A deal by (next) Christmas? Ex-trade bosses weigh up PM’s claims December 16, 2019 No delays, no excuses. That was the mantra of Boris Johnson’s hugely successful election campaign. At its heart was an ambitious commitment to get a trade deal with the European Union wrapped up by the end of the transition period – 31 December 2020. The private view of Brussels bosses is not optimistic. “Eleven months [...]
UK PMI: Manufacturing malaise sinks economy to 41-month low December 16, 2019 Private sector activity in the UK slumped again in December, dragged down by the fastest drop in manufacturing output since July 2012. Overall UK output dropped to 48.5 in December from 49.3 the previous month, hitting a 41-month low, according to the UK’s flash composite purchasing managers’ index (PMI), compiled by IHS Markit. Read more: [...]
Eurozone PMI: Economy mired in worst spell since 2012 December 16, 2019 The Eurozone’s economy is stuck in its worst spell in six years, economists warned today, after it failed to gain momentum at the close of 2019. Output barely increased in December, registering a score of just 50.6 on IHS Markit’s Flash Eurozone purchasing managers’ index (PMI) Composite Output Index today. Anything below 50 represents a [...]
US trade representative: Phase one of deal is ‘totally done’ December 16, 2019 The first phase of a US-China tariff deal is “totally done”, according to US trade representative Robert Lighthizer. Last night Lighthizer said there would be some routine “scrubs” to the text but “this is totally done, absolutely.” Read more: Trump: US to suspend tariffs Speaking on CBS’ “Face the Nation”, he said that a time [...]
Bank of England set to hold interest rate ahead of next governor announcement December 15, 2019 The Bank of England is this week expected to hold interest rates at 0.75 per cent, despite pressure from some quarters for a further quarter-point cut. On Thursday the Bank’s nine-member monetary policy committee, which is responsible for setting the interest rate, will announce its decision. Read more: Mark Carney appointed UN climate envoy ahead [...]
City reacts: Business ‘eager for clarity’ after Boris Johnson’s election victory December 13, 2019 As Boris Johnson enjoys his General Election victory, business leaders have woken bleary eyed – but largely satisfied – with the news. For many, it was a sigh of relief, after London business groups had strongly opposed Labour’s policies of renationalisation and higher taxation. Sterling surged last night, settling around $1.347, while the FTSE 100 opened 0.8 [...]
US stock markets rise as Donald Trump says China deal ‘VERY’ close December 12, 2019 New York’s stock markets have opened higher after President Donald Trump tweeted that the US is “VERY close to a BIG DEAL” with China. The excited Twitter outburst marks a turnaround from Trump’s views of the situation last week, when he said he would happily wait until after the late-2020 US presidential elections to strike [...]
Not a hawk or dove but ‘an owl’: Christine Lagarde holds rates at first meeting December 12, 2019 Christine Lagarde has begun her rein at the European Central Bank (ECB) with a promise not to be a hawk, nor a dove, but an owl, “associated with a little bit of wisdom”. The pledge came as the ECB kept interest rates on hold at record lows and downgraded its 2020 growth forecast for the [...]
European stocks creep higher ahead of General Election December 12, 2019 European shares edged higher this morning as investors await the result of a momentous British election, as well as the outcome of Christine Lagarde’s first policy meeting as head of the European Central Bank (ECB). The Conservatives are expected to win a majority of seats in the next parliament, but a poll released last night [...]
Rics: Political chaos pushes London house prices down in November December 12, 2019 Political uncertainty held back London house prices in November, a new survey has shown, with gauges of demand and sales stuck in negative territory. Property company owners are hoping that today’s General Election will provide a clearer political and economic picture that could boost the struggling market. Falling prices have lessened London’s affordability problems, however. [...]