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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/may/19/markets-us-rate-hike-uk-retail-sales-live
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| Version 7 | Version 8 |
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| Markets hit by fears of US June rate hike – business live | Markets hit by fears of US June rate hike – business live |
| (35 minutes later) | |
| 12.43pm BST | |
| 12:43 | |
| The old advice to ‘sell in May and go away’ worked quite well in 2015 – if you timed your entry back into the market right. | |
| It’s exactly a year since the Dow Jones hits its record high - closing at 18,312 points. It then suffered quite a dive in August, due to worries over China. | |
| And although it then recovered, it then suffered another selloff around new year before reviving again.... | |
| Last night it closed at 17,526, 4% lower than a year ago: | |
| Today is the one-year anniversary of the Dow's last record high. (Intraday and closing)(via @peterschack) @CNBC pic.twitter.com/P9VYqK7Jr9 | |
| 12.30pm BST | |
| 12:30 | |
| Over in Frankfurt, ECB chief Mario Draghi will be breaking out the best Prosecco. | |
| The euro has just hit a seven week low against the US dollar, as the greenback continues to benefit from the Fed’s hawkishness. | |
| A weaker euro should help to drag Europe’s inflation rate away from zero, and help exporters too.... | |
| *EUR/USD DROPS BELOW 1.1200, FIRST TIME SINCE MARCH 29 | |
| Updated | |
| at 12.32pm BST | |
| 12.25pm BST | |
| 12:25 | |
| Oh dear.... Asda, Wal-Mart’s UK operation, has endured another shocking few months. | |
| Like-for-like sales across Asda’s stores slumped by 5.7% in the first quarter of 2016. That’s only slightly better than the 5.8% drop in the final quarter of 2015. | |
| Clearly the price-wars and heavy competition in Britain’s supermarkets isn’t letting up... | |
| Oooof! Asda 5.7% slide in like-for-likes. More sales pain for the UK Walmart owned supermarket | |
| Asda sales in 13 weeks to 30th March fell 5.7% - 7th successive quarterly fall. No wonder they cancelled the quarterly press conference...! | |
| 12.06pm BST | 12.06pm BST |
| 12:06 | 12:06 |
| Shares in supermarket giant Wal-Mart just jumped by 5% in pre-market trading, after it released better-than-expected results. | Shares in supermarket giant Wal-Mart just jumped by 5% in pre-market trading, after it released better-than-expected results. |
| Wal-Mart posted earnings of $0.98 per share, compared to estimate of $0.88 per share. Revenues also beat forecasts: | Wal-Mart posted earnings of $0.98 per share, compared to estimate of $0.88 per share. Revenues also beat forecasts: |
| Shares of $WMT soaring nearly 5% after reporting positive earnings https://t.co/sCJVgqeZ9L | Shares of $WMT soaring nearly 5% after reporting positive earnings https://t.co/sCJVgqeZ9L |
| 11.51am BST | 11.51am BST |
| 11:51 | 11:51 |
| Wall Street is expected to join the selloff when it opens at 2.30pm BST (9.30am East Coast time) | Wall Street is expected to join the selloff when it opens at 2.30pm BST (9.30am East Coast time) |
| The Dow Jones is currently being called down 71 points, or around 0.4%, at 17454. But there is some US data due in the next coouple of hours to maybe shift the mood. | The Dow Jones is currently being called down 71 points, or around 0.4%, at 17454. But there is some US data due in the next coouple of hours to maybe shift the mood. |
| Connor Campbell of SpreadEx explains: | Connor Campbell of SpreadEx explains: |
| Whilst Europe has seen a nasty US rate-hike chatter-inspired decline this morning (the DAX and CAC joining the FTSE with 1.5% and 0.9% plunges respectively), the Dow futures aren’t quite as calamitous just yet. It looks like the US index will open just shy of half a percent lower after the bell, but with Philly Fed manufacturing index and jobless claims figures to come before the session begins. There are also speeches this afternoon from Fed vice-chair William Dudley and FOMC member Stanley Fischer, with investors likely keen to hear their take on the chances of a June rate-hike. | Whilst Europe has seen a nasty US rate-hike chatter-inspired decline this morning (the DAX and CAC joining the FTSE with 1.5% and 0.9% plunges respectively), the Dow futures aren’t quite as calamitous just yet. It looks like the US index will open just shy of half a percent lower after the bell, but with Philly Fed manufacturing index and jobless claims figures to come before the session begins. There are also speeches this afternoon from Fed vice-chair William Dudley and FOMC member Stanley Fischer, with investors likely keen to hear their take on the chances of a June rate-hike. |
