Trump would reconsider TPP trade pact on 'better' terms – business live

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As tensions over Syria ease, trade and US bank earnings are in focus

Paul Donovan, global chief economist at UBS Wealth Management, has sent us his thoughts on trade.

US president Trump suggested that there may not, in fact, be any new tariffs imposed in the Sino-US trade dispute, and that the US might apply to join the TPP. Markets have given cautious welcome to this news. Welcome, because avoiding a trade war is a clear economic positive. Cautious, because market trust in US presidential announcements is, perhaps, a little limited.

Re-joining the TPP could be construed as anti-Chinese. The TPP is a preferential trade deal, meaning that those outside the deal are at a competitive disadvantage to those inside the deal. On the Sino-US trade dispute, the US does seem to be pushing hard for a tweetable “we won” moment. The substance of any deal seems less important.

The London Stock Exchange has picked Goldman Sachs banker David Schwimmer as its new chief executive, succeeding Xavier Rolet, who was forced out in November.

The 49-year-old American is due to start at the LSE on 1 August after a 20-year career with the US investment bank, most recently as global head of market structure and global head of metals and mining in the investment banking division. He has also served as chief of staff to Goldman CEO Lloyd Blankfein, then chief operating officer.

He is well known for his robust intellect and partnership approach with clients and colleagues alike.

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