UK exports to US fall by biggest volume on record
The £2bn drop in April is a third lower than the month prior, and the lowest level since the invasion of Ukraine in February 2022
Macro News
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UK GDP falls 0.3% in April
Trump’s tariffs and Reeves’ tax changes poured cold water on economic activity, and could continue to ‘weigh on growth for months to come’
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AXA IM’s Iggo: The big questions for bond investors on the Spending Review
While painful for the UK economy in the short term, Reeve’s announcement could be positive in the longer term as interest rates come down
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Weekly Outlook: Bellway and Tesco report
Key events for wealth managers in the week beginning 9 June
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ECB delivers seventh consecutive interest rate cut
Interest rates were reduced 25bps to 2% as the bank casts an eye to economic growth
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US court blocks Trump’s tariff plans
It ruled the president had overstepped in using emergency powers to fast track trade policy, which he has already filed an appeal against
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Trump delays 50% tariff escalation on Europe
Negotiations were extended until 9th July after a call with European Commission President Ursula von der Leyen over the weekend
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UK borrowing up £2.3bn higher than expected
It rose to £20.2bn in April, overshooting the £17.9bn estimate set by economists beforehand
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Weekly Outlook: Vodafone and M&S report
Key events for wealth managers in the week beginning 19 May
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High GDP growth exceeds expectations, but experts warn of slowdown
The UK economy grew 0.7% in the first quarter after a period of stagnation, yet Trump’s tariffs and Reeve’s tax hikes could unravel investors’ optimism
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UK unemployment rises to 4.5%
It could reach as high as 5% in the coming months as Chancellor Rachel Reeves’ National Insurance changes come into effect, according to some
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Markets rise on US/China tariff breakthrough
Both sides have cut tariffs for a 90-day period – but there is still work to be done to reach formal agreement