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| Version 14 | Version 15 |
|---|---|
| Asian and European stock markets rally on stimulus hopes - as it happened | Asian and European stock markets rally on stimulus hopes - as it happened |
| (4 months later) | |
| 6.14pm BST | |
| 18:14 | |
| Apple’s Tim Cook is on stage now, promising “monster announcements” across several product lines. | Apple’s Tim Cook is on stage now, promising “monster announcements” across several product lines. |
| Apple CEO Tim Cook skips the usual updates for what he promises to be monster announcements across many product lines pic.twitter.com/ynNUy9Ucga | Apple CEO Tim Cook skips the usual updates for what he promises to be monster announcements across many product lines pic.twitter.com/ynNUy9Ucga |
| So, bang on cue, here’s the Guardian’s Apple liveblog: | So, bang on cue, here’s the Guardian’s Apple liveblog: |
| Related: Apple iPhone 6s launch: key points at a glance – live | Related: Apple iPhone 6s launch: key points at a glance – live |
| I don’t think I have any ‘monster’ news to offer, so am going to clear off now. Will be back if there are any major developments.... | I don’t think I have any ‘monster’ news to offer, so am going to clear off now. Will be back if there are any major developments.... |
| 5.50pm BST | |
| 17:50 | |
| There’s robust trading in Apple shares today, as Wall Street prepares to see the company’s latest wares unveiled. | There’s robust trading in Apple shares today, as Wall Street prepares to see the company’s latest wares unveiled. |
| 28 million Apple shares have changed hands already, twice as many as the second most active company on the Dow, Intel. | 28 million Apple shares have changed hands already, twice as many as the second most active company on the Dow, Intel. |
| This has pushed Apple’s share price up by 0.6%, as investors anticipate CEO Tim Cook’s appearance on stage shortly: | This has pushed Apple’s share price up by 0.6%, as investors anticipate CEO Tim Cook’s appearance on stage shortly: |
| Panoramic view of the auditorium 15' before #AppleEvent kicks off (photo via @DanielEran) #Apple pic.twitter.com/f8noM9urt5 | Panoramic view of the auditorium 15' before #AppleEvent kicks off (photo via @DanielEran) #Apple pic.twitter.com/f8noM9urt5 |
| My colleague Alex Hern explains what’s expected: | My colleague Alex Hern explains what’s expected: |
| Related: iPhone 6s? iPad Pro? Here's what you think Apple will announce today | Related: iPhone 6s? iPad Pro? Here's what you think Apple will announce today |
| 5.04pm BST | |
| 17:04 | |
| ....but Wall Street dips | ....but Wall Street dips |
| Over in New York, hopes of Asian stimulus measures have crunched into fears of a US interest rate hike. | Over in New York, hopes of Asian stimulus measures have crunched into fears of a US interest rate hike. |
| After that solid start, the Dow Jones and the S&P 500 just dipped into negative territory. | After that solid start, the Dow Jones and the S&P 500 just dipped into negative territory. |
| Stocks go red. | Stocks go red. |
| And that’s because the number of job openings available across America has hit a record high of 5.8m in July, according to the latest Job Openings and Labor Turnover survey. | And that’s because the number of job openings available across America has hit a record high of 5.8m in July, according to the latest Job Openings and Labor Turnover survey. |
| Never before have there been so many job openings: http://t.co/aqF8dmBPK6 pic.twitter.com/Zg1t4E3qXs | Never before have there been so many job openings: http://t.co/aqF8dmBPK6 pic.twitter.com/Zg1t4E3qXs |
| Upbeat employment data could prompt the Federal Reserve into the much (too much?!)-discussed rate hike this month. | Upbeat employment data could prompt the Federal Reserve into the much (too much?!)-discussed rate hike this month. |
| Tony Cross of TrustNet reckons this could undermine market confidence, in the run up to the Fed’s meeting next week. | Tony Cross of TrustNet reckons this could undermine market confidence, in the run up to the Fed’s meeting next week. |
