Latest news with #EconomicData
Bloomberg
2 days ago
- Business
- Bloomberg
Markets Saying Fed Rate Cut Premature: JPM's Herr
Kay Herr, US CIO for Global Fixed Income, Currencies and Commodities at JPMorgan Asset Management, says markets are indicating a Fed rate cut is premature and sees a lot of noise in economic data. She speaks to Bloomberg's Sonali Basak on 'Real Yield.' (Source: Bloomberg)
Reuters
6 days ago
- Business
- Reuters
Sterling firms with focus on defence plan, weaker dollar
June 2 (Reuters) - Sterling had a firm start to the week on Monday, as investors assessed a domestic defence plan and a batch of better-than-expected British economic data, while simmering trade tensions between the U.S. and China eroded appetite for the dollar. The mood among investors generally was sour, after U.S. President Donald Trump said on Friday he planned to double duties on imported steel and aluminium to 50% from this Wednesday, and as Beijing hit back against accusations it violated an agreement on critical mineral shipments. The pound rose 0.53% to $1.3531 by 1056 GMT, largely as a function of the dollar's broad decline against a range of currencies. Against the euro , sterling was virtually flat at 84.37 pence. In the UK, investors weighed the impact that the latest effort to expand its defence systems could have on public spending, with a defence review expected to be published on Monday. "Fiscal constraints will... limit how much the UK can invest into its defence arsenal – prompting questions around the sustainability of the government's fiscal framework," Deutsche Bank senior economist Sanjay Raja said. "A potentially bigger role for the UK in European defence and security will require larger incentives from the EU vis-à-vis a refined trade deal." Concerns are that Prime Minister Keir Starmer's government could cause fiscal debt levels to balloon as defence spending rises, at a time when investors have been demanding a higher rate of returns from longer-dated developed market debt. Yields on benchmark 10-year gilts were little changed on the day around 4.67%. On the data front, markets were relieved that a survey showed that the downturn in British manufacturing was less steep than first feared in May. Separately, UK house prices in May were 3.5% higher than a year earlier, monthly data from mortgage lender Nationwide showed, helped by buyers that sought to complete transactions before the end of a partial exemption on purchase taxes. While upbeat consumer demand against a broader cloudy economic outlook globally have aided appetite for UK assets, signs of persistent price pressures have been a concern and led investors now to price in just a little more than one more 25 basis point interest rate cut by the Bank of England this year. Comments from policymaker Catherine Mann later in the day could shed more light on the central bank's policy outlook. The pound is trading close to more than three-year highs it hit last month as investors viewed the UK economy as better insulated from trade threats, while U.S.-dollar denominated assets have declined.
Reuters
28-05-2025
- Business
- Reuters
European shares flat as investors await US trade signals, regional economic data
May 28 (Reuters) - European shares were little changed on Wednesday as investors awaited progress on trade negotiations with the United States and monitored a slate of economic data from the region. The continent-wide STOXX 600 index (.STOXX), opens new tab held its ground at 552.56 points, as of 0711 GMT, pausing after two consecutive sessions of gains driven by U.S. President Donald Trump's reversal of tariff threats against the European Union. European Union policymakers have asked the EU's leading companies and CEOs to swiftly provide detail of their U.S. investment plans, according to two sources familiar with the matter, as Brussels prepares for trade talks with Washington. Germany's main stock index (.GDAXI), opens new tab edged 0.1% higher, following a record closing peak on Tuesday. Data earlier in the day indicated that German import prices unexpectedly contracted by 0.4% year-on-year in April. All eyes are now on the country's employment data, scheduled for release later in the day. France's CAC 40 index (.FCHI), opens new tab was up 0.2% after gross domestic product figures showed slight growth in the first quarter, in line with expectations. Shares of Kingfisher (KGF.L), opens new tab fell 2.3% as the home improvement retailer's first-quarter results failed to impress investors. Meanwhile, global markets were focused on upcoming quarterly results from AI chipmaker Nvidia (NVDA.O), opens new tab, due after the close of trading on Wall Street.
