Retail sales fell in February as non-food retail sales decline for first time since 2011 according to early indicator March 7, 2017 Retail sales fell in February as non-food purchases recorded their first quarterly decline in more than five years, a survey ahead of official data shows. Like-for-like sales fell by 0.4 per cent compared to February 2016, according to the retail sales monitor reported by the British Retail Consortium (BRC) and KPMG, despite food sales rising [...]
Greece growth downgraded further as bailout hangs in the balance March 6, 2017 The Greek economy shrank far more than was previously thought at the end of 2016, putting the growth underpinning its bailout deal this year under further threat. Output in the embattled country declined by 1.2 per cent in the final three months of the year, according to the Hellenic Statistical Authority, a big downwards revision [...]
Greece growth downgraded further as bailout hangs in the balance March 6, 2017 The Greek economy shrank far more than was previously thought at the end of 2016, putting the growth underpinning its bailout deal this year under further threat. Output in the embattled country declined by 1.2 per cent in the final three months of the year, according to the Hellenic Statistical Authority, a big downwards revision [...]
Donald Trump lessened importance of central banks as driver of global markets says influential group March 6, 2017 The ascent of Donald Trump to the US Presidency lessened market reliance on central banks, according to an influential body of central bankers. The surge in US equity valuations which followed the election of Donald Trump meant central banks “stepped back from the limelight”, according to the Bank for International Settlements (BIS). “Politics tightened its [...]
Italy’s dying elite is dragging the Eurozone ever closer towards the abyss March 6, 2017 Venice – The great German novelist Thomas Mann once rightly described this bejewelled city as one of “flattering and suspect beauty, half fairy tale and half tourist trap”. The same can be said for the country of Italy as a whole, where things are rarely as they seem. For the problem with political soap operas [...]
There’s no need for Treasury giveaways to help the just about managing March 6, 2017 On the steps of Downing Street, Theresa May outlined the core of her political strategy: “If you are just about managing, I want to address you directly”. The just about managing – the so-called JAMs – saw their cost of living significantly squeezed in the aftermath of the financial crisis, and it is indeed vital that [...]
China sets lowest growth target in more than 20 years March 5, 2017 China has reduced its growth target for 2017 to its lowest level for more than 20 years, as the country seeks to manage the decline in its potential for catch-up growth and a new relationship with the US. The communist party government of the world’s second largest economy will aim for growth of around 6.5 [...]
Chancellor Philip Hammond expected to bank £12bn from borrowing outperformance in his first Budget March 5, 2017 Budget-day forecasts from the independent Office for Budget Responsibility (OBR) are expected to give chancellor Philip Hammond a boost in his efforts to hit his new fiscal targets. Borrowing could undershoot previous targets by as much as £12bn during the 2016-17 tax year, according to the OBR’s analysis of government borrowing figures up to January. [...]
This chart shows what’s changed since since the Bank of England began its quantitative easing programme in 2009 March 4, 2017 Tomorrow is the eighth anniversary of the Bank of England (BoE)'s quantitative easing (QE) programme and of interest rates being cut to the "emergency" level of 0.5 per cent. It also happens to be the deadline for written submission to the treasury select committee's enquiry into the effectiveness and impact of the post-2008 monetary policy. Laith Khalaf, senior [...]
Growth in the US service sector hit a five-month low in February March 3, 2017 US services experienced a slowdown in February, as growth dipped to a five-month low with companies becoming more cautious about spending and hiring. IHS Markit's US services purchasing managers' index (PMI) fell to 53.8, but the indicator still signals healthy expansion of output in the world's largest economy – any figure below 50 denotes contraction. The [...]
