G7 ‘will not call for fiscal or monetary support’ in coronavirus statement March 3, 2020 The G7 nations will voice their determination to combat the economic impact of the coronavirus outbreak, but reportedly will not directly call for new government spending or coordinated interest rate cuts. Finance ministers and central bank governors from the G7 are due to issue a statement following a conference call on the epidemic at midday, [...]
ECB ‘working on lending scheme’ for small businesses hit by coronavirus March 3, 2020 The European Central Bank is reportedly working on measures to provide liquidity to businesses hit by the economic impact of the coronavirus outbreak. Measures being considered by the ECB include a targeted longer-term refinancing operation directed at small and medium-sized firms, which could be hardest hit by a virus-related downturn, sources familiar with the discussion [...]
UK PMI: Construction expands at fastest rate in over a year March 3, 2020 UK construction output rose at its fastest rate in over a year in February, a survey showed today, as new orders picked up at a fast clip. The IHS Markit/Cips construction purchasing managers’ index (PMI) jumped to 52.6 in February, up from 48.4 in January. A score of above 50 indicates expansion and it was [...]
It may be a while before the fog lifts on Italy March 3, 2020 The Italian economy was already looking rather parlous at the start of this year, with global bodies like the International Monetary Fund, World Bank and European Commission all predicting almost negligible growth rates. Even the January forecast from Italy’s official statistics agency suggested that GDP would increase by just 0.2 per cent over the course [...]
We are blind to the soft-left bias across British institutions March 3, 2020 A few weeks ago, I went to an art exhibition at Somerset House called 24/7. Billed as “a wake-up call for our non-stop world”, it promised to explore the many ways in which technology is speeding up our lives. This was, admittedly, something of a busman’s holiday. Back in 2016, I wrote a book called [...]
US manufacturing sector slows as coronavirus looms March 2, 2020 The US manufacturing sector slowed in February, a survey has shown, as new orders fell and coronavirus hung over factories. The Institute for Supply Management (ISM)’s index of factory activity fell to 50.1 last month from 50.9 in January. The reading was below expectations and only just above the 50 figure that denotes expansion. “Demand [...]
OECD: Coronavirus could halve global growth March 2, 2020 Coronavirus is the “gravest threat” to the global economy since the 2008 financial crisis, the OECD warned today as it made swingeing cuts to a number of countries’ growth forecasts. The world economy is expected to grow just 2.4 per cent this year, the lowest since 2009, the OECD said in an interim growth report. [...]
UK mortgage approvals hit highest in four years March 2, 2020 UK banks approved the highest number of mortgages for four years in January, official statistics have shown, in a sign the housing market is recovering after a rocky 2019. Mortgage approvals for house purchase rose to 70,900 in January, up 4.4 per cent from December’s 67,930 figure, the Bank of England said today. The jump [...]
Coronavirus threat plagues Eurozone factory output March 2, 2020 Italy’s factory output slumped for the 17th month in a row in February, it emerged today, as economists warned the coronavirus outbreak could deepen the Eurozone’s manufacturing downturn. The embattled economy’s manufacturing industry activity fell from 48.9 in January to 48.7, according to IHS Markit’s purchasing managers’ index (PMI). Anything below 50 represents a contraction. [...]
UK PMI: Manufacturing output jumps but coronavirus looms March 2, 2020 Britain’s manufacturing sector grew at its fastest rate in ten months in February, UK PMI survey data has shown, although coronavirus has begun disrupting the industry. The IHS Markit/Cips manufacturing purchasing managers (PMI) index hit 51.7 in February, up from 50 in January, with a score above the 50 mark indicating expansion. The reading was [...]