The U.S. Federal Reserve has restricted banks from paying dividends, following the results of stress tests in the wake of the Coronavirus pandemic. Financials stocks fall in extended trading as a result. Disgraced German payments giant Wirecard has filed for insolvency prompting the country’s finance minister, Olaf Scholz, to call for an overhaul in financial regulation. In retail news, Nike sees shares fall after the sportswear giant missed sales forecasts with a 38 per cent fall in revenue. Online sales failed to offset the impact of store closures during the Covid-19 virus outbreak. U.S. secretary of state Mike Pompeo has agreed with EU foreign policy minister Josep Borrell to hold formal talks to tackle Beijing’s ‘predatory practices’.

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