| Wall Street is however proving to be something of a drag on sentiment – the latest employment numbers have shown a record number of job openings state-side and this is once again throwing open the possibility of the Fed gambling on a rate hike next week. | Wall Street is however proving to be something of a drag on sentiment – the latest employment numbers have shown a record number of job openings state-side and this is once again throwing open the possibility of the Fed gambling on a rate hike next week. |
| If conviction builds further here then even talk of renewed stimulus measures from Beijing will do little to placate a market that’s worried about the wider global consequences of higher borrowing costs in the US, but for now it’s the base metals miners that are pulling through much of the upside. | If conviction builds further here then even talk of renewed stimulus measures from Beijing will do little to placate a market that’s worried about the wider global consequences of higher borrowing costs in the US, but for now it’s the base metals miners that are pulling through much of the upside. |
| Updated | |
| at 5.05pm BST | |
| 4.47pm BST | |
| 16:47 | |
| The other main European markets ended the day higher too, although Germany’s rally rather fizzled out. | The other main European markets ended the day higher too, although Germany’s rally rather fizzled out. |
| European Closing Prices: #FTSE 6229.01 +1.35% #DAX 10303.12 +0.31% #CAC 4664.59 +1.44% #MIB 22126.57 +0.84% #IBEX 10037.8 +1.74% | European Closing Prices: #FTSE 6229.01 +1.35% #DAX 10303.12 +0.31% #CAC 4664.59 +1.44% #MIB 22126.57 +0.84% #IBEX 10037.8 +1.74% |
| 4.46pm BST | |
| 16:46 | |
| FTSE 100 closes up 1.35% | FTSE 100 closes up 1.35% |
| Another day, another chunky move in the stock market. | Another day, another chunky move in the stock market. |
| Britain’s FTSE 100 just closed for the day, up 82 points or 1.35% at 6229. That’s the highest closing level since the end of August: | Britain’s FTSE 100 just closed for the day, up 82 points or 1.35% at 6229. That’s the highest closing level since the end of August: |
| Hargreaves Lansdown, which sells financial products, was the biggest gainer. It closed 6.9% higher after reporting record new business. | Hargreaves Lansdown, which sells financial products, was the biggest gainer. It closed 6.9% higher after reporting record new business. |
| It was followed by three mining stocks -- Anglo American (+5.5%), Glencore (+4.7%) and BHP Billiton (+3.6%). That reflects hopes that China’s economy could enjoy a softer landing, now the government is a) sounding more positive, and b) promising to do more. | It was followed by three mining stocks -- Anglo American (+5.5%), Glencore (+4.7%) and BHP Billiton (+3.6%). That reflects hopes that China’s economy could enjoy a softer landing, now the government is a) sounding more positive, and b) promising to do more. |
| Updated | |
| at 4.46pm BST | |
| 3.46pm BST | |
| 15:46 | |
| Hmmm, the rally is fading somewhat: | Hmmm, the rally is fading somewhat: |
| Dow gives up early gains, down 150 points from high http://t.co/5aC3AEsPCb pic.twitter.com/AKWM3CsGbW | Dow gives up early gains, down 150 points from high http://t.co/5aC3AEsPCb pic.twitter.com/AKWM3CsGbW |
| 3.17pm BST | |
| 15:17 | |
| The NIESR think tank has warned that growth in the UK economy slowed over the summer. | The NIESR think tank has warned that growth in the UK economy slowed over the summer. |
| It predicts that Britain’s GDP rose by 0.5% in the June-August quarter, down from 0.6% in the three months to July. | It predicts that Britain’s GDP rose by 0.5% in the June-August quarter, down from 0.6% in the three months to July. |
| That would also be weaker than the 0.7% growth officially recorded in the second quarter of 2015. | That would also be weaker than the 0.7% growth officially recorded in the second quarter of 2015. |
| NIESR adds: | NIESR adds: |
| Despite the slight softening, growth remains close to the estimated long run potential of the economy, but below the average rate of growth (0.7 per cent per quarter) observed since the start of 2013. | Despite the slight softening, growth remains close to the estimated long run potential of the economy, but below the average rate of growth (0.7 per cent per quarter) observed since the start of 2013. |