| Updated | Updated |
| at 11.53am BST | at 11.53am BST |
| 11.25am BST | 11.25am BST |
| 11:25 | 11:25 |
| Despite the hawkish tone of last night’s minutes, most economists don’t actually expect the Federal Reserve to raise interest rates next month. | Despite the hawkish tone of last night’s minutes, most economists don’t actually expect the Federal Reserve to raise interest rates next month. |
| Derivatives traders are now pricing in a 32% probability that the Fed hikes rates at its June 14-15 meeting. That’s up from 4% last week. | Derivatives traders are now pricing in a 32% probability that the Fed hikes rates at its June 14-15 meeting. That’s up from 4% last week. |
| Some analysts believe the Fed will be reluctant to move, just a week before the UK’s EU referendum. Policymakers may also want to hold off until they receive growth figures for the second quarter of 2016, in July. | Some analysts believe the Fed will be reluctant to move, just a week before the UK’s EU referendum. Policymakers may also want to hold off until they receive growth figures for the second quarter of 2016, in July. |
| The team at RBC Capital Markets believe the Fed is signalling its ability to hike, rather than actually setting the scene for action in June. | The team at RBC Capital Markets believe the Fed is signalling its ability to hike, rather than actually setting the scene for action in June. |
| Here’s some more views: | Here’s some more views: |
| Rate hike probabilities pulled forward following Wednesday's Fed minutes, market sees a 61.8% chance the next hike happens in September | Rate hike probabilities pulled forward following Wednesday's Fed minutes, market sees a 61.8% chance the next hike happens in September |
| "In my view June should be 50%-55% priced..." -- Citi's Steven Englander | "In my view June should be 50%-55% priced..." -- Citi's Steven Englander |
| 10.55am BST | 10.55am BST |
| 10:55 | 10:55 |
| After three hours of trading, the FTSE 100 is in full-blown retreat - down almost 90 points or 1.4% at 6079. | After three hours of trading, the FTSE 100 is in full-blown retreat - down almost 90 points or 1.4% at 6079. |
| Mining stocks continue to lead the fallers, with Fresnillo, Anglo American and BHP Billiton all down around 5%. | Mining stocks continue to lead the fallers, with Fresnillo, Anglo American and BHP Billiton all down around 5%. |
| Royal Dutch Shell has shed 4.5%, due to the oil price dropping back to $47.70 per barrel today. And Royal Mail have dropped 4%, after reporting a 33% drop in pre-tax profits in a ‘challenging’ market. | Royal Dutch Shell has shed 4.5%, due to the oil price dropping back to $47.70 per barrel today. And Royal Mail have dropped 4%, after reporting a 33% drop in pre-tax profits in a ‘challenging’ market. |
| Related: Royal Mail profits slump by a third | Related: Royal Mail profits slump by a third |
| Chris Beauchamp, Senior Market Analyst at IG, blames “a hawkish set of Fed minutes and poor results from a number of firms” for today’s selloff. | Chris Beauchamp, Senior Market Analyst at IG, blames “a hawkish set of Fed minutes and poor results from a number of firms” for today’s selloff. |
| The Fed has put the market on notice for June, and for the moment the market doesn’t like it. Equities have sold off heavily this morning as investors scramble to reallocate funds towards those areas likely to benefit from rising rates in the US – namely the US dollar, Treasuries and also US bank stocks. | The Fed has put the market on notice for June, and for the moment the market doesn’t like it. Equities have sold off heavily this morning as investors scramble to reallocate funds towards those areas likely to benefit from rising rates in the US – namely the US dollar, Treasuries and also US bank stocks. |
| As a result, the rug has been pulled from underneath European markets, with the news of the EgyptAir tragedy having an impact on airline and travel names. | As a result, the rug has been pulled from underneath European markets, with the news of the EgyptAir tragedy having an impact on airline and travel names. |
