Gap cut its 2019 profit forecast and posted the biggest drop in same-store sales in at least three years at its Gap brand, underscoring its struggles to compete with fast-fashion retailers in the face of changing customer preferences.
The bond market is again pointing to fears of recession as the yield curve between three-month and 10-year rates inverts amid escalating trade tensions between China and the United States - one of five big themes set to dominate markets this week. Moody’s has warned that a trade war could tip the US economy into recession next year.
European shares extended losses early on Monday from the biggest weekly slump this year as the U.S.-China deadlock quelled hopes that the two largest economies will be able to resolve their trade dispute anytime soon. The STOXX 600 index dropped 0.5 per cent by 0855 GMT to hit 7-month lows.
European stocks fell, government bond yields slipped and the Japanese yen firmed on Thursday after the US government hit Chinese telecoms giant Huawei with severe sanctions, further straining Sino-US trade ties.
European firms are “caught in the crossfire” of the US-China trade war and fewer are optimistic about their future in the world’s second-largest economy, a business survey showed on Monday.
World stocks held near two-month lows on Tuesday as slightly more optimistic comments from US and Chinese officials on trade brought some comfort, a day after equities suffered their worst selloff so far this year.
Chinese state media on Wednesday dangled the threat of cutting exports of rare earths to the United States as a counter-strike in the trade war, potentially depriving Washington of a key resource used to make everything
Federal Reserve Chairman Jerome Powell was criticised by analysts and investors this week when he seemed to set aside concerns about weak US inflation, repeatedly describing its recent decline as temporary and dimming market expectations of an interest rate cut.
US Treasury Secretary Steven Mnuchin said on Friday he had a “productive working dinner” the previous night in Beijing, kicking off a day of talks aimed at resolving the bitter trade dispute