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| UK growth slows to 0.4%; Greek debt crisis flares up – live updates | UK growth slows to 0.4%; Greek debt crisis flares up – live updates |
| (35 minutes later) | |
| 3.16pm BST | |
| 15:16 | |
| US home sales rise more than expected | |
| More data for the US Federal Reserve to contemplate as they meet to discuss their latest views on interest rates and the economy. | |
| Home sales rose by more than expected in March, according to the National Association of Realtors. Its pending home sales index climbed 1.4% month on month to 110.5, the highest level since last May and better than the 0.5% increase expected. | |
| US Pending Home Sales Data (Mar)Pending Home Sales M/M +1.4% v +0.5% exp, prev +3.4%Pending Home Sales Y/Y +2.9% v +0.8% exp, prev +5.0% | |
| Lawrence Yun, the association’s chief economist, said: | |
| Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March. This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth. | |
| The association added: | |
| In the short-term, the healthy labor market and favorable borrowing costs should lead to sustained buyer demand and a durable pace of sales. However, Yun says the consequences from a failure to construct more single-family homes in recent years are starting to impact some top job producing markets, where endless supply shortages continue to limit choices for buyers and are driving up prices beyond what a growing share of households can comfortably afford. | |
| “Demand is starting to weaken in some areas, particularly in the West, where the median home price has risen an astonishing 38 percent in the past three years,” adds Yun. “As a result, pending sales in the region have now declined in four of the last five months and are lower than one year ago for the third month in a row. Closed sales in the region in March were also below last year’s pace.” | |
| 3.05pm BST | |
| 15:05 | |
| Apple is currently the biggest faller in the Dow Jones Industrial Average: | |
| 2.50pm BST | |
| 14:50 | |
| Wall Street opens lower, Apple falls | |
| Despite European markets holding onto to their - slight - gains, Wall Street is slipping lower in early trading. | |
| The Dow Jones Industrial Average is down 20 points or 0.11% while the S&P 500 has fallen 0.22% at the open and Nasdaq 0.66%. | |
| Apple has dropped nearly 8% after it reported its first quarterly revenue fall for 13 years, Twitter is down more, falling 15.7% following its figures. | |
| Updated | |
| at 3.05pm BST | |
| 2.42pm BST | 2.42pm BST |
| 14:42 | 14:42 |
| And here (in Greek) is the call from Greek prime minister Alexis Tsipras for a European summit. | And here (in Greek) is the call from Greek prime minister Alexis Tsipras for a European summit. |
| Updated | Updated |
| at 2.43pm BST | at 2.43pm BST |
| 2.17pm BST | 2.17pm BST |
| 14:17 | 14:17 |
| Here’s the statement from European Council president Donald Tusk: | Here’s the statement from European Council president Donald Tusk: |
| .@eucopresident statement on #Greece and #Eurogroup https://t.co/kOXl2hjKXb | .@eucopresident statement on #Greece and #Eurogroup https://t.co/kOXl2hjKXb |
| 2.05pm BST | 2.05pm BST |
| 14:05 | 14:05 |
| Greek debt crisis is escalating again | Greek debt crisis is escalating again |
| Buckle up, folks, the Greek debt crisis is roaring back over the horizon. | Buckle up, folks, the Greek debt crisis is roaring back over the horizon. |
| Relations between Athens and its lenders have hit their worst level since last summer, when the 3rd Greek bailout deal was finally agreed. | Relations between Athens and its lenders have hit their worst level since last summer, when the 3rd Greek bailout deal was finally agreed. |
| The two side simply can’t reach a deal over the various ‘emergency measures’ that would kick in if (or perhaps when) it misses the economic targets in its bailout. This is now causing a cash crunch in Greece, forcing the government to tap various state bodies for spare funds. | The two side simply can’t reach a deal over the various ‘emergency measures’ that would kick in if (or perhaps when) it misses the economic targets in its bailout. This is now causing a cash crunch in Greece, forcing the government to tap various state bodies for spare funds. |
| And there’s serious chatter that we could be looking at fresh elections, or even another referendum, soon. | And there’s serious chatter that we could be looking at fresh elections, or even another referendum, soon. |
