Over half of money managers bet on global recession this year August 16, 2022 Over half of investors are fretting over the global economy tumbling into recession this year, new figures released today show. Some 58 per cent of money managers think global output will shift into reverse, up from a minority of 47 per cent, according to Bank of America’s latest global fund managers’ survey. The latest reading [...]
Inflation deals record blow to UK workers’ living standards August 16, 2022 Surging inflation has dealt a record blow to households’ wages in a sign the UK economy is tumbling into a sharp slowdown, official figures published today showed. Brits’ pay accounting for consumer price index inflation dropped 4.1 per cent over the last three months, the biggest drop since records began in 2001, according to the [...]
Weak China economy data weighs on London’s FTSE 100 August 15, 2022 London’s FTSE 100 kicked off the week in muted style as more signs of the global economy stalling emerged today. The capital’s premier index edged 0.04 per cent higher to 7,503.87 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.12 per cent to [...]
Identifying politicians’ role in inflation surge is better than tweaking BoE mandate August 15, 2022 Understanding how much of the blame politicians should carry for inflation surging far above the Bank of England’s two per cent target would be “a better strategy” than tweaking its mandate, a top City economist said today. In a note, Paul Donovan, chief economist at investment bank UBS, said the UK’s inflation shock has been [...]
Strong consumer spending boosts Japan economy, but GDP misses forecasts August 15, 2022 A slowdown in the spread of virus cases and a sharp rise in consumer spending has boosted Japan’s economy, new figures published today showed. Output in the world’s third biggest economy jumped 2.2 per cent in the three months to June, up from a small 0.1 per cent rise in the first quarter of this [...]
China economy wilts under weight of ‘zero Covid’ restrictions and soft demand August 15, 2022 Strict adherence to blunt restrictions on daily life to deal with Covid-19 outbreaks is sending a chill through the Chinese economy, a raft of data released today showed. Beijing’s blanket lockdowns across some of the country’s economic powerhouses, including Shanghai, one of the world’s top trade hubs, are weighing on output. Retail sales growth in [...]
Why August Is Actually A Good Month To Find A Job August 15, 2022 Your mind might be at the beach even if your body is firmly at your desk: August is the laziest of the summer months, and with record-breaking UK temperatures this season – a new record-high temperature of 40.3°C was set at Coningsby, Lincolnshire, on 28th July – the heatwave has continued with parts of the [...]
Bank of England ramps up staff bonus pool by £1.3m despite inflation surge August 15, 2022 The Bank of England handed out an average bonus of just over £5,400 to staff despite inflation expected to rise to more than six times the monetary authority’s target. The monetary authority upped its bonus pool by around £1.3m over the last year to £23.3m, according to figures obtained by The Observer through a freedom [...]
Firms scramble to hire workers despite recession jitters August 15, 2022 Businesses are still scrambling to hire staff despite experts forecasting the UK will drop into a drawn-out recession at the end of this year, a new survey published today reveals. Over seven in 10 firms intend to boost staff levels over the next three months, while just over one in 10 employers expect to cut [...]
Week ahead: City shapes up for possible double-digit inflation August 14, 2022 The City is bracing for a week brimming with big economic announcements that will shed more light on the health of the UK economy. London’s premier FTSE 100 index notched a decent performance last week, gaining nearly one per cent to close at a shade over 7,500 points. The mid-cap domestically-focused FTSE 250 index, which [...]