| NIESR August UK GDP estimate +0.5% vs +0.7% prior http://t.co/cA2jNAIQ0E The GDP estimate from NIESR - Prior revised to +0.6% from +0.7% … | NIESR August UK GDP estimate +0.5% vs +0.7% prior http://t.co/cA2jNAIQ0E The GDP estimate from NIESR - Prior revised to +0.6% from +0.7% … |
| 2.41pm BST | |
| 14:41 | |
| Wall Street has joined the rally. The Dow jumped 150 points, or nearly 1%, at the start of trading. | Wall Street has joined the rally. The Dow jumped 150 points, or nearly 1%, at the start of trading. |
| Dow rises 150 points after Japan's 8% surge buoys global stock markets. Apple up 1%, ahead of big event. http://t.co/A9OlUXl3FI | Dow rises 150 points after Japan's 8% surge buoys global stock markets. Apple up 1%, ahead of big event. http://t.co/A9OlUXl3FI |
| 1.29pm BST | |
| 13:29 | |
| Lunchtime summary: Stimulus hopes drive markets | Lunchtime summary: Stimulus hopes drive markets |
| A quick recap: | A quick recap: |
| World stock markets have continued their recent wild swings, by posting solid gains led by a big rally in Asia. | World stock markets have continued their recent wild swings, by posting solid gains led by a big rally in Asia. |
| The cause? Hopes of fresh stimulus measures to pep up the global economy. | The cause? Hopes of fresh stimulus measures to pep up the global economy. |
| Japan’s Nikkei was the stand-out performer, surging 7.7% today. That appears to be sparked by prime minister Shinzo Abe’s pledge to keep cutting corporate taxes. | Japan’s Nikkei was the stand-out performer, surging 7.7% today. That appears to be sparked by prime minister Shinzo Abe’s pledge to keep cutting corporate taxes. |
| China’s Shanghai Composite rallied for the second day, up 2.4%. Optimism was rife after the Ministry of Finance vowed to strengthen fiscal policy, boost infrastructure spending and speed up reform of its tax system. | China’s Shanghai Composite rallied for the second day, up 2.4%. Optimism was rife after the Ministry of Finance vowed to strengthen fiscal policy, boost infrastructure spending and speed up reform of its tax system. |
| Premier Li X then tried to reinforce confidence, telling policymakers that the economy was moving in the right direction. | Premier Li X then tried to reinforce confidence, telling policymakers that the economy was moving in the right direction. |
| FXTM research analyst Lukman Otunuga says: | FXTM research analyst Lukman Otunuga says: |
| It appears that the noticeable decline in both imports and exports from the recent China economic data has been shrugged away, with this perhaps linked to expectations that the People’s Bank of China will ease monetary policy further. | It appears that the noticeable decline in both imports and exports from the recent China economic data has been shrugged away, with this perhaps linked to expectations that the People’s Bank of China will ease monetary policy further. |
| European stock markets have followed Asia’s lead, with the main indices gaining as much as 2.6% | European stock markets have followed Asia’s lead, with the main indices gaining as much as 2.6% |
| Investors are scrambling to get back into the market after August’s selloff. | Investors are scrambling to get back into the market after August’s selloff. |
| Jasper Lawler of CMC Markets says the City is calculating that the Federal Reserve is unlikely to raise interest rates this month (especially after the World Bank urged them to sit tight). | Jasper Lawler of CMC Markets says the City is calculating that the Federal Reserve is unlikely to raise interest rates this month (especially after the World Bank urged them to sit tight). |
| It’s still fear rather than fundamentals driving markets. On the way down its fear of losses but on the way up its fear of missing out. | It’s still fear rather than fundamentals driving markets. On the way down its fear of losses but on the way up its fear of missing out. |
| World Bank chief economist Kaushik Basu’s view that a Federal Reserve rate hike would trigger “panic and turmoil” echoes that of IMF head Christine Lagarde. Top officials publically coming out against a rate hike will make it harder for Janet Yellen to move in September. | World Bank chief economist Kaushik Basu’s view that a Federal Reserve rate hike would trigger “panic and turmoil” echoes that of IMF head Christine Lagarde. Top officials publically coming out against a rate hike will make it harder for Janet Yellen to move in September. |
