China’s post-pandemic growth slows as government aims for more stable course July 15, 2021 China’s fast rebound from the Covid-19 pandemic has now slowed, according to official figures. The nation’s GDP for the second quarter of 2021 was up 7.9 per cent on the same period in 2020, falling short of economist’s forecasts of 8.1 per cent growth. It was less than half the growth seen in the first [...]
UK unemployment rate falls as lockdown easing drives up hiring July 15, 2021 The UK unemployment rate dropped in the latest quarter as the easing of coronavirus restrictions continues to spark a gradual economic recovery. Between March and May the unemployment rate fell 0.2 percentage points to 4.8 per cent, while the employment rate was up 0.1 percentage point at 74.8 per cent. “As we approach the final [...]
US producer inflation surges to decade high July 14, 2021 US producer prices rose at their fastest pace in over a decade, fuelling concerns that inflation in the American economy could prove to be much stickier than first thought. The producer price index jumped 7.3 per cent annually in June, the biggest annual increase since November 2010, according to figures published by the US Labour [...]
Powell: US inflation likely to run hot in coming months July 14, 2021 US inflation is likely to continue to run hot in the coming months, according to the Chairman of the Federal Reserve. US Federal Reserve Chair Jay Powell said in remarks prepared for the US House of Representatives Financial Services Committee that price rises “will likely remain elevated in coming months”, but will “moderate”. Read more: [...]
Opec+ end deadlock over oil supply policy, says source July 14, 2021 The United Arab Emirates and Saudi Arabia have ended an impasse over Opec+ oil supply policy, sources said today. A deal was reached after the UAE’s baseline was increased to 3.65 million barrels per day from April 2022, the date when the current pact had been scheduled to end. The news was first reported by [...]
UK inflation hits 2.5 per cent in June July 14, 2021 UK inflation jumped again in June, outpacing economists’ expectations to accelerate away from the Bank of England’s target, the Office of National Statistics (ONS) revealed this morning. The Consumer Price Index (CPI) rose to 2.5 per cent last month, its highest level since August 2018, up from 2.1 per cent in May. Analysts had forecast [...]
UK lenders urged to maintain support for businesses and households July 13, 2021 The watchdog of Britain’s financial system urged the UK’s largest lenders to maintain support for businesses and households today. The Financial Policy Committee said in a report published on Tuesday that it “continues to judge that it is in the collective interest of banks to support viable, productive businesses, rather than to seek to defend [...]
Brexit: EU unlikely to throw doors open to UK financial services, says Bailey July 13, 2021 Andrew Bailey, Governor of the Bank of England, said on Tuesday he does not expect the EU to open the doors to UK financial services exports following Brexit. “On equivalence, I think it’s fair to say that nothing really has moved forwards” Bailey told a news conference today. Brussels has yet to decide whether rules governing the [...]
Calls for UK to match European business support from £4.6bn post-Brexit EU fund July 13, 2021 A new report has called on the government to clarify if it will support British firms if they are affected by an uneven playing field that could be created by a €5.3bn fund subsidising its Brexit-impacted industries. If EU countries decide to use much of the new Brexit Adjustment Reserve funds to subsidise private businesses as [...]
US inflation surges at fastest pace in over a decade July 13, 2021 US inflation rose at the fastest pace in over a decade last month as severe supply constraints and shortages of key raw materials drove prices up sharply, according to new figures released on Tuesday. The US consumer price index rose 5.4 per cent annually in June, the largest increase since August 2008. The US CPI [...]