business a global stock retreat is stalling china appears to have taken steps to stabilize the one that after letting it fall for a 2nd day it's had investors on edge scrambling to safe havens to pump their money the u.s. treasury department accuses china of currency manipulation beijing denies that is speculation china has been allowing its currency to devalue to support exporters and offset the latest threat of even more tariffs from u.s. president donald trump analysts say it is only drives a wedge between the 2 economic superpowers and makes a deal even less likely. talk about the latest developments in the trade war right now berridge joins us an analyst at money foreign exchange specialist in london how would you describe beijing's currency moves so i think what we're seeing really from the p.v.c. and chinese authorities in general this week is something of a warning shot the signal that is sending is really very simple firstly the yuan is

no longer off the table in the event of a worsening in trade tensions secondly the indicating quite clearly with the leaning against further weakness today that your forty's remain strictly in control of the currency that they have the resources to prevent what they see as a disorderly or excessive depreciation in the currency what if they lose control of the currency the market starts selling off too much you want say. firstly there's no sign that that's the case and we saw that today the so-called fix against the dollar was it significantly below market expectations as a result of risk appetite really now in the event that they do lose control for whatever reason i think 2015 is a good example of what's likely to happen so we saw this was controlled by authorities but we saw a 4 percent devaluation of the yuan and one day chinese equally as fell 30 percent capital outflows from trying to accelerate quite rapidly and that's part of the

reason that with already is so keen to demonstrate that they remain in control of the currency is to avoid the impression that there is a disorganized excess of child appreciation in the currency. how does this whole affect relations and this trade war between the u.s. and china is a deal even further off could this actually spot the u.s. to back down. absolutely a deal is further off base case prior to this was an easing of tensions in the 4th quarter of this year only the 1st quarter of next year a previous thinking was that could be looking for a trade deal to boost its electoral chances but the reality is all we're seeing from both sides is escalation particularly the escalation in tariffs last week with no apparent immediate cause in terms of a breakdown in negotiations and then this week we've seen quite a robust chinese response from the currency depreciation and then also the ending of u.s. agricultural imports so really all we seeing at the moment is escalation the risk is was looking like likely now is that both sides basically digging in and they're

unable to back down because of a fear of looking weak or caving to the domestic political basis at the moment it all looks very very bad just briefly back to your comment that this is a warning shot from china it has hit asian markets really hard what's it actually mean for a mostly markets is the valuation. i think really that regardless of the ultimate outcome of these negotiations we are going to see global growth take another hit we've seen the fia's all of us trying to trade tensions already way on total volumes of global trade certainly way on global growth and that's going to be the effect of this time as well immediately what we're likely to see is an end to the so-called healt where investors looking in the markets for high fixed income yields that's already coming to something of a crashing halt so it's immediately going to put pressure on emerging market ethics and until this signs of an easing in trade tensions for an improvement in global growth we're really going to return to a dynamic when investors are looking for haven currencies so this was frank the

japanese yen even the euro which has admitted least severe domestic circumstances are going to start to look pretty attractive and the u.s. dollars so in terms of merging markets will likely see further sell pressure of the next 3 or 4 months as these tensions filter into global macro data. in london thank you very much to the other development that spooked us markets in particular beijing says chinese companies have stopped buying agricultural products from the united states after promising to buy more during a recent trade talks and american following orders asian coles the announcement a body blow. it's already been a difficult year for american farmers exporting to china fruit nuts and dairy have all been hit with counterterrorists from beijing some of them multiple times take pork it was hit twice last year with 25 percent tariffs its effective tax now in china 62 percent and while that's taken a bite out of pork producers income it's been less than one might expect in the

period between may and april the value of pork exports fell only 22 percent between the years ending 2018 and 21000 that's because china has been buying up large amounts of american pork due to the outbreak of african swine fever in the country the question now can the world's largest port consumer suddenly turn off american pork exports a $1100000000.00 market one likelihood is that european producers will make up the shortfall with their u.s. counterparts then increasing their exports to europe. in other words the trade map is changing and that's why even if the u.s. china dispute is wrapped up in the near term something that looks increasingly unlikely the long term effects could be significant. the united nations says the war in gammon is the world's worst humanitarian crisis millions of people have been displaced and are in need of aid then there is chronic unemployment and rising prices a corresponding reports from aid and way yemenis are already struggling with insecurity

