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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Profits leap at Dixons Carphone – and it isn’t worried about Brexit

June 29, 2016

Technology retail giant Dixons Carphone posted strong results after its first full year of trading following the merger of Dixons and Carphone Warehouse. The figures Profit before tax at the group rose 17 per cent to £447m in the year to 30 April, as like-for-like sales jumped by five per cent across the group. Total sales remained broadly [...]
Q&A: Should we worry about the UK losing its AAA credit rating?

June 28, 2016

The UK suffered the embarrassment of a downgrade to its credit rating from not just one, but two of the leading agencies yesterday. Standard and Poor's (S&P) stripped the UK government of its gold standard triple-A rating, while Fitch also knocked a notch from its rating. Treasury debt is now graded as double-A, the third [...]
US GDP revised up, but it’s still the slowest growth in a year

June 28, 2016

Growth in the US economy has been revised up on the back of strong export and investment numbers. The world's biggest economy grew by 1.1 per cent on an annualised basis in the first quarter of the year – up from the most recent estimate of 0.8 per cent and more than double the very first [...]
Cheer up, Friday was only the ninth worst day in the history of sterling

June 28, 2016

Sterling has been hammered since Thursday night. When EU referendum polls closed, a single pound was swapping hands for $1.50. Now it will only get you $1.33. The fall on Friday of 7.6 per cent – on historically comparable calculations – was the sharpest since the pound has been a free floating currency in the [...]
EU referendum: UK will have to wait until after Brexit to strike new trade deals

June 28, 2016

The UK will have to wait until it has formally left the European Union before it can even begin to negotiate its own trade deals, experts and academics have said today, as the debate over what route out of the EU the UK should take heats up. The EU has formal responsibility for negotiating trade deals [...]
At the open: Relief in the City as stock markets stage mini-recovery

June 28, 2016

Stock markets recorded their first gain since the UK voted to leave the European Union – jumping in the first few minutes of trading this morning and, crucially, holding on throughout the day. After two days of deep falls and mass trading suspensions, the bluechip FTSE 100 was up 2.5 per cent by lunchtime at 6,131. [...]
Pound on steadier ground as it peels itself off 31-year lows

June 28, 2016

The pound showed some much-needed signs of life this morning as the currency picked itself off the floor and gained ground against the dollar. By mid-morning sterling was up one per cent on the day, trading at the dizzying heights of $1.3355. Were it not for yesterday's dismal performance that would still have been a [...]
Mario Draghi pleads for central banks to work together and warns against currency wars

June 28, 2016

The president of the European Central Bank (ECB) wants institutions around the world to work together to raise inflation and has criticised those who try to instigate currency wars. Mario Draghi told a forum in Lisbon this morning collaboration between regulators, governments and central banks was essential in the globalised world and could help deliver more [...]
Rolls-Royce remains “committed” to UK despite Brexit vote

June 28, 2016

British engineering giant Rolls-Royce is staying put in the UK – at least for now – despite the result of last week's referendum. The engine maker issued a calming statement to the markets before trading opened this morning saying that the vote will not lead to job losses, restructuring or relocation. "Although this is not [...]
Now Jeremy Hunt wants a second referendum – and the keys to Number 10

June 28, 2016

The health secretary, Jeremy Hunt, has said there should be a second referendum – or another general election – to vote on the terms under which the UK will leave the EU. Hunt also said he was "seriously considering" a leadership bid to take over from David Cameron in an interview with ITV's Good Morning Britain this [...]

Barclays and Lloyds shares pop as FTSE 100 banks rally on ceasefire

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By: Jake Cordell

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