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UK economy weaker than expected - live UK economy weaker than expected - live
(35 minutes later)
11.10am GMT11:10
More from the UK GDP report.
First, the dominance of the service sector:
And the fall in the savings rate:
10.59am GMT10:59
Back with the UK GDP figures and David Kern, British Chambers of Commerce chief economist said:
It is not hugely surprising to see GDP growth downgraded slightly, as it is in line with the revisions in our own forecast earlier this month. However it is concerning that it weaker growth in our dominant services sector has played a part.
Given the slump in our manufacturing sector, our services sector will still be expected to drive economic growth as we enter 2016.
The sharp widening of the trade deficit will provide little festive cheer. Our exporters will need all the help they can get in order to redress this – and improved access to finance for those looking to export would be a good first step.
10.42am GMT10:42
On the oil price, Opec assumes it will average $55 a barrel during 2015 (at the moment Brent crude is $36.48) and will reach $70 (in 2014 prices) by 2020 and $95 by 2040:
[This reflects] a gradual improvement in market conditions as growing demand and slower than previously expected non-Opec supply growth eliminate the existing oversupply and lead to a more balanced market. This, in turn, will provide support to prices.
10.35am GMT10:3510.35am GMT10:35
Opec also predicts that $10trn of investment is needed by 2040 to cover future needs:Opec also predicts that $10trn of investment is needed by 2040 to cover future needs:
The increase in the overall requirement for OPEC crude between 2015 and 2040 is almost 10 mb/d, while for non-OPEC liquids it is just over 3 mb/d.The increase in the overall requirement for OPEC crude between 2015 and 2040 is almost 10 mb/d, while for non-OPEC liquids it is just over 3 mb/d.
It all means that investments remain huge. Oil-related investment requirements are estimated to be around $10 trillion between now and 2040. In the current market environment what this underlines is the delicate balance between prices, the cost of the marginal barrel and future supplies.It all means that investments remain huge. Oil-related investment requirements are estimated to be around $10 trillion between now and 2040. In the current market environment what this underlines is the delicate balance between prices, the cost of the marginal barrel and future supplies.
This balance is essential in making sure the necessary future investments are made. If the right signals are not forthcoming, there is the possibility that the market could find that there is not enough new capacity and infrastructure in place to meet future rising demand levels, and this would obviously have a knock-on impact for prices.This balance is essential in making sure the necessary future investments are made. If the right signals are not forthcoming, there is the possibility that the market could find that there is not enough new capacity and infrastructure in place to meet future rising demand levels, and this would obviously have a knock-on impact for prices.
Updated at 10.35am GMTUpdated at 10.35am GMT
10.26am GMT10:2610.26am GMT10:26
Opec expects its market share to shrink by 2020Opec expects its market share to shrink by 2020
Demand for Opec’s crude oil will be lower in 2020 than next year, with supply from rivals proving stronger than expected, according to the oil producing organistation’s latest outlook report.Demand for Opec’s crude oil will be lower in 2020 than next year, with supply from rivals proving stronger than expected, according to the oil producing organistation’s latest outlook report.
The prediction raises questions about how successful Opec’s strategy of not cutting production to keep crude prices low has been at hurting other producers. Reuters reports:The prediction raises questions about how successful Opec’s strategy of not cutting production to keep crude prices low has been at hurting other producers. Reuters reports:
Opec... which a year ago refused to cut supply to retain market share against higher-cost rivals, in its 2015 World Oil Outlook raised its global supply forecasts for tight oil, which includes shale, despite a collapse in prices.Opec... which a year ago refused to cut supply to retain market share against higher-cost rivals, in its 2015 World Oil Outlook raised its global supply forecasts for tight oil, which includes shale, despite a collapse in prices.
Demand for Opec crude will reach 30.70 million barrels per day (bpd) in 2020, OPEC said, lower than 30.90 million bpd next year. The expected demand from OPEC in 2020 is about 1 million bpd less than it is currently producing.Demand for Opec crude will reach 30.70 million barrels per day (bpd) in 2020, OPEC said, lower than 30.90 million bpd next year. The expected demand from OPEC in 2020 is about 1 million bpd less than it is currently producing.
Oil has more than halved its price in 18 months [which] has helped to boost oil’s medium-term use, although OPEC said the demand stimulus of low crude prices will fade over time.Oil has more than halved its price in 18 months [which] has helped to boost oil’s medium-term use, although OPEC said the demand stimulus of low crude prices will fade over time.