| In addition, the latest economic news from the UK is worrying: | In addition, the latest economic news from the UK is worrying: |
| Britain’s trade gap has widened, and manufacturing output has fallen, as UK firms suffer a drop in exports. | Britain’s trade gap has widened, and manufacturing output has fallen, as UK firms suffer a drop in exports. |
| The TUC has warned that the recovery could be at risk, while analysts predict that UK growth is slowing in the face of international upheaval. | The TUC has warned that the recovery could be at risk, while analysts predict that UK growth is slowing in the face of international upheaval. |
| Updated | |
| at 1.34pm BST | |
| 1.22pm BST | |
| 13:22 | |
| The decline in Britain’s manufacturing sector in July shows that the government’s pledge to rebalance the economy is floundering. | The decline in Britain’s manufacturing sector in July shows that the government’s pledge to rebalance the economy is floundering. |
| So argues Chris Leslie MP, Labour’s Shadow Chancellor: | So argues Chris Leslie MP, Labour’s Shadow Chancellor: |
| “The increase in the trade deficit and fall in manufacturing output are both signs of George Osborne’s neglect of the need for a balanced recovery. | “The increase in the trade deficit and fall in manufacturing output are both signs of George Osborne’s neglect of the need for a balanced recovery. |
| “The trade in goods has sunk to a five year low and exports have not kept pace with the Chancellor’s ‘march of the makers’ promise. | “The trade in goods has sunk to a five year low and exports have not kept pace with the Chancellor’s ‘march of the makers’ promise. |
| “Britain needs a serious strategy to help exporters – this means redoubling efforts to boost productivity, tackling infrastructure obstacles, addressing the skills deficit and ensuring innovators can access the capital they need.” | “Britain needs a serious strategy to help exporters – this means redoubling efforts to boost productivity, tackling infrastructure obstacles, addressing the skills deficit and ensuring innovators can access the capital they need.” |
| Here’s Heather Stewart’s full take on the data: | Here’s Heather Stewart’s full take on the data: |
| Related: UK goods exports suffer worst month in nearly five years | Related: UK goods exports suffer worst month in nearly five years |
| 1.04pm BST | |
| 13:04 | |
| TUC General Secretary Frances O’Grady is concerned by that Britain’s manufacturers suffered the biggest drop in output since May 2014. | TUC General Secretary Frances O’Grady is concerned by that Britain’s manufacturers suffered the biggest drop in output since May 2014. |
| She says: | She says: |
| “The sharp falls in manufacturing and exports suggest that the economy is entering tougher times. And with the failure to fix long-term problems, like Britain’s low rates of investment and innovation, the government’s severe spending cuts will put the recovery at even greater risk. | “The sharp falls in manufacturing and exports suggest that the economy is entering tougher times. And with the failure to fix long-term problems, like Britain’s low rates of investment and innovation, the government’s severe spending cuts will put the recovery at even greater risk. |
| “These are worrying times for working people and their families, who remain hard-pressed after the longest fall in living standards on record. We need a better economic plan for a stronger and fairer economy that works for the many, not just the few.” | “These are worrying times for working people and their families, who remain hard-pressed after the longest fall in living standards on record. We need a better economic plan for a stronger and fairer economy that works for the many, not just the few.” |
| 1.01pm BST | |
| 13:01 | |
| These charts help to show why today’s UK trade data (details here) is worrying: | These charts help to show why today’s UK trade data (details here) is worrying: |
| The global slowdown has arrived on Britain's doorstep http://t.co/90zrYtYvkm @jillianfward pic.twitter.com/ZOwZWOCrXX | The global slowdown has arrived on Britain's doorstep http://t.co/90zrYtYvkm @jillianfward pic.twitter.com/ZOwZWOCrXX |
