US stocks fall as Google block on Huawei adds to trade tensions – as it happened
Chinese phonemaker shut out from Android software after Trump ban
- Google blocks Huawei access to Android updates after blacklisting
- Trump tweets threat: 'If Iran wants to fight, that will be the end of Iran'
- Ryanair profits slide due to lower fares and Brexit uncertainty
- Jaguar Land Rover reports record 3.6bn loss
- BP headquarters in London blockaded by Greenpeace
3.20pm BST
Google's dominant Android operating system has been co-opted to US President Donald Trump's trade dispute with China; investors appear not to be pleased.
US stock markets have sold off in early trading on Wall Street, after a day of pain on most of Europe's major stock markets. The tech-heavy Nasdaq suffered the most in early trading, down by 1.4% within the first half hour.
For Huawei, it deals a major blow to its expansion plans outside of its home market.
For Google, the decision sours relations with a major global smartphone manufacturer and perhaps risks spooking other smartphone manufacturers into contemplating the need for a serious alternative to Google's Android operating system.
On balance, we still believe some kind of deal will eventually be reached - most likely at a [Chinese president] Xi [Jinping]/Trump meeting at the G20 summit in late June. It is after all ultimately in both their best interests to do so. That said, there is now a clear risk that an unwillingness by both sides to be seen to cave in to the other could stymie a deal and lead to further escalation in early July.
Related: Ryanair profits slide due to lower fares and Brexit uncertainty
2.42pm BST
A lot of US tech stocks are suffering from the Huawei fallout, but the American telecoms sector has had some good news today.
Sprint shares are up by 26% after regulators said a merger with T-Mobile could continue.
2.32pm BST
The major US stock market indices have fallen at the opening bell in Wall Street trading.
The tech-heavy Nasdaq fell by 1.25%, while the S&P 500 fell o.68% and the Dow Jones industrial average lost 0.55% at the open.
2.26pm BST
With a few minutes to go to the opening bell on Wall Street, a quick update on futures prices:
Nasdaq 100 futures are down by 1.6%, Dow Jones industrial average futures are down by 0.7%, and S&P 500 futures have lost 0.8%.
2.24pm BST
Until the end of last year Thomas Cook was still in the FTSE 250 index tracking mid-cap stocks - hardly matching its heyday as one of London's blue-chip stocks, but still hanging in there. Now, however, it is truly in the ranks of penny stocks.
FT WEEKEND: Thomas Cook risks collapse as stock dives #tomorrowspaperstoday pic.twitter.com/ezEgitFCPe
Related: Thomas Cook shares 'worthless' after Citigroup warning
1.31pm BST
I think we can call this a sell-off now on European stock markets.
1.25pm BST
Shares in FTSE 100-listed Coke bottler, Coca-Cola Hellenic Bottling Company, have fallen steeply after the separate Coca-Cola Company reversed plans to franchise its African bottling business.
Coca-Cola HBC was seen as a prime contender to take on the African operation.
12.56pm BST
The New York Times report alleged that transactions involving Trump's foundation set off suspicious activity alerts on Deutsche Bank's systems. However, the bank allegedly did not report the transactions to regulators.
Deutsche Bank denied the report.
12.49pm BST
US President Donald Trump has denied reports that employees at German lender Deutsche Bank flagged concerns over money laundering.
The New York Times reported on Sunday that anti-money-laundering specialists at Deutsche Bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog.
....Now the new big story is that Trump made a lot of money and buys everything for cash, he doesn't need banks. But where did he get all of that cash? Could it be Russia? No, I built a great business and don't need banks, but if I did they would be there...and DeutscheBank......
.....was very good and highly professional to deal with - and if for any reason I didn't like them, I would have gone elsewhere....there was always plenty of money around and banks to choose from. They would be very happy to take my money. Fake News!
12.36pm BST
Confirmation that Jaguar Land Rover's annual loss was the largest in its history.
Britain's largest carmaker, owned by India's Tata Motors, pointed to a return to profitability in the fourth quarter of the year, when it recorded a 120m pretax profit, writes the Guardian's Rob Davies.
Related: Jaguar Land Rover reports record 3.6bn loss
12.23pm BST
It's also worth noting that Jaguar Land Rover revenues fell by 1.6bn year-on-year to 24.2bn - a 6% decline.
Slumping Chinese sales have been JLR's big problem. The company underperformed rivals in the region, and has seen annualised sales falls of over 40% in recent months.
12.16pm BST
JLR's messaging around the results is emphasising its turnaround plans. It announced 4,500 job losses in January in a bid to realise 2.5bn in cost cuts and efficiency savings.
Jaguar Land Rover has been one of the first companies in its sector to address the multiple headwinds simultaneously sweeping the automotive industry. We are taking concerted action to reduce complexity and to transform our business through cost and cash flow improvements.
The company has returned to profitability in the fourth quarter and already delivered 1.25 billion of efficiencies and savings.
