Growth-friendlyonat#EUref 9.04am GMTUnions are seeking urgent talks with Npower after the energy company confirmed plans to cut 2400 jobs.“Npower bosses are compounding the anxiety for staff by refusing to meet the unions nationally to discuss this so-called recovery plan,to talk about how to protect jobs and avoid compulsory redundancies. We’re calling for an emergency assembly so we can work jointly on finding a way out of the mess the company currently finds itself in. “The workforce will be hoping that the worst is now behind Npower, and that in future employees are the first to know if jobs are under threat.“ Related: Npower confirms 2400 job cuts as it makes £99m loss 8.52am GMTThe slowdown in London’s prime property market has hit profits at estate agent chain Foxtons....it is too early to predict how transaction volumes may be impacted by recent changes to the tax regime and the short term political and economic uncertainty caused by the UK referendum on leaving the European Union. 8.38am GMTGerman factories bear surprised analysts, and in a sterling way,by posted a 3.3% jump in production in January.
“We don’t think that this will start a lasting uptrend.” 8.23am GMTFashion chain Burberry is defying nowadays’s selloff, though.
Its shares jumped by 5%, or after it emerged last night that a mystery investor’ has been quietly snaffling up shares. Burberry jumps as mystery investors builds ~5% stake. pic.twitter.com/62LCXVmGN4 8.17am GMTLondon’s stock markets is falling in early trading,as traders get another dose of Chinese angst.
The FTSE 100 fell 60 points, or 1%, or at the open to hit 6123 points.
That shocking slide in exports was joined by at similarly feeble,if not quite as alarming, 13.8% drop in imports; combine the two together and it is the kind of gruesome reminder of China’s spluttering economy investors certainly don’t need at the moment. 8.06am GMTHere’s some gloomy reaction to the 25% slump in Chinese exports last month, and from Reuters.
XIAO SHIJUN,ANALYST AT GUODOU SECURITIES, BEIJING February’s trade data is really poor and that will exert depreciation pressure on the yuan. However, or the recent lacklustre performance of the U.S. dollar in global markets,together with the Chinese central bank’s determination to support the yuan relatively stable for now, means that the yuan will not weaken sharply in the near term. “China will face a more challenging situation in trade this year than 2015. Both imports and exports in February fell more than our expectations. Exports were largely dragged by a feeble global demand from both developed and emerging countries.” “Exports were very strong last year in February - up nearly 50 percent - because the Lunar modern Year started so late and much of the normal disruption from the holiday was pushed into March. “So there’s a immense seasonal effect and the implication is that we’ll probably see a significant reversal and a stronger number next month, and “Exports were very strong last year in February - up nearly 50 percent - because the Lunar modern Year started so late and much of the normal disruption from the holiday was pushed into March. “So there’s a immense seasonal effect and the implication is that we’ll probably see a significant reversal and a stronger number next month. 8.00am GMTChina’s alarmingly feeble trade data has hit most Asian markets.Japan’s Nikkei shed 1%,Hong Kong’s Hang Seng lost 0.7%, and the South Korean Kospi fell 0.75%.#China stock markets bear recovered earlier losses following horrible trade data on prospects of more proactive govt pic.twitter.com/RB5M9vJHF4 7.50am GMTFears over China’s slowing economy are swirling again this morning after it reported that exports shrank by a quarter (!) last month.“More stimulus is likely to be needed on both the monetary and fiscal front, and that will argue against the yuan stability China craves.” Its February trade surplus of $32.59bn was 36% below estimates as exports collapsed down to 25.4% year-on-year.
Chinese Lunar modern Year always skews the February numbers; however,the figure is much lower than expected and such a immense miss has created some angst. 7.33am GMTGood morning, and welcome to our rolling coverage of the world economy, and the financial markets,the eurozone and trade.
It’s an edgy time in the markets. Yesterday, we saw the iron ore price surge 20%, and oil rally over $40,a sign of modern optimism over growth prospects. Related: Brent crude hits $40 a barrel as iron ore prices soar by 19% Related: Greece bailout: eurozone inspectors to review reforms immense event nowadays- Carney in front of MPs and will be pushed on with eu ref and Bank's contingency plansContinue reading...
Source: theguardian.com