Latest news with #BrianEvans
CNBC
5 days ago
- Business
- CNBC
Stock futures are little changed as investors await more trade news and fresh inflation data: Live updates
Stock futures were little changed on Thursday, as investors await more clarity on U.S. trade policy. Futures tied to the Dow Jones Industrial Average pulled back 38 points, or 0.09%. S&P 500 futures slipped 0.1%, alongside Nasdaq 100 futures. — Brian Evans
Yahoo
6 days ago
- Business
- Yahoo
Wales could lose 'half a billion' in welfare reforms
The UK government's disability welfare reforms could cut the incomes of people in Wales by £466m by 2029-30 according to new analysis. Data analytics company Policy in Practice told Walescast that almost 190,000 people are likely to be affected - 6% of the population. Brian Evans from Swansea, who receives support for multiple health problems, said the uncertainty meant he was constantly anxious with "the worry of what's going to happen to me". The Department for Work and Pensions said it would not compromise on protecting people "who need our support", and that reforms "will mean the social security system will always be there for those who will never be able to work". Benefits crackdown unveiled with aim to save £5bn a year by 2030 People 'terrified' by benefit reforms - Labour politician Wales losing billions in unclaimed benefits - report Mr Evans, 62, receives the Personal Independence Payment (PIP) for which eligibility will be tightened under the reforms. PIP was designed to cover the extra costs of being disabled, and Mr Evans uses it to run his mobility car, which he fears losing. "I haven't got a television because I can't afford one, everything's being spent," he said. "So if things are cut back any further I really don't know how I'll manage." When the changes were proposed in March, First Minister Eluned Morgan asked the UK government for an assessment of their impact on Wales specifically. The Department for Work and Pensions has published an impact assessment for England and Wales. The analysis by Policy in Practice, which has been working with the Welsh government and local authorities in Wales to encourage people to claim the benefits they are eligible for, breaks down the impact of the reforms on each region. Blaenau Gwent, Merthyr Tydfil and Neath Port Talbot were the worst affected areas per head of population. Sam Fathers, of Policy in Practice, told Walescast that for some people the reforms could mean "knocking 60% of their income out in one hit" and cutting thousands of pounds per year among people on some of the lowest incomes in the UK. But he urged people not to panic because the proposals were currently at the consultation stage. The number of working-age people claiming health-related benefits in the UK has increased by 45% since 2019-20. The UK government proposed the reforms to save £5bn a year by 2020-30, though the number of claims is still expected to grow. Ministers have said the plans would offer a £1bn package of extra support for people to return to the workplace, with a "try before you buy" approach enabling people to try a job without automatically losing benefits. "Anything that will get people back into work is welcome," said Mr Fathers, but he added that even "the very best campaigns around employability with disabled people have got about 5% more people into work". He said Policy in Practice had modelled the impact of getting up to 10% of claimants back into work and even in that scenario Wales would see "an increase in the levels of poverty". Labour Member of the Senedd, Mick Antoniw, called for the UK government to work with the Welsh government to reform the welfare system. "Some of these things aren't thought out," he said. "What we don't have is a clear anti-poverty agenda that is the driving force of policy change." "A Labour government is there to resolve poverty and help people into work," said Antoniw. "There are a lot of good things that are happening, I just think that the messaging has been the wrong way round and the driving force has probably been the wrong way round." The Department for Work and Pensions said: "The majority of people who are currently getting PIP will continue to receive it. "We will never compromise on protecting people who need our support, and our reforms will mean the social security system will always be there for those who will never be able to work, and their income is protected. "We have also announced a review of the PIP assessment, and we will be working with disabled people and key organisations representing them - including in Wales - to consider how best to do this."