| 10.29am BST | 10.29am BST |
| 10:29 | 10:29 |
| Brexit could be good for 1st time buyers | Brexit could be good for 1st time buyers |
| The battle over Britain’s EU referendum has switched to that dinner party favourite - house prices. | The battle over Britain’s EU referendum has switched to that dinner party favourite - house prices. |
| Moodys, the rating agency, has predicted this morning that first-time homebuyers in the UK would benefit from a vote to leave the EU. | Moodys, the rating agency, has predicted this morning that first-time homebuyers in the UK would benefit from a vote to leave the EU. |
| They argue that prices would fall following a Brexit vote, and there could also be less competition for housing. | They argue that prices would fall following a Brexit vote, and there could also be less competition for housing. |
| Buy-to-let landlords could also suffer from lower demand, particularly in London if the capital became less attractive to citizens from overseas. | Buy-to-let landlords could also suffer from lower demand, particularly in London if the capital became less attractive to citizens from overseas. |
| Related: First-time buyers would benefit from Brexit, says Moody's | Related: First-time buyers would benefit from Brexit, says Moody's |
| The National Association of Estate Agents also believes that house prices would be hit by a Brexit vote. | The National Association of Estate Agents also believes that house prices would be hit by a Brexit vote. |
| It reckons homeowners in London could lose as much as £7,500, while homes elsewhere in the UK could lose £2,300. | It reckons homeowners in London could lose as much as £7,500, while homes elsewhere in the UK could lose £2,300. |
| PROJECT FEAR GOES NUCLEAR ON BRITISH NEUROSES https://t.co/NyryVR3RiS | PROJECT FEAR GOES NUCLEAR ON BRITISH NEUROSES https://t.co/NyryVR3RiS |
| 10.20am BST | 10.20am BST |
| 10:20 | 10:20 |
| Ben Brettell, senior economist at Hargreaves Lansdown, says the rise in UK consumer spending last month is reassuring: | Ben Brettell, senior economist at Hargreaves Lansdown, says the rise in UK consumer spending last month is reassuring: |
| ‘The UK economy’s glass was beginning to look decidedly half-empty, so today’s retail sales figures are a welcome tonic to the gloomy economic mood. | ‘The UK economy’s glass was beginning to look decidedly half-empty, so today’s retail sales figures are a welcome tonic to the gloomy economic mood. |
| Diminishing confidence ahead of the EU referendum and weak pay growth were expected to take a toll on retail sales. Indeed market researcher GfK’s consumer sentiment indicator hit a 15-month low in April, which looked ominous for today’s figures, but in the event fears that the referendum would have a negative impact on consumer spending proved unfounded. | Diminishing confidence ahead of the EU referendum and weak pay growth were expected to take a toll on retail sales. Indeed market researcher GfK’s consumer sentiment indicator hit a 15-month low in April, which looked ominous for today’s figures, but in the event fears that the referendum would have a negative impact on consumer spending proved unfounded. |
| 9.59am BST | 9.59am BST |
| 09:59 | 09:59 |
| The pound has hit a three and a half-month high against the euro. | The pound has hit a three and a half-month high against the euro. |
| Sterling has hit €1.305, up from €1.301 last night, thanks to those strong retail sales figures. | Sterling has hit €1.305, up from €1.301 last night, thanks to those strong retail sales figures. |
| Everything must go! Another month of strong UK retail sales growth (4.3%y/y) coupled with price deflation (-2.8%y/y) pic.twitter.com/Vm6DDefUp1 | Everything must go! Another month of strong UK retail sales growth (4.3%y/y) coupled with price deflation (-2.8%y/y) pic.twitter.com/Vm6DDefUp1 |
| 9.47am BST | 9.47am BST |
| 09:47 | 09:47 |
| UK retail sales surge as Brits keep shopping | UK retail sales surge as Brits keep shopping |
| Here come the latest UK retail sales figures....and they’ve smashed forecasts! | Here come the latest UK retail sales figures....and they’ve smashed forecasts! |
