Markets recover as China calls for calm over trade war - business live
(The Guardian China)

All the day´s economic and financial news, as investors worry that Donald Trump could trigger a full-blown trade war with ChinaChina central bank chief: don´t panicChina Daily: Trump´s blood lust must be fought 9.11am BST Those calming words from the People´s Bank of China are helping markets recover from yesterday´s rout.In London the FTSE 100 has jumped by 80 points, or 1%, to 7683 (partly helped by a weaker pound).On the trade front, we´re likely to see a two month `hibernation´ as the US works through the legal process for the next $200bn of tariffs and China awaits the US´ formal response. 8.53am BST The boss of Wall Street giant Goldman Sachs has predicted that China and the US still step back from a devastating trade wars.That´s what you would do if it was a negotiating position, and you wanted to remind your counterparty just how much fire power you had to bring to the negotiation.``I don´t think we´re in a suicide pact on this...`I suspect we´re not going to cause the economies to collapse with Smoot-Hawley on steroids. 8.31am BST China´s stock market isn´t the only one flirting with a bear market.After days of losses, the Philippines PSI index has fallen almost 20% from its recent peak. Philippine stocks may fall into a bear market as early as today amid record streak of outflows of 23 straight days. $40 billion in value wiped out this year from the country`s biggest stocks pic.twitter.com/eZcFpBGl6j 8.22am BST Donald Trump´s threat to impose more tariffs on China is dominating the newspapers across Asia today.The China Daily newspaper - often a good window into Beijing´s thinking - has accuse the US of trying to hurt the Chinese economy.`Faced with this heightened intimidation from the U.S., China has no choice but to fight back with targeted and direct measures aimed at persuading the U.S. to back off, since it appears that any concessions it makes will not appease the Trump administration, which wants to suck the lifeblood from the Chinese economy.` ...