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...Contracts tracking the US benchmark S&P 500 and the tech-heavy Nasdaq Composite were down 0.5 per cent and 0.7 per cent, respectively ahead of the New York market open....
...I am somewhat surprised by this and ask Doctor P if he witnessed this himself. “The man just has a heart of gold, helping people.”...
...It is 20 years since the American political scientist Samuel P Huntington used the term “Davos man” to describe the kind of “gold-collar workers”, or “cosmocrats”, who “view national boundaries as obstacles...
...jemima.kelly@ft.com...
...Colin Raftery, senior director of mergers at the CMA, told the Financial Times there had been “no political pressure from government at all” on what he called an “independent decision”....
...Charles Peabody of Portales Partners disagrees with Kelly....
...Construction PMIs: The UK’s S&P Global/Cips August construction purchasing managers’ index data will be published. Analysts polled by Reuters forecast a reading of 50.5, down from 51.7 in July....
...New economic data had already “taken a bit of the wind out of the sails” of the market, said David Kelly, chief global strategist at JPMorgan Asset Management....
...It “bodes well” for gas consumption, said Colin Gruending, an executive vice-president at pipeline group Enbridge. “Intermittent renewables is not going to cut it.”...
...Flash PMIs: S&P Global/Cips will unveil flash services and manufacturing purchasing managers’ index data for the EU, France, Germany, Italy and the UK....
...Bitcoin: The recent price surge demonstrates a friendship of convenience between traditional finance and crypto, writes Jemima Kelly....
...The S&P 500 closed at an all-time high on Friday after a blistering rally in tech stocks....
...Monday’s share price rise follows a tumultuous week after S&P Global downgraded the company to junk status last week amid concerns about its exposure to rising interest rates....
...SBB: The Swedish real estate company’s shares jumped as much as 11 per cent in early trading on Europe’s Stoxx 600, clawing back declines on Monday when S&P cut its credit rating to junk....
...In equity markets, the S&P 500 maintained an earlier decline to trade 0.6 per cent lower on the day. The technology-heavy Nasdaq Composite index was down 1 per cent....
...S&P, the rating agency, has negative outlooks for two-thirds of the UK water companies it rates — indicating the possibility of downgrades as the result of weaker financial resilience....
...“International [equities] will do well when US investors actually think it’s a good idea,” Kelly said....
...The paper is written by Theis Ingerslev Jensen, Bryan Kelly and Lasse Heje Pedersen....
...“There are inconsistencies in the data set that was just released,” noted Louis Kuijs, head of Asia economics at S&P and a former World Bank economist in China....
...Kelly Boorman, partner and national head of construction at RSM UK, said: “The scrapping of HS2 will undoubtedly derail the pipeline of future activity for many contractors and their supply chain....
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