Yahoo
22-05-2025
- Business
- Yahoo
FTSE 100 LIVE: European stocks fall as UK government borrowing jumps to £20.2bn in April
The FTSE 100 (^FTSE) and European stocks were lower on Thursday as traders digested the latest UK borrowing figures for April. According to the Office for National Statistics, UK government borrowing rose to £20.2bn during the month — £1bn more than the previous year, and the fourth-highest April borrowing since monthly records began in 1993. This was also up from £16.4bn in March. In a blow to chancellor Rachel Reeves, city economists had forecast a deficit of around £18bn. ONS deputy director for public sector finances Rob Doody said: 'Receipts were up on last April, thanks partly to the higher rate of national insurance contributions. However, this was outweighed by greater spending, due to rising public services' running costs and increases in many benefits and state pensions.' London's benchmark index (^FTSE) was 0.6% down in early trade. Germany's DAX (^GDAXI) dipped 0.8% and the CAC (^FCHI) in Paris also headed 0.8% into the red. The pan-European STOXX 600 (^STOXX) slipped 0.8%. Wall Street is set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green. The pound was 0.1% up against the US dollar (GBPUSD=X) at 1.3433. Stocks: Create your watchlist and portfolio Follow along for live updates throughout the day: Government borrowing came in higher than expected in April, official figures showed, despite an increase in employer national insurance contributions coming into effect last month. Borrowing — the difference between spending and income from taxes — came in at £20.2bn in April, which was up £1bn from the same month last year, according to the Office for National Statistics (ONS). This was also higher than the consensus forecast of £17.9bn, according to Capital Economics. "April's public finances figures showed that despite the boost from the rise in employers' national insurance contributions (NICs), the fiscal year got off to a poor start," said Ruth Gregory, deputy chief UK economist for Capital Economics. "This raises the chances that if the chancellor wishes to stick to her fiscal rules, more tax hikes in the autumn budget will be required." Chancellor Rachel Reeves announced that an increase in employer NICs in her first autumn budget in October, which kicked in last month. The ONS said that borrowing for the financial year ended in March was estimated at £148.3bn, £3.7bn lower than its initial estimate published last month. That figure was £11bn more than the £137.3bn predicted by the UK's official forecaster, the Office for Budget Responsibility (OBR). Rob Doody, deputy director for public sector finances at the ONS, said: Read the full article here Stocks in Asia were lower overnight with the Nikkei (^N225) losing 0.8% on the day in Tokyo as Japan's manufacturing sector continued its decline in May. This marked the 11th consecutive month below 50, coming in at 49.0 in May, showing a slight improvement from the previous month's level of 48.7. On a more positive note, services remained in expansion at 50.8 in May, although it slowed from April's 52.4. The composite declined to 49.8 in May from 51.2 in April. The Hang Seng (^HSI) was down 1.2% in Hong Kong and the Shanghai Composite ( was 0.2% lower by the end of the session. Across the pond on Wall Street, the three major US stock indexes were down more than 1% following a poor performing auction for US government bonds. It came amid concerns about US president Donald Trump's efforts to push through a tax-cutting bill that could worsen the debt load by $3tn to $5tn. Overall, the Dow Jones Industrial Average (^DJI) fell 1.91%, to 41,860.01, the S&P 500 (^GSPC) fell 1.6%, to 5,844.55, and the Nasdaq Composite (^IXIC) fell 1.4%, to 18,872.64. The dollar also fell broadly against a basket of currencies. Meanwhile, treasury yields extended their gains after the US Treasury Department saw soft demand for the $16bn sale of 20-year bonds. The weak bond sale reinforced the view that investors are shying away from US assets. The yield on benchmark 10-year US Treasury notes rose to 4.605% from 4.511% a day earlier. Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead, the main data highlight will be the flash PMIs from Europe and the US. Otherwise, we'll get the US weekly initial jobless claims and existing home sales for April, whilst in Germany there's the Ifo's business climate indicator for May. From central banks, we'll hear from ECB Vice President de Guindos, the ECB's Holzmann, Vujcic, Nagel, Elderson and Escriva, the Fed's Barkin and Williams, and the BoE's Breeden, Dhingra and Pill. We'll also get the ECB's account of their April meeting. Here's a quick snapshot of what's on the agenda: 7am: Trading updates: BT, British Land, QinetiQ, Bloomsbury Publishing, Tate & Lyle, Investec, easyJet, Intertek, ConvaTec, Hill & Smith 7am: UK public finances for April 9am: Eurozone 'flash' PMI report for May 9am: IFO survey of eurozone business confidence 9.30am: UK 'flash' PMI report for May 11am: CBI industrial trends 1.30pm: US weekly jobless