Sterling plunges below $1.22 as no-deal Brexit fears batter currency July 30, 2019 Sterling fell further overnight to its lowest level since March 2017 as worries over a no-deal Brexit under Boris Johnson’s government deepened. The pound plunged below $1.22 to hit $1.2146 this morning, a drop of almost 0.6 per cent against the dollar as analysts warned GBP is coming close to “uncharted waters”. Read more: Sterling [...]
‘Doomsday narrative’: Sterling tanks to 28-month low on no-deal Brexit fears July 29, 2019 Sterling has fallen to its lowest point in over two years against the dollar after ministers in Prime Minister Boris Johnson’s new government made clear they were now assuming a no-deal Brexit. The pound had fallen 1.1 per cent against the dollar to buy $1.225 by 2pm UK time. Read more: Dominic Raab: Britain ‘turbo-charging’ [...]
UK mortgage approvals rise but consumer lending slows July 29, 2019 Britain’s housing market received a modest lift in June as mortgage approvals increased by more than analysts had expected, Bank of England figures showed today. Read more: UK mortgage approvals hit two-year high following Brexit extension Annual lending growth to UK consumers slowed from 5.7 per cent in May to 5.5 per cent in June, [...]
UK firms keen to hire but skills shortages a problem July 29, 2019 In the second quarter of the year 60 per cent of British firms tried to hire new employees, according to a new survey, in the latest sign of strength in the job market. Read more: UK unemployment stays at 54-year low as wages tick up Meanwhile, 30 per cent of employers said they expect to [...]
Fed set to cut interest rates for first time in 10 years July 28, 2019 The US Federal Reserve is poised to cut interest rates for the first time in a decade when it meets this week in a preemptive effort to stave off the effects of trade tensions. Read more: US economic growth falls short of Trump’s target Market players think it is certain that the Fed will cut [...]
Alphabet, Twitter and Starbucks send Wall Street to record highs July 27, 2019 Two of the main indexes in the US, the S&P 500 and Nasdaq, ended Friday on record highs after significant gains from the likes of Alphabet and Starbucks. It came on the back of data that showed US economic growth had slowed less than expected in the second quarter. Read more: US economic growth falls [...]
Business groups cheer new government’s change of tune on migration cap July 25, 2019 Britain’s biggest business groups yesterday welcomed signals from Downing Street that the new administration has all but abandoned the target to bring net migration below 100,000. Read more: Boris Johnson takes aim at Brussels in fresh Brexit battle Both the Confederation of British Industry (CBI) and the Institute of Directors (IoD) said the government’s turn [...]
ECB prepares stimulus to kickstart stalling Eurozone economy July 25, 2019 The European Central Bank (ECB) kept interest rates on hold today but signalled it will ease policy to kickstart the Eurozone economy unless growth picks up. Read more: Tepid Eurozone inflation stays well below ECB target It said it now expects its main interest rates will stay at “present or lower levels at least through [...]
Former banker Sajid Javid’s first job as chancellor? To stand up to Boris Johnson July 25, 2019 Analysts at Deutsche Bank triggered sighs across the City yesterday with an attempt to coin the term “Borisnomics”. The portmanteau, as clunky as the new Prime Minister’s debut speech on the steps of Downing Street, is unlikely to catch on – but whatever we call it (Bojonomics, Johnsonomics…) how should we judge Boris Johnson’s likely approach [...]
Eurozone relapses as manufacturing downturn deepens July 24, 2019 Economic woes have deepened in the Eurozone as the manufacturing downturn hit a three-month low for July, according to a closely-followed measure of the industry’s health. Manufacturing output relapsed to fall to a score of 51.5 this month after two months of growth, IHS Markit’s Flash Eurozone Purchasing Managers’ Index (PMI) found today. Read more: [...]