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Britain’s Theresa May announced her resignation as prime minister on Friday morning, paving the way for a contest within the ruling Conservative Party to bring a new leader to power.
Fighting back tears, the outgoing prime minister said she had “done everything” she could to honour the 2016 EU referendum result. But, with “deep regret,” she had been unable to deliver Brexit and lost the support of many within her own party. (CNBC - Continue Reading)
Investors have added to their global equity holdings for the first time in 2-1/2 months and continued to pile into bonds, Bank of America Merrill Lynch said on Friday, as worries about the U.S.-China trade spat sent shudders through financial markets.
The net inflow into equities totalled $900 million (£709 million) in the week to Wednesday, the first in 10 weeks, the bank said, citing EPFR data. That is eclipsed by the $135 billion that has left stocks year to date.
Some $3.9 billion left emerging market equities, the biggest since June last year. (Reuters - Continue Reading)
Voters in the UK and the Netherlands will be at Europe’s political forefront on Thursday when they cast the first ballots in the EU parliamentary election, and the latest polls predict a further hollowing of the political centre that mirrors many of the trends in member states of the 28-nation union.
Centrist are expected to remain the dominant force in parliament when the next session commences on 2 July, but voters are likely to increase the strength of parties on the extreme left and right, according to projections.
More than 420mln Europeans are eligible to vote in the election for the next five-year term. Balloting runs from 23-26 May, and the first results are due Sunday evening. (LiveSquawk – Continue Reading)
Mrs May said she will continue to serve as prime minister while a Conservative leadership contest takes place.
She will step down as Tory leader on 7 June and a leadership contest is due to begin the following week. (BBC – Continue Reading)
The U.S. and China are going toe to toe in their fight over trade. In one corner, President Donald Trump is swinging away with tariffs and blacklisting Huawei Technologies.
In the other, President Xi Jinping is promising retaliation from Beijing just as a privately produced song that’s gone viral on Chinese social media promises: “If the perpetrator wants to fight, we will beat him out of his wits.”
With some tariffs in place for a year now, here’s a look at how the combatants are faring. (Bloomberg – Continue Reading)
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