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 [...]
Fed interest rate cut: Will Donald Trump get what he wants? July 31, 2019 The US Federal Reserve is set to cut interest rates for the first time in 10 years this evening, with the raging trade war with China and signs of slowing momentum darkening policymakers’ moods. Yet US economic growth is stronger than its peers and unemployment is at record lows, meaning the Fed will likely plump [...]
Irish central bank: No-deal Brexit would see growth plummet July 31, 2019 The Central Bank of Ireland has warned that a no-deal Brexit could shatter the country’s economic growth and cost its economy 34,000 jobs. Read more: Boris Johnson visits Northern Ireland for talks to resolve power-sharing agreement In its quarterly bulletin the Bank said growth in a no-deal scenario would be just 0.7 per cent in [...]
Eurozone growth and inflation slow with ECB poised to act July 31, 2019 Both price inflation and economic growth in the Eurozone were shown to have slowed in figures released today, boosting the chances the European Central Bank (ECB) will deliver fresh stimulus to kickstart the region’s struggling economy. Read more: ECB prepares stimulus to kickstart stalling Eurozone economy Prices in the Eurozone grew at an annual rate [...]
UK manufacturers gloomy but consumers more upbeat July 31, 2019 Optimism among UK manufacturers has fallen rapidly but British consumers have become more positive, two surveys showed today, in the latest sign of a big divide in the economy. Read more: UK mortgage approvals rise but consumer lending slows Business optimism among small and medium-sized (SME) UK manufacturers fell at its fastest pace in three [...]