Ocado losses deepen 37pc amid tensions with ‘unhappy’ M&S
Elon Musk and the Tesla board should face an investigation into possible “conflicts of interest” since the entrepreneur took over Twitter, a prominent senator has said.
Elizabeth Warren has asked the SEC to investigate “possible violations of securities laws and stock exchange rules.”
5 things to start your day
1) Controversial stock trading app Robinhood is planning to launch in the UK | The app that started the ‘meme stocks’ hype is beginning hiring in key UK jobs ahead of its possible launch
2) The PlayStation deal strengthens the case for the Microsoft-Activision merger, Richter tells CMA | The judge’s remark could add weight to Microsoft’s attempt to secure its takeover by the Competition and Markets Authority
3) Hose-banning water company pays £9m dividend despite huge losses | South East Water turned negative as debt piled up while water utilities were under scrutiny
4) Luxury fashion houses plummet amid fears of slowing spending in China | Stocks plummeted after the second-largest economy grew just 0.8 percent in the three months to June
5) “Brexit hasn’t harmed the city – despite Brussels’ best efforts” | Citigroup’s David Livingstone on the competitiveness of London – and Canary Wharf
What happened overnight?
In Asia, equities fell mostly as optimism about a Wall Street rally was offset by worries about the Chinese economy.
Stocks rose modestly in Tokyo but fell in most other regional markets. Hong Kong’s benchmark slipped 2 percent as it reopened after a weather-related shutdown on Monday.
On Monday, China reported weaker economic growth for the spring than most economists had expected.
The recovery following the lifting of anti-Covid restrictions fell short of forecasts. This has helped contain global inflation, but it is also hampering a key engine of growth in the global economy.
Japan’s benchmark Nikkei 225 rose 0.2 percent to 32,438.27. The markets in Tokyo were also closed on Monday for a public holiday.
Australia’s S&P/ASX 200 lost 0.5 percentage points to 7,264.90. South Korea’s Kospi slipped 0.3 percentage points to 2,611.96. Hong Kong’s Hang Seng shed more than 400 points, falling to 19,008.06, while the Shanghai Composite fell 0.4 percentage point to 3,196.86.
The losses came despite a positive lead from Wall Street, where the market rally continued ahead of key earnings reports and US economic releases this week.
The broad-based S&P 500 rose 0.4 percent to 4,522.79, its highest close in 15 months. The Dow Jones Industrial Average rose 0.2 percent to 34,585.35, while the tech-rich Nasdaq Composite climbed 0.9 percent to 14,244.95.
The yield on the benchmark 10-year Treasury bond fell to 3.80 percent from 3.84 percent late Friday.