| So what’s happened today? | So what’s happened today? |
| So far.... Greece’s prime minister has proposed a meeting of EU leaders to discuss the crisis, but with little success. | So far.... Greece’s prime minister has proposed a meeting of EU leaders to discuss the crisis, but with little success. |
| European Council president Donald Tusk has argued that finance ministers need to make more progress, and hold a eurogroup meeting very soon. | European Council president Donald Tusk has argued that finance ministers need to make more progress, and hold a eurogroup meeting very soon. |
| We have to avoid situation of renewed uncertainty for Greece. We need date for Eurogroup meeting in not distant future. In days, not weeks | We have to avoid situation of renewed uncertainty for Greece. We need date for Eurogroup meeting in not distant future. In days, not weeks |
| Greece is refusing to accept extra austerity and blaming its creditors, as Reuters explains: | Greece is refusing to accept extra austerity and blaming its creditors, as Reuters explains: |
| Greece accused the International Monetary Fund on Wednesday of undermining efforts to broker an accord over its funding options, after talks on a review to unlock fresh bailout aid stalled. | Greece accused the International Monetary Fund on Wednesday of undermining efforts to broker an accord over its funding options, after talks on a review to unlock fresh bailout aid stalled. |
| Athens would be willing to discuss the introduction of a mechanism to automatically cut spending, Government Spokeswoman Olga Gerovasili said. Greece could not go beyond that, she said. | Athens would be willing to discuss the introduction of a mechanism to automatically cut spending, Government Spokeswoman Olga Gerovasili said. Greece could not go beyond that, she said. |
| One of Greece’s familiar allies, Commission president Jean-Claude Juncker, has offered prime minister Alexis Tsipras some support. | One of Greece’s familiar allies, Commission president Jean-Claude Juncker, has offered prime minister Alexis Tsipras some support. |
| He agrees that it’s wrong to push Athens to sign up to further cuts, on top of the measure already agreed. | He agrees that it’s wrong to push Athens to sign up to further cuts, on top of the measure already agreed. |
| Juncker says contingency plan demanded by creditors to #Greece is both unreasonable & unconstitutional. #Greece crisis - Season 5, Episode 3 | Juncker says contingency plan demanded by creditors to #Greece is both unreasonable & unconstitutional. #Greece crisis - Season 5, Episode 3 |
| Financial traders are concerned, dumping Greek bonds and thus driving the yield on Greek debt higher into the danger zone: | Financial traders are concerned, dumping Greek bonds and thus driving the yield on Greek debt higher into the danger zone: |
| @Brenda_Kelly Game on. It's all kickin' off... #Greece pic.twitter.com/M047rDUWo5 | @Brenda_Kelly Game on. It's all kickin' off... #Greece pic.twitter.com/M047rDUWo5 |
| The Greek stock market was hit too: | The Greek stock market was hit too: |
| Athens stock market drops 4.5% after reports that Greece wants an EU summit to discuss bailout... pic.twitter.com/7bSb5pE22A | Athens stock market drops 4.5% after reports that Greece wants an EU summit to discuss bailout... pic.twitter.com/7bSb5pE22A |
| Technical talks are still continuing between officials in Greece, in the hope of a breakthrough. But anyone who lived through last year’s drama will understand that progress could be limited.... | Technical talks are still continuing between officials in Greece, in the hope of a breakthrough. But anyone who lived through last year’s drama will understand that progress could be limited.... |
| Greek gov't spox Gerovasili says talks with lenders will continue later today at technical level #Greece | Greek gov't spox Gerovasili says talks with lenders will continue later today at technical level #Greece |
| Updated | Updated |
| at 2.24pm BST | at 2.24pm BST |
| 1.40pm BST | 1.40pm BST |
| 13:40 | 13:40 |
| Here’s our news story on today’s UK slowdown: | Here’s our news story on today’s UK slowdown: |
| Related: UK GDP growth slows to 0.4% in first quarter of 2016 | Related: UK GDP growth slows to 0.4% in first quarter of 2016 |
| 1.18pm BST | 1.18pm BST |
| 13:18 | 13:18 |
| There are some interesting developments around BHS today. | There are some interesting developments around BHS today. |
