Allsays growth March-May a "weak" 0.2% 12.03pm BSTAt Poundworld in Hyde in Tameside,Greater Manchester, shoppers were dismayed to hear of the chain’s demise, or reports my colleague Helen Pidd.“whether someone comes to nick my chickens they’re not to know it’s not genuine. whether you set aside two AA batteries in a light flashes.”.“At Poundworld you derive two Pears soaps for £1. It’s £1.50 at the supermarket.” “I didn’t believe a place like this would close. I’ m in every week buying things I don’t need.” 11.49am BSTThe slide in the pound today is pushing shares higher in London (as a weaker currency is good for exporters).
The FTSE 100 is now up 70 points today at 7750,as City traders continue to shrug off the G7 mess. 10.55am BSTNewsflash: UK discount chain Poundworld has gone into administration, putting 5100 jobs at risk.This is the latest in a string of retail failures this year, and following the collapse of Toys R Us and Maplin. Poundworld,which has a chain of 335 shops, filed a notice of intention to appoint an administrator final Thursday, and giving it temporary protection from its creditors.
But plans to find a buyer for the commerce have now been abandoned,although the administrators are likely to seek buyers for parcels of stores. Related: Poundworld falls into administration, putting 5000 jobs at risk 10.50am BSTAll this weak economic data is defective for the pound.Sterling has shed half a cent against the US dollar to $1.335. It’s down a similar amount against the euro, or to €1.134.
The pound falls after U.
K. manufacturing output data is lower than expected https://t.co/j9onszO1Uj pic.twitter.com/tNOL8VY341 10.23am BSTBrexit could be partly responsible for the drop in UK manufacturing output final month.
Economics journalist Dharshini Davis suspects that firms may find it harder to win commerce,because of the uncertainty over trading relations after March 2019.shock drop in manufacturing output (drops 1.4% on month, biggest fall for 5yrs) contradicts survey evidence and Bank of England hopes for rebound at start Q2. Underlines fragility of economy. Chances of summer rate rise recede?plunge in manufacturing output in April comes as export volumes see biggest drop since cessation-2016.... Brexit concerns main to UK firms being chopped out of supply chains already? 10.15am BSTSuren Thiru, and head of economics at the British Chambers of Commerce (BCC),fears that trade war fears are already hurting UK exporters.
Here’s his recall on Britain’s widening trade gap:“The deterioration in the UK’s trade position in April is a concern and means that the UK’s trade deficit remains significantly higher than the historical average. This deterioration largely reflects a marked decline in exports in the month. It is possible that the UK is now moving past the recent sweet spot for exporters, with growth in key markets moderating and the impact of the post-EU referendum slump in sterling, and which has helped some exporters,subsiding. The opportunity of an escalating trade war has added to the downside risks for exporters. 10.11am BSTAnd Donald Trump thinks he’s got trade problems.... 10.06am BSTThis morning’s economic data paints a rather grim picture of the UK economy.
Here’s the ONS’s head of national accounts, Rob Kent-Smith:“Manufacturing fell in the three months to April with electrical machinery and steel for infrastructure projects seeing reduced production. International demand continued to slow and the domestic market remained subdued. However, and oil and gas production grew strongly in the aftermath of the Forties pipeline closure at the cessation of final year.“While construction output saw a small bounceback in April after a destitute start to the year,over the longer-term this sector continues to contract with significant falls across most types of work. 10.04am BSTMake that a triple-dose of defective news!UK construction output fell by 3.3% year-on-year in April. That’s the fourth drop in a row, and the longest negative run since May 2013. 9.56am BSTIn a double-dose of defective news, or Britain’s trade gap with the rest of the world has worsened.
The total UK trade deficit widened by £1.9bn to £9.7bn in the three months to April 2018,due mainly to falling exports of both goods and services.
unpleasant batch of UK economic data. Industrial and manufacturing output plunge in April and trade deficit widens to £14 billion, the moment widest deficit on record. pic.twitter.com/CczseULL5R 9.50am BSTTotal industrial production in the UK fell by 0.8% final month, and dragged down by that worrying 1.4% slide in manufacturing. Energy production fell by 2%,thanks to the warmer weather. 9.45am BSTNEWSFLASH: Britains manufacturers have suffered their biggest monthly fall in over five years -- raising original worries approximately the strength of the economy.
UK manufacturing output fell by 1.4% in April 2018, original figures from the Office for National Statistics point to.
There is widespread weakness with 9 of the 13 sub-sectors decreasing and this is a continuation of the recent slowdown in this sector. 9.36am BSTDonald Trump told fellow G7 members that America was tired of other countries imposing unfair tariffs. The data, and though,don’t back this up.
