Bailey’s FCA is in need of a remit reboot August 2, 2019 Several months ago it felt as if the top job in Britain’s banking system was Andrew Bailey’s to lose. A veteran of Threadneedle Street who is at ease among top City bosses, the head of the City watchdog has been the bookies’ favourite to replace Mark Carney as governor of the Bank of England as [...]
Trump tariff talk spooks Wall Street August 1, 2019 US president Donald Trump sent shockwaves through Wall Street tonight after revealing plans to slap more tariffs on Chinese goods in the latest trade battle between Washington and Beijing. In a string of tweets, Trump spooked investors after announcing 10 per cent tariffs on another $300bn (£247bn) of goods following this week’s talks between the [...]
Tariffs hurting US manufacturers, says Trump’s ex-economic adviser August 1, 2019 US President Donald Trump’s trade wars are hurting American manufacturers and investment, according to his former top economic adviser Gary Cohn. Read more: Donald Trump lashes out at China as two sides meet for trade talks He also said the Chinese economy would have slowed down “with or without a trade war”, contradicting his ex-boss’s [...]
Bank of England downgrades UK second quarter growth to zero as Brexit looms August 1, 2019 The Bank of England said UK growth ground to a standstill in the second quarter of the year due to the unwinding of Brexit stockpiling and car plant shutdowns as it chose to leave interest rates unchanged at 0.75 per cent today. In its latest gauge of the economy, released today, Threadneedle Street downgraded its [...]
UK manufacturing sector ‘suffocating’ as output falls to seven-year low August 1, 2019 The UK’s manufacturing sector is “suffocating” from a poisonous mix of lower global economic growth and Brexit uncertainty, a closely-followed economic measure found today. Production volumes nosedived to a seven-year low in July, IHS Markit’s UK manufacturing purchasing managers’ index (PMI) showed. Meanwhile the sector was stuck in a contraction, with July’s PMI score of [...]
‘Sea of red’: Eurozone manufacturing output sinks to lowest level since 2012 August 1, 2019 Germany deepened the Eurozone’s downturn as confidence in the area’s manufacturing sector hit its lowest level since December 2012 last month, fresh data today revealed. Economists warned the Eurozone was ired in a “sea of red” as Germany’s manufacturing output plunged to an 84-month low and Ireland to a 75-month low. France’s 49.7 measure represented [...]
Trump hits out at Fed rates cut July 31, 2019 President Donald Trump renewed his scathing attacks on the US Federal Reserve late this evening after its chair downplayed the chances of a lengthy series of rate cuts. The central bank lowered its main federal funds target rate by 25 basis points (0.25 percentage points) to between two and 2.25 per cent tonight, marking the first time [...]
Fed cuts interest rates by a quarter point July 31, 2019 The US Federal Reserve cut interest rates for the first time since the financial crisis this evening, as it cited signs of slowing global growth for the highly-anticipated move. The central bank lowered its main federal funds target rate by 25 basis points (0.25 percentage points) to between two and 2.25 per cent, making borrowing [...]
Why it’s too risky for Mark Carney to move interest rates for Brexit July 31, 2019 The Bank of England risks upsetting the economy if it changes interest rates before there is more clarity about Brexit, some of the City’s top economists have warned. Ahead of the Bank’s key meeting tomorrow, City A.M.’s shadow monetary policy committee (MPC) has said worries over slowing economic growth are outweighed by growing concerns that [...]
Stock markets edge up after US and China call trade talks ‘constructive’ July 31, 2019 Both Washington and Beijing have described a round of trade talks as “constructive”, pushing global stock markets tentatively higher. Read more: Stock markets slide as Donald Trump lashes out at China before key meeting The White House said China had confirmed a commitment to buy agricultural products following the talks, which took place in Shanghai [...]