Trump fallout risks damaging European financial stability, says ECB vice-president November 24, 2016 The election of Donald Trump as US President has heightened risks to European financial stability, according to a top central banker. The huge market movements in the aftermath of Trump’s surprise victory have exacerbated “significant” vulnerabilities in the European banking sector, according to Vitor Constancio, vice-president of the European Central Bank (ECB). While he said [...]
Gold catches a bug as the dollar’s surge shows no sign of abating and Fed rate rise looks all but a certainty November 24, 2016 Gold has continued to fall this morning on the back of yet more highs for the US dollar, reaching lows not seen since February. The currency’s strength combined with strong US data and minutes from the Federal Reserve’s Open Markets Committee (FOMC) to send gold far below the $1200/oz level. In morning trading a small [...]
Philip Hammond loosens George Osborne’s fiscal rules to give himself more elbow room as Brexit unfolds November 23, 2016 The government has published yet another new set of rules on fiscal policy, as chancellor Philip Hammond aims to give himself more room for manoeuvre over the course of the next five years than his predecessor, George Osborne. The former chancellor watched from the backbenches as Hammond abandoned all three of Osborne’s rules, introduced in [...]
It’s official: The pound’s fall is set to raise inflation way above target in the next few years November 23, 2016 The UK’s rate of inflation will grow faster than previously predicted, according to new government forecasts. The Consumer Price Index (CPI),the main measure of UK inflation, will rise to 2.3 per cent in 2017, according to new figures from the Office for Budget Responsibility. The figures were released today alongside chancellor Philip Hammond’s first Autumn [...]
The deficit now won’t be cut by the end of the Parliament says chancellor Philip Hammond November 23, 2016 The UK government will cut the deficit at a slower rate than previously forecast, according to the Office for Budget Responsibility (OBR). The government's fiscal outlook has been significantly damaged by the cut in GDP growth forecasts. Public sector net borrowing will be £68.2bn in 2016-17, before falling to £20.7bn by 2020-21. During this Parliament [...]
The OBR has cut forecasts of UK growth for the next five years as Brexit takes its toll November 23, 2016 Official forecasts of the UK’s economic growth until 2020 have been cut, as economists start to take stock of the medium-term impacts of the UK’s decision to leave the European Union. The lower growth has also prevented the government from running a budget surplus by the end of this Parliament in 2019-20. The UK’s gross [...]
A rising Dow lifts all boats higher around the world’s exchanges as Australian stocks make big gains November 23, 2016 The Dow Jones Industrial Average closed above 19,000 for the first time ever on Tuesday driven by the election of Donald Trump and rising oil prices, leading to continued gains on stocks around the world. As Japanese exchanges enjoyed a public holiday focus turned overnight to Australia, where the S&P/ASX 200 recorded gains of 2.56 [...]
Eurozone PMI rises to highest this year as wheels keep turning in Germany’s economic powerhouse November 23, 2016 There is no sign of Trump-induced hysteria in the Eurozone economy, as an important indicator of economic activity in the bloc's manufacturing and services sectors rose in November despite a slight slowdown in the German economy. Eurozone composite PMI, which measures overall activity, rose to 54.1 from 53.3 in October, according to data company IHS Markit. It now [...]
Consumer confidence rises in Eurozone in November, beating the wider European Union November 22, 2016 Eurozone consumer confidence has improved sharply in November, shrugging off any aftermath from the UK’s decision to vote to leave the European Union to beat forecasts. The indicator improved by 1.9 points to -6.1, according to the European Commission. This is well above the long-term average below -12, and above forecasts which had predicted confidence [...]
Oil price rally pushes stocks up around the world as US indices hit multiple record highs November 22, 2016 The continuing rally in oil prices led stocks around the world higher as a succession US indices hit all-time record highs at the close. Oil prices are rising on expectations that oil production cartel Opec will cut production at the end of the month. It meets on 30 November. The US oil benchmark, West Texas [...]
