Finally, stock markets are holding onto their earlier gains - on hopes that the US-China trade war might cool.

In New York the Dow Jones Industrial Average is up 168 points, or 0.65%, at 25,848, while the Nasdaq has gained more than 1.12%.

European stocks closer higher, with Germany’s DAX up 0.85% and the French CAC gaining 0.5%. The FTSE 100 had a more muted day, dogged by Brexit uncertainty it ended just 18 points higher at 7328.

Goodnight. GW

In Scunthorpe, British Steel workers face another night of worry as the company’s future hangs in the balance.

One told us:

“I’m worried sick and absolutely petrified. I’ve got three kids at home. We don’t know anything, we only know what we’re finding out off the news.”

My colleague Sarah Butler has written about what went wrong at Jamie Oliver’s restaurant business. Here’s a flavour:

The more mass market Jamie’s Italian was founded by Oliver and his Italian mentor, chef Gennaro Contaldo, in Oxford in 2008. The concept was an instant hit, with diners queueing around the block, and the group went on to open dozens around the country.

However, appetite for the chain waned as it faced rising competition from numerous Italian-inspired rivals such as Pizza Express, Strada and, more recently, Franco Manca.

The market has become crowded after private equity investors piled money into casual dining chains, as consumers switch spending to experiences like meals out and holidays instead of buying clothes and homewares.

But that growth has waned since 2016, as consumers have become nervous amid the uncertainty of Brexit, while the rise of delivery services such as Deliveroo and JustEat have encouraged the Netflix generation to stay at home on the sofa with a takeaway.

More here:

Labour leader Jeremy Corbyn is calling for the nationalisation of British Steel, if that’s what it takes to save the company and its workforce.

He says:

“The collapse of British Steel would have a devastating impact on thousands of jobs in Scunthorpe, and could have major knock on effects on wider supply chains.

Once again, our communities are being betrayed by a Tory government whose free market obsession is threatening Britain’s vital manufacturing base – just as they were under Margaret Thatcher..

“Britain’s proud steel industry has a major role to play in ushering in a Green Industrial Revolution, securing British manufacturing for a sustainable, green future. It needs support, not a death warrant.

“If an agreement cannot be struck with British Steel, the government must act to take a public stake in the company to secure the long term future of the steelworks and protect peoples’ livelihoods and communities.”

Chart of the Day, to put the crisis at British Steel into context:

Tesla shares are under renewed pressure today, after an analyst group warned that problems in China could undermine its financial situation

Morgan Stanley has cut its worst-case forecast on Tesla stock from $97 to just $10, citing concerns about the company’s debt load and geopolitical exposure.

They singled out concerns around Chinese demand for Tesla products, saying:

“Our revised bear case assumes Tesla misses our current Chinese volume forecast by roughly half to account for the highly volatile trade situation in the region, particularly around areas of technology, which we believe run a high and increasing risk of government/regulatory attention.

This new ‘bear case’ has worried investors; Tesla shares have dropped by 2.5%, or $5, to just over $200 today.

There’s a glimmer of good news for British Steel workers -- they will get paid this week.

British Steel has just confirmed that pay packets will be processed as normal, even though negotiations with the government over an emergency rescue deal are continuing.

A spokesperson says:

“We are aware of speculation that the May salaries may not be paid. For the avoidance of doubt, we can confirm that funding is in place and British Steel employees will be paid their salaries in full.

The government has told MPs it will leave “no stone unturned” as it tries to help the company, but there’s no certainty that a deal will be reached.

There was rather more drama at BP’s AGM today, up in Aberdeen, where climate emergency protesters urged the oil giant to clean up its act.

Several dozen people gathered outside the meeting, holding placards reading “BP climate criminals” and “climate emergency.”

Two women protesters got inside the meeting, but were removed by security staff after shouting “this is a crime scene” during the event.

There’s nothing like vigorous shareholder scrutiny.... and today’s annual general meeting of Metro Bank shareholders has been nothing like vigorous shareholder scrutiny.

Not a single investor asked a sharp question, or even a blunt one, at the AGM in London.

That’s astonishing, given Metro Bank’s share price has hit a record low and the company was forced to raise £350m to patch up its balance sheet after a major accounting blunder.

Shareholders could also have inquired whether Metro Bank should really have paid £21m to InterArch, the architecture firm owned by its chairman’s wife....

Rebecca Long Bailey MP, Labour’s Shadow Business Secretary, has called on the government to do more to help Britain’s high street firms, as the administrators arrive at Jamie Oliver’s restaurant chain.

“This is devastating news for workers and their families who must now be offered robust support to help them through this challenging time.

“Today’s announcement is sad. Competition on the high street should never be underestimated but it is also clear that the crisis our high streets and town centres are facing cannot have helped matters.

“Labour’s five Point Plan for the high street, such as reforming the business rates system, an empty shops register, and free buses for under 25s, will rejuvenate the high street and ensure that they remain at the heart of our communities.”

Simon Mydlowski, partner at law firm Gordons, fears that food and drink suppliers will suffer losses from this administration (they’ll join a queue of other creditors):

“A number of suppliers will have been caught unawares here, perhaps showing a little too much trust in the Jamie Oliver name, but this is not the first big restaurant chain to have suffered and it won’t be the last.

Faced with higher rent, rising food prices and increased competition, restaurants need a point of difference - it’s no coincidence that smaller brands with the freedom and flexibility to keep things fresh are currently the ones performing well.”

Observer restaurant critic Jay Raynor agrees, alas:

What now for Jamie’s Italian?

