Andrew Bailey urged to keep climate focus at Bank of England March 3, 2020 Incoming Bank of England governor Andrew Bailey must maintain Threadneedle Street’s concern with climate change after he takes over this month, more than 101 economists, scientists and industry leaders have said in a letter. Signatories to the letter, organised by left-leaning research and campaign groups, include former UK chief scientific adviser Sir David King and [...]
Federal Reserve slashes interest rates over coronavirus fears March 3, 2020 The US Federal Reserve has slashed interest rates by 50 basis points – 0.5 percentage points – in an emergency response to the economic risks of coronavirus. Fed chair Jay Powell said rate-setters had witnessed the “broader spread of the virus” and “come to the view that it is time for us to act in [...]
Coronavirus: Mark Carney warns of ‘large economic shock’ March 3, 2020 Bank of England governor Mark Carney has said the economic shock from coronavirus “could prove large” but sought to reassure the public that it will “ultimately be temporary”. The outgoing governor told parliament today that the central banks and governments around the world are working on a “powerful” response to the crisis that will likely [...]
UK PMI: Construction expands at fastest rate in over a year March 3, 2020 UK construction output rose at its fastest rate in over a year in February, a survey showed today, as new orders picked up at a fast clip. The IHS Markit/Cips construction purchasing managers’ index (PMI) jumped to 52.6 in February, up from 48.4 in January. A score of above 50 indicates expansion and it was [...]
Coronavirus: Stocks rise as traders expect US Federal Reserve rate cut March 2, 2020 Global stock markets have risen on expectations that the US Federal Reserve will slash interest rates to support the economy and boost confidence amid the coronavirus outbreak. A volatile morning saw Wall Street open higher before slipping into the red and then rebounding. The US’s S&P 500 stood 2.2 per cent higher two hours into [...]
Chancellor Rishi Sunak tells EU: Stick to June timeline for City equivalence decision March 2, 2020 UK chancellor Rishi Sunak has told the European Union to stick to a June deadline to work out which parts of Britain’s financial system will be deemed equivalent after Brexit. British banks, trading platforms and insurers are hoping to be granted access to EU markets under a so-called equivalence system, under which the bloc would [...]
US manufacturing sector slows as coronavirus looms March 2, 2020 The US manufacturing sector slowed in February, a survey has shown, as new orders fell and coronavirus hung over factories. The Institute for Supply Management (ISM)’s index of factory activity fell to 50.1 last month from 50.9 in January. The reading was below expectations and only just above the 50 figure that denotes expansion. “Demand [...]
OECD: Coronavirus could halve global growth March 2, 2020 Coronavirus is the “gravest threat” to the global economy since the 2008 financial crisis, the OECD warned today as it made swingeing cuts to a number of countries’ growth forecasts. The world economy is expected to grow just 2.4 per cent this year, the lowest since 2009, the OECD said in an interim growth report. [...]
UK mortgage approvals hit highest in four years March 2, 2020 UK banks approved the highest number of mortgages for four years in January, official statistics have shown, in a sign the housing market is recovering after a rocky 2019. Mortgage approvals for house purchase rose to 70,900 in January, up 4.4 per cent from December’s 67,930 figure, the Bank of England said today. The jump [...]
UK PMI: Manufacturing output jumps but coronavirus looms March 2, 2020 Britain’s manufacturing sector grew at its fastest rate in ten months in February, UK PMI survey data has shown, although coronavirus has begun disrupting the industry. The IHS Markit/Cips manufacturing purchasing managers (PMI) index hit 51.7 in February, up from 50 in January, with a score above the 50 mark indicating expansion. The reading was [...]
