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FTSE 100 LIVE: Asian stocks plummet as US – China tensions reach boiling point

Investors will watch shares of Semiconductor Manufacturing International Corporation (SMIC), China’s largest manufacturer of semiconductors.

Tensions frose after a Defense Department spokesperson said the Trump administration is considering imposing export restrictions on the firm.

The potential move by Washington, first reported by Reuters, would mark a major escalation in the tech battle between the US and China.


1.13pm update: Thomas Cook’s Chinese owner plans relaunch amid pandemic

Fosun, which was previously a shareholder in Thomas Cook for several years before the company collapsed, is aid to be making plans to revamp it as an online travel agent, according to Sky News.

The plans could be announced as early as this month.

A source told Sky News the plans were “at an advanced stage”.

12.34pm update: US markets closed for Labor Day

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US markets will be closed for Labor Day on Monday.

This may slow down other leading markets.

European market’s are expected to drift along slightly higher.

11.43am update:  European shares start week on firm footing 

European shares bounced this morning after a Wall Street-led boost in technology stocks kept global sentiment subdued in the previous week, with investors keeping a close watch on COVID-19 vaccine developments.

Australia expects to receive its first batches of a potential COVID-19 vaccine in January after a deal was struck with CSL to manufacture two vaccines, one developed by rival AstraZeneca and Oxford University, and another in CSL’s own labs with the University of Queensland.

AstraZeneca rose 1.6 percent, with the European healthcare sector index jumping 1.1 percent.

Sanofi rose one percent after it said a coronavirus vaccine it is developing with Britain’s GlaxoSmithKline was likely to be priced at less than 10 euros.

The STOXX 600 index was 1 percent higher, with Frankfurt shares leading gains after rising 1.2 percent.

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11.08am update: UK marks continue to rise

The FTSE-100 index at 10.45am was up 81.82 at 5880.90.

9.55am update: FTSE 100 bounces on weaker pound as no-deal Brexit chances rise

The FTSE 100 bounced from a near four-month low on Monday as the pound weakened on growing prospects of the UK leaving the European Union without a trade agreement, while Primark-owner Associated British Foods jumped on issuing a strong forecast.

The export-heavy FTSE 100 was up 0.9 percent, after ending Friday with its biggest two-day slide in nearly a month following a tech-led plunge on Wall Street, while the domestically-focussed FTSE 250 rose for the first time in three sessions, up 1 percent.

Britain has set a deadline of October 15 to strike a free-trade deal with the EU, and if none is agreed both sides should “accept that and move on,” Prime Minister Boris Johnson will say on Monday.

“The probability of a deal seems to be reducing with state aid the surprising current sticking point,” said Deutsche Bank strategist Jim Reid.

“This has certainly raised the stakes at a fraught time in talks. The UK seems to be briefing hard in the media that they are quite prepared to walk away from talks if no progress is made.”

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8.33am update: London markets gain on Monday morning

The FTSE-100 index at 8.15am was up 58.13 at 5857.21

Source:Daily Express :: City and Business Feed

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