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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/may/13/german-growth-more-than-doubles-business-live
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US retail sales rise at fatest pace in a year - business live | |
(about 1 hour later) | |
1.52pm BST | |
13:52 | |
The monthly 1.3% jump in April retail sales was the biggest increase in more than a year. | |
The number for March was also revised up, to show a 0.3% rise and not the 0.4% drop previously estimated. | |
The increase was broad-based across different kinds of goods, but car sales were particularly strong. | |
1.32pm BST | |
13:32 | |
US retail sales rise more than expected | |
Breaking: US retail sales jumped 1.3% in April, beating expectations of a 0.8% increase. | |
Excluding cars, sales were up 0.8%, again beating expectations of a 0.5% increase. | |
The figures will bring relief to worried investors... | |
Updated | |
at 1.32pm BST | |
12.35pm BST | 12.35pm BST |
12:35 | 12:35 |
US stock index futures are lower as investors await April retail sales data from the world’s largest economy. | US stock index futures are lower as investors await April retail sales data from the world’s largest economy. |
Economists are expecting to see a 0.8% rise in US retail sales over the month, and will be closely watching when the figures are published at 13.30 UK time. | Economists are expecting to see a 0.8% rise in US retail sales over the month, and will be closely watching when the figures are published at 13.30 UK time. |
Weak earnings from retailers - including department store Macy’s - have put investors on edge, not least because consumer spending accounts for more than two thirds of the US economy. | Weak earnings from retailers - including department store Macy’s - have put investors on edge, not least because consumer spending accounts for more than two thirds of the US economy. |
12.25pm BST | 12.25pm BST |
12:25 | 12:25 |
John McDonnell has had a word to say about the weak UK construction numbers. | John McDonnell has had a word to say about the weak UK construction numbers. |
Labour’s shadow chancellor said: | Labour’s shadow chancellor said: |
It is deeply disappointing that despite George Osborne’s rhetoric on construction the industry shrank by 1.1 per cent in the first quarter of the year. | It is deeply disappointing that despite George Osborne’s rhetoric on construction the industry shrank by 1.1 per cent in the first quarter of the year. |
Output in the construction industry has fallen since Osborne claimed at last year’s Tory party conference that ‘we are the builders’, and comes on the back of ONS figures earlier this week showing UK industrial production in recession. This is further evidence that Osborne’s recovery is one built on sand. | Output in the construction industry has fallen since Osborne claimed at last year’s Tory party conference that ‘we are the builders’, and comes on the back of ONS figures earlier this week showing UK industrial production in recession. This is further evidence that Osborne’s recovery is one built on sand. |
12.09pm BST | 12.09pm BST |
12:09 | 12:09 |
Most international business would like the UK to stay in the EU, according to an Ipsos Mori poll. | Most international business would like the UK to stay in the EU, according to an Ipsos Mori poll. |
Most companies - 78% - from seven countries including Germany and China said Brexit would be negative and lead them to cut investment. | Most companies - 78% - from seven countries including Germany and China said Brexit would be negative and lead them to cut investment. |
Only 5% felt it would be positive for their business, and the rest said the impact would be neutral or they didn’t know. | Only 5% felt it would be positive for their business, and the rest said the impact would be neutral or they didn’t know. |
The countries involved were France, Canada, Spain, Italy, Sweden, Germany and China. | The countries involved were France, Canada, Spain, Italy, Sweden, Germany and China. |
11.48am BST | 11.48am BST |
11:48 | 11:48 |
Michael O’Leary, Ryanair’s chief executive, has also been speaking about Brexit and the potential impact. | Michael O’Leary, Ryanair’s chief executive, has also been speaking about Brexit and the potential impact. |
He says fares would probably drop in the shorter term, comparing the impact in terms of air travel to other crises, including 9/11. | He says fares would probably drop in the shorter term, comparing the impact in terms of air travel to other crises, including 9/11. |
Reuters quotes O’Leary: | Reuters quotes O’Leary: |
After 9/11, after every crisis Ryanair is selling cheaper fares, we keep people flying. | After 9/11, after every crisis Ryanair is selling cheaper fares, we keep people flying. |
So the fact is we would have a downward effect on our pricing for 6 to 12 months, but we will keep people flying. | So the fact is we would have a downward effect on our pricing for 6 to 12 months, but we will keep people flying. |
O’Leary said that over the longer term, Brexit would prompt Ryanair to move investments out of the UK. | O’Leary said that over the longer term, Brexit would prompt Ryanair to move investments out of the UK. |
The longer term effect is we will invest less in the UK. | The longer term effect is we will invest less in the UK. |
We will certainly switch some of our existing UK investment into other European countries because we want to continue to invest in the European Union and it will bad for air travel and British tourism. | We will certainly switch some of our existing UK investment into other European countries because we want to continue to invest in the European Union and it will bad for air travel and British tourism. |
11.03am BST | 11.03am BST |
11:03 | 11:03 |
Lagarde has also been making the point today that Brexit is not purely a domestic issue. | Lagarde has also been making the point today that Brexit is not purely a domestic issue. |
I know it is a big domestic issue for many of you, but it’s an international issue. | I know it is a big domestic issue for many of you, but it’s an international issue. |