| The amount of stuff bought in the shops last month jumped by 4.3% compared with a year earlier, the Office for National Statistics reports. Sales volumes were also 1.3% higher than a month earlier. | The amount of stuff bought in the shops last month jumped by 4.3% compared with a year earlier, the Office for National Statistics reports. Sales volumes were also 1.3% higher than a month earlier. |
| There’s no sign of pre-Brexit jitters here. Instead, shoppers may have been spurred into action by the fact that average shop prices have fallen by 2.8% over the last year. | There’s no sign of pre-Brexit jitters here. Instead, shoppers may have been spurred into action by the fact that average shop prices have fallen by 2.8% over the last year. |
| So many economists claim higher inflation as an economic cure. Yet lower inflation has plainly boosted UK Retail Sales! #GBP #BoE | So many economists claim higher inflation as an economic cure. Yet lower inflation has plainly boosted UK Retail Sales! #GBP #BoE |
| In a WORLD lacking DEMAND, one country stands alone, ready to do WHATEVER IT TAKES to buy everything https://t.co/2vOVjokw30 | In a WORLD lacking DEMAND, one country stands alone, ready to do WHATEVER IT TAKES to buy everything https://t.co/2vOVjokw30 |
| Sales of most items jumped, but there was a 6.3% drop in clothing turnover. That may be due to cold weather in April, which put people off from buying summer garments. | Sales of most items jumped, but there was a 6.3% drop in clothing turnover. That may be due to cold weather in April, which put people off from buying summer garments. |
| Melanie Richard, ONS Head of Retail Sales, said: | Melanie Richard, ONS Head of Retail Sales, said: |
| “Clothing stores remain the main drag on growth in the retail sector, with sales hampered by unseasonal weather. However, both the volume and value of sales increased in April compared with March as lower prices boosted sales. | “Clothing stores remain the main drag on growth in the retail sector, with sales hampered by unseasonal weather. However, both the volume and value of sales increased in April compared with March as lower prices boosted sales. |
| Updated | Updated |
| at 9.54am BST | at 9.54am BST |
| 9.32am BST | 9.32am BST |
| 09:32 | 09:32 |
| The selloff is gathering pace across Europe, with the main indices all losing ground this morning: | The selloff is gathering pace across Europe, with the main indices all losing ground this morning: |
| Tom Floyd, Senior Sales Trader at Foenix Partner, says investors are taking last night’s Fed minute seriously: | Tom Floyd, Senior Sales Trader at Foenix Partner, says investors are taking last night’s Fed minute seriously: |
| With multiple Fed speakers in recent days failing to convince markets of the possibility of June hikes, yesterday’s Minutes seem to have finally done the trick. The Minutes showed Fed members would deem a June hike as “appropriate” so long as economic data continued to improve. With inflation data trending towards target and improving labour market conditions, the Fed’s remaining issue was convincing markets a rise was a likely scenario. | With multiple Fed speakers in recent days failing to convince markets of the possibility of June hikes, yesterday’s Minutes seem to have finally done the trick. The Minutes showed Fed members would deem a June hike as “appropriate” so long as economic data continued to improve. With inflation data trending towards target and improving labour market conditions, the Fed’s remaining issue was convincing markets a rise was a likely scenario. |
| 9.24am BST | 9.24am BST |
| 09:24 | 09:24 |
| The first Harry Potter readers have long since left the classroom for the world of adult mugglehood. | The first Harry Potter readers have long since left the classroom for the world of adult mugglehood. |
| But Hogwart’s finest continues to work his charms for UK publishers, Bloomsbury. They have reported a 5% jump in revenues for the last year, thanks to a 133% surge in sales of Harry Potter books. | But Hogwart’s finest continues to work his charms for UK publishers, Bloomsbury. They have reported a 5% jump in revenues for the last year, thanks to a 133% surge in sales of Harry Potter books. |
| That includes a new illustrated version of “Harry Potter and the Philosopher’s Stone”, which apparently went down terribly well. | That includes a new illustrated version of “Harry Potter and the Philosopher’s Stone”, which apparently went down terribly well. |
| Bloomsbury say: | Bloomsbury say: |
