Manufacturers’ pains soften despite ‘Brexit millstone’ hampering firms August 20, 2019 Britain’s manufacturing headaches softened slightly over the last three months, with output stabilising despite “relentless Brexit uncertainty” continuing to weigh heavy on the industry. Manufacturers reported output fell less sharply over the three months to August, according to the CBI’s monthly industrial trends survey, meaning the industry is still in decline but the rate of [...]
Bond yields fall as Trump calls for cut and ECB hints at stimulus August 20, 2019 Yields on global bonds have fallen following a renewed call for interest rate cuts from US President Donald Trump and dovish words from European Central Bank (ECB) board member Olli Rehn. Read more: Eurozone inflation falls to well below ECB target in July Trump yesterday evening called for a 100 basis point (one percentage point) [...]
German finance ministry warns no-deal Brexit a ‘high probability’ August 17, 2019 The German government believes there is a “high probability” that a no-deal Brexit will occur on 31 October. An assessment made by the finance ministry came to the conclusion it is “inconceivable” that Prime Minister Boris Johnson softens his stance on the Irish backstop. Read more: Corbyn fails to drum up support for plan to [...]
US and European stocks buoyed by ECB rate cut expectations August 17, 2019 US and European stocks soared on Friday as expectations the European Central Bank will cut interest rates rose, helping the dollar to hit a two-week high against the euro. The dollar was also aided by promising data that showed a jump in US homebuilding permits to a seven-month high. Read more: US stock markets jump [...]
Chancellor Javid to ‘simplify’ the tax system in autumn budget August 17, 2019 Chancellor Sajid Javid has suggested he will simplify the tax system when he sets out his first budget in the autumn. Javid said he was a “low tax guy” and that it was important to “always be thinking about the lowest paid” in his first interview since taking on the role, speaking to The Times. [...]
Hong Kong economy grows less than expected as recession fears hit August 16, 2019 Hong Kong’s economy grew less than expected at just 0.5 per cent year-on-year for the second quarter, the government revealed on Friday. It comes amid growing tensions between the US and China as the trade war rumbles on and on the back of continued unrest in the financial hub, igniting fears it could tip into [...]
Markets drop as US and China enter fierce war of words August 15, 2019 A fierce war of words between China and the US broke out today after Beijing vowed to strike back over the 10 per cent tariffs the Trump administration is set to apply to $300bn of Chinese goods. Read more: Recession warning lights flash red as US and UK ‘yield curves’ invert China’s finance ministry said [...]
UK retail sales get surprise boost in July from stay-at-home shoppers August 15, 2019 British shoppers bought more than expected in July, the Office for National Statistics (ONS) said today, in a sign that consumer spending could help the UK economy escape recession in the third quarter. Read more: BRC: July 2019 worst on record for retail sales growth The 0.2 per cent increase in the quantity of retail [...]
Asian stock markets regain ground despite warning lights for global economy August 15, 2019 Asian stock markets have bounced somewhat following a tweet from US President Donald Trump floating a personal meeting with Chinese President Xi Jinping and saying “good things were stated” on a phone call between the two sides. Read more: Recession warnings flash red as ‘yield curve’ inverts in UK and US Equities in Asia recovered [...]
London house prices continue to slide under Brexit pressure August 14, 2019 London house prices have continued their slide with a year-on-year fall of 2.7 per cent in June, figures from the Office for National Statistics (ONS) showed today. Read more: London house prices suffer worst plunge in 10 years The figure marked a slowdown from the 3.1 per cent drop seen in May, however, which was [...]