Yesterday the UK inflation rate fell to 8.7% in April, from 10.1% in March. This sharp drop is due to slowing energy prices, however food and drink price inflation remains above 19% – close to its 45-year high.
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This morning, the manufacturing climate indicator in France fell for a third consecutive month to 99 in May from 101 in April. This is the lowest level seen since March 2021.
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Yesterday, Wall Street opened in the red with no resolution in sight for the ongoing US debt-ceiling deal. The Dow Jones fell nearly 200 points and both the S&P 500 and Nasdaq were down 0.7%.
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New home sales in the US exceeded market expectations in April, jumping 4.1% month-over-month to a seasonally adjusted rate of 683,000.
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Yesterday markets heard the HCOB Eurozone Composite PMI fell to 53.3 in May from 54.1 in April. This represents the lowest reading in three months.
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Yesterday the International Monetary Fund (IMF) reported it no longer expects the UK economy to fall into a recession this year. In updated forecasts, the IMF estimates the economy to grow by 0.4% in 2023, rather than shrink…
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This morning, consumer price inflation in the UK fell to 8.7% year-on-year in April, the lowest since March 2022. This was fuelled by a sharp slowdown in electricity and gas prices.
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The pound surged this morning following data showing that while the headline rate of inflation has fallen to 8.7%, the underlying trend is still nowhere near where the Bank of England needs it to be for their forecast…
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