The daily saga of Trump’s tariffs are once again dominating headlines this morning. The pound rose to a four-month high against the dollar as Trump’s trade war raised fears the US faces a recession, reports The Telegraph. Sterling climbed 0.1pc on Tuesday to tip above $1.30 for the first time since November as the US president’s trade policy undermined confidence in the world’s largest economy.
Investors are dumping American stocks in favour of European equities at the fastest pace in 25 years amid fears about the impact of Trump’s policies on the world’s largest economy, according to The Times. Fund managers expect the US economy to slow sharply this year, triggering the fastest rotation out of the American stock market in favour of Europe since comparable records began in 1999.
The Daily Mail reports on the same story. With the President’s trade wars fuelling fears of a recession, Bank of America’s monthly survey of fund managers found the ‘biggest drop in US equity allocation’ since comparable records began in 1999, it says.
The Times also reports that Trump’s tariffs could be good for English sparkling wine. Hugo Stewart, a winemaker based in Wiltshire, saw an opportunity in the US to replace champagne from the European Union after Trump threatened a 200% tariff on it last week. He was quickly proved right. The day after Trump’s comments, Stewart received an order from an importer in Oregon who had long signalled an interest in stocking Domaine Hugo, his sparkling wine, but had done little about it over the past two years.
The new owner of The Original Factory Shop is drawing up plans for a radical restructuring of the discount retailer just weeks after taking control, according to Sky News. Modella Capital - one of two remaining bidders for WH Smith’s high street arm - has drafted in advisers to explore options for TOFS including a company voluntary arrangement.
Also from Sky News, an analysis argues that Supermarket price war could bring consumers some relief but only because the government is pushing up costs.
Sadiq Khan has said local residents should not be “dictating” plans for Oxford Street, according to The Financial Times, as he promised to push ahead with pedestrianising the area with or without support from locals and Westminster Council. The Mayor of London restarted his years-long effort to banish vehicles from the central artery last year — something the council has opposed in the past — after the UK Labour government granted him new powers to drive the project through the Mayoral Development Corporation.
Meanwhile hopes of reviving London’s most famous shopping destination have been boosted by news Ikea will be bringing its mix of meatballs, lampshades and kitchen planning to Oxford Street from 1 May, as it finally opens its store 18 months late. The company said its three-floor outlet, in the former Topshop base, would house a 130-seat Swedish deli and showrooms, as well as offering one-to-one design consultations, reports The Guardian.
Ben & Jerry’s claims its parent company Unilever has fired its chief executive after less than two years as a row over the ice cream brand’s political activism escalates, reports The Financial Times. In a legal complaint filed in the US District Court for the Southern District of New York on Tuesday night, Ben & Jerry’s alleged that Unilever dismissed chief executive David Stever after he failed to comply with the parent company’s efforts to prevent it from speaking out on political issues.
Finally, Walgreens Boots Alliance’s executive chair Stefano Pessina will almost double his stake in the US pharmacy group to about 30% as part of its takeover by private equity group Sycamore, says The Financial Times, citing people familiar with the matter. Sycamore agreed to take Walgreens private earlier this month in a deal worth up to $23.7bn including debt, paving the way for a potential break-up of the struggling US group, which also includes UK pharmacy chain Boots.
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