12.10pm BST
Jaguar Land Rover lost 358m in its last financial year - before taking into account 3.3bn in previously reported exceptional costs mostly associated with an accounting writedown.
Britain's largest carmaker, which is owned by India's Tata Motors, said revenues came in at 7.1bn in the fourth quarter of the year ending on 31 March.
11.44am BST
US stock market futures suggest that trade tensions are going to take their toll again.
Nasdaq futures prices suggest the tech-heavy index will fall by 1.1%. Futures for the Dow Jones industrial average are down by 0.4%, and by 0.5% for the S&P 500.
The recent escalation in the US-China trade dispute threatens to worsen the outlook for world trade at a time when trade volumes exhibit negative growth as well as dampening hopes of a recovery in the global economy. This is unsettling equity markets and increasing the risk of a stiff correction.
11.11am BST
BP is not happy with the Greenpeace protestors blockading their offices. The activists earlier abseiled down from the top of the building and put letters reading "climate emergency" over the office windows.
We welcome discussion, debate, even peaceful protest on the important matter of how we must all work together to address the climate challenge.
10.25am BST
Ryanair shares are down by 3.4%, after profits for its last financial year fell by 30%.
The budget airline predicted another slide in profits in the current year, as air fares fell on the back of Brexit uncertainty and fierce competition in Europe, writes the Guardian's Julia Kollewe.
Related: Ryanair profits slide due to lower fares and Brexit uncertainty
10.06am BST
It looks like that retreat in oil price futures is starting to tell on the FTSE 100. Brent futures are still up by 0.4% for the day, but are now trading at $72.50 per barrel, after earlier hitting $73.40.
The FTSE 100 has rapidly dropped back; there are now no companies up by more than 1%, and the broader index is down by 0.6%.
9.59am BST
Huawei has broken cover - with some reassurance for owners of its devices.
Huawei said it would continue to provide security updates and services for its smartphones and tablets after Google said it would comply with an order barring the Chinese company from updates to its Android operating system, Reuters reports.
Huawei will continue to provide security updates and after-sales services to all existing Huawei and Honor smartphone and tablet products, covering those that have been sold and that are still in stock globally.
We will continue to build a safe and sustainable software ecosystem, in order to provide the best experience for all users globally.
JUST IN: Huawei says company will continue to provide security updates and after-sales services to all existing Huawei and Honor smartphone and tablet products https://t.co/GlfJMsvJQa pic.twitter.com/cN63pdDqcK
9.53am BST
Stock markets have not built up much momentum at the start of the week, with major European companies mainly flat.
The Stoxx 600 index, which tracks share prices across Europe's main markets, was flat as we approached mid-morning.
9.39am BST
The Greenpeace activists blockading the BP offices are trying to keep the building closed for the next seven days.
Related: BP headquarters in London blockaded by Greenpeace
9.26am BST
All is not well in London's property market (for owners, at least). Activity was at a record low in the first quarter of the year, according to listed estate agent Foxtons. They blamed Brexit for the downturn.
Revenue in the sales business declined as conditions in the London property market remain very challenging. Sales volumes continue to be at record low levels and ongoing Brexit uncertainty is impacting consumer confidence.
9.07am BST
There's a notable move in the Australian dollar this morning, up by 0.9% against the US dollar.
Australia went to the polls on Saturday, with a surprise win for the ruling Liberal National Coalition, which proposed sweeping tax cuts which are expected to raise economic growth.
That PM Scott Morrison took the proposed tax cuts to the election could indicate a mandate to pass it through the senate where the government does not have a majority.
8.36am BST
Equities had mixed fortunes this morning - but we have had another big reminder of the trade tensions which roiled stock markets last week.
Related: Google blocks Huawei access to Android updates after blacklisting
8.23am BST
Activists at Greenpeace UK appear to have blockaded BP's London headquarters, saying that "business as usual is just not an option".
The protestors have put themselves in heavy containers blocking the entrances to the offices in St James's Square, according to tweets from Greenpeace.
Activists are blocking the entrances to BP's London HQ. They have set up camp inside specially designed containers. BP can't continue as if it's business as usual in this #ClimateEmergency we're in. #BPshutdown pic.twitter.com/9FaaLMajo5
8.10am BST
Other airlines have caught a cold from Ryanair: Easyjet and International Consolidated Airlines Group, the owner of British Airways, are the biggest fallers on the FTSE 100 in early trading.
Easyjet lost 2.2%, while IAG lost 1.5%. Travel company Tui lost 1%.
8.08am BST
Irish budget airline Ryanair on Monday reported its weakest annual profit in four years, amid intense competition on fares.
7.55am BST
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Oil prices have rallied at the start of the week on a familiar script: sustained production cuts from the Opec cartel and some threatening tweets from the world's most powerful man.
Oil has already rallied around 40% since the start of the year, thanks mainly to OPEC limiting supply. Investors had been growing nervous that OPEC could look to remove the production limits at its next meeting in June, in light of tightening global supply and elevated prices.
If Iran wants to fight, that will be the official end of Iran. Never threaten the United States again!
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