Turon Miah, senior associate at City law firm Gowling WLG, suggests that parts of the business could be spun off, or the whole enterprise could be rescued as a going concern:

“It has been almost 15 months since Jamie’s Italian chain entered into a Landlord CVA to cut down on property costs.

The CVA will have been part of a wider restructuring of the business. In spite of those steps it now appears that the business strategy has not succeeded and Administrators will be appointed. It is too early to tell whether a buyer will be found for the business as a whole or whether there will need to be a piecemeal sale of its assets.

This is the latest in a long line of high street restaurants, who in spite of having a strong brand, have not been able to maintain footfall and keep up with changing consumer dining trends. Creditors and suppliers should be considering their next steps carefully and should seek specialist insolvency advice”.

Jamie Oliver has confirmed that his restaurant chain is heading into administration, saying:

“I am deeply saddened by this outcome and would like to thank all of the staff and our suppliers who have put their hearts and souls into this business for over a decade.

“I appreciate how difficult this is for everyone affected.

“I would also like to thank all the customers who have enjoyed and supported us over the last decade, it’s been a real pleasure serving you.

“We launched Jamie’s Italian in 2008 with the intention of positively disrupting mid-market dining in the UK high street, with great value and much higher quality ingredients, best in class animal welfare standards and an amazing team who shared my passion for great food and service. And we did exactly that.”

Tom Crotty, group director of UK chemicals giant INEOS, says the ongoing Brexit crisis is hurting British industry:

“Manufacturers are being forced into putting huge amounts of money and resources into contingency planning that could have been spent on creating jobs or making investments in new technology. This relentless Brexit uncertainty must be lifted as a matter of urgency.

“As long as the deadlock continues, the sector is being held back from solving long-term challenges such as raising productivity and addressing skills shortages.”

The OECD is very clear that the US-China trade war is thoroughly bad news for global growth, as these tweets show:

The OECD has also produced this charts, showing how the ongoing trade war has already hurt the world economy.

Laurence Boone, OECD Chief Economist, explains:

Trade tensions have disrupted growth. With uncertainty high and confidence low, investment has suffered, and the manufacturing sector has taken a hit.

The OECD’s chief economist, Laurence Boone, fears that trade tensions are destabilising the “fragile global economy”.

Speaking in Paris, she says:

“Growth is stabilising but the economy is weak and there are very serious risks on the horizon. Governments need to work harder together to ensure a return to stronger and more sustainable growth,”

Back in the UK, the future of British Steel has been plunged into fresh uncertainty.

Unless the government steps in with £30m of new funding, parts of the company could slump into administration - putting thousands of jobs at risk.

My colleague Julia Kollewe explains:

The UK’s second-largest steel producer is preparing to call in administrators on Wednesday unless the government steps in with a loan on Tuesday.

British Steel, which is owned by private equity group Greybull Capital, has been scrambling to secure a £75m rescue package to stave off insolvency. Greybull and the company’s lenders have agreed to inject £30m into the company.

British Steel is asking the British government for a £30m loan rather than the £75m originally requested.

As well as the trade war, China is also facing a nasty outbreak of African swine fever.

ASF is sweeping across the country, meaning millions of animals have either died of the disease or been culled in an attempt to stop its spread.

This is hitting supplies in the world’s biggest pork market -- and British meat processor Cranswick is benefitting.

Cranswick has told shareholders that exports to the the Far East have jumped by 16%, and prices are strengthening too. Good news for overseas pork producers, but a blow to Chinese consumers.

Cranswick says:

ASF has now spread to every province in China and throughout Southeast Asia, disrupting the local pork industry.

It is estimated that between 10 and 35 per cent of the Chinese herd has been lost, resulting in a potential pork supply shortfall of 16 million tonnes per year, with export prices strengthening considerably in the second half of the year as a direct result.

Investors should brace for more turbulence as the US-China trade spat rumbles on, warns Neil Wilson of Markets.com:

After blacklisting Huawei, the White House has issued three-month reprieve to allow US companies continue to do business with the group. It’s all rather like the way Trump slaps on tariffs but delays the execution to allow room for negotiation.

Whether it’s Huawei or tariffs, I would see all of this in the broader context of giant tug-of-war between the two superpowers being played out in front our eyes. As such, the more this goes on the lower the chance of a meaningful resolution to any of it. Trade disputes ad infinitum, ad nauseum.

Huawei’s founder has also hit out at America, saying it “underestimates our strength”.

Ren Zhengfei claimed that his firm’s strong lead in next-generation mobile technology means it can’t be easily caught - even if it’s restricted from buying US chips.

Zhengfei said:

“Huawei’s 5G will absolutely not be affected. In terms of 5G technologies, others won’t be able to catch up with Huawei in two or three years.

Europe’s chipmakers are leading the rally this morning, as trade war fears ease (a little).

The technology sector is outperforming the rest of the sector, up 0.75%, after semiconductor-makers suffered their worst day of 2019 on Monday.

European stock markets are open, and posting some gains after yesterday’s selloff.

In London the FTSE 100 is up 31 points, or over 0.4%, clawing back Monday’s losses.

Germany’s DAX has gained 0.5% -- some relief after the 1.5% lost yesterday.

Alex Kuptsikevich, the FxPro financial analyst, warns traders to remain cautious - Beijing could easily retaliate at any time.

Up to now, the Chinese side is limited to harsh rhetoric.

Nevertheless, the last turn of the trade wars provoked a market reaction in the form of key indices decline, which increased the demand for US government bonds and defensive yen and franc.