BBC News
6 days ago
- Business
- BBC News
Wales could lose 'half a billion' in welfare reforms
The UK government's disability welfare reforms could cut the incomes of people in Wales by £466m by 2029-30 according to new analytics company Policy in Practice told Walescast that almost 190,000 people are likely to be affected - 6% of the Evans from Swansea, who receives support for multiple health problems, said the uncertainty meant he was constantly anxious with "the worry of what's going to happen to me".The Department for Work and Pensions said it would not compromise on protecting people "who need our support", and that reforms "will mean the social security system will always be there for those who will never be able to work". Mr Evans, 62, receives the Personal Independence Payment (PIP) for which eligibility will be tightened under the was designed to cover the extra costs of being disabled, and Mr Evans uses it to run his mobility car, which he fears losing."I haven't got a television because I can't afford one, everything's being spent," he said."So if things are cut back any further I really don't know how I'll manage." When the changes were proposed in March, First Minister Eluned Morgan asked the UK government for an assessment of their impact on Wales Department for Work and Pensions has published an impact assessment for England and analysis by Policy in Practice, which has been working with the Welsh government and local authorities in Wales to encourage people to claim the benefits they are eligible for, breaks down the impact of the reforms on each Gwent, Merthyr Tydfil and Neath Port Talbot were the worst affected areas per head of Fathers, of Policy in Practice, told Walescast that for some people the reforms could mean "knocking 60% of their income out in one hit" and cutting thousands of pounds per year among people on some of the lowest incomes in the he urged people not to panic because the proposals were currently at the consultation stage. Messaging 'the wrong way round' The number of working-age people claiming health-related benefits in the UK has increased by 45% since UK government proposed the reforms to save £5bn a year by 2020-30, though the number of claims is still expected to have said the plans would offer a £1bn package of extra support for people to return to the workplace, with a "try before you buy" approach enabling people to try a job without automatically losing benefits. "Anything that will get people back into work is welcome," said Mr Fathers, but he added that even "the very best campaigns around employability with disabled people have got about 5% more people into work".He said Policy in Practice had modelled the impact of getting up to 10% of claimants back into work and even in that scenario Wales would see "an increase in the levels of poverty".Labour Member of the Senedd, Mick Antoniw, called for the UK government to work with the Welsh government to reform the welfare system."Some of these things aren't thought out," he said. "What we don't have is a clear anti-poverty agenda that is the driving force of policy change.""A Labour government is there to resolve poverty and help people into work," said Antoniw."There are a lot of good things that are happening, I just think that the messaging has been the wrong way round and the driving force has probably been the wrong way round." The Department for Work and Pensions said: "The majority of people who are currently getting PIP will continue to receive it."We will never compromise on protecting people who need our support, and our reforms will mean the social security system will always be there for those who will never be able to work, and their income is protected."We have also announced a review of the PIP assessment, and we will be working with disabled people and key organisations representing them - including in Wales - to consider how best to do this." Watch Walescast at 22:40 BST on BBC One Wales or catch up on iPlayer. It is also available on BBC Sounds.
CNBC
19-05-2025
- Business
- CNBC
Asia-Pacific markets set to trade mixed as investors parse Moody's U.S. downgrade
Futures for Hong Kong's Hang Seng index stood at 23,270, lower than its last close of 23,345.05. Australia's benchmark S&P/ASX 200 is set to rise marginally, with futures standing at 8,360, higher than the index's last close of 8,343.7. Japan's benchmark Nikkei 225 is set to open mixed, with the futures contract in Chicago at 37,730 while its counterpart in Osaka last traded at 37,800, against the index's last close of 37,753.72. Asia-Pacific markets are set to trade mixed Monday as investors await a slew of economic data from across the region and parse Moody's downgrade of the U.S. credit rating. China is scheduled to release a slate of economic data for April, including housing prices and industrial production. Thailand is set to report its first-quarter GDP later in the day. The Reserve Bank of Australia will also kickstart its two-day meeting. On Friday, Moody's Ratings downgraded the U.S. sovereign credit rating by one level from Aaa to Aa1, citing mounting challenges in funding the federal budget deficit and the increasing cost of refinancing debt in a high-interest-rate environment. With this downgrade, Moody's has joined the ranks of other major rating agencies. S&P made the first move in 2011, and Fitch followed suit in 2023, both reducing the U.S. rating to AA+. Moody's latest rating downgrade on its own may not cause a big sell-off in U.S. stock and bond markets as seen from the 2011 and 2023 rating downgrades, Vasu Menon, OCBC's managing director of the investment strategy team said in a note. "It does however reinforce concerns about the growing U.S. budget deficit and debt, but these are not new and have been discussed extensively for the past few months, and even years," he noted. U.S. stock futures declined after the S&P 500 posted a four-day rally on the back of U.S. and China's temporary tariff cuts and encouraging inflation reports. Futures tied to the Dow Jones Industrial Average dropped 292 points points, or 0.7%. S&P 500 futures slipped 0.7%, while Nasdaq 100 futures fell 0.8%. Overnight stateside on Friday the three major averages closed mixed. The S&P 500 rose for a fifth session and posted a sharp weekly gain, as investors looked past the release of disappointing consumer sentiment data and persisting inflation worry. The broad market index climbed 0.70% to end at 5,958.38, while the Nasdaq Composite gained 0.52% to close at 19,211.10. The Dow Jones Industrial Average gained 331.99 points, or 0.78%, settling at 42,654.74. Friday's advance put the 30-stock benchmark into positive territory for 2025. — CNBC's Brian Evans, Pia Singh and Tanaya Macheel contributed to this report.
