Reuters Before the Bell: HSBC axes CEO Flint in shock shift to speed up strategy

Click to View in Browser Monday, August 5, 2019 HSBC axes CEO Flint in shock shift to speed up strategy HSBC ousted John Flint as chief executive after just 18 months in a shock move the chairman of Europe's biggest bank said was needed to speed up progress on priority areas such as the turnaround of its U.S. business. Trade row slams stocks, yuan slumps to lowest in over a decade Global stocks fell for a sixth day on Monday as an escalation of a trade war between the United States and China spooked markets and the yuan fell to its lowest levels in over a decade. Wall Street headed lower as yuan slide deepens trade fears U.S. stock index futures pointed to more losses on Monday as China's yuan hit its lowest in a decade, spurring a continuation of a sell-off on trade concerns on Friday that generated the S&P 500's worst weekly performance of 2019. Drug industry urges Canada to act early on U.S. import plan Canada's main pharmaceutical lobby group has urged the government not to wait for drug shortages before responding to U.S. plans to import Canadian drugs, according to documents seen by Reuters. Oil prices fall as trade war concerns hit demand outlook Oil prices fell on Monday on global growth concerns after U.S. President Donald Trump threatened China with more tariffs, which could limit crude demand from the world's two biggest buyers. Elliott calls for break-up and bigger buyback at Germany's Scout24 U.S. activist investor Elliott [ECAL.UL] has urged German classifieds group Scout24 to sell its car listings business and ramp up a share buyback program to boost returns to investors. Take Five: Trade war whiplash and other market themes for the week ahead It's been a familiar pattern in the Sino-U.S. trade war since 2018. Combative tweets from Donald Trump, high-level talks between the two sides, a stalemate, more tariffs and counter-tariffs, and then conciliatory messages. Britain signs $425 million Typhoon engine contract with Rolls-Royce Britain has signed a 350 million pound ($425 million) contract with Rolls-Royce to provide maintenance for the engines of Typhoon fighter jets. Promotions and patriotism: 'Battle Mode' Huawei sees China smartphone sales surge When 23-year-old Chinese student Aaron Huang started his hunt for an Android replacement for his Apple iPhone in April this year, it was clear which brand was trying hardest to win him over. How a shadow banking crisis sent India's autos sector into a tailspin Sudhir Gharpure and his sales team sat chatting at a big Maruti Suzuki dealership on the outskirts of Mumbai some two hours after its doors were opened on a recent Saturday morning - not a single customer was in sight. Related Video China's yuan slides to weakest level in a decade Week ahead on Wall Street Make sense of the market with highlights of valuable financial information and reports along with compelling investment insights. Register Today The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today » » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2019 Thomson Reuters Ensure delivery of Reuters Newsmails, add newsletters@email.reuters.com to your address book. Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook