US president says yuan drop is a ‘major violation’ as it ricochets through global markets in US-China trade warDow Jones falls more than 400 points at the openTesco and HSBC cut thousands of jobsUK services PMI at 9-month high; all-sector PMI shows stagnation; eurozone PMI shows economic slowdown 3.04pm BST Chinese currency has today fallen to the symbolic seven-to-one-dollar level, the lowest since May 2008. The drop came after Donald Trump’s threat of new tariffs on Chinese goods on Friday, and has sparked fears that the US-China trade war is turning into a full-blown currency war, which could damage global growth. Trump accused Bejing of “currency manipulation”.This has triggered a sell-off on global stock markets. On Wall Street, the Dow Jones has lost more than 500 points, a 1.9% fall, while in London, the FTSE 100 index is trading nearly 180 points lower, a 2.37% decline. 2.50pm BST The US services purchasing managers’ index is out: it has risen to 53.0 in July from 51.5 in June, signalling stronger activity in the service industries. The composite PMI, which includes manufacturing, has increased to 52.6 from 51.5, “to signal a moderate expansion in overall business activity,” according to the survey compiler, IHS Markit. The rise was led by services firms which registered a faster increase in output, with manufacturers only recording a slight upturn in production. Continue reading…
Via: Yuan fall prompts Trump to accuse China of 'currency manipulation' – business live
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