“The impact of the recent oil price decline on demand is most visible in the short term,” Opec Secretary-General Abdullah al-Badri wrote in the foreword to the report. “It then drops away over the medium term.”“The impact of the recent oil price decline on demand is most visible in the short term,” Opec Secretary-General Abdullah al-Badri wrote in the foreword to the report. “It then drops away over the medium term.”
Opec is increasingly divided over the merits of the 2014 shift to a market-share strategy, which was led by Saudi Arabia and its Gulf allies, and at a Dec. 4 meeting failed to agree a production ceiling for the first time in decades.Opec is increasingly divided over the merits of the 2014 shift to a market-share strategy, which was led by Saudi Arabia and its Gulf allies, and at a Dec. 4 meeting failed to agree a production ceiling for the first time in decades.
Nonetheless, the report shows that the medium-term outlook - from Opec’s point of view as the supplier of a third of the world’s oil - has improved. In the 2014 edition, demand for Opec crude was expected to fall to 29.0 million bpd by 2020.Nonetheless, the report shows that the medium-term outlook - from Opec’s point of view as the supplier of a third of the world’s oil - has improved. In the 2014 edition, demand for Opec crude was expected to fall to 29.0 million bpd by 2020.
Updated at 10.27am GMTUpdated at 10.27am GMT
10.11am GMT10:1110.11am GMT10:11
The UK’s economy is now expected to grow by 2.2% in 2015, rather than 2.4%, according to IHS Global Insight economist Howard Archer. In the wake of the disappointing third quarter GDP figures and the lower numbers for the previous quarter, he said:The UK’s economy is now expected to grow by 2.2% in 2015, rather than 2.4%, according to IHS Global Insight economist Howard Archer. In the wake of the disappointing third quarter GDP figures and the lower numbers for the previous quarter, he said:
GDP growth was disappointingly revised down to 0.4% quarter-on-quarter and 2.1% year-on-year from the previously reported 0.5% quarter-on-quarter and 2.3% year-on-year. In addition, second quarter GDP growth was revised down to 0.5% quarter-on-quarter from 0.7% quarter-on-quarter.GDP growth was disappointingly revised down to 0.4% quarter-on-quarter and 2.1% year-on-year from the previously reported 0.5% quarter-on-quarter and 2.3% year-on-year. In addition, second quarter GDP growth was revised down to 0.5% quarter-on-quarter from 0.7% quarter-on-quarter.
Growth was held back in the third quarter by net trade which knocked 1.0 percentage points off growth. This fuels concern that UK growth is far too reliant on domestic demand, even allowing for the fact that the third quarter trade performance was partly a payback for a strong second quarter.Growth was held back in the third quarter by net trade which knocked 1.0 percentage points off growth. This fuels concern that UK growth is far too reliant on domestic demand, even allowing for the fact that the third quarter trade performance was partly a payback for a strong second quarter.
We expect GDP growth to improve to 0.6% quarter-on-quarter in the fourth quarterWe expect GDP growth to improve to 0.6% quarter-on-quarter in the fourth quarter
However, because of the downward revisions to GDP growth in the second and third quarters, we will need to trim our projection of overall GDP growth in the 2015 from 2.4% to 2.2%.However, because of the downward revisions to GDP growth in the second and third quarters, we will need to trim our projection of overall GDP growth in the 2015 from 2.4% to 2.2%.
10.00am GMT10:0010.00am GMT10:00
The UK Treasury is of course putting a brave face on the disappointing GDP figures, reminding everyone that the IMF praised the UK economy but warning that risks remain:The UK Treasury is of course putting a brave face on the disappointing GDP figures, reminding everyone that the IMF praised the UK economy but warning that risks remain:
Read our spokesperson quote in response to today’s @ONS quarterly national accounts release #GDP pic.twitter.com/lYHtAbYuegRead our spokesperson quote in response to today’s @ONS quarterly national accounts release #GDP pic.twitter.com/lYHtAbYueg
9.56am GMT09:569.56am GMT09:56
However, GDP growth per head is now back above the level seen during the financial crisis in 2008:However, GDP growth per head is now back above the level seen during the financial crisis in 2008:
Nearly 8 years later, UK GDP per head is finally back above pre-crisis levels. pic.twitter.com/dpijCNN2l1Nearly 8 years later, UK GDP per head is finally back above pre-crisis levels. pic.twitter.com/dpijCNN2l1
9.47am GMT09:479.47am GMT09:47
The weaker than expected UK GDP figures come a day after disappointing borrowing data of course:The weaker than expected UK GDP figures come a day after disappointing borrowing data of course:
Related: Latest borrowing figures threaten Osborne's deficit targetRelated: Latest borrowing figures threaten Osborne's deficit target
So, no pressure on the Bank of England to raise interest rates in the immediate future.So, no pressure on the Bank of England to raise interest rates in the immediate future.