claimsGovernment borrowing came in higher than expected in April, official figures showed, despite an increase in employer national insurance contributions coming into effect last month. Borrowing — the difference between spending and income from taxes — came in at £20.2bn in April, which was up £1bn from the same month last year, according to the Office for National Statistics (ONS). This was also higher than the consensus forecast of £17.9bn, according to Capital Economics. "April's public finances figures showed that despite the boost from the rise in employers' national insurance contributions (NICs), the fiscal year got off to a poor start," said Ruth Gregory, deputy chief UK economist for Capital Economics. "This raises the chances that if the chancellor wishes to stick to her fiscal rules, more tax hikes in the autumn budget will be required." Chancellor Rachel Reeves announced that an increase in employer NICs in her first autumn budget in October, which kicked in last month. The ONS said that borrowing for the financial year ended in March was estimated at £148.3bn, £3.7bn lower than its initial estimate published last month. That figure was £11bn more than the £137.3bn predicted by the UK's official forecaster, the Office for Budget Responsibility (OBR). Rob Doody, deputy director for public sector finances at the ONS, said: Read the full article here Stocks in Asia were lower overnight with the Nikkei (^N225) losing 0.8% on the day in Tokyo as Japan's manufacturing sector continued its decline in May. This marked the 11th consecutive month below 50, coming in at 49.0 in May, showing a slight improvement from the previous month's level of 48.7. On a more positive note, services remained in expansion at 50.8 in May, although it slowed from April's 52.4. The composite declined to 49.8 in May from 51.2 in April. The Hang Seng (^HSI) was down 1.2% in Hong Kong and the Shanghai Composite ( was 0.2% lower by the end of the session. Across the pond on Wall Street, the three major US stock indexes were down more than 1% following a poor performing auction for US government bonds. It came amid concerns about US president Donald Trump's efforts to push through a tax-cutting bill that could worsen the debt load by $3tn to $5tn. Overall, the Dow Jones Industrial Average (^DJI) fell 1.91%, to 41,860.01, the S&P 500 (^GSPC) fell 1.6%, to 5,844.55, and the Nasdaq Composite (^IXIC) fell 1.4%, to 18,872.64. The dollar also fell broadly against a basket of currencies. Meanwhile, treasury yields extended their gains after the US Treasury Department saw soft demand for the $16bn sale of 20-year bonds. The weak bond sale reinforced the view that investors are shying away from US assets. The yield on benchmark 10-year US Treasury notes rose to 4.605% from 4.511% a day earlier. Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead, the main data highlight will be the flash PMIs from Europe and the US. Otherwise, we'll get the US weekly initial jobless claims and existing home sales for April, whilst in Germany there's the Ifo's business climate indicator for May. From central banks, we'll hear from ECB Vice President de Guindos, the ECB's Holzmann, Vujcic, Nagel, Elderson and Escriva, the Fed's Barkin and Williams, and the BoE's Breeden, Dhingra and Pill. We'll also get the ECB's account of their April meeting. Here's a quick snapshot of what's on the agenda: 7am: Trading updates: BT, British Land, QinetiQ, Bloomsbury Publishing, Tate & Lyle, Investec, easyJet, Intertek, ConvaTec, Hill & Smith 7am: UK public finances for April 9am: Eurozone 'flash' PMI report for May 9am: IFO survey of eurozone business confidence 9.30am: UK 'flash' PMI report for May 11am: CBI industrial trends 1.30pm: US weekly jobless claims Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Zawya
19-05-2025
- Business
- Zawya
Mideast Stocks: Most Gulf stocks inch lower as global sentiment sours
Most Gulf stocks were trading lower early on Monday as Asian shares fell and oil prices weakened, while investor sentiment was rattled by mixed economic data from China and a downgrade of the U.S. credit rating. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8%, while Wall Street share futures slipped as concerns over unpredictable U.S. economic policies were amplified by Moody's downgrade of the country's credit rating. Meanwhile in China, official data showed growth in industrial output slowed in April, though still fared better than economists had expected. The downgrade and mixed data also weighed on oil prices with front-month Brent crude futures falling 0.8% by 0630 GMT. Saudi Arabia's benchmark stock index fell 0.2%, weighed by a near 3% drop in construction firm Retal Urban Development Company SJSC. Among gainers on the index, insurance firm Allied Cooperative Insurance Group surged 14.65% after it announced a announced a 1 for 0.72 rights issue. Meanwhile, Abu Dhabi's benchmark index was down 0.12% and Kuwait's benchmark index fell 0.21%. Bucking the trend, Dubai's main share index rose 0.45% supported by a 5.26% rise in public parking spaces provider Parkin Company.
