Pound edges higher while oil rises as Iran sanctions restart – business live

Sterling still struggling on fears of a no-deal Brexit but recovers some of Monday’s losses

12.03pm BST

The VIX index – a measure of the stock market’s expectation of volatility – is heading lower.

It is currently down 2% at 11.03 having earlier fallen to 10.9, the lowest level since January.

Vix getting crushed back to Jan lows, complacency taking over again

11.49am BST

The US-China trade battle could spill over from goods into services, according to S&P Global Ratings. The S&P report ssays:

This is because China is running out of room to retaliate on goods.. China’s recent threat to impose tariffs of 5% to 25% on a further $60 billion worth of U.S. goods (5,207 product lines) means that, together with the $50 billion of goods already announced, about 85% of its American imports (totaling $130 billion in 2017) could be taxed.

The threat is in response to the Trump administration last week announcing that it may increase its proposed tariff rate on Chinese imports valued at about $200 billion to 25% from 10%. Together with the previously-announced tariffs on $50 billion of Chinese imports, the total amount of $250 billion represents about 50% of the value of China’s annual exports to the U.S. in 2017.

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