| First up, Sky’s Mark Kleinman reports that the stricken high street retailer received a demand for £2.6m in unpaid VAT last week, shortly before it fell into administration. | First up, Sky’s Mark Kleinman reports that the stricken high street retailer received a demand for £2.6m in unpaid VAT last week, shortly before it fell into administration. |
| Another £10m was due by 30 June, to cover the sale of its Oxford Street store, perhaps explaining the timing of its collapse. | Another £10m was due by 30 June, to cover the sale of its Oxford Street store, perhaps explaining the timing of its collapse. |
| Revealed: Bhs hit by £2.6m VAT demand from taxman days before collapse - with a further £10m due by the end of June. https://t.co/t13iJUQ5Li | Revealed: Bhs hit by £2.6m VAT demand from taxman days before collapse - with a further £10m due by the end of June. https://t.co/t13iJUQ5Li |
| And more surprisingly, BHS’s most recent owner is apparently planning to buy the company back! | And more surprisingly, BHS’s most recent owner is apparently planning to buy the company back! |
| Former racing driver Dominic Chappell, whose reputation has been rather savaged in recent days, has told the Evening Standard that he is meeting potential backers in America right now. | Former racing driver Dominic Chappell, whose reputation has been rather savaged in recent days, has told the Evening Standard that he is meeting potential backers in America right now. |
| He’s hoping to come back with a “real deal” to save as many jobs as possible. | He’s hoping to come back with a “real deal” to save as many jobs as possible. |
| Good news? Probably not, given Chappell’s failure to keep the company on the road. A BHS spokesman has already said the idea is “pure fantasy”. | Good news? Probably not, given Chappell’s failure to keep the company on the road. A BHS spokesman has already said the idea is “pure fantasy”. |
| Dominic Chappell tells @standardcity "I want to buy back BHS" and defends the Swedish transaction https://t.co/JBXsOQWeXv | Dominic Chappell tells @standardcity "I want to buy back BHS" and defends the Swedish transaction https://t.co/JBXsOQWeXv |
| 12.59pm BST | 12.59pm BST |
| 12:59 | 12:59 |
| Care to guess the fastest growing area of the UK economy in the last 25 years? | Care to guess the fastest growing area of the UK economy in the last 25 years? |
| Royal Bank of Scotland have crunched the numbers, and report that management consulting and head office activities have swelled by 500% since 1990* | Royal Bank of Scotland have crunched the numbers, and report that management consulting and head office activities have swelled by 500% since 1990* |
| *- A vintage year, including the Italian World Cup, the end of Margaret Thatcher’s premiership, and the Stone Roses playing Spike Island. | *- A vintage year, including the Italian World Cup, the end of Margaret Thatcher’s premiership, and the Stone Roses playing Spike Island. |
| But while consultancy has been booming, manufacturing and mining has been steadily declining, they show: | But while consultancy has been booming, manufacturing and mining has been steadily declining, they show: |
| The changing shape of the UK economy. Here's the 20 fastest growing sectors since 1990. pic.twitter.com/fpOVu5t0iV | The changing shape of the UK economy. Here's the 20 fastest growing sectors since 1990. pic.twitter.com/fpOVu5t0iV |
| What we do a lot less of. Here's the 20 sectors of the UK economy with the biggest output falls since 1990. pic.twitter.com/4sZbGTToCn | What we do a lot less of. Here's the 20 sectors of the UK economy with the biggest output falls since 1990. pic.twitter.com/4sZbGTToCn |
| 12.20pm BST | 12.20pm BST |
| 12:20 | 12:20 |
| There’s little cheer in the City today about the latest UK growth figures. | There’s little cheer in the City today about the latest UK growth figures. |
| The blue-chip FTSE 100 has dropped by 12 points today to 6272 points, with supermarket chain Tesco shedding 4%. | The blue-chip FTSE 100 has dropped by 12 points today to 6272 points, with supermarket chain Tesco shedding 4%. |
| Mining shares, a handy bellwether for global economic confidence, are down around 2% too. | Mining shares, a handy bellwether for global economic confidence, are down around 2% too. |
| Joshua Mahony, Market Analyst at IG, says traders are nervous ahead of tonight’s meeting of the US central bank, the Federal Reserve. | Joshua Mahony, Market Analyst at IG, says traders are nervous ahead of tonight’s meeting of the US central bank, the Federal Reserve. |
