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.
Macro News
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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.
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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.
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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.