Updated at 9.51am GMTUpdated at 9.51am GMT
9.44am GMT09:449.44am GMT09:44
UK GDP growth of 2.1% in Q3 was the lowest in 2 years, below every forecast from 30 economists polled by Reuters. pic.twitter.com/KLs2Vw4fN0UK GDP growth of 2.1% in Q3 was the lowest in 2 years, below every forecast from 30 economists polled by Reuters. pic.twitter.com/KLs2Vw4fN0
Updated at 9.45am GMTUpdated at 9.45am GMT
9.40am GMT09:409.40am GMT09:40
Here is a chart from the ONS showing the breakdown of GDP, and the changes between this reading and the last:Here is a chart from the ONS showing the breakdown of GDP, and the changes between this reading and the last:
9.36am GMT09:369.36am GMT09:36
Weaker growth in the service sector was behind the lower growth figure, according to the Office for National Statistics.Weaker growth in the service sector was behind the lower growth figure, according to the Office for National Statistics.
As well as third quarter growth being revised downwards, annual growth was also cut from the previous reading of 2.3% to 2.1%.As well as third quarter growth being revised downwards, annual growth was also cut from the previous reading of 2.3% to 2.1%.
The second quarter was also weaker than initially thought. The ONS has revised down growth for April to June from 0.7% to 0.5% in quarterly terms and from 2.4% to 2.3% annually.The second quarter was also weaker than initially thought. The ONS has revised down growth for April to June from 0.7% to 0.5% in quarterly terms and from 2.4% to 2.3% annually.
The disappointment has so far had little effect on shares, with the FTSE 100 up 84 points or 1.3%.The disappointment has so far had little effect on shares, with the FTSE 100 up 84 points or 1.3%.
Updated at 9.40am GMTUpdated at 9.40am GMT
9.31am GMT09:319.31am GMT09:31
UK GDP growth lower than expectedUK GDP growth lower than expected
Breaking news:Breaking news:
The UK economy grew less strongly than previously thought in the third quarter, up 0.4% compared to initial estimates of 0.5%.The UK economy grew less strongly than previously thought in the third quarter, up 0.4% compared to initial estimates of 0.5%.
Updated at 9.32am GMTUpdated at 9.32am GMT
9.10am GMT09:109.10am GMT09:10
Here’s our report on Game Digital from Sean Farrell:Here’s our report on Game Digital from Sean Farrell:
Game Digital shares plunged after the retailer warned that profit would fall sharply after sales of games since the start of the Christmas holidays were worse than expected.Game Digital shares plunged after the retailer warned that profit would fall sharply after sales of games since the start of the Christmas holidays were worse than expected.
The seller of video games and consoles said UK sales for the 21 weeks to 19 December fell 11.4% to £353.4m as gamers failed to buy enough games for new consoles to make up for a steep fall in demand for older formats.The seller of video games and consoles said UK sales for the 21 weeks to 19 December fell 11.4% to £353.4m as gamers failed to buy enough games for new consoles to make up for a steep fall in demand for older formats.
As a result, margins were squeezed and earnings before interest, tax and other items for the six months to 23 January will fall by about 30% to £30m, Game said in an unscheduled trading update. Sales in the wider video game market are down 13.5%, Game said.As a result, margins were squeezed and earnings before interest, tax and other items for the six months to 23 January will fall by about 30% to £30m, Game said in an unscheduled trading update. Sales in the wider video game market are down 13.5%, Game said.
Game’s shares fell as much as 40% and were down 35% to 135p as trading settled. The shares, which floated at 200p in June 2014, are down by more than 60% this year.Game’s shares fell as much as 40% and were down 35% to 135p as trading settled. The shares, which floated at 200p in June 2014, are down by more than 60% this year.
