UK must rebuild trade relationship with EU, says BoE boss; China-US shipments slump – business live

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European stock markets have opened higher, amid hopes of progress in the US trade wars.

Germany’s DAX has jumped by 0.6% at the start of trading, with France’s CAC up 0.5%, with suggestions that the US-UK trade deal is a sign that other countries will be able to reach agreement with Washington too.

Not only do we have a new pope this week, but we also have the first deal in Trump’s global trade war - between the UK and the US. Trump’s enthusiastic announcement, complete with a lot of CAPITAL LETTERS, helped inflate sentiment, making this US-UK deal feel bigger than it actually is.

I mean, the fact that the two countries could agree on a few points is a good start, but the UK entered the negotiations with a tariff rate of 10% and left the table with... a tariff rate of 10%. Sure, the tariffs on cars were pulled lower from 27.5% to 10% — leading to an almost 14% jump in Aston Martin.