German exports rise but stay below pre-Covid levels September 8, 2020 German exports jumped 4.7 per cent in July as the Eurozone economy’s gradual recovery continued, but trade remained far below its pre-crisis level. Imports grew by just 1.1 per cent, however, undershooting economists’ expectations of a rise of 3.3 per cent. Compared with a year earlier the figures were stark. Exports were down 11 per [...]
Exclusive: Merton leads London house prices higher as buyers seek space September 8, 2020 House prices in the south-western boroughs of Merton and Sutton rose at the fastest pace in London in the year to July as buyers looked for more space during the coronavirus pandemic, according to exclusive analysis by property website Zoopla for City A.M. Prices barely budged in the borough of Hillingdon on the western edge [...]
Brits ignore PM’s diet plea as spending on takeaways surges September 8, 2020 Worried about the nation’s weight, Prime Minister Boris Johnson launched an anti-obesity drive in July. But the latest spending data suggests Britons resoundingly ignored his advice. Spending on takeaways and fast food jumped 20.7 per cent year on year in August, according to Barclaycard data released today. That was the biggest rise since the measure [...]
Exclusive: BoE’s chief economist Andy Haldane warns against furlough extension September 7, 2020 The Bank of England’s chief economist has warned against extending the government’s job retention scheme, saying that such a move would prevent a “necessary process of adjustment” taking place. Amid growing calls from industry groups to keep the furlough scheme in place for certain sectors, Andy Haldane told the City A.M. podcast that the Coronavirus [...]
FTSE 100 jumps after global sell-off as pound slides September 7, 2020 The FTSE 100 and European stocks rose sharply as investors recovered their poise after a sharp sell-off in global stocks last week, with a falling pound boosting London’s blue-chip index. The FTSE 100 extended its morning rebound and was trading 2.46 per cent higher in afternoon trading. London’s FTSE 250 index of smaller firms also [...]
Eurozone investor morale rises for fifth month in a row September 7, 2020 Investors became increasingly confident about the Eurozone’s economic recovery in September, with a closely watched sentiment gauge hitting its highest level since February. The Sentix Eurozone economic index came in at minus eight this month, up from minus 13.4 in August. It was the fifth straight rise since the index slumped to minus 42.9 in [...]
Non-farm payrolls: 1.4m more Americans back in work in August September 4, 2020 A further 1.4m people entered employment in the US in August as the unemployment rate fell from 10.2 per cent to 8.4 per cent. The increase was marginally above economist predictions of a 1.35m rise. However, the figure was down on July’s increase of 1.7m amid fears the US’ economic recovery from the coronavirus pandemic [...]
Rishi Sunak must walk a tightrope on his pitch of Tory economic competence September 4, 2020 Yesterday Rishi Sunak was photographed carrying a note with the text of his address to the 1922 Committee. This was something we lived in constant fear of when I worked in No.11. One day I forgot to put a folder round a note I was carrying on our 2018 Budget ‘rabbit’ and subsequently spent the next six [...]
Construction sector growth slows as new work dries up September 4, 2020 Growth in UK construction output slowed in August as subdued order books put the brakes on the sector’s coronavirus recovery. The headline IHS Markit/CIPS UK Construction Total Activity Index registered 54.6 in August, down from 58.1 in July. It marks the third consecutive month of growth in construction output — indicated by any figure higher [...]
Navigating the UK’s economic recovery – a sector analysis September 4, 2020 We are living through extraordinary economic times. There is no hiding from the fact that this is a deep recession, and one that provides ample risk for investors. Recent GDP figures paint a gloomy picture and suggest that it will take some time for the economy to fully heal from Covid-19. The good news is [...]