By: Jake Cordell

I'm City A.M.'s economics reporter, looking at the news, stories and data that move markets in the UK, Europe and around the globe. I also cover broader developments in the business and political worlds at home and abroad.

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Manufacturing sector shrunk in June as industry fears prolonged slowdown

August 9, 2016

The UK's manufacturing sector started life after the EU referendum on the back foot, official statistics released this morning have confirmed. The industry shrunk by 0.3 per cent in June, according to figures from the Office for National Statistics (ONS) showing the slowdown started in the days before the UK's historic vote to untangle itself from [...]
UK posts mighty trade deficit in month of EU referendum

August 9, 2016

The UK trade deficit ballooned to a huge £5.1bn in June, far ahead of expectations and raising more questions about how the UK's exporters and importers will fare after the referendum. The figures, released this morning by the Office for National Statistics (ONS), also showed imports reached their highest ever level in a single month [...]
How have bank share prices reacted to the Competition and Markets Authority’s (CMA) retail banking investigation?

August 9, 2016

Investors were decidedly nonplussed by the Competition and Market Authority (CMA)'s recommendations for an "open banking" revolution in the UK's retail banking sector this morning. Share prices at London-listed organisations moved in most directions, with the big lenders slightly outperforming the market, but challengers heading both up and down – suggesting traders aren't convinced the CMA's work [...]
Sterling slips on more Bank of England stimulus speculation

August 9, 2016

Sterling has fallen to a one-month trough against the dollar and bond yields have set a new all-time low this morning as the prospect of ultra-loose monetary policy from the Bank of England continues to drag on the currency. The pound slipped below $1.30 for the first time since mid-July overnight after monetary policy committee (MPC) hawk [...]
Bumper US jobs report sends S&P 500 to record high and brings rate rise into view

August 5, 2016

The US economy added 255,000 jobs in July in the second blockbuster month for employment, raising the prospect of an interest rate rise and sending the S&P 500 to a new record high. Official non-farm payroll data published this afternoon also showed average wages grew by 2.6 per cent on an annualised basis, the same rate in June, but [...]
Profitability hits record low for UK’s offshore oil and gas industry

August 5, 2016

The UK's oil and gas sector was the least profitable quarter for two decades at the start of the year, figures out this morning have revealed. The Office for National Statistics (ONS), said profitability among the UK's "continental shelf" companies – mainly off-shore exploration firms – plunged to 0.2 per cent in the first quarter. [...]
Should Philip Hammond call an early Autumn Statement?

August 5, 2016

The mighty economic salvo unleashed by the Bank of England yesterday has heaped pressure onto the government to pull its weight in supporting the UK economy in the wake of the Brexit vote. Mark Carney, George Osborne, the Labour Party and a host of analysts and businesses called on the chancellor Philip Hammond to step up [...]
Carney’s Brexit bonanza sends FTSE 100 to a 12-month high

August 5, 2016

Stock markets have hit their highest levels of the year on the back of the massive stimulus programme unveiled by the Bank of England yesterday. The FTSE 100 surged 0.6 per cent at the open, adding to a 100-point gain yesterday to stand at 6,780 in mid-morning trading. That took the index to a 12-month high, [...]
RBS calls time on Williams & Glyn IPO as it opens discussions with rival bidders

August 5, 2016

The Royal Bank of Scotland (RBS) has ditched its plans to spin off Williams & Glyn as a standalone bank and will instead sell the division directly to one of its rivals The government-owned lender, which reported a £2bn loss for the first half of the year, blamed IT difficulties for the hold-up, saying it was proving [...]
RBS share price down on £2bn loss and Brexit warnings

August 5, 2016

The Royal Bank of Scotland (RBS) has reported a whopping £2bn loss for the first six months of the year, as it continues to pay the price for wrongdoing during the financial crisis. The bank also warned investors that, given the result of the EU referendum, it was unlikely to hit its medium-term targets and [...]

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By: Jake Cordell

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