UK retailers defy doom-mongers to surprise on the upside
Retail sales in the United Kingdom rose 1.4% during July from levels recorded in June, confounding expectations of a drop-off.
Macro News
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UK employment rise lifts pound again
Better than expected United Kingdom employment figures prompted the pound to regain slightly more of its post referendum lost ground this morning.
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Inflation uptick prompts rise in pound
Inflation in the United Kingdom ticked up to 0.6% in the year to July from 0.5% for June according to the Office for National Statistics, prompting a rise in the pound.
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EY: UK faces financial services slowdown even with ‘softer’ Brexit
Business and mortgage lenders and general insurers are in for a “tough” 2018, even if a softer, transitional Brexit deal is reached, according to an Ernst & Young economic forecast.
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Strong US job creation forcing Yellen’s hand
The United States’ non-farm payroll growth in July comfortably outstripped forecasts, according the Bureau of Labor Statistics.
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BoE cuts rates to 0.25%, turns on QE tap
The Bank of England’s Monetary Policy Committee has cut interest rates to 0.25%, and committed to a new term funding scheme to “reinforce the pass-through” of the decision into the broader market.
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Japan announces $45bn fiscal stimulus package
Japan is set to launch $45bn of new fiscal stimulus measures after Prime Minister Shinzo Abe and the cabinet gave the plan the go ahead.
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UK PMI falls to lowest since 2013
The United Kingdom Purchasing Managers’ Index reading fell to 48.2 in July as the economy felt the effect of post-referendum uncertainty.
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Fund managers unmoved by BOJ announcement
The Bank of Japan’s unsurprising move last Friday is a relief for banks, but fund managers are not adjusting their portfolios.
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Markets flat as Japan leaves helicopters grounded
Markets were largely flat on Friday as investors digested the news that Japan has decided not to launch the ‘helicopter money’ that some see as the answer to its economic struggles.
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Fed turns ‘mildly hawkish’
The Federal Reserve’s decision to hold rates at 0.25-0.5% announced last night surprised nobody, but the accompanying rhetoric suggested a more hawkish stance is emerging.
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Better-than-expected GDP provides solace but no insight
Preliminary GDP numbers for the second quarter have raised hopes slightly that the UK economy was on a better footing heading into the EU referendum than had been expected.