as a result of a dysfunctional government. fresh tuna used to be an essential food item in yemen before the war the gulf of aden is full of tuna by these days most people cannot afford it fisherman have to pay more for gasoline to go fishing prices are rising. there are many customers who are in debt. for a lot of money i don't give credit to everyone but i give it to. those who can't pay and. people's emotions over rising prices can easily boil over at the market. i swear to god all i get for 303 hours 2 pieces of fish to feed a family of 7. and she blames the government and that's what i have called the government is responsible for this not us and we are just ordinary people we are just waiting for change but nobody does anything government officials live

comfortably with their fancy houses and their money and the rest of the people die i'm telling you the truth but them hang me i'm not afraid i only fear the government is the one ignoring its people that. everyone here appears to agree. with the war in yemen in its 5th year people are fed up with chronic unemployment unpaid salaries a lack of security and a functioning government the currency is collapsing. as you can see the shelves full of all but there are hardly any cost them r.'s no food imports and usually very late or block at the me. so whatever arrives here is quite expensive for the ordinary citizen or the ordinary yemeni people rising food prices have taken off for all their daily life unreliable power supply makes keeping food fresh a challenge for supermarkets and with much fewer customers businesses are

struggling just to keep their businesses running. but. i mean the 1st problem is the poor how can we get our goods through the poor it's nothing new. the slow process the poor and the bad roads both pose a huge challenge for us. the face of yemen's president hadi can be seen on several billboards in aden the locals say he's on vacation but the president is actually in exile in the saudi arabian capital riyadh these men are selling petrol on the black market they want to benefit from the country's failed economy but protests against the worsening economy are weakening as if people had lost the will to fight. through some of the other stories making business news japanese prime minister shinzo of a accuses south korea of breaking international law japan remove south korea from

a white list of countries with preferential trade status last week seoul is in a dispute with tokyo over water time forced labor. japanese regulators are investigating apple over claims of broken anti monopoly daws and pressured supplies to hand over intellectual property the american tech titan to be accused of squeezing suppliers on price and forbidding them from doing business with other companies. chinese tech giant 10 cent is in talks to buy up to 20 percent of the world's biggest music label universal is home to the rolling stones and taylor swift french owners vivendi want to break into china's growing but tightly controlled music market. job losses slumping factory orders headlines we've recently read about german industry discouraging trade wars and breaks that are to blame no doubt but industrial orders a surprising analysts today increasing by 2 and a half percent in june that's

a break of hope and the biggest rise in 2 years but it's probably just a blip. in june the clouds parted german industrial orders beat the for costs and landed some major contracts siemens wind energy unit got mesa is contracted to build huge wind parks off the eastern coast of the usa turbines that can produce 1700 megawatts and provide power for more than 4000000 households it's the largest offshore contract ever awarded in america. orders like this are keeping german companies order books full contracts for goods made in germany rose 2.5 percent from the previous month the biggest increase since august 2017. but the news isn't all rosy factoring out the big ticket projects overall orders are down by 0.4 percent. physically economists are warning against celebrating too soon.

the rise in orders is a good signs but sentiment indicators show that germany's industry isn't out of the woods just yet. and japanese electronics maker any c has taken its long awaited flying cop prototype 1st it almost looks like a toy helicopter even that or a giant drawing the battery powered call to hold it in the air for a minute during a test flight in tokyo it could be another decade before passages which ride analysts say the market flying cars could be worth one and a half trillion dollars by 2040. tyson business with it.

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the lead. player . this is g w news live from berlin beijing warns hong kong protesters punishment is coming police make mass arrests after clashes with pro-democracy demonstrators as ongoing street battles pull was the city into crisis we will talk to protest leader joshua was. told so coming up pakistan's prime minister considers his response after india revokes kashmir special status pakistan's colorful military says its outcome ready tensions are on the.