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(Adds market reaction)
ZURICH, July 1 (Reuters) - The blue-chip Swiss Market Index was set to open 1% higher on Monday, pre-market indications from Julius Baer showed, as the first shots were fired in a tit-for tat stock market battle between Switzerland and the European Union.
The move came as European stock futures hit their highest since August 2018 as investors piled into assets considered riskier after Washington and Beijing agreed to resume trade talks, averting an escalation of a protracted dispute.
European stock investors and brokers were rushing last week to find workarounds before Swiss shares were blocked from trading on EU exchanges after a collapse in talks to resolve a dispute between Brussels and Switzerland.
In a heated row over a stalled partnership treaty, Switzerland said on Thursday that it would trigger retaliatory measures against the European Union for forbidding access to its stock markets.
That means almost 300 shares in Swiss companies, including Nestle, Roche and Novartis, cannot be traded at EU stock exchanges which normally see around 30 percent of the volume in Zurich-listed shares.
Gilles Guibout, fund manager at AXA Investment Managers in Paris, said his company had made a "few adjustments" but nothing fundamentally different to continue to trade Swiss shares.
Angelo Meda, head of equities at Banor SIM in Milan, said his company had always used the SIX Swiss Exchange to trade Swiss shares, so it was seeing no impact. (Reporting by Michael Shields, additional reporting by Danilo Masoni in Milan; Editing by John Miller)