Sales of games for the Xbox One and PlayStation 4 consoles rose by 20%, or £19m, but sales of products for the old Xbox 360 and PlayStation 3 dropped by 57%, or £31m.Sales of games for the Xbox One and PlayStation 4 consoles rose by 20%, or £19m, but sales of products for the old Xbox 360 and PlayStation 3 dropped by 57%, or £31m.
Full story here:Full story here:
Related: Game shares fall 40% after profit warningRelated: Game shares fall 40% after profit warning
Updated at 9.11am GMTUpdated at 9.11am GMT
8.40am GMT08:408.40am GMT08:40
More on the French economy:More on the French economy:
Sharp drop in #French consumer goods spending in Nov. suggests total household spending will be a drag on GDP in Q4. pic.twitter.com/u3SeOgIXixSharp drop in #French consumer goods spending in Nov. suggests total household spending will be a drag on GDP in Q4. pic.twitter.com/u3SeOgIXix
8.28am GMT08:288.28am GMT08:28
Mining shares are among the gainers in London, points out Tony Cross, market analyst at Trustnet Direct. He said:Mining shares are among the gainers in London, points out Tony Cross, market analyst at Trustnet Direct. He said:
London’s FTSE-100 has surged higher at the open with thin volumes ahead of the Christmas break arguably exaggerating the move. Hopes that Chinese stimulus measures could buoy the fortunes of natural resources stocks, combined with some elements of a short squeeze, have driven miners to the top of the board. These gains may well look a little more sustainable after iron ore prices rose in Australian trade.London’s FTSE-100 has surged higher at the open with thin volumes ahead of the Christmas break arguably exaggerating the move. Hopes that Chinese stimulus measures could buoy the fortunes of natural resources stocks, combined with some elements of a short squeeze, have driven miners to the top of the board. These gains may well look a little more sustainable after iron ore prices rose in Australian trade.
8.11am GMT08:118.11am GMT08:11
Markets open higherMarkets open higher
European stock markets, as forecast, have made some strong opening gains.European stock markets, as forecast, have made some strong opening gains.
The FTSE 100 is up 68 points or 1.1% in early trading, while Germany’s Dax has added 1.2%, France’s Cac and Spain’s Ibex have both climbed 1%, and Italy’s FTSE MIB is 0.8% higher.The FTSE 100 is up 68 points or 1.1% in early trading, while Germany’s Dax has added 1.2%, France’s Cac and Spain’s Ibex have both climbed 1%, and Italy’s FTSE MIB is 0.8% higher.
One exception is Game Digital, down 39% after its profit warning.One exception is Game Digital, down 39% after its profit warning.
8.06am GMT08:068.06am GMT08:06
Taxing timesTaxing times
Company tax affairs are in the spotlight at the moment.Company tax affairs are in the spotlight at the moment.
Amazon and eBay are facing action over VAT, as Simon Bowers reports:Amazon and eBay are facing action over VAT, as Simon Bowers reports:
Top tax officials are exploring whether Amazon and eBay can be forced to foot the bill for ballooning VAT fraud associated with an army of small overseas sellers who are rapidly coming to dominate sales of many popular items on Britain’s leading shopping websites.Top tax officials are exploring whether Amazon and eBay can be forced to foot the bill for ballooning VAT fraud associated with an army of small overseas sellers who are rapidly coming to dominate sales of many popular items on Britain’s leading shopping websites.
The full story is here:The full story is here:
Related: Amazon and eBay face crackdown over VAT fraud by overseas sellersRelated: Amazon and eBay face crackdown over VAT fraud by overseas sellers
Meanwhile a new survey shows many investment banks in the City of London paid little or no corporation tax:Meanwhile a new survey shows many investment banks in the City of London paid little or no corporation tax:
Related: Anger at City banks paying little or no corporation taxRelated: Anger at City banks paying little or no corporation tax
8.03am GMT08:038.03am GMT08:03
French GDP grows in third quarterFrench GDP grows in third quarter
The French economy grew by 0.3% in the third quarter, confirming earlier readings after showing no growth in the previous three months.The French economy grew by 0.3% in the third quarter, confirming earlier readings after showing no growth in the previous three months.
