Carney says global economy has weathered uncertainty well July 24, 2016 Mark Carney has said the global economy has successfully weathered uncertainty, including downward revisions to global growth and the initial shock of the EU referendum result. In a letter to G20 finance leaders and central bank governors, the governor of the bank of England said in his capacity as the head of the Financial Stability Board [...]
G20 ministers pledge to do more to protect global economy from Brexit vote turmoil July 23, 2016 The Group of 20 nations will do more the bolster global economic growth in the coming months, ministers said today as the organisation met in the Chinese city of Chengdu. Central bankers and finance ministers from G20 nations are meeting this weekend to discuss challenges facing the global economy that have been made worse by the UK's [...]
At the close: Pound slides on scary economic data- but FTSE rides higher July 22, 2016 It's been a rough day for the pound after data released today showed a "dramatic deterioration" in the UK economy. Markit's UK purchasing managers' index (PMI) dropped to 47.7 in July, down to an 87-month low from 52.4 in June. Both output and new orders fell for the first time since 2012. Chris Williamson, chief economist at [...]
Pound extends losses as UK economy contracts at “fastest pace since 2009” July 22, 2016 The pound edged nearer a post-referendum low against the dollar in more than five years after figures this morning showed the UK's economy has contracted at its "steepest pace since early 2009". The pound was down more than one per cent against the dollar in lunchtime trading, at $1.3096, and almost 0.9 per cent against the euro, at [...]
French appeals court rules IMF chief Christine Lagarde must face Bernard Tapie payout trial July 22, 2016 The French appeals court ruled today that IMF boss Christine Lagarde must stand trial over allegations that she was negligent in her handling of a controversial payout during her time as French finance minister. The trial relates to a €404m (£340m) payment made to French business tycoon Bernard Tapie in 2008, when Lagarde was finance minister under [...]
Eurozone deficit falls to lowest level in six years July 22, 2016 The Eurozone’s deficit has fallen to its lowest level since the debt crisis six years ago, new figures show. The 1.6 per cent of GDP deficit is down from 2.3 per cent in the final quarter of 2015. Read more: The eurozone has heaved itself out of deflation – just The figures show that Eurozone governments [...]
Homeowners worried house prices are falling – but dip may prove temporary July 22, 2016 Homeowners across the country think the value of their houses fell over the last month for the first time in more than three years. With talk of a slowdown in transactions and pre-referendum warnings about a house price crash, the house price sentiment index (HPSI) compiled by IHS Markit and estate agents Knight Frank, published [...]
The housing market was buoyed by mortgage momentum on the eve of the EU referendum July 21, 2016 Mortgage lending rocketed to an eight-year high before last month's EU referendum as the housing market showed few signs of pre-vote jitters Figures released by the Council of Mortgage Lenders (CML) showed £20.7bn was dished out to homebuyers and re-mortgagers in June – 16 per cent more than in May. The figure was an eight-year [...]
Mario Draghi hints at stimulus measures to come but says post-Brexit market too uncertain to make decision at the moment July 21, 2016 ECB president Mario Draghi said Eurozone markets had weathered the post-Brexit market volatility spike with "admirable resilience". Draghi was speaking at a press conference after the ECB decided to maintain rates at its first meeting since the UK's Brexit vote in June. While he praised central banks and "robust" regulation for keeping market stress constrained after the [...]
Mario Draghi maintains rates in first ECB meeting since Brexit vote July 21, 2016 The European Central Bank (ECB) has left rates unchanged across the Eurozone, in line with analysts' expectations. The rates were decided at the first meeting of Europe's central bank since the UK voted in favour of a Brexit last month. Economists were expecting no change to current rates, with the headline deposit rate remaining at [...]