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Thanks for joining me. The supplier of McDonald’s McPlant burger has revealed its revenues slumped by nearly a third as shoppers turned to cheaper animal meat.
Beyond Meat shares have slumped 12pc in after hours trading after it lowered its profit forecast for the year amid “softer demand in the plant-based meat category”.
5 things to start your day
1) HSBC accused of ‘putting profits before human rights’ | Comments come as senior executive suggests Britain was too tough on China
2) Tesla’s ‘Master of Coin’ unexpectedly leaves with £130m fortune | Zachary Kirkhorn is said to have played a key role in the company’s turnaround
3) Zoom orders staff back to the office | Video calling app synonymous with remote working makes shift to hybrid system
4) France becomes Europe’s top energy exporter as British demand surges | Country’s nuclear power operator finally fixes cracks in its ageing fleet of reactors
5) Publisher Simon & Schuster sold in $1.6bn deal | Previous sale to rival publisher was blocked by US regulators last year
What happened overnight
Asian share markets were mostly weaker on Tuesday but the dollar strode higher as investors digested weaker Chinese trade data ahead of key inflation readings from China and the United States due later this week.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.7pc, after US stocks ended the previous session with mild gains. The index is down 2.9pc so far this month.
Hong Kong’s Hang Seng Index started to recover some ground lost earlier in the day, but was still down 1.3pc after opening 1.7pc in the red.
Sentiment rebounded in China as the blue chip CSI300 index turned positive to be up 0.1pc after initially shedding 0.5pc.
Australian shares were up 0.2pc, while Japan’s Nikkei stock index rose 0.3pc after earlier trading up by nearly 0.8pc.
Wall Street stocks rebounded after their worst weekly decline since March as companies released their latest earnings reports.
The S&P 500 rose 0.9pc to 4,518.44 and recovered more than a third of losses recorded last week.
The Dow Jones Industrial Average rallied jumped 1.2pc to 35,473.13, while the tech-heavy Nasdaq Composite added 0.6pc to 13,994.40.
The benchmark yield on 10-year Treasuries advanced eight basis points to 4.11pc, following comments from a Federal Reserve official signaling that interest rates could remain higher for longer to tame inflation pressures.
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