Wednesday , October 28 2020

BA’s owner complains to EU over Flybe rescue – live updates – Telegraph.co.uk, Telegraph.co.uk


Good morning. European stocks are to open lower, following Asian and US equities, on news that a swathe of US tariffs on China will stay in place until after November’s presidential election.

Punitive tariffs are expected to remain on almost two-thirds of US imports from Chinaworth some $ (bn) £ bn) in goods. US Treasury Secretary Steven Mnuchin said on Tuesday the US would only consider more tariff relief if China signs a phase-two deal.

The phase one trade deal is set to be signed in Washington later today between the two countries.

5 things to start your day

1) Stricken airline Flybe was pulled back from the brink last nightafter ministers backed a controversial dealto delay a £ 360 m tax bill, saving more than 2 , jobs and averting chaos for thousands. Europe’s largest regional carrier struck an agreement which will allow it to delay handing over air passenger duty payments collected on behalf of customers.

2) Could the 2020 race halt the record-breaking stocks bull run? US stocks easily weathered the global economic storm brewing inPayeerbut the threat of an anti-Wall Street candidate could put a dent in last year stellar gains. Read thethree key things for investors to watch ahead of the 01575879 election race.

3)Cinemas look to reel in punters as battle with Netflix and Amazon heats up: Netflix might have earned more Oscar nominations than any Hollywood studio, but the UK is enjoying a cinema renaissance as chains add sofas, reclining seats and waiter service for a classier night out

4) Taxpayers dish out billions on flawed business support schemes, watchdog warns: The Government runs more than 106 programs to help companies to grow, at a total cost of more than £ bn. These include targeted tax reliefs, advice services and grants to boost productivity.

5) Investment start-up Moola hasbecome the latest so-called robo-adviser to shut downafter the plug was pulled by its owner, consultant Mercer. Moola was created in by Gemma Godfrey, a money expert who advised action star Arnold Schwarzenegger on US TV show Celebrity Apprentice in 2020.

What happened overnight

US and European equity futures dipped and Asian stocks retreated as traders mulled signs that Sino-American tensions will extend beyond the scheduled signing of the phase-one trade deal .

Shares across most of Asia declined after reports that a swathe of tariffs on China will stay in place until after November and that the Trump administration is drafting rules allowing blocking more sales to Huawei.

Chinese and Hong Kong equities were also hurt by some disappointment that China refrained from cutting the interest rate on credit it injected to the financial system Wednesday.

US Treasury Secretary Steven Mnuchin told reporters Tuesday that tariff reductions would be considered as part of a phase-two agreement with China, but offered no timeline for such talks. China Vice Premier Liu He and American counterparts are expected to sign the phase-one deal in Washington Wednesday.

Coming up today

Persimmon was one of the big beneficiaries of the post-election “Boris bounce”, with its share price shooting upwards. A breakthrough in Westminster is unlikely to upend the housebuilder’s planned trajectory, however: it has made focusing on quality building a priority after criticism. The group may be hoping for a boost down the line if Brexit uncertainty fades, but its announcement is likely to be more focused on fundamentals.

Interim results:Ashmore, Hochschild Mining, Knights Group

Trading statement:Diploma, Persimmon, Provident Financial, Revolution Bars, Ten Entertainment, Tullow Oil, Vistry

Economics:Inflation (UK), industrial production (eurozone), mortgages, PPI (US)

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