CNBC
16-05-2025
- Business
- CNBC
Asia-Pacific markets set to trade mixed as investors await a slew of regional economic data
Yukinori Hasumi | Moment | Getty Images Asia-Pacific markets were set to climb Friday as investors look toward a slate of GDP data in the region. Japan's benchmark Nikkei 225 is set to open higher, with the futures contract in Chicago at 37,790 while its counterpart in Osaka last traded at 37,800, against the index's last close of 37,755.51. Australia's benchmark S&P/ASX 200 is set to rise, with futures standing at 8,411, higher than the index's close of 8,297.5. Futures for Hong Kong's Hang Seng index stood at 23,235, lower than its last close of 23,453.16. Japan is scheduled to release its quarterly gross domestic product data, which comes at a time when the country is locked in trade negotiations with the U.S., with initial talks between both sides not yielding a conclusive deal so far. Economists polled by Reuters expect a 0.1% economic contraction from the prior quarter. A weak outcome for Japan's GDP can weigh on the Bank of Japan's rate hike pricing and push USD/JPY up towards resistance at 148.13, Commonwealth Bank of Australia wrote in a note. The Japanese yen is currently trading at 145.52 against the greenback. Hong Kong and Malaysia are also set to report GDP data later in the day. U.S. stock futures near the flatline after the S&P 500 posted a four-day rally on the back of U.S. and China's temporary tariff cuts and encouraging inflation reports. Futures tied to the Dow Jones Industrial Average added 32 points, or 0.08%. S&P 500 futures slipped 0.03%, while Nasdaq 100 futures inched down 0.07%. Overnight stateside, the three major averages closed mixed. The S&P 500 climbed for a fourth session, adding to this week's rally after the U.S. and China agreed to temporarily slash tariff rates. The broad market index rose 0.41% to end at 5,916.93, while the Dow Jones Industrial Average added 271.69 points, or 0.65%, and closed at 42,322.75. The Nasdaq Composite underperformed, slipping 0.18% and settling at 19,112.32. — CNBC's Brian Evans and Scott Schnipper contributed to this report. The S&P 500 closed higher for a fourth time on Thursday, aided by a soft inflation report and a drop in Treasury yields. The broad market index added 0.41% to close at 5,916.93, while the Nasdaq Composite slipped 0.18% to 19,112.32. The Dow Jones Industrial Average added 271.69 points, or 0.65%, to finish the session at 42,322.75. — Brian Evans Fixed income investors are seeing a more concerning outlook than what the stock market is implying as Treasury yields remain stubbornly high, according to RSM chief economist Joseph Brusuelas. "Given the risks to the economy—a recession is still a coin flip this year—and recovery in the equity markets, bond yields should be falling," Brusuelas wrote in a Thursday note. "They are not, and that is because fixed-income investors are sniffing out the logic of economic populism amid a move toward trade protectionism, which strongly implies higher inflation and rising long-term yields." "Should Congress approve a large tax cut that is not paid for, don't be surprised if the bond market pushes yields back toward mid-April highs, which captured the pushback against the trade conflict," he added. — Brian Evans