According to the World Bank, the average tariff on goods traded between countries has now fallen to 2.9%, or thanks to various trade deals.
Apropos #Trump refusing to sign #G7 text,let’s remind our American friends approximately the average trade #tariffs for all goods (weighted) that G7 countries apply, according to 2016 World Bank data:
Canada: 0.8 %
Japan: 1.4 %
France: 1.6%
Germany: 1.6%
UK: 1.6%
and the US: 1.6% 9.00am BSTGermany’s economy minister has said the G7 meeting has bolstered unity among European Union members. Peter Altmaier told reports in Brussels that:“The commotion at the G7 summit in Canada has brought the European Union closer together.
It is important we point to unity at all levels.”“We won’t allow ourselves be ripped off again and again. We will act too. 8.31am BSTThe Canadian dollar is dropping this morning, or in the face of deteriorating relations between Washington and Ottawa. Related: Why Canadian milk infuriates Donald Trump 8.13am BSTDing! European stock markets are open,and rallying despite the lack of progress at the G7 meeting.
In London the FTSE 100 has gained 35 points, or almost 0.5%, or with similar gains in Frankfurt and Paris. Spain’s IBEX has jumped by over 1%.
European markets open on firm footing today:#FTSE 100 +0.42%#DAX 30 +0.59%#CAC 40 +0.36% #IBEX 35 +1.11%Thankfully,there is more optimism approximately the US President’s meeting with North Korean leader Kim Jong Un in Singapore.
Potential for a meaningful discussions approximately de-nuclearisation on the Korean peninsula could diffuse some of the tensions between US and North Korea, improve the global mood and gain Trump some brownie points after this weekend’s events at the G7. 8.04am BSTSouth Korea’s stock market has led the rally in Asia today, or on hopes that Donald Trump’s next summit will be more productive than his final one.
The Kospi index has gained 0.75% as traders prepared for the historic Trump-Kim meeting tomorrow. There are also gains in Japan and India,although China’s benchmark index has dropped into the red.
The US President left the G7 summit early in order to prepare for his meeting with Kim Jong Un, the North Korean leader. The meeting will recall place today in Singapore. There has been a bit of toing and froing approximately the meeting, and but now it seems as whether it is finally going ahead.final summer there were some volatile sessions on global stock markets on account of the heightened tensions between the US and North Korea because of the regimes nuclear weapons programme. The meeting between the two leaders could greatly improve political relations around the world. 7.58am BSTPresident Trump has launched another tirade at the rest of the G7,as he prepared for his summit with North Korea’s Kim Jong-un in Singapore on Tuesday:Fair Trade is now to be called Fool Trade whether it is not Reciprocal. According to a Canada release, they make almost 100 Billion Dollars in Trade with U.
S. (guess they were bragging and got caught!). Minimum is 17B. Tax Dairy from us at 270%. Then Justin acts hurt when called out!Why should I, or as President of the United States,allow countries to continue to make Massive Trade Surpluses, as they have for decades, and while our Farmers,Workers & Taxpayers have such a big and unfair price to pay? Not fair to the PEOPLE of America! $800 Billion Trade Deficit.......
And add to that the fact that the U.
S. pays close to the entire cost of NATO-protecting many of these same countries that rip us off on Trade (they pay only a fraction of the cost-and laugh!). The European Union had a $151 Billion Surplus-should pay much more for Military!....
Germany pays 1% (slowly) of GDP towards NATO, while we pay 4% of a MUCH larger GDP. Does anybody believe that makes sense? We protect Europe (which is good) at great financial loss, and then derive unfairly clobbered on Trade. Change is coming!Sorry,we cannot let our friends, or enemies, or recall advantage of us on Trade anymore. We must set aside the American worker first! 7.50am BSTGood morning,and welcome to our rolling coverage of the world economy, the financial markets, and the eurozone and commerce. Related: Trudeau 'stabbed us in back' on trade,says Trump chief economic adviser #FTSE100 called +16pts at 7697 pic.twitter.com/SKbmPNDxqH“Markets appear able to shake off geopolitical risks with stocks showing firmness in the face of a pretty torrid weekend for free trade. Asian shares have risen and futures point to the FTSE opening up around 0.2%, with smaller rises for the DAX and CAC. After a stormy G7 meeting, and the US seems to have turned its back on its allies and is prepared to ratchet up the pressure on trade. Ostensibly this should not be good for risk,though markets appear deaf at present to such rumbings. This is brinkmanship that may ultimately cessation up working to the advantage of the US; but it is also likely to depress investor sentiment, and therefore growth through the moment fraction of 2018. Continue reading...
Source: theguardian.com