Accendo Markets says: Global sentiment is on the back foot amid signs that neither side will back down, potentially taking global commerce a step closer to an unwelcome trade war. It is impossible for China to retaliate in kind to Trump’s new threat. That’s because China imported $170bn from America in 2016 -- $115bn of goods and $55bn of services. So by threatening to impose 10% tariffs on $200bn of Chinese goods, Trump is (deliberately?) putting a tit-for-tat response out of Beijing’s reach. However, China could technically impose a higher tariff on that $170bn, which would certainly escalate the situation even further. Simon Rabinovitch of The Economists explains: Donald Trump’s threat has met with an immediate, chilly response from Beijing, implying that the US is losing the plot. The Ministry of Commerce in Beijing has vowed to hit back if the US actually imposes $200bn of fresh tariffs. “If the U.S. loses its senses and publishes such a list, China will have to take comprehensive quantitative and qualitative measures and retaliate forcefully. Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. Markets are sliding today after president Donald Trump escalated America’s trade dispute with China. Overnight, Trump threatened to impose a 10% tariff on $200bn of Chinese imports, a tit-fot-tat move that could trigger a full-blown trade war. Trump is angry that China is imposing tariffs on $50bn of US imports - in retaliation to his original tariffs on $50bn of Chinese goods. He wants Beijing to back down, or else he’ll ratchet up the trade dispute between the two powers. The president declared: “Unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports. “Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship. China has already responded firmly, accusing Trump of “blackmail” and promising “strong countermeasures” if America goes through with its $200bn threat. The news has sent Asian investors reeling. China’s stock market has fallen by 2.7% and Japan is down 1.7% in a wide-ranging rout. European markets are expected to slide too, with Britain’s FTSE 100 called down 55 points (0.7%). Michael Hewson of CMC Markets says the City is increasingly worried about Trump’s approach to trade: Things have changed overnight after President Trump upped the ante by threatening another $200bn worth of tariffs at a 10% rate on a whole new raft of Chinese goods and services, if China went ahead with their retaliation measures. This upping of the ante saw markets in Asia slide and unlike yesterday haven bond markets rallied as US treasury yields slid back, the Japanese yen gained and gold rallied. As such European markets look set to continue their losing streak and open lower. Here’s the agenda From 9am BST: European central bank forum in Sintra, Portugal 10am BST: Eurozone construction output 1,30pm BST: US housing figures 4559 false The Buenos Aires Stock Exchange. A stock indicator showing the close of the Tokyo Stock Exchange today. European stock markets this morning The FTSE 100 U.S. President Donald Trump at the White House yesterday Asian stock markets today

Copyright © 2018 theguardian.com. All rights reserved., source Guardian Online

Stocks mentioned in the article
ChangeLast1st jan.
MICRO FOCUS INTERNATIONAL PLC -2.11% 1340.6641 Delayed Quote.-46.77%
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Financials ($)
Sales 2018 237 B
EBIT 2018 11 505 M
Net income 2018 7 203 M
Debt 2018 21 485 M
Yield 2018 4,32%
P/E ratio 2018 10,39
P/E ratio 2019 11,52
EV / Sales 2018 0,40x
EV / Sales 2019 0,39x
Capitalization 73 059 M
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Glencore Technical Analysis Chart | GLEN | JE00B4T3BW64 | 4-Traders
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 6,11 $
Spread / Average Target 21%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GLENCORE-2.23%73 059
CHINA SHENHUA ENERGY COMPANY LIMITED-8.55%63 365
COAL INDIA5.80%25 576
SHAANXI COAL INDUSTRY CO LTD9.68%13 881
YANZHOU COAL MINING CO LTD1.38%9 639
CHINA COAL ENERGY COMPANY-12.06%8 984