| 2 things really worry me about the UK recovery. The 1st is productivity. The 2nd is this. Today's stats won't help. pic.twitter.com/X4nc8e3vQa | 2 things really worry me about the UK recovery. The 1st is productivity. The 2nd is this. Today's stats won't help. pic.twitter.com/X4nc8e3vQa |
| 12.59pm BST | |
| 12:59 | |
| Wall Street is expected to rally by around 1% when trading begins, in 90 minute time. | Wall Street is expected to rally by around 1% when trading begins, in 90 minute time. |
| Conner Campbell of SpreadEX says: | Conner Campbell of SpreadEX says: |
| The US open looks set to continue the buoyant market atmosphere this afternoon, with the Dow futures suggesting a 150 point jump when the Wall Street bell rings. | The US open looks set to continue the buoyant market atmosphere this afternoon, with the Dow futures suggesting a 150 point jump when the Wall Street bell rings. |
| Updated | |
| at 1.01pm BST | |
| 12.38pm BST | |
| 12:38 | |
| Associated Press now has full details of premier Li’s upbeat comments at “Summer Davos” today: | Associated Press now has full details of premier Li’s upbeat comments at “Summer Davos” today: |
| China’s No. 2 leader tried Wednesday to mollify foreign concerns about its economic slowdown, saying growth is in the “proper range” and Beijing has no plans to allow its currency to decline further. | China’s No. 2 leader tried Wednesday to mollify foreign concerns about its economic slowdown, saying growth is in the “proper range” and Beijing has no plans to allow its currency to decline further. |
| Speaking at a meeting of the World Economic Forum in the eastern city of Dalian, Premier Li Keqiang said Beijing will stick to plans for market-opening reforms despite recent “fluctuations” in economic performance. | Speaking at a meeting of the World Economic Forum in the eastern city of Dalian, Premier Li Keqiang said Beijing will stick to plans for market-opening reforms despite recent “fluctuations” in economic performance. |
| Communist leaders are in the midst of an unusually high-level effort to calm global financial markets after a collapse in Chinese stock prices and abrupt downturns in manufacturing and exports. | Communist leaders are in the midst of an unusually high-level effort to calm global financial markets after a collapse in Chinese stock prices and abrupt downturns in manufacturing and exports. |
| The central bank governor, finance minister and securities regulatory agency issued similar statements last weekend that stock market turmoil was ending and the economy was stable. | The central bank governor, finance minister and securities regulatory agency issued similar statements last weekend that stock market turmoil was ending and the economy was stable. |
| “The underlying trend of the economy is still moving in a positive direction,” said Li, the country’s No. 2 leader and its top economic official. Pointing to data showing more than 7 million urban jobs were created in the first half of the year, he said, “all this shows the Chinese economy has been running within the proper range.” | “The underlying trend of the economy is still moving in a positive direction,” said Li, the country’s No. 2 leader and its top economic official. Pointing to data showing more than 7 million urban jobs were created in the first half of the year, he said, “all this shows the Chinese economy has been running within the proper range.” |
| Li announced no new initiatives but touched on a wide range of issues that are sensitive for foreign investors in a clear attempt to assure them business conditions would remain stable. | Li announced no new initiatives but touched on a wide range of issues that are sensitive for foreign investors in a clear attempt to assure them business conditions would remain stable. |
| 12.08pm BST | |
| 12:08 | |
| Despite today’s gains, many stock markets are still lower than at the start of this year. | Despite today’s gains, many stock markets are still lower than at the start of this year. |
| America’s S&P 500, Britain’s FTSE 100, Hong Kong’s Hang Seng and China’s Shanghai Composite have all now fallen into the red. | America’s S&P 500, Britain’s FTSE 100, Hong Kong’s Hang Seng and China’s Shanghai Composite have all now fallen into the red. |
