Britain’s economy appears to have shrunk for the first time since late 2012 between April and June as worries about Brexit were compounded by global trade tensions, a closely watched survey showed on Wednesday.
Group of 20 finance leaders on Sunday said that trade and geopolitical tensions have “intensified”, raising risks to improving global growth, but they stopped short of calling for a resolution of a deepening U.S.-China trade conflict.
Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries’ increasingly belligerent trade war, sending investors fleeing equities for less risky assets.
The US has more than doubled tariffs on $200bn worth of Chinese products, in a sharp escalation of the countries' damaging trade war.
Global stocks rose to their highest in five months and the dollar dipped on Monday as traders began to price in an accommodative stance from the U.S. Federal Reserve at its policy meeting this week.
Apple Inc on Wednesday took the rare step of cutting its quarterly sales forecast, with Chief Executive Tim Cook blaming slowing iPhone sales in China, whose economy has been dragged down by uncertainty around U.S.-China trade relations.
The United States Federal Reserve (Fed) raised the federal funds rate target on Wednesday to a range of 2.25 to 2.5 percent, the fourth time the rate has been raised this year.