Sterling dives as Mark Carney lays the groundwork for an interest rate cut June 30, 2016 The pound took a dive against the euro and the dollar this afternoon, after Bank of England governor Mark Carney laid the groundwork for an interest rate cut. The pound fell as much as one per cent against the euro, to €1.1941, and 1.1 per cent against the dollar, to $1.3280, before beginning to edge up. Meanwhile, the [...]
Mark Carney prepares to cut rates and raises prospect of more quantitative easing June 30, 2016 The governor of the Bank of England has told markets to expect a cut in interest rates as he warned the economy was in for a period of prolonged uncertainty and significantly slower growth in the wake of the EU referendum. In his second intervention since the UK voted to walk away from the EU, [...]
South Africa posts record trade surplus after exports of precious metals and stones sky-rockets June 30, 2016 South Africa reported a whopping R18.7bn (£928m) trade surplus today, outdoing expectations. Exports rose 14 per cent to R104.7bn on a month-on-month basis, driven by a 49.1 per cent increase in precious metals and stones and a 10.4 per cent increase in mineral products exports. Imports were down 6.6 per cent to R86bn, the South African Revenue Service [...]
OBR scraps July fiscal sustainability report due to Brexit vote fallout June 30, 2016 The UK's fiscal watchdog scrapped its medium-term forecast which was due out next month, citing uncertainty from the UK's decision to leave the European Union. The OBR said Brexit uncertainty meant it wasn't currently worth making estimates using its previous prediction. This means the first official economic forecast post-vote will be the Bank of England's quarterly inflation report due out in August. Read more: [...]
What does the Brexit vote mean for the public finances? June 30, 2016 Economists have warned the government's debt pile is set to jump following the UK's decision to leave the European Union. With growth forecasts being slashed and many fearing the UK is on the brink of a recession, the chances of the UK eradicating its budget deficit by the end of the decade are look slimmer. [...]
Before the bell: What you need to know before the US market open June 30, 2016 The Fed's stress tests were failed by two European banks further buffeting stocks hit by the Brexit vote, while Wall Street lenders have announced share-buyback plans. Here's what you need to know before the US market open at 2:30pm London time. Futures are pointing down ahead of the open, with the S&P off by 0.16 per [...]
Eurozone back in inflation for first time in five months June 30, 2016 Existential crises, political arguments and the clamour for referendums aside, the Eurozone nudged back towards a semblance of normality today, with a return to inflation in June. Price rose by 0.1 per cent in the year to June, according to the official EU stats body, Eurostat, ticking into positive territory for the first time since January. Cheaper energy [...]
UK current account deficit running at a near record high June 30, 2016 The UK's current account deficit is still running at a near record high, stoking fears about a balance of payments crisis in the wake of the UK's referendum on the EU. The deficit – a measure of the difference between money coming in and going out of the country – came in at £32.6bn in the [...]
Consumer confidence stayed steady in June ahead of the EU referendum – but the public was gloomy about the global economic outlook June 30, 2016 Consumer confidence stayed steady in June, immediately before the UK voted on its membership of the European Union. The GfK consumer confidence index for June, which was researched between 1 June and 15 June, remained at May's level of -1. Consumers were far more positive about their own personal finances than the global economic situation. The public's attitude [...]
Nigel Farage says Britain could continue to contribute to EU budget – but will not compromise on freedom of movement June 30, 2016 Ukip leader Nigel Farage has said Britain will make compromises in order to access the Single Market but will not back down on immigration. Farage made the remarks in an interview with French newspaper Le Figaro following the last week's vote to leave the European Union. He said the UK could continue to contribute to the EU budget [...]
