UK economy contracts most since 2009 as optimism slumps
A composite measure of UK output fell to an 87-month low largely on the back of ongoing uncertainty about Brexit, Markit announced on Friday.
Macro News
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ECB rates unchanged but eligibility issues remain
No changes to the European Central Bank’s monetary policy stance was announced at its meeting on Thursday; as it chose to maintain the deposit rate at -0.4%.
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Lowest unemployment number since 2005 lifts sterling
The United Kingdom’s unemployment rate fell to 4.9% in the three months to May, according to the Office for National Statistics.
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Moody’s issues bearish forecast for UK GDP
Moody’s has issued a bearish forecast for the United Kingdom’s GDP growth over the coming two years.
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Inflation edges up on fuel price rise
Inflation in the United Kingdom edged up to 0.5% year-on-year in June from 0.3% the month before, the Office for National Statistics reported today.
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Weale cautious on BoE rate cut
The Bank of England’s Martin Weale has hinted he is not ready to vote for cutting the headline interest rate at the Monetary Policy Committee’s next meeting.
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Populism rise could cause big falls in multi-asset portfolios – MSCI
An MSCI report has examined the investment implications of the rise of populism around the world, and found that multi-asset portfolios could lose as much as 11% of their value as a result.
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BoE keeps rates on hold; is QE on the cards?
The Bank of England’s Monetary Policy Committee has surprised commentators by voting 8-1 to keep interest rates on hold at 0.5%.
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Further tax cuts predicted as Hammond becomes UK chancellor
Britain’s new prime minister Theresa May has appointed former foreign secretary Philip Hammond as chancellor of the exchequer with experts predicting he may delay long-awaited reforms to non-UK domiciles.
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Hendry: Brexit expands investment choice
The investable universe post the Brexit vote has expanded greatly and is “ripe” for barbell strategies, despite a likely UK recession, according to Eclectica’s Hugh Hendry.
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Just 12% of millennials use financial advisers, says fintech app Bud
Millennials are more likely to turn to robo-advice than a financial adviser for help with their personal finances, new research suggests.
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Sterling leaps as PM appointment soothes markets
Sterling leapt 1.4% today as markets welcomed the restoration of some stability in British politics following the referendum on European Union membership.
