Bloomberg The Gulf Cooperation Council is setting up a company to facilitate direct money transfers among its six members. The Riyadh-based company will allow Gulf states to transfer money “without reliance on international currencies,” Kuwait central bank Governor Mohammed Al-Hashel told reporters following a meeting of regional central bankers in Kuwait City. The chief executive officer has been picked and …

Bloomberg A full-blown trade war could cost the global economy $470 billion, according to Bloomberg Economics. The US decision to slap tariffs on steel and aluminum may just be the beginning, with President Donald Trump warning of more levies and other economies promising to respond. Cecilia Malmstrom, the European Union’s trade chief, vowed on Monday to “stand up to bullies.” …

Bloomberg Stock advances on Monday were tempered by uncertainty over the prospect of new tariffs, but many investors remain bullish following last week’s report of stronger US jobs growth. Treasuries gained, while the dollar and most commodities fell. The S&P 500 Index opened higher— anchored by consumer, energy and tech shares but held back by industrial stocks, which would suffer …