Meanwhile French consumer spending fell unexpectedly by 1.1% in November, compared to expectations of a 0.1% increase.Meanwhile French consumer spending fell unexpectedly by 1.1% in November, compared to expectations of a 0.1% increase.
French consumer spending on goods disappointingly fell back 1.1% m/m in Nov in blow for Q4 growth hopes. We currently expect 0.2% q/q growthFrench consumer spending on goods disappointingly fell back 1.1% m/m in Nov in blow for Q4 growth hopes. We currently expect 0.2% q/q growth
7.52am GMT07:527.52am GMT07:52
Game Digital profit warningGame Digital profit warning
And an early Christmas profit warning. Computer games retailer Game Digital said it had seen challenging trading conditions and disappointing sales since the start of the festive school holidays.And an early Christmas profit warning. Computer games retailer Game Digital said it had seen challenging trading conditions and disappointing sales since the start of the festive school holidays.
So it expected half year profits to come in at £30m. Analysts at Liberum said:So it expected half year profits to come in at £30m. Analysts at Liberum said:
UK sales have fallen off sharply in the past few weeks at the most critical time of year for Game. General weakness has been exacerbated by very rapidly slowing sales in old format content, down 57% in the UK, and while sales of new generation content remained strong these were not enough to offset the decline. The Spanish market remains strong with sales up 8%.UK sales have fallen off sharply in the past few weeks at the most critical time of year for Game. General weakness has been exacerbated by very rapidly slowing sales in old format content, down 57% in the UK, and while sales of new generation content remained strong these were not enough to offset the decline. The Spanish market remains strong with sales up 8%.
While a decline in old format sales was expected the scale has surprised the company while the importance of Christmas trading has hugely magnified the issue. We cut our full year earnings per share forecasts by 60%, 2017 estimates by 42% and 2018 by 30%. There is no updated guidance on the dividend, but we note that current year cover is just 0.5 times.While a decline in old format sales was expected the scale has surprised the company while the importance of Christmas trading has hugely magnified the issue. We cut our full year earnings per share forecasts by 60%, 2017 estimates by 42% and 2018 by 30%. There is no updated guidance on the dividend, but we note that current year cover is just 0.5 times.
Updated at 7.54am GMTUpdated at 7.54am GMT
7.47am GMT07:477.47am GMT07:47
Brent crude and West Texas trade at same levelBrent crude and West Texas trade at same level
Meanwhile oil prices have edged higher, with Brent crude up 1% to $36.48 a barrel.Meanwhile oil prices have edged higher, with Brent crude up 1% to $36.48 a barrel.
But on Tuesday, for the first time in 10 years, Brent had traded below the level of US West Texas Intermediate.But on Tuesday, for the first time in 10 years, Brent had traded below the level of US West Texas Intermediate.
Part of that was that was Brent coming under pressure on oversupply fears, dropping below its 11 year low, but partly it was data from the American Petroleum Industry showing an unexpected drop in stockpiles.Part of that was that was Brent coming under pressure on oversupply fears, dropping below its 11 year low, but partly it was data from the American Petroleum Industry showing an unexpected drop in stockpiles.
At the moment the two measures - Brent and WTI - are trading at exactly the same level.At the moment the two measures - Brent and WTI - are trading at exactly the same level.
Here - from last night - is the comparison:Here - from last night - is the comparison:
Brent and WTI move back to parity. $CL_F $BRENT pic.twitter.com/tGHnhbA2mfBrent and WTI move back to parity. $CL_F $BRENT pic.twitter.com/tGHnhbA2mf
There could be further volatilty when OPEC releases the crude oil outlook for 2016 at 10am GMT.There could be further volatilty when OPEC releases the crude oil outlook for 2016 at 10am GMT.
Updated at 8.10am GMTUpdated at 8.10am GMT
7.44am GMT07:447.44am GMT07:44
European markets are expected to open higher after a fairly mixed day on Tuesday:European markets are expected to open higher after a fairly mixed day on Tuesday:
Our European opening calls: $FTSE 6130 up 47 $DAX 10574 up 85 $CAC 4605 up 37 $IBEX 9486 up 71 $MIB 21190 up 129Our European opening calls: $FTSE 6130 up 47 $DAX 10574 up 85 $CAC 4605 up 37 $IBEX 9486 up 71 $MIB 21190 up 129
7.41am GMT07:417.41am GMT07:41
Agenda: UK GDP growth expected at 0.5%Agenda: UK GDP growth expected at 0.5%
Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone and business.
