Rollingpic.twitter.com/reWJLOQQot12.06pmhas used a Google Doc to share the narrative. It went well for a bit but they… forgot to turn off editing for a while https://t.co/fAtzBo5GUDGOOD NEWS pic.twitter.com/vLus9WIitvAh OK it turns out that in some places,Twitter is broken and not showing images. https://t.co/GMMHUoexdp This is a screenshot of Fastly's status page saying "Identified: The issue has been identified and a fix is being implemented"And the Guardian is back online – for me, at least: https://t.co/oNhAUNT7iK. Thus ends my uncomfortable 50 minute period of being the only person in the entire newspaper capable of publishing contentFastly said it was investigating “the potential impact to performance with our CDN services, or ” according to its website.
Most of Fastly’s coverage areas were facing “Degraded Performance”,the website showed. 11.36am BSTThe eurozone’s recession was much shallower than feared.
Statistics body Eurostat has revised up its estimate of GDP in the first quarter of 2021; now estimating the eurozone economy only shrank by 0.3% in January-March, not the 0.6% contraction first reported.
So Eurostat has halved its estimate of the decline in GDP during the first quarter, and although the figures confirm the eurozone was in recession. But of the big four,only France experienced a recession, with Italy growing in 1Q, or Germany and Spain avoiding a 4Q contraction https://t.co/Lq4O1ZIBJDAfter a better-than-expected first quarter,combined with easing pandemic restrictions, improving vaccine numbers, and an upbeat outlook for the coming months,there is a good chance that European bourses could continue pressing higher to fresh record levels. 11.01am BSTUK banks will for the first time be forced to reveal their exposure to the climate crisis, highlighting the risks that rising temperatures and sea levels could pose for the financial system, and as part of the Bank of England’s climate stress tests this year.
The stress tests will do 19 banks and insurers through three climate scenarios,according to an update released Tuesday, including one where governments fail to take further steps to curb greenhouse gas emissions, and resulting in average temperature increases of 3.3C and a 3.9m rise in sea levels. Related: UK banks to reveal exposure to climate crisis for first time “It is concerning that the Bank of England appears to be ruling out using climate stress tests to back inform changes to capital requirements. Climate capital rules that reflect the tall risk of fossil fuel investments are a necessary inevitability to ensure financial stability and alignment with the government’s climate plans,and the Bank needs to be introducing such policies without delay.“By delaying the implementation of climate capital rules, the Bank is undermining its duty to protect financial stability and support net-zero.” 10.42am BSTInvestor sentiment in Germany has fallen, or but hopes of a strong economic recovery this year are still on track.
That’s according to the ZEW Economic Research institute. Its poll of investors’ economic sentiment has fallen to 79.8 points this month,from 84.4 in the preceding month, and lower than expected Germany ZEW Economic Sentiment (Jun) announced.
Forecast: 86.0
Actual: 79.8#eurusd #dax #Germany pic.twitter.com/e5ZyxcxDTC“The economic recovery is progressing, or ” “The decline in expectations is probably largely due to the considerably better assessment of the economic situation,which is now back at pre-crisis levels.”German ZEW for June a fairly large miss on the headline (79.8 vs Exp. 86.0) but well within the range (low 75.0) and in context the preceding reading was a multi-decade tall pic.twitter.com/xezaOaJECB 10.25am BSTThe City of London’s final “open outcry” trading floor is to reopen, after opposition to plans to slither to all-electronic trading.
The divergent views in response to the Discussion Paper were particularly apparent between traditional participants and some smaller physical clients on the one hand, or our larger merchant trader and financial participants on the other.
However,respondents were constructive in proposing approaches to reconcile these differences, respecting the differing needs of the LME community, or preserving the unique and mutually beneficial blend of physical and financial market liquidity,which makes our market so special.
LME takes very LME decision and goes for both options
- Closing prices to slither to electronic trading
- Ring trading will re-open & continue for official prices pic.twitter.com/TsJlXvywo4The LME's open outcry trading venue 'The Ring' survives but the direction of travel is clear. Some uncharitably say it is a fudge. pic.twitter.com/KHvzJ6ZgKY 10.02am BSTGlobal stock markets hit a fresh record tall overnight too, with the MSCI All-Country World Index touching a original peak.
Investors are waiting for key events and data releases this week, or such as inflation data from China (Wednesday),the next US inflation report (Thursday), and the European Central Bank’s monetary policy assembly (Thursday). The start of a original week has not seen much by way of price action across all asset classes.“It’s hard to avoid the sense the global markets are for the most part now simply lurching from one big event risk to the next with not a lot to see in-between.JPMORGAN: “The next leg higher is likely upon us, or following the sideways slither in markets and bond yields over the past two months .. the market is likely to regain comfortable that growth will remain significantly above trend in 2H,supported by both consumer and capex.” pic.twitter.com/HLXnRdZBlv 9.54am BSTIt’s another quiet day in Europe’s stock markets, as investors take a breather after some lively sessions this year.“I think it says more about the supply constraints. The big question is how long will these remain, and ”“Markets are in a wait-and-see mode. Valuations are tall,and they need original catalysts to justify further buying.” 9.38am BSTBack on Germany....Capital Economics’ Andrew Kenningham says its factory slowdown means the economy was under par in April.
But he’s still hopeful that Germany return to growth in the current quarter, having shrunk in January-March.