| But Japan’s Nikkei and Europe’s Stoxx 600 are slightly higher than on January 1st. | But Japan’s Nikkei and Europe’s Stoxx 600 are slightly higher than on January 1st. |
| Select Equity Indexes (rebased to 100 at start of 2015): pic.twitter.com/i4BpgPA90K | Select Equity Indexes (rebased to 100 at start of 2015): pic.twitter.com/i4BpgPA90K |
| 11.57am BST | |
| 11:57 | |
| Photos: Stock markets rally | Photos: Stock markets rally |
| There were happy faces on China’s trading floors today, as hopes of fresh stimulus measures sent the Shanghai index up over 2%: | There were happy faces on China’s trading floors today, as hopes of fresh stimulus measures sent the Shanghai index up over 2%: |
| This fruit vendor kept an eye on stocks, while selling his wares at a market in Hangzhou, in eastern China’s Zhejiang province. | This fruit vendor kept an eye on stocks, while selling his wares at a market in Hangzhou, in eastern China’s Zhejiang province. |
| And over in Tokyo, there was excitement as the Nikkei posted its biggest one-day leap since October 2008: | And over in Tokyo, there was excitement as the Nikkei posted its biggest one-day leap since October 2008: |
| 11.18am BST | |
| 11:18 | |
| Back in China, premier Li Keqiang has declared that the country has succeeded in fighting off ‘potential systemic financial risks’. | Back in China, premier Li Keqiang has declared that the country has succeeded in fighting off ‘potential systemic financial risks’. |
| Li told a panel discussion at the “Summer Davos”, in the port city of Dalian, that recent measures taken to calm market instability had worked. | Li told a panel discussion at the “Summer Davos”, in the port city of Dalian, that recent measures taken to calm market instability had worked. |
| China has successfully fended off potential systematic financial risks, Premier Li Keqiang says at Summer Davos in Dalian city | China has successfully fended off potential systematic financial risks, Premier Li Keqiang says at Summer Davos in Dalian city |
| China must keep implementing reforms, Li continued: | China must keep implementing reforms, Li continued: |
| “(We) will persist with a market-oriented, law-based system to establish an open and transparent capital market.” | “(We) will persist with a market-oriented, law-based system to establish an open and transparent capital market.” |
| Updated | |
| at 12.37pm BST | |
| 10.23am BST | |
| 10:23 | |
| The drop in Britain’s manufacturing output in July suggests growth is weakening this quarter, as the slowdown in China and beyond hits demand. | The drop in Britain’s manufacturing output in July suggests growth is weakening this quarter, as the slowdown in China and beyond hits demand. |
| Howard Archer of IHS Global Insight says growth could drop to 0.5%, from 0.7% three months ago, or even lower. | Howard Archer of IHS Global Insight says growth could drop to 0.5%, from 0.7% three months ago, or even lower. |
| Muted manufacturing activity and weakened exports is worrying for hopes that UK growth can become more balanced and less dependent on the services sector and consumer spending. | Muted manufacturing activity and weakened exports is worrying for hopes that UK growth can become more balanced and less dependent on the services sector and consumer spending. |
| 10.08am BST | |
| 10:08 | |
| Mike Rigby, head of manufacturing at Barclays, says British factories are finding it tough to get export orders in the current climate. | Mike Rigby, head of manufacturing at Barclays, says British factories are finding it tough to get export orders in the current climate. |
| Here’s his take on today’s gloomy industrial data: | Here’s his take on today’s gloomy industrial data: |
| “It hasn’t been a particularly good summer for manufacturing production and growth is hard-earned. Although macroeconomic conditions remain broadly supportive, it’s surprising that lower oil prices haven’t yet had more of a positive effect on the sector. | “It hasn’t been a particularly good summer for manufacturing production and growth is hard-earned. Although macroeconomic conditions remain broadly supportive, it’s surprising that lower oil prices haven’t yet had more of a positive effect on the sector. |
