No material impact from coronavirus on US-China trade deal for now, says Mnuchin February 24, 2020 US treasury secretary Steven Mnuchin has said he does not expect the current coronavirus outbreak to have a material impact on the Phase 1 US-China trade deal, although this could change as more data becomes available. The IMF warned yesterday that the COVID-19 outbreak will negatively impact the global economy even if it is rapidly [...]
Veganism trend impacts global trade February 24, 2020 | City Talk As more and more people go vegan for the environment, trade routes for food and drink are expanding Statistics show that the number of vegans and vegetarians is steadily growing. In the UK, it is estimated that one in eight people has ditched meat from their diet, with many more choosing only to eat meat [...]
UK airline stocks plunge as Italy reports fourth coronavirus death February 24, 2020 UK airline stocks plummeted in early trading today as the FTSE 100 plunged two per cent after Italy reported a dramatic rise in its number of coronavirus cases. Easyjet’s share price sank 11.6 per cent while British Airways owner IAG suffered an eight per cent drop in its market cap. Tour operator Tui also shed [...]
IG’s June Felix: Shorter trading hours would make London ‘less competitive’ February 23, 2020 The head of one of Britain’s largest trading platforms has become one of the most senior industry figures to speak out against proposals to cut trading hours in London, saying it would not be “helpful” for the City and could make it “less competitive globally”. June Felix, whose company IG Group offers 24-hour trading to [...]
Coronavirus and climate change impact Asian currencies February 21, 2020 | City Talk SGD: Comments from the Monetary Authority of Singapore (MAS) which suggested that the Singapore dollar may depreciate has put pressure on the currency. The news came alongside confirmation that the coronavirus had reached Singapore, a factor which MAS believes will have an impact on growth, stalling the recovery after a challenging 2019 which saw the [...]
US PMI: Factory output contracts for the first time in six years February 21, 2020 US economic output shrank for the first time since October 2013 today as the service sector reported its worst performance for four years. According to IHS Markit Purchasing Managers’ Index (PMI) data, the composite output index fell to 49.6 from 53.3 in January, reaching a 76-month-low. The drop was driven by services, which fell to [...]
PMI data picks up the pound February 21, 2020 | City Talk Manufacturing output grew at its fastest pace for 10 months, giving sterling a boost against other major currencies this morning. Recovering losses against EUR & USD, the latest flash Purchasing Manufacturing Index (PMI) data today announced that UK output rose 51.9, up from 50.0 in January. The question for many investors is whether the post-election [...]
Eurozone PMI: Manufacturing slump eases despite coronavirus fears February 21, 2020 The Eurozone economy picked up pace in February as manufacturing activity showed encouraging signs that its slump was easing. The sector’s resilience, despite fears the coronavirus could cause a further deterioration, helped push business activity to a six-month high. The manufacturing purchasing managers’ index (PMI) rose from 47.9 in January to 49.1 this month. Although [...]
UK PMI: Manufacturing grows at fastest rate in 10 months despite coronavirus February 21, 2020 UK manufacturing grew at its fastest rate in 10 months in February, according to a flash Purchasing Managers’ Index (PMI) reading, but services fell to a two-month low. According to IHS Markit / CIPS data, manufacturing hit 52.8, up from January’s final rate of 50.1, whilst services fell to 53.3, down from 53.9 last month. [...]
Government records smaller January budget surplus February 21, 2020 The government recorded a smaller than expected budget surplus of £9.8bn in January, ahead of its public spending announcements due in March. A Reuters poll of economists had predicted an £11.3bn surplus. And the £9.8bn figure was £2.1bn less than the Treasury recorded in January 2019 despite a rise in self-assessment tax receipts of £1.3bn. [...]