| Reviews were consistently good with the Telegraph saying the book was: “a triumph - a book so alive it seems to jump, explode and slither out of your hands as you read.” | Reviews were consistently good with the Telegraph saying the book was: “a triumph - a book so alive it seems to jump, explode and slither out of your hands as you read.” |
| We sold rights in Jim Kay’s illustrations in 28 languages. Our re-jacketed Jonny Duddle editions of the seven Harry Potter novels continued to perform strongly in all territories. | We sold rights in Jim Kay’s illustrations in 28 languages. Our re-jacketed Jonny Duddle editions of the seven Harry Potter novels continued to perform strongly in all territories. |
| An illustrated version of the Chamber of Secrets is coming soon, along with new content from J. K. Rowling for the new edition of Fantastic Beasts & Where to Find Them. | An illustrated version of the Chamber of Secrets is coming soon, along with new content from J. K. Rowling for the new edition of Fantastic Beasts & Where to Find Them. |
| It’s a case of “Revenues leviosa!”, say those wizards at fastFT.... | It’s a case of “Revenues leviosa!”, say those wizards at fastFT.... |
| Updated | Updated |
| at 9.27am BST | at 9.27am BST |
| 8.38am BST | 8.38am BST |
| 08:38 | 08:38 |
| Angela Monaghan | Angela Monaghan |
| Peter Fankhauser, chief executive of Thomas Cook, is also calling for a shake-up in the school holiday system to help parents get cheaper holidays. | Peter Fankhauser, chief executive of Thomas Cook, is also calling for a shake-up in the school holiday system to help parents get cheaper holidays. |
| He tells reporters that: | He tells reporters that: |
| “UK authorities should look across the pond to Germany and Switzerland where they agree a staggered start of school holiday dates. That relieves some of the pressure. If you had an agreement from local authorities in the UK to spread the dates... that would help us as well, it would help everybody.” | “UK authorities should look across the pond to Germany and Switzerland where they agree a staggered start of school holiday dates. That relieves some of the pressure. If you had an agreement from local authorities in the UK to spread the dates... that would help us as well, it would help everybody.” |
| Fankhauser said Thomas Cook was doing “everything we can” to make holidays more affordable for families who face huge hikes in prices during the school holidays. | Fankhauser said Thomas Cook was doing “everything we can” to make holidays more affordable for families who face huge hikes in prices during the school holidays. |
| To get the best deal: “you have to start early in the cycle”, he said. | To get the best deal: “you have to start early in the cycle”, he said. |
| Last week, a UK parent won a landmark case in the High Court against his local authority, after he took his daughter away on holiday during term time. | Last week, a UK parent won a landmark case in the High Court against his local authority, after he took his daughter away on holiday during term time. |
| The ruling appeared to give the green light for parents to take their children out of state schools without permission so long as they have a good record of attendance. The government, though, quickly vowed to close this new loophole.... | The ruling appeared to give the green light for parents to take their children out of state schools without permission so long as they have a good record of attendance. The government, though, quickly vowed to close this new loophole.... |
| Updated | Updated |
| at 8.54am BST | at 8.54am BST |
| 8.24am BST | 8.24am BST |
| 08:24 | 08:24 |
| Thomas Cook hit by terrorism fears | Thomas Cook hit by terrorism fears |
| Shares in Thomas Cook have fallen by 15% to a three-year low, after it reported a 5% drop in summer bookings. | Shares in Thomas Cook have fallen by 15% to a three-year low, after it reported a 5% drop in summer bookings. |
| The holiday company warned this morning that underlying profits will hit the bottom of analyst expectations. It reported that tourists are shunning Turkey, where a suicide bomber killed 10 Germans in an Istanbul square in January. | The holiday company warned this morning that underlying profits will hit the bottom of analyst expectations. It reported that tourists are shunning Turkey, where a suicide bomber killed 10 Germans in an Istanbul square in January. |