| With demand in the Eurozone still sluggish and an uncertain international picture, manufacturing output appears to be is stuck in neutral.” | With demand in the Eurozone still sluggish and an uncertain international picture, manufacturing output appears to be is stuck in neutral.” |
| 10.07am BST | |
| 10:07 | |
| The UK' trade deficit widened in July. Latest leg in the services surplus vs goods deficit race won by goods. pic.twitter.com/ODtO3fnbAQ | The UK' trade deficit widened in July. Latest leg in the services surplus vs goods deficit race won by goods. pic.twitter.com/ODtO3fnbAQ |
| 10.00am BST | |
| 10:00 | |
| The disappointing drop in UK manufacturing output send the pound down almost half a cent against the US dollar, to $1.536 | The disappointing drop in UK manufacturing output send the pound down almost half a cent against the US dollar, to $1.536 |
| Weak UK manufacturing data sees sterling sell off, #GBPUSD down to 1.5360 RO pic.twitter.com/ejdJAnTbNp | Weak UK manufacturing data sees sterling sell off, #GBPUSD down to 1.5360 RO pic.twitter.com/ejdJAnTbNp |
| The stock market remains upbeat, though -- probably because weak economic data means more chance of fresh stimulus measures from central bankers. | The stock market remains upbeat, though -- probably because weak economic data means more chance of fresh stimulus measures from central bankers. |
| 9.52am BST | |
| 09:52 | |
| UK factory production slumps, and trade gap widens | UK factory production slumps, and trade gap widens |
| Two disappointing pieces of economic data from the UK just hit the wires, showing that Britain’s manufacturing base is struggling. | Two disappointing pieces of economic data from the UK just hit the wires, showing that Britain’s manufacturing base is struggling. |
| UK industrial output shrank by 0.4% month-on-month in July, dashing hopes of a small rise. It was just 0.8% higher than a year ago. | UK industrial output shrank by 0.4% month-on-month in July, dashing hopes of a small rise. It was just 0.8% higher than a year ago. |
| And the picture at manufacturing firms is particularly worrying. Production fell by 0.8% month-on-month, the biggest decline since May 2014, and is 0.5% lower than in July 2014. | And the picture at manufacturing firms is particularly worrying. Production fell by 0.8% month-on-month, the biggest decline since May 2014, and is 0.5% lower than in July 2014. |
| The Office for National Statistics says that output fell sharply at transport equipment makers, and manufacturer of basic metals & metal products. | The Office for National Statistics says that output fell sharply at transport equipment makers, and manufacturer of basic metals & metal products. |
| It may partly be because UK car factories shut down for the summer earlier this year. | It may partly be because UK car factories shut down for the summer earlier this year. |
| But that’s not the only bad news. | But that’s not the only bad news. |
| Britain’s trade gap has widened sharply in July. The deficit in goods widened to £11bn, the biggest since July 2014, as exports tumbled by almost 10%. | Britain’s trade gap has widened sharply in July. The deficit in goods widened to £11bn, the biggest since July 2014, as exports tumbled by almost 10%. |
| The ONS says: | The ONS says: |
| Exports of goods decreased by £2.3 billion to £22.8 billion in July 2015, the lowest export figure since September 2010. This is attributed to decreases in semi-manufactures (specifically chemicals) of £1.0 billion and finished manufactures of £0.8 billion. Imports of goods increased by £0.3 billion to £33.9 billion over the same period. | Exports of goods decreased by £2.3 billion to £22.8 billion in July 2015, the lowest export figure since September 2010. This is attributed to decreases in semi-manufactures (specifically chemicals) of £1.0 billion and finished manufactures of £0.8 billion. Imports of goods increased by £0.3 billion to £33.9 billion over the same period. |
| Even when Britain’s surplus in Services is included, the overall trade gap was £3.37bn, compared to just £800m in June. | Even when Britain’s surplus in Services is included, the overall trade gap was £3.37bn, compared to just £800m in June. |
| Updated | |
| at 9.54am BST | |