Here’s what you need to know about the markets before you start your business day.
China’s economic growth has slumped to a near three-decade low in recent months, as the country grapples with an escalating trade war against the United States and tries to rein in high levels of debt. Rivals Tencent(TCEHY) and Alibaba(BABA), which posted solid earnings this week, have fared better.
2. Pound punished: Brexit uncertainty is back on the menu in the United Kingdom, driving the pound down Friday below $1.28 to its lowest level against the dollar since January. It has also notched its longest string of losses against the euro since 2000, according to currency trading firm FXTM.
Prime Minister Theresa Mayis now expected to lay out a timetable for her departure following a fourth attempt to win parliamentary support for her Brexit plan in early June. This sets up questions about who will succeed her.
The risk of the United Kingdom crashing out of the European Union in October without a deal is also rising after talks between May and the opposition Labour Party collapsed on Friday.