I don’t think that in the last six months, I have visited a country anywhere in the world where I have not been asked: ‘what will be the economic consequences of Brexit. | I don’t think that in the last six months, I have visited a country anywhere in the world where I have not been asked: ‘what will be the economic consequences of Brexit. |
And in addition to Greece, Ukraine and a few others, what will be the outcome if the UK was to leave the European Union. | And in addition to Greece, Ukraine and a few others, what will be the outcome if the UK was to leave the European Union. |
You will appreciate the level of anxiety there is around the world as a result of that particular potential decision. | You will appreciate the level of anxiety there is around the world as a result of that particular potential decision. |
IMF Managing Director @Lagarde says the EU referendum is "not just a domestic issue" https://t.co/J6m2KlD5PZ | IMF Managing Director @Lagarde says the EU referendum is "not just a domestic issue" https://t.co/J6m2KlD5PZ |
10.51am BST | 10.51am BST |
10:51 | 10:51 |
Chancellor: IMF makes it clear Brexit would cost us money | Chancellor: IMF makes it clear Brexit would cost us money |
George Osborne has been speaking following the IMF’s damning report on the potential impact of Brexit. | George Osborne has been speaking following the IMF’s damning report on the potential impact of Brexit. |
He said the Fund makes it clear a UK exit from EU would “cost us money”. | He said the Fund makes it clear a UK exit from EU would “cost us money”. |
That’s less to spend on public services like schools and the NHS. | That’s less to spend on public services like schools and the NHS. |
Chancellor says IMF has "put to rest the fallacy" that leaving EU will make more money available for public services https://t.co/SMpvk9J6iH | Chancellor says IMF has "put to rest the fallacy" that leaving EU will make more money available for public services https://t.co/SMpvk9J6iH |
Updated | Updated |
at 11.30am BST | at 11.30am BST |
10.36am BST | 10.36am BST |
10:36 | 10:36 |
Lagarde insists the IMF’s view on Brexit is completely independent. | Lagarde insists the IMF’s view on Brexit is completely independent. |
Christine Lagarde: "We are not into politics. It is our duty to lay out the facts. #IMF #EUref pic.twitter.com/4Ro6cUWQPo | Christine Lagarde: "We are not into politics. It is our duty to lay out the facts. #IMF #EUref pic.twitter.com/4Ro6cUWQPo |
10.34am BST | 10.34am BST |
10:34 | 10:34 |
IMF boss Christine Lagarde says IMF will complete a more comprehensive report on the impact of Brexit in time for the Fund’s next board meeting on 15 June. This will include more detailed numbers. | IMF boss Christine Lagarde says IMF will complete a more comprehensive report on the impact of Brexit in time for the Fund’s next board meeting on 15 June. This will include more detailed numbers. |
“If there are no leaks, the papers should get it on the 16th, 17th”, she says. | “If there are no leaks, the papers should get it on the 16th, 17th”, she says. |
IMF's Christine Lagarde at speaking at Treasury says outcomes of Brexit range from "pretty bad to very bad" | IMF's Christine Lagarde at speaking at Treasury says outcomes of Brexit range from "pretty bad to very bad" |
Updated | Updated |
at 10.38am BST | at 10.38am BST |
10.22am BST | 10.22am BST |
10:22 | 10:22 |
Larry Elliott | Larry Elliott |
Different location, same story. On Thursday it was Mark Carney sitting in Threadneedle Street issuing a warning from the Bank of England about the perils of Brexit. Less than 24 hours later it was Christine Lagarde, the managing director of the International Monetary Fund delivering the same message. | Different location, same story. On Thursday it was Mark Carney sitting in Threadneedle Street issuing a warning from the Bank of England about the perils of Brexit. Less than 24 hours later it was Christine Lagarde, the managing director of the International Monetary Fund delivering the same message. |
The approach being taken by the Government to the referendum appears to be similar to the tactics adopted by the British high command on the Western Front during the Great War: soften up the enemy with a constant and ferocious pounding. | The approach being taken by the Government to the referendum appears to be similar to the tactics adopted by the British high command on the Western Front during the Great War: soften up the enemy with a constant and ferocious pounding. |
Opinion polls suggest that the pounding is having only a limited effect, with the Brexiteers snug in their positions and largely oblivious to the ordnance being rained down on them. | Opinion polls suggest that the pounding is having only a limited effect, with the Brexiteers snug in their positions and largely oblivious to the ordnance being rained down on them. |
The Government’s hope is that eventually the war of attrition will pay off, as perhaps it might. Lagarde certainly went for what she sees as a soft spot in the enemy’s defences - the risk that a no vote on June 23 could lead to a crash in house prices. | The Government’s hope is that eventually the war of attrition will pay off, as perhaps it might. Lagarde certainly went for what she sees as a soft spot in the enemy’s defences - the risk that a no vote on June 23 could lead to a crash in house prices. |
This is a cunning tactic. While there is scant evidence that the British public is moved by the difference between the Swiss model, the Norwegian model or the WTO model when it comes to Britain’s post-EU trading arrangements, the threat to house prices is a different matter altogether. | This is a cunning tactic. While there is scant evidence that the British public is moved by the difference between the Swiss model, the Norwegian model or the WTO model when it comes to Britain’s post-EU trading arrangements, the threat to house prices is a different matter altogether. |
(Full comment here.) | (Full comment here.) |
Updated | Updated |
at 11.20am BST | at 11.20am BST |