The UK economy is expected to have grown more slowly in the third quarter, as we get the final snapshot of the latest GDP figures, and then to improve again in the final three months. But the data will not be strong enough to prompt the Bank of England to consider an interest rate rise until well until 2016.The UK economy is expected to have grown more slowly in the third quarter, as we get the final snapshot of the latest GDP figures, and then to improve again in the final three months. But the data will not be strong enough to prompt the Bank of England to consider an interest rate rise until well until 2016.
Most analysts are forecasting the initial reading of 0.5% growth will be confirmed, showing a slowdown from 0.7% in the previous three months. Howard Archer, chief UK and European economist at IHS Global Insight said:Most analysts are forecasting the initial reading of 0.5% growth will be confirmed, showing a slowdown from 0.7% in the previous three months. Howard Archer, chief UK and European economist at IHS Global Insight said:
We expect GDP growth in the third quarter to be confirmed at 0.5% quarter-on-quarter and 2.3% year-on-year. We expect GDP growth to improve to 0.6% quarter-on-quarter in the fourth quarter, resulting in overall GDP growth of 2.4% in 2015. The 1.7%month-on-month jump in retail sales volumes in November suggests that consumer spending will be strong in the fourth quarter, which increases the possibility that growth could surprise on the upside and come in at 0.7% quarter-on-quarter.We expect GDP growth in the third quarter to be confirmed at 0.5% quarter-on-quarter and 2.3% year-on-year. We expect GDP growth to improve to 0.6% quarter-on-quarter in the fourth quarter, resulting in overall GDP growth of 2.4% in 2015. The 1.7%month-on-month jump in retail sales volumes in November suggests that consumer spending will be strong in the fourth quarter, which increases the possibility that growth could surprise on the upside and come in at 0.7% quarter-on-quarter.
Michael Hewson, chief market analyst at CMC Markets UK, also expects a figure of 0.5%:Michael Hewson, chief market analyst at CMC Markets UK, also expects a figure of 0.5%:
[UK GDP growth] to some extent has been slightly disappointing in the readings seen thus far in that it has only shown growth of 0.5%. There is an outside expectation that we could see an upward revision to 0.6% as a result of a strong September due to the Rugby World Cup and a buoyant services sector, which in turn should offer some optimism that the fourth quarter will be similarly positive.[UK GDP growth] to some extent has been slightly disappointing in the readings seen thus far in that it has only shown growth of 0.5%. There is an outside expectation that we could see an upward revision to 0.6% as a result of a strong September due to the Rugby World Cup and a buoyant services sector, which in turn should offer some optimism that the fourth quarter will be similarly positive.
As far as rate rise expectations are concerned, it probably won’t move the dial that much in that a UK rate rise still seems some way off into 2016, after further policymaker comments in the last few days regarding the benign inflation outlook, and which has served to push the pound to eight month lows against the US dollar, a rather strange state of affairs for one of the best performing economies in the G7 this year.As far as rate rise expectations are concerned, it probably won’t move the dial that much in that a UK rate rise still seems some way off into 2016, after further policymaker comments in the last few days regarding the benign inflation outlook, and which has served to push the pound to eight month lows against the US dollar, a rather strange state of affairs for one of the best performing economies in the G7 this year.
External MPC member Martin Weale, who at the end of 2014 had favoured a modest rise in rates, rather surprisingly suggested earlier this week that he was in no rush to nudge borrowing costs up, which for an economy that looks likely to set 12 successive quarters of economic expansion if the fourth quarter is as positive as the rest of 2015, came across as a little bit of a surprise for someone who has always seemed to be more of a hawkish disposition.External MPC member Martin Weale, who at the end of 2014 had favoured a modest rise in rates, rather surprisingly suggested earlier this week that he was in no rush to nudge borrowing costs up, which for an economy that looks likely to set 12 successive quarters of economic expansion if the fourth quarter is as positive as the rest of 2015, came across as a little bit of a surprise for someone who has always seemed to be more of a hawkish disposition.
Later come US orders for durable goods - higher priced and longer lasting items such as cars, manufacturing equipment and aeroplanes.Later come US orders for durable goods - higher priced and longer lasting items such as cars, manufacturing equipment and aeroplanes.
Updated at 7.56am GMTUpdated at 7.56am GMT