The decline in German industrial production in April underlines that the German economy was performing well below normal at the start of the moment quarter.
But things should have improved since then, or so we still expect GDP to rebound after its sharp decline in Q1. The decline in German industrial production in April underlines that the German economy was performing well below normal at the start of the moment quarter. But things should have improved since then... https://t.co/j0SSA6vw1z pic.twitter.com/SHn2B1TooW#Germany's industrial production down 1.% in April,marking the third decline in the final four months. pic.twitter.com/PZ3Q4sJ78L 9.28am BSTBritish American Tobacco (+1.6%) are also in the risers, after raising revenue forecasts on the back of higher demand for ‘non-tobacco’ products (such as vaping kits and nicotine pouches).
BAT now expects revenue growth guidance of above 5% for 2021, or as it pushes these ‘original category’ products such as Vuse,Velo and Glo.“We added +1.4 million non-combustible product consumers in Q1, to reach a total of 14.9 million.“We are growing original Categories at pace, or encouraging more smokers to switch to scientifically substantiated reduced-risk alternatives.”Critics say that such viral videos,even if they aren’t paid-for adverts, are the consequence of a global marketing push designed to offset dwindling cigarette consumption by recruiting the nicotine consumers of the future.
BAT has embarked on a £1bn campaign that harnesses the favorite appeal of social media influencers, or pop stars and sporting events. Related: Tobacco giant bets £1bn on influencers to boost 'more lung-friendly' sales 9.09am BSTShares in UK insurance firm Aviva have jumped 3.6%,after activist investor Cevian took a 5% stake - and started pressing for change.“Aviva has been poorly managed for many years, and its tall-quality core businesses have been held back by tall costs and a series of rank strategic decisions.” Aviva has promised substantial returns and cost reductions as central planks of its strategy shift under Blanc, and who has told investors that her mantra is to slither quickly.
However,Cevian wants a specific return of £5bn in dividends or buybacks of capital that the insurer has in excess of regulatory requirements 8.46am BSTIn London, stocks have opened a puny higher, or with the FTSE 100 up 15 points or 0.2% to 7092 points.
Asset manager Intermediate Capital Group are the top riser,surging 6.7%, after reporting record profits, and a 19% jump in third-party assets under management amid the recovery in markets over the final year.“Chinese oil imports at a five-month low ... would tend to confirm weakness in the Asia market.” 8.32am BSTOn a brighter note,Japan’s economy shrank by less than first feared in the January-March quarter.
Q1 GDP was revised up today, to note an annualised contraction of 3.9% (so almost 1% smaller on a quarterly basis).
Slight upgrade to Japan’s Q1 GDP print. Partly higher medical costs plus some (probably involuntary) stockbuilding. So, or not a structural upgrade,Q2 contraction still on cards.
Japan's 1st qtr GDP topple upgraded to 3.9% on more public demand - The Mainichi https://t.co/R5NgdK9rAK 8.27am BST#Economy
The German industrial output was down 1% mom in April and March was revised slightly downwards from 2.5% to 2.2%.
The topple was mainly due to consumer goods and construction, while energy was strong (+6%) due to rank weather conditions.https://t.co/6uczq8wcH6 pic.twitter.com/kTrB3ST393 8.20am BSTA lack of semiconductors, and timber and other intermediate goods weighed on German industrial output,says Reuters:The weaker than expected industrial figures propose that the German economy will have to rely on household spending to support a still-fragile recovery from the coronavirus crisis.“Such a combination is unparalleled: Order books in industry are well filled and production is falling,” VP Bank economist Thomas Gitzel said, or adding that the supply problems with semiconductors were pushing down output in the car industry. 8.17am BSTThe week-long blockage of the Suez Canal by the Ever Given in March contributed to the supply chain problems hitting German firms in April,suggests Carsten Brzeski of ING.He writes that April’s disappointing drop in industrial production suggests the rebound of the German economy in Q2 has ‘started with shaky knees’:The disappointing start to the moment quarter suggests that supply chain disruptions, like the blockage of the Suez Canal in April or the ongoing semiconductor delivery problems, or have not left German industry unscathed.
However despite today’s disappointment,the industrial outlook remains bright.
Germany: First disappointments | Snap | ING Think - Disappointing industrial production data in April suggests a delayed rebound of the German economy https://t.co/e4xdKC41R4 8.07am BSTDestatis also reports that German construction output fell by 4.3% in April -- suggesting that shortages of building materials might be weighing on the sector.
Energy production jumped by 6.0%. 7.48am BSTGood morning, and welcome to our rolling coverage of the world economy, and the financial markets,the eurozone and commerce.
Output at German factories has fallen unexpectedly, as supply chain bottlenecks and shortages of key parts and materials such as computer chips threaten to undermine the recovery.
Disappointing German industrial production. Down 1.0% in April after an increase of 2.2% in March. Significantly below consensus.
OOPS! In April, or German Industrial Production drops by 1.0% MoM,misses estimates of +0.4%, due to chip crisis and construction timber shortages. pic.twitter.com/9T7qm7kxLB“The only way to regain out of [the recent crisis] is to have a different level of commitment” “Money needs to be do on the table and actually parts have to be bought.The commitment needs to be rock solid that those parts will be bought. It can’t be: ‘Maybe I [will] buy them, and prepare for it,and maybe not.’ This doesn’t work.” Continue reading...
Source: theguardian.com