5) British Steel bidder Jingye is set to axe 400 jobs at the embattled firm’s Scunthorpe plant as it closes in on a takeover. The Chinese business, which is hoping to take on the steel factory and its related divisions within weeks, has begun sending out new contracts to staff.
What happened overnight
US futures fell with Asian stocks after Apple said quarterly sales would miss forecasts, illustrating the blow to corporate earnings and economic growth from the deadly coronavirus.
Equity benchmarks in Tokyo, Seoul and Hong Kong saw declines of over 1pc. Sydney and Shanghai saw more modest drops.
Apple suppliers including TDK and Tokyo Electron slumped after the iPhone maker warned on both production and sales disruptions due to the epidemic.
Tuesday’s trading session saw renewed concerns about the coronavirus impact, even as the growth rate of cases in China’s Hubei province – the epicenter of the disease – continues to stabilize.
It’s a turnaround from Monday, when sentiment was lifted by Chinese policy makers’ moves to support companies hit by the prolonged shutdown of large parts of the country. China’s stocks had recouped all of their losses following the Lunar New Year holiday.
Coming up today
Interim results: BHP, Pan African Resources
Full-year: Glencore, HSBC
Preliminary: InterContinental Hotels
Economics: Unemployment, average earnings (UK), ZEW business expectations survey (Germany)