US manufacturing sector shrinks for first time in three years, survey shows September 3, 2019 The US manufacturing sector shrank for the first time in three years in August, according to a respected industry gauge, as trade tensions and a global economic slowdown weigh on factory output. Read more: Donald Trump says China talks going well and turns fire on EU The purchasing managers’ index (PMI) from the Institute for [...]
Sterling recovers from 34-year low amid Brexit showdown September 3, 2019 Sterling crashed below $1.20 this morning to a 34-year low as markets readied themselves for a tumultuous day in Westminster as political chaos hits the Brexit process. The pound (GBP) dropped as much as 0.83 per cent in early London trading to trade at $1.1961 against the dollar (USD). Read more: Brexit: PM to call [...]
Donald Trump says China talks going well and turns fire on EU September 3, 2019 US President Donald Trump has said his country is “doing very well” in its negotiations with China and urged Beijing to reach a deal before the 2020 presidential elections. Read more: US-China trade war escalates with fresh tariffs He said that if a trade deal was still under discussion and he won the election, he [...]
Oil prices tumble on higher Opec output and slower Korean growth September 3, 2019 Oil prices tumbled today as more symptoms emerged showing the impact of US President Donald Trump’s trade war with China. Brent crude dropped as much as two per cent in the mid afternoon, and was selling for $57.45 per barrel at the time of writing. Read more: New York Times drops sponsorship of London oil [...]
Gold miner Acacia’s shareholders overwhelmingly approve Barrick takeover bid September 3, 2019 Shareholders in Acacia Mining have clubbed through a suggestion to sell the business to its biggest part-owner Barrick Gold, a move which could end a two-year standoff with the Tanzanian government. Investors owning more than 99.9 per cent of the shares in Acacia voted for the proposal at a meeting starting midday today. It means [...]
Goldman Sachs hikes no-deal Brexit probability ahead of crucial day in Westminster September 3, 2019 Goldman Sachs has raised its expectations of Britain leaving the European Union without an agreement, as today’s political tussling in Westminster fuels further speculation in the City of a no-deal Brexit. The global bank has said the prolonged suspension of parliament has led it to hike its forecasts of a no-deal Brexit from 20 per [...]
Construction industry output ‘drops like a brick’ to a decade low September 3, 2019 Britain’s construction industry suffered its sharpest decline in new work in more than a decade last month, as economic uncertainty hampered decision making among customers. New orders slumped at their worst rate since March 2009, according to closely-followed industry barometer the IHS Markit Purchasing Managers’ Index (PMI), which read just 40 for the category where [...]
Panicked investors flock to government bonds as yields hit record low September 3, 2019 Investors are piling into UK government bonds in an attempt to seek safety amid ongoing political turmoil, pushing the yield on 10-year gilts down to a record low. The yield on 10-year gilts – effectively the interest rate investors receive – fell to 0.37% this morning. Read more: ‘Uncharted waters’: Sterling hits 34-year low as [...]
Saudi Energy Minister ousted from Aramco board ahead of expected float September 2, 2019 Saudi Arabia has removed its energy minister from the chairmanship of state-owned oil giant Saudi Aramco as it prepares to float the company as soon as next year. Khalid Al-Falih will step down from the position, as the company tries to avoid too many conflicts of interest as it hits the public markets for the [...]
Nickel soars as Indonesia bans ore exports September 2, 2019 Indonesia today said it would bring forward a planned nickel ore export ban to the beginning of next year, sending prices up to an almost five-year high. The country, which is the world’s biggest producer, said that exports of all grades of nickel ore will be stopped from 1 January 2020, even if companies have [...]