HSBC receives second Bank of England warning over ‘non-financial risks’ November 7, 2019 HSBC has received a second warning from the Bank of England over its lack of progress tackling so-called non-financial risks, according to people familiar with the matter. Read more: ‘Not acceptable’: Profit sinks at HSBC Samir Assaf, chief of global banking and markets at the lender, told other executives on a call this week that [...]
US stock markets rise as Beijing and Washington agree to scrap some tariffs November 7, 2019 US stock markets have opened higher after China said it had agreed with the US to cancel tariffs in phases, signalling a thawing of the frosty trade relations between the world’s two biggest economies. Read more: European markets rise on US-China trade war hopes The tech-heavy Nasdaq rose by 0.7 per cent shortly after opening, [...]
Bank of England: Brexit deal and trade wars will limit UK growth November 7, 2019 Boris Johnson’s Brexit deal and global trade tensions are likely to hold back growth in the UK economy over the next three years, the Bank of England has said. British national income will be one per cent lower by 2022 than originally thought, the Bank predicted today in its quarterly deep-dive into the economy. Read [...]
Parties’ spending pledges under scrutiny on day of missed Budget November 6, 2019 Boris Johnson’s plans to increase public spending and cut taxes leave “very little scope” for meeting the Conservatives’ pledge to reduce the national debt, the Institute for Fiscal Studies (IFS) has said. Read more: UK public spending to hit 1970s levels after election, think tank says In a warning to both the Tories and Labour, [...]
Why the Bank of England should keep interest rates on hold November 6, 2019 The Bank of England must leave interest rates on hold tomorrow and resist the urge to tinker until Britain’s economy is out of the General Election and Brexit fog, City A.M.’s panel of expert economists has said. Read more: Sajid Javid delays appointment of new Bank of England governor Much has changed in British politics [...]
No-deal Brexit remains biggest risk to European growth, IMF warns November 6, 2019 A no-deal Brexit remains the biggest threat to the economies of Europe, the International Monetary Fund (IMF) has warned, and could further damage already very weak growth. Read more: IMF warns 2019 global growth will fall to lowest since financial crisis The words of caution from the IMF come as Britain gears up for a [...]
Hope for German economy as factory orders beat predictions November 6, 2019 German industrial orders picked up by more than expected in September, official data has shown, providing a glimmer of home for the country’s weak economy. Read more: Eurozone ‘remains close to stagnation’ amid manufacturing slump Europe’s biggest economy has had a torrid 2019, thanks in large part to a slump in global demand hurting its [...]
‘Stagnation at best’: UK’s giant services sector flatlines as Brexit uncertainty continues November 5, 2019 The UK’s enormous services sector flatlined in October as Brexit uncertainty dented demand, signalling a weak start to the third quarter for the UK economy. Read more: ‘Distressing decline’: UK construction sector contracts again in October The services purchasing managers’ index (PMI), which measures the performance of the sector, came in at 50 last month, [...]
UK consumer spending growth slows under Brexit uncertainty November 5, 2019 UK consumer spending slowed in October, a new report has shown, as Brits remained cautious with their money in the run-up to the missed 31 October Brexit deadline. Read more: UK economy to hit decade low even with Brexit deal, report warns Spending at the shops grew by 1.5 per cent in October year on [...]
US stock markets hit all-time highs on trade war optimism November 4, 2019 The US’s three biggest stock markets hit all-time highs today as growing optimism about a US-China trade deal and loose global monetary policy caused investors to snap up risk assets. Read more: Donald Trump reveals ‘phase one’ trade agreement with China The benchmark S&P 500, the Dow Jones industrial average, and the tech-heavy Nasdaq had [...]
