Yuan skids lower; Market shockwaves; HSBC CEO out

1. Currency fears: The Chinese yuan slid below 7 to the US dollar on Monday, raising fears of further dangerous escalation in the US-China trade war. The threshold hasn't been breached in more than a decade.

Where U.S. stocks are heading Dow Futures   Nasdaq Futures   S&P Futures -316.00   -129.25   -37.65 -1.19%   -1.68%   -1.28%

World Markets Japan   China   U.K. Nikkei 225   Shanghai Composite   FTSE 100 -366.87   -46.34   -128.01 20,720.29   2,821.50   7,279.05 -1.74%   -1.62%   -1.73%

Biggest Winners Abiomed Inc +3.93%   Linde PLC +2.15%   Newell Brands Inc +0.78%   Monster Beverage Corp +0.45% Biggest Losers Microchip Technology Inc -4.04%   Johnson Controls International PLC -3.41%   Wynn Resorts Ltd -3.09%   Advanced Micro Devices Inc -2.96%

News: What you need to know about the markets     Yuan skids lower; Market shockwaves; HSBC CEO out By Charles Riley, CNN Business   1. Currency fears: The Chinese yuan slid below 7 to the US dollar on Monday, raising fears of further dangerous escalation in the US-China trade war.   The threshold hasn't been breached in more than a decade.   The yuan weakened sharply after the People's Bank of China set its daily reference rate for the currency at 6.9225, the lowest rate since December. The central bank said in a statement that Monday's weakness was mostly because of "trade protectionism and new tariffs on China." President Donald Trump announced a new round of tariffs on the country last week.   Devaluing the yuan is one way China has of retaliating against the tariffs. Analysts at Capital Economics said the move showed that Beijing has "all but abandoned" hopes for a trade deal with the United States.   The big worry for investors is that Trump will respond by seeking to weaken the dollar, sparking a currency war.   2. Market shockwaves: Stock markets around the world dropped sharply Monday as investors braced for a further ratcheting up in the US-China trade war.   The Shanghai Composite dropped 1.6% while the Nikkei gave up 1.7% in Tokyo. Hong Kong's Hang Seng dropped 2.9% as currency fears were compounded by continued street protests and political unrest.   In Europe, London's FTSE 100 and Paris' CAC 40 declined more than 2%. The DAX shed 1.4% in Frankfurt.   US stock futures were pointing to losses at the open. Dow and S&P 500 futures were down 1.1%, while the Nasdaq was headed for a bigger decline of roughly 1.5%.   3. HSBC needs a new CEO: HSBC chief John Flint is stepping down after less than two years on the job.   The bank said in a statement that Flint resigned by mutual agreement with the board, adding that change is needed to meet "the increasingly complex and challenging global environment" HSBC faces.   The London-based bank said it is considering internal and external candidates to replace Flint. In the meantime, Noel Quinn, head of global commercial banking, will act as CEO. Shares in London fell nearly 2%.   HSBC faces a growing list of headwinds including falling interest rates, which crimp lending revenue, and geopolitical uncertainty caused by issues such as Brexit.   The bank, which made almost 90% of its profits in Asia last year, also sits in the middle of the escalating trade war between the United States and China. Political unrest in Hong Kong poses a risk, too.   Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

Coming this week:     Monday — US ISM Non-Manufacturing Index; HSBC, Tyson Foods and Marriott earnings Tuesday — Disney and Papa John's earnings Wednesday — Reserve Bank of India rate decision; US crude oil inventories; SoftBank, CVS, Lyft, Roku and Zillow earnings Thursday — China imports and exports; AMC Entertainment, Viacom, CBS, Activision Blizzard, Uber and Yelp earnings Friday — China inflation data; Japan GDP; US Producer Price Index

Key Market Stats Latest Today's Change Oil $55.16 -0.50 / -0.90% Gold $1,469.30 +11.80 / +0.81% 10-yr 1.85% -0.04 Euro $1.12 +0.00 / +0.42%

Hi, let us know what you think of this newsletter!   Tell us what you want to read more of... and less of. Email your tips and feedback to BeforeTheBellFeedback@cnn.com

Tips, thoughts or questions are always welcome at BeforeTheBellFeedback@cnn.com.   ® © 2019 Cable News Network Inc. A WarnerMedia Company. All Rights Reserved. You are receiving this message because you subscribed to CNN Business's "Before The Bell" newsletter. Our Mailing address is: Cable News Network, Inc. Attention: Privacy Policy Coordinator One CNN Center, 13 North Atlanta, GA 30303

                                                 

This email was sent to Reed791.worldnews@blogger.com why did I get this?    unsubscribe from this list    update subscription preferences Cable News Network, Inc. · 1 CNN Center NW · Atlanta, GA 30303-2762 · USA