China’s factory activity hit by tariffs; KKR pulls out of Thames Water rescue talks – business live
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The slump in China’s manufacturing PMI (see opening post) is “a canary in the trade war coal mine,” says Stephen Innes, managing partner at SPI Asset Management.
The poor bird’s feathers have been “scorched by tariffs and global uncertainty”, Innes reports, explaining:
The Caixin Manufacturing PMI’s plunge to 48.3 isn’t just a weak print—it’s a body blow to the backbone of China’s economy: small and mid-sized exporters now caught in a brutal vice grip between faltering global demand and a Washington-led tariff regime that’s more carrot-and-stick diplomacy than ceasefire.
“There is no simple, single change, no matter how radical, that will deliver the fundamental reset that is needed for the water sector.”
“We have heard of deep-rooted, systemic and interlocking failures over the years – failure in Government’s strategy and planning for the future, failure in regulation to protect both the billpayer and the environment and failure by some water companies and their owners to act in the public, as well as their private, interest.
Continue reading...© Photograph: Kevin Frayer/Getty Images
© Photograph: Kevin Frayer/Getty Images