Category: Economics

Central bankers warn that high-risk borrowers pose danger to stability of global financial markets

World leaders have been warned to guard against another financial crash after a steep rise in risky bank lending over the past year that could threaten the stability of the global financial system.

The international body that represents central banks said a recovery in global trade this year and improving levels of GDP in most countries could create complacency and convince policymakers to ignore warning signs of excessive lending coming from the financial sector.

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Governor Mark Carney likely to use financial stability report to highlight risks from rising borrowing

We have heard plenty from the Bank of England’s monetary policy committee of late, with its members divided over how to set interest rates in a post-referendum Britain. The debate centres on when to raise borrowing costs from their record low and whether the economy – and squeezed consumers – can take it.

This week it will be the turn of the Bank’s financial policy committee to hold forth. Its twice-yearly financial stability report will be presented by the governor, Mark Carney, on Tuesday and he is likely to use the health check to highlight the problem of consumer debt burdens in the UK. With real incomes squeezed, households have been dipping into savings and maxing out their credit cards.

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David Davis was kidding himself when he told European politicians they were powerless to prevent Britain extracting a good trade deal

The investment plans of Jaguar Land Rover are unlikely to be an isolated reaction to Brexit. Last week the carmaker revealed amid a fanfare of publicity that it would be hiring 5,000 extra engineers and, with less fanfare, that it would begin work on its next-generation electric car in Austria.

Very simply, the company appears to have made a judgment that for the next two to three years the pound will remain low and, with this discount in place on its exports, it will profit from shifting a huge volume of diesel cars from factories in the West Midlands and Merseyside to the rest of the world.

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Electronic Benefits Transfer (EBT) station, more commonly known as Food Stamps, in the GrowNYC Greenmarket in Union Square on September 18, 2013 in New York City.
Georgia is seeing a deep decline in the number of residents dependent on food stamps as the Peach State's economy continues to rebound from the Great Recession.

European Central Bank’s bid for more powers represents challenge to City’s dominance of £880bn-a-day business

London is facing renewed pressure over its dominance of the €1tn (£880bn)-a-day euro clearing market after the European Central Bank set out proposals aimed at giving it more oversight of the lucrative business.

The move by the Frankfurt-based ECB – the central bank for the 19 countries using the euro – follows a report by the European commission that called for the EU to have more powers over clearing of financial products denominated in euros after Brexit.

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Unemployment among black Americans ages 16 years and over fell to 7.5 percent in May, its lowest level since December 2000.

All the day’s economic and financial news, including new GDP figures from France, and a healthcheck on eurozone companies

That’s all for today, and this week

A quick reminder of the key points.

Related: London could lose out as ECB seeks control of euro clearing after Brexit

The FTSE 100 has now fallen for three weeks in a row; that’s the worst run since the Brexit vote, points out Tara Cunningham in the Daily Telegraph tonight.

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It’s been a poor year for the pound, savers and UK-focused retailers but firms with sizeable foreign earnings have prospered

Britain’s consumers and UK-focused firms are among the biggest losers one year on from the shock Brexit vote that drove the value of the pound to its lowest level in more than 30 years.

On the first anniversary of the EU referendum, financial services company Hargreaves Lansdown said clear winners and losers have emerged, with the pound taking the biggest hit on the markets. Blue chip companies with a large proportion of foreign earnings are among the biggest winners.

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Protest, for better employment rights, is latest in series that has hindered rubbish collection in major cities in Greece

Greece has been hit by fresh strike action as thousands of public sector workers marched through Athens in protest against the debt-ridden country’s austerity programme.

Related: Creditors agree terms to disburse Greece's €8.5bn bailout funds

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Outgoing external rate-setter says Bank of England policymakers are wrong in assessment of economic conditions

A Bank of England policymaker has heaped further pressure on Mark Carney, the governor, with a warning that the central bank’s policymakers have failed to spot an inflationary spiral that needs to be choked off with an immediate increase in interest rates.

In the same week that Andy Haldane, the chief economist, said he was considering voting for an increase in rates before the end of the year, Kristin Forbes, an outgoing member of the monetary policy committee, used her valedictory speech to say the governor and a majority of the other MPC rate-setters were wrong to believe inflation would peak soon and then retreat, allowing rates to stay low.

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Order books at highest level for 29 years as CBI warns government to put ‘economy first’ in Brexit talks

Britain’s manufacturers are enjoying the strongest demand for their products in almost 30 years as a recovering global economy and a weaker pound boost order books.

The monthly snapshot from the CBI found that export and total order books were both at their highest for decades – providing some hope that a stronger manufacturing sector would cushion the effect of higher inflation on consumer spending.

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The latest monthly Guardian analysis finds households experiencing rising costs and firms concerned over political uncertainty

Britain’s vote to leave the EU has squeezed living standards, hit consumer spending and dampened the country’s growth prospects, a Guardian analysis of economic news over the year since the referendum shows.

One year since voters narrowly opted for Brexit, the Guardian’s monthly tracker of economic news paints a gloomy picture, with households facing rising costs and firms fretting over falling demand and political uncertainty.

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All the day’s economic and financial news, as the CBI reports that UK manufacturing picked up in June

Earlier:

And finally, European stock markets have closed for the night.

In London, the FTSE 100 ended the day down 8 points at 7439, a drop of 0.1%. The jump in factory orders didn’t provide much of a spark, while traders watched for developments from the Brexit talks in Brussels.

Coming on a day which is largely devoid of any major market moving events, we have seen a degree of stability that has been lacking amongst recent political instability.

Improved consumer confidence in the eurozone continues the theme of recent months, with investors seeing Europe as a high growth region for the coming years despite Brexit uncertainty. This paves the way for an end of the week that will be heavily focused on the eurozone, with PMI surveys expected to continue the strength seen in recent months.

Dennis de Jong, managing director at UFX.com, says the jump in eurozone consumer confidence will have delighted the European Central Bank.

The eurozone seems to have taken heart from the continued fall in unemployment, and consumer confidence is now at its highest level since 2001 – improving considerably on last month’s ten-year high.

“Even the shock general election result in the UK has not dampened the mood on the continent as Brexit discussions kick-off, and chief negotiator Michel Barnier will feel he holds the strongest hand.

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“Get on Fleek,” a Florida clothing company, has sparked outrage from social media users for “glorifying” North Korean dictator Kim Jong-un by promoting a men’s romper with the dictator’s face on it.
A Florida clothing company has sparked outrage from social media users for "glorifying" North Korean dictator Kim Jong-un by promoting a men's romper with the dictator's face on it.

Andy Haldane says rise in self-employment and drop in union membership mirrors weak workforces of pre-1750 era

The lack of wage growth in Britain’s economy is the result of turning the clock back to the days before the Industrial Revolution when there were no trade unions and self-employment was rife, the chief economist of the Bank of England has suggested.

Andy Haldane said the current relationship between pay and employment had more in common with the period between 1500 and 1750 than in the subsequent period, because in the post-1750 era, collective bargaining and the expansion of full-time paid employment meant workers were able to secure generous pay awards when labour was scarce.

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