Good morning, here’s your Thursday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Raab delivers Britain’s no-deal Brexit plan
The Government of the United Kingdom is expected to publish technical papers on the possibility of a no-deal Brexit today, outlining its plans on how it will deal with the possible outcome of leaving the European Union, having failed to an agreement on key issues such as trade.
Brexit Secretary Dominic Raab will also deliver a speech outlining the government’s plans going forward.
The UK is preparing for a no-deal Brexit, having seen talks with the EU stall over a range of issues, such as trade and borders. Experts have warned that this could have dire consequences for business both in Britain and across Europe.
China and US continue trade tit for tat
The United States Customs and Border Protection will begin collecting a 25% tariff on $16bn worth of goods imported from China today. This comes on the same day that China will begin charging a 25% tariff on a total of 333 US-made products, with an equal value of $16bn.
This is the latest clash in Trump’s ongoing trade war. The US President vowed to secure the United States better trade deals as part of his presidential campaign. However, this is coming at the expense of others nations.
So far, Trump has announced tariffs on steel and aluminium, solar panels and washing machines, as well as a number of China-made products. These tariffs have impacted US allies such as the EU, Canada and Mexico, among others.
China is eager to see the dispute settled and is reportedly in talks with Washington to reach a compromise. However, the Trump administration is holding out in the hopes of agreeing a favourable new agreement with the East Asian nation later this year.
Alibaba Group announces quarterly results
E-commerce giant Alibaba will announce its quarterly results today, as the value of Chinese stocks faces uncertainty amid the ongoing trade war between China and the United States.
Alibaba stock has taken a heavy hit in the last quarter, falling from a high of $211 in mid-June to a low of $170 last week.
Disappointing results from Chinese tech company Tencent earlier this month has helped little to calm the fears of analysts.
However, Alibaba is still expected to post revenues of 1.39bn RMB ($11.8bn) and earnings per share of 8.28 RMB ($1.20). That’s up 65% year over year.