Sterling hits lowest level against global currencies since 2016 August 6, 2019 The pound has fallen against the world’s biggest currencies to its lowest point since the so-called flash crash of late 2016. Read more: Sterling tanks to 28-month low on no-deal Brexit fears The Bank of England’s effective exchange rate index today sank below the most recent low point of August 2017, when a tussle over [...]
China hits back after US labels rival a currency manipulator August 6, 2019 China’s central bank has condemned Washington’s decision to officially call Beijing a currency manipulator, saying it would “severely damage international financial order and cause chaos in financial markets”. Read more: European stock markets tentatively rise as China stems currency fall The People’s Bank of China (PBoC) said it “has not used and will not use [...]
Rare respite for Germany as factory orders pick up August 6, 2019 German factory orders beat expectations in June, official statistics showed today, providing a rare piece of good news for the country’s struggling economy. Read more: Eurozone construction sector held back by Germany in July New orders for manufacturers grew 2.5 per cent on the previous month, far exceeding the 0.5 per cent rise predicted by [...]
European stock markets tentatively rise as China stems currency fall August 6, 2019 European stock markets have broadly risen this morning on signs that the People’s Bank of China has stemmed the fall of the renminbi after the US officially labelled China a currency manipulator. Read more: Tumbling Chinese currency drags down stock markets on trade war fears China’s currency fell to the seven-per-dollar level not seen since [...]
Eurozone construction sector held back by Germany in July August 6, 2019 The Eurozone construction sector grew marginally in July despite activity falling in Germany for the first time in nine months. Read more: Investor confidence in Eurozone hits five-year low The construction purchasing managers’ index (PMI), a gauge of the sector’s health from data firm IHS Markit, rose slightly to 50.8 in July from 50.6 in [...]
Free ports could turn Brexit to our economic advantage August 6, 2019 One of the most exciting shifts in policy under the new government has been its whole-hearted embrace of free ports. But many people are still puzzled by what they are. In a nutshell, free ports are areas which are within the UK, but outside its customs borders. So you can bring your goods into the [...]
Tumbling Chinese currency drags down stock markets on trade war fears August 5, 2019 China’s currency the renminbi today slumped against the dollar to a level not seen since the financial crisis, sparking an equities sell off due to fears of a further escalation of trade tensions. Read more: Donald Trump accuses Beijing of currency manipulation The currency, which the Chinese government lets fluctuate two per cent either side [...]
Investor confidence in Eurozone hits five-year low August 5, 2019 Eurozone investors were at their gloomiest since October 2014 in August, according to a survey from finance data firm Sentix, which called a German recession “inevitable”. Read more: Eurozone economy slows as German weakness continues Sentix’s economic index of investor confidence fell by 7.9 points to minus 13.7 in August, significantly below the minus 7.7 [...]
Donald Trump accuses Beijing of currency manipulation August 5, 2019 US President Donald Trump has accused China of currency manipulation and said the Federal Reserve should act to lower the value of the dollar. Read more: Markets in turmoil as Chinese currency falls to financial crisis levels Trump tweeted: “China dropped the price of their currency to an almost a historic low. It’s called “currency [...]
Why has the weaker pound failed to turbocharge the economy? August 5, 2019 | City Talk The sharp fall in the pound in the wake of the 2016 Brexit referendum would help “rebalance the UK economy”, in the words of Mervyn King, former governor of the Bank of England. But since then, the UK has struggled to improve its trade position and has certainly not seen any boost to GDP growth. [...]