M&G suspends property fund amid Brexit uncertainty and retail crisis – business live

Rolling coverage of the latest economic and financial news, as UK asset manager surprisingly freezes a major property investment fund

Finally, back in the markets, renewed trade war optimism has pushed Wall Street higher.

The Dow is up 200 points, after Bloomberg reportedly earlier that the US and China were closer to a deal than Donald Trump suggested yesterday.

Here’s my colleague Patrick Collinson on M&G’s property fund freeze:

One of the UK’s biggest property funds, which owns shopping centres across the country, has alarmed investors by banning withdrawals and blaming both Brexit and the retail downturn for its problems.

The £2.5bn M&G Property Portfolio was suspended after “unusually high and sustained outflows” – demand from investors for their money back – prompted by “Brexit-related political uncertainty and ongoing structural shifts in the UK retail sector”.

M&G suspends £2.5bn property fund blaming retail crisis and Brexit https://t.co/4OlTsKPcqW

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