| The Fed is expected to leave interest rates unchanged, and may sound cautious about growth prospects [we get US GDP data tomorrow] | The Fed is expected to leave interest rates unchanged, and may sound cautious about growth prospects [we get US GDP data tomorrow] |
| 11.54am BST | 11.54am BST |
| 11:54 | 11:54 |
| Economists: Can't just blame Brexit | Economists: Can't just blame Brexit |
| It’s politically convenient for George Osborne to blame June’s EU referendum for weakness in the UK economy. | It’s politically convenient for George Osborne to blame June’s EU referendum for weakness in the UK economy. |
| But economists are warning that the problems run deeper. | But economists are warning that the problems run deeper. |
| Scott Corfe of the Centre for Economics and Business Research says Osborne’s growth forecasts are simply too optimistic. Here’s why: | Scott Corfe of the Centre for Economics and Business Research says Osborne’s growth forecasts are simply too optimistic. Here’s why: |
| Firstly, the consumer economy is coming off the boil. Retail sales volumes have fallen for two consecutive months on the latest ONS data. Rising inflation later this year and into 2017 will take further steam out of the household-led recovery, as will signs of a softening in the labour market with some high profile companies announcing job cuts in recent weeks. | Firstly, the consumer economy is coming off the boil. Retail sales volumes have fallen for two consecutive months on the latest ONS data. Rising inflation later this year and into 2017 will take further steam out of the household-led recovery, as will signs of a softening in the labour market with some high profile companies announcing job cuts in recent weeks. |
| The UK´s international trade position is also a major concern. The current account data released last month showed a record high deficit of 7% of GDP at the end of last year - now greater than the fiscal deficit. Essentially, the country’s poor position on exports and overseas investments means that the UK is now borrowing a huge sum of money from the rest of the world each year. Unless financial markets respond to this and sterling sharply depreciates it is hard to see this being resolved anytime soon. | The UK´s international trade position is also a major concern. The current account data released last month showed a record high deficit of 7% of GDP at the end of last year - now greater than the fiscal deficit. Essentially, the country’s poor position on exports and overseas investments means that the UK is now borrowing a huge sum of money from the rest of the world each year. Unless financial markets respond to this and sterling sharply depreciates it is hard to see this being resolved anytime soon. |
| The introduction of the National Living Wage will also lead to job losses, he adds, while efforts to rein in the buy-to-let market may also harm consumer confidence, Corfe continues. | The introduction of the National Living Wage will also lead to job losses, he adds, while efforts to rein in the buy-to-let market may also harm consumer confidence, Corfe continues. |
| Ranko Berich, Head of Market Analysis at Monex Europe, agrees that Osborne must take the blame: | Ranko Berich, Head of Market Analysis at Monex Europe, agrees that Osborne must take the blame: |
| “Brexit anxiety could certainly be behind some of the slowdown in GDP growth, but the truth is the recovery remains lacklustre. Growth has failed to return to the pre-crisis trend on a sustained basis, and the government’s excessively tight fiscal policy is largely at fault. | “Brexit anxiety could certainly be behind some of the slowdown in GDP growth, but the truth is the recovery remains lacklustre. Growth has failed to return to the pre-crisis trend on a sustained basis, and the government’s excessively tight fiscal policy is largely at fault. |
| “On top of that, wage growth is anaemic and the labour market appears to be slowing down, meaning the macro outlook is as uncertain as it has been for years. | “On top of that, wage growth is anaemic and the labour market appears to be slowing down, meaning the macro outlook is as uncertain as it has been for years. |
| 11.33am BST | 11.33am BST |
| 11:33 | 11:33 |
| More gloom: | More gloom: |
| Amid the BHS and Tata Steel chaos, printing company Polestar has gone into administration with PwC. 1,500 jobs at risk | Amid the BHS and Tata Steel chaos, printing company Polestar has gone into administration with PwC. 1,500 jobs at risk |