Russian industrial output growth to speed up in Q4 – RIA

MOSCOW, July 8 (Reuters) – Russia’s industrial output growth will speed up in the fourth quarter and stand at close to 2%, the RIA news agency said on Monday, citing Russian Industry and Trade Minister Denis Manturov.

Industrial output growth in processing will be slightly above 2%, he was quoted as saying. (Reporting by Andrey Kuzmin; writing by Tom Balmforth; editing by Christian Schmollinger)

US futures lower as Fed rate cut hopes are dashed by strong jobs data

U.S. stock futures are trading lower Monday morning as strong jobs data dampened expectations that the Federal Reserve will cut interest rates anytime soon.

As of 06:35 a.m. ET, Dow futures fell 80 points, indicating a drop of 115 points at the open. S&P 500 and Nasdaq futures were also in negative territory.

Market participants were reacting to a solid jobs report from Friday. The U.S. economy added 224,000 jobs in June, official payrolls data showed, way above an expected increase of 165,000.

Traders had been betting heavily on the prospect of a Fed rate cut at the central bank's next policy meeting, amid fears of a slowdown in global economic growth. At its last meeting, the Fed said it would"act as appropriate" to maintain the current U.S. economic expansion, which is the longest in history.

In terms of data, consumer credit figures are due at 3 p.m. ET.

Iran tanker detention by Britain was threatening act, minister says

• Britain's detention of an Iranian tanker last week was a threatening and incorrect action, Iran's Defense Minister Amir Hatami said.
• Royal Marines seized the tanker on Thursday for trying to take oil to Syria in violation of EU sanctions.
• The intervention sparked Tehran's fury and could escalate its confrontation with the West.

Britain's detention of an Iranian tanker last week was a threatening and incorrect action, Iran's Defense Minister Amir Hatami said on Monday in a speech broadcast live on state television.

Royal Marines seized the tanker on Thursday for trying to take oil to Syria in violation of European Union sanctions, a dramatic intervention that sparked Tehran's fury and could escalate its confrontation with the West.

Gibraltar received permission from its supreme court to hold the tanker for 14 days, its government said on Friday, the day an Iranian Revolutionary Guards commander threatened to seize a British ship in retaliation.

Separately, Hatami said Iran's downing of an unmanned American aircraft last month sent a message that the Islamic Republic would defend its borders.

Washington said the drone was shot down over international waters.

Brit man, 19, ‘raped by two men in Magaluf after being kicked out of brothel’

Man seen climbing exterior of London's Shard skyscraper

LONDON (Reuters) – A man was seen climbing the Shard skyscraper in London on Monday, scaling the glass exterior of Western Europe’s tallest building at sunrise.

British police said they were called at 0415 GMT after reports that a man was climbing up the tower. He was talking to police and has not been arrested, they said.

Located close to London Bridge, the Shard is 310 meters (1017 ft) tall and is home to offices, restaurants, a retail arcade and a hotel.

Hong Kong’s Camsing, Owner Of Stan Lee’s POW! Entertainment, Plunges 90% On Exchanges After Chairwoman Arrested

Hong Kong media and entertainment company Camsing International, owner of Stan Lee’s POW! Entertainment, plunged 90% on local exchanges today as it emerged that its chairwoman was arrested over the weekend.

Company founder Lo Ching was “currently being held in criminal custody” by the Shanghai Public Security Bureau, the company told the Hong Kong stock exchange without giving a reason for the detention.

According to the FT, the precipitous decline on the stock exchange wiped out around $700M from Camsing’s market capitalization, which now stands at just over $80M.

Camsing, which bought Pow! in 2017, operates a theme park in southern China and sells merchandising based on movie brands such as Transformers and Kung Fu Panda.

Lo Ching is also chairwoman of Shanghai-listed construction firm Jiangsu Boxin Investing and Holding. That company also took a sizeable hit on Monday before recovering at end of play. In a statement to the Shanghai stock exchange, Jiangsu Boxin said Lo had been detained on June 20, while chief financial officer Jiang Shaoyang was detained on June 25.

This latest detainment comes amid a sustained government crackdown by Chinese authorities against perceived corruption in the media and entertainment spheres.

We have reached out to Camsing for comment.

The reality of a no deal Brexit | Dominic Raab and Minette Batters

Sophy talks to former Conservative leadership contender Dominic Raab about why he is now backing Boris Johnson to be Prime Minister.

Plus Minette Batters, the President of the NFU, warns what a no deal Brexit could mean for farming.

:: Listen to Sophy Ridge on Sunday on Apple podcasts, Google podcasts, Spotify, Spreaker

Turkey credit default swaps jump after cenbank governor dismissed

LONDON, July 8 (Reuters) – The cost of insuring Turkey’s sovereign debt risk jumped on Monday after President Tayyip Erdogan sudden weekend dismissal of the country’s central bank governor.

Turkey’s 5-year credit default swaps (CDS) jumped 6 basis points (bps) from Friday’s close to 383 bp, according to financial data provider IHS Markit.