FTSE LIVE: Shares plunge as China’s Yuan sinks and trade war fears climb; UK services sector activity sees uptick; HSBC boss exits as it reveals 4500 job cuts
- The FTSE 100 is down over 2 per cent as the new week gets under way
- HSBC boss John Flint has left the global bank after just 18 months as CEO
- An international consortium of investors has offered to buy Easyhotel
HSBC chief executive John Flint has stepped down after the bank said it believed a change was needed ‘to meet the challenges’ it faces.
An international consortium of investors has offered to buy Easyhotel, the budget hotel chain set up by Easyjet founder Sir Stelios Haji-Ioannou, for 95p a share. The proposed deal values the company at £139million.
And, in the City, investors are braced for another potentially challenging few days. Last week, global markets suffered their worst declines of the summer after US President Donald Trump said he would impose 10 per cent tariffs on Chinese goods.
FTSE 100 suffered steep declines last week. Today it opened down 0.9 per cent at 7,339.33