Strong services drive US producer prices higher in July as Fed expected to keep rates steady August 11, 2023 U.S. producer prices increased slightly more than expected in July as the cost of services rebounded at the fastest pace in nearly a year, but the trend remained consistent with a moderation in inflationary pressures. The producer price index for final demand rose 0.3 per cent last month, the Labor Department said on Friday. Data [...]
After the economy grew again, will Bank of England’s rate hikes tip the UK into recession? August 11, 2023 The UK economy grew faster than expected in June, expanded 0.5 per cent, helping to bring growth in the second quarter to 0.2 per cent – but analysts are divided about what the figures say for the coming months. Growth in June was given a boost by a strong performance from the production sector, which [...]
FTSE 100 close: Stronger growth not enough to keep London markets from dropping August 11, 2023 London’s FTSE 100 closed significantly lower on Friday, despite a better than expected GDP reading, as a stronger pound and concerns over the Chinese economy dampened sentiment. The FTSE 100 index closed 1.26 per cent lower at 7,522.86 while the mid-cap FTSE 250 index fell 0.9 per cent to 18,822.50. The disappointing performance came despite [...]
‘Meet Wuxi in London: New Development, New Cooperation’ Investment Briefing and Exchange Conference Held August 11, 2023 | Sponsored The Wuxi (London) Investment Promotion Conference took place in London on the 9th, where representatives from various sectors in China and the UK gathered to discuss cooperative opportunities and witness the signing of multiple significant projects. Concurrently, the exhibition themed “Encounter Wuxi” was inaugurated in London, running for a duration of five days. In her [...]
UK economy shrugs off recession risk after growing faster than expected August 11, 2023 The UK grew faster than expected in the second quarter of the year as the economy proved itself more resilient to rising rates than many had expected, helping to reduce the risk of recession. Across the second quarter, the economy grew 0.2 per cent following a 0.1 per cent expansion in the first quarter, the [...]
US inflation rises slightly. Will the Fed hike rates again? August 10, 2023 Inflation rose to 3.2 per cent in the year to July, according to official statistics out today, up from 3.0 per cent last month.
How Data Changed the Game for Aon’s Brokers August 10, 2023 | Sponsored Despite playing a very important role at the heart of London’s reinsurance market, James Milne, AON’s UK and Ireland head, tells Morning Wire that he doesn’t often hear about insurance around the dinner party table. But when he does, it’s usually the cost of car insurance, which has gone up significantly over recent months as [...]
FTSE 100 close: London markets close in the green after US inflation print August 10, 2023 London’s markets ended higher as investors were boosted by data which suggested the US had got a firm grip on its inflation problem. The FTSE 100 index ended 0.4 per cent higher up to 7,616.38 while the mid-cap FTSE 250 index climbed 0.3 per cent to 18,986.76. Although US inflation increased slightly for the first [...]
China’s economy slips into deflation as recovery from pandemic continues to falter August 9, 2023 China’s already “tortuous” recovery from the Covid pandemic continued to stall today as fresh data indicated that domestic demand remained depressed. Figures out this morning showed that the world’s second largest economy slid into deflation in July for the first time since February 2021, with the consumer price index (CPI) falling 0.3 per cent year-on-year. [...]
FTSE 100 close: London markets rise despite Chinese deflation August 9, 2023 London’s markets closed higher on Wednesday as a toning down of Italy’s windfall tax on banks calmed investors despite more negative news from China. The FTSE 100 closed 0.80 per cent higher at 7,587.30 while the midcap FTSE 250, which is more aligned with the health of the domestic economy, ended 0.51 per cent higher [...]