Pound rises, European shares recover after two-day sell-off – business live


China has hit back at Washington today after being branded a currency manipulator, accusing the US of “destroying the international order”. The escalation of the trade war between the two sides, which threatens to become a full-blown currency war, drove Asian shares sharply lower.

However, European shares have bounced back after the sell-off of the last two days, partly boosted by unexpectedly strong German factory orders and a decent eurozone construction survey.

It didn’t happen on day one of his presidency, but 2.5 years later Trump has fulfilled one of his key campaign pledges: China's been branded a currency manipulator https://t.co/St7lwPNdpl

UBS, the world’s largest wealth manager, plans to charge its wealthy individual clients 0.6% for holding more than €500,000 in cash – i.e. it will penalise them for being risk averse.

This isn't madness, it is sense. No-one should be rewarded for refusing to take risk. https://t.co/rZFiEGBQ1h

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