| Turkey had been Thomas Cook’s second most popular destination last year; in 2016, though, more tourists are choosing the Balearics (up 14%), Canaries (up 23%) and and USA (up 29%). | Turkey had been Thomas Cook’s second most popular destination last year; in 2016, though, more tourists are choosing the Balearics (up 14%), Canaries (up 23%) and and USA (up 29%). |
| Thomas Cook says: | Thomas Cook says: |
| Demand for Turkey - our second largest market last year - remains significantly below last year’s levels. This has impacted our German Airlines business in particular. | Demand for Turkey - our second largest market last year - remains significantly below last year’s levels. This has impacted our German Airlines business in particular. |
| Demand for holidays to Belgium is also down, following the Brussels terrorist attacks in March. | Demand for holidays to Belgium is also down, following the Brussels terrorist attacks in March. |
| And that sent shares down to 75p, the lowest since March 2013. | And that sent shares down to 75p, the lowest since March 2013. |
| It will be a tough summer for #ThomasCook: bookings for this year's holiday season are down 5% overall - shares down 15% in London. | It will be a tough summer for #ThomasCook: bookings for this year's holiday season are down 5% overall - shares down 15% in London. |
| Updated | Updated |
| at 8.30am BST | at 8.30am BST |
| 8.10am BST | 8.10am BST |
| 08:10 | 08:10 |
| FTSE 100 takes a dive | FTSE 100 takes a dive |
| The London stock market has shed 50 points, or 0.8%, at the start of trading. | The London stock market has shed 50 points, or 0.8%, at the start of trading. |
| Mining shares are leading the selloff, with silver miner Fresnillo sliding by 5%. | Mining shares are leading the selloff, with silver miner Fresnillo sliding by 5%. |
| That’s because the prospect of higher US interest rates is pushing up the US dollar, and driving down commodity prices. | That’s because the prospect of higher US interest rates is pushing up the US dollar, and driving down commodity prices. |
| Other European markets are also dropping, with the German DAX shedding 1% and the French CAC down 0.5%. | Other European markets are also dropping, with the German DAX shedding 1% and the French CAC down 0.5%. |
| 8.03am BST | 8.03am BST |
| 08:03 | 08:03 |
| Asian stock markets fall | Asian stock markets fall |
| Most Asian stock markets are in the red today after the Federal Reserve put a June interest rate rise on the table. | Most Asian stock markets are in the red today after the Federal Reserve put a June interest rate rise on the table. |
| The Singapore and Hong Kong indices are leading the selloff | The Singapore and Hong Kong indices are leading the selloff |
| Investors are baulked at the prospect of tightening of monetary policy, as Andrew Sullivan, sales trader at Haitong Securities explains (via Associated Press) | Investors are baulked at the prospect of tightening of monetary policy, as Andrew Sullivan, sales trader at Haitong Securities explains (via Associated Press) |
| “Markets have looked for government stimulus as a reason for investing rather than good company economics or fundamentals. Obviously therefore if there’s less chance of stimulus people are left wondering what to do. | “Markets have looked for government stimulus as a reason for investing rather than good company economics or fundamentals. Obviously therefore if there’s less chance of stimulus people are left wondering what to do. |
| “Yes it will be a shock to people, and I’m sure there will be a knee jerk reaction but the reality is we are nowhere near normal rates.” | “Yes it will be a shock to people, and I’m sure there will be a knee jerk reaction but the reality is we are nowhere near normal rates.” |
| Only Japan has avoided any damage -- because Tokyo traders are pleased to see the yen weakening against the US dollar. | Only Japan has avoided any damage -- because Tokyo traders are pleased to see the yen weakening against the US dollar. |
| 7.31am BST | 7.31am BST |
| 07:31 | 07:31 |
| The Agenda: Fed's June warning looms over City | The Agenda: Fed's June warning looms over City |
| 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. |
| Coming up today... | Coming up today... |
| We’ll be tracking the reaction to last night’s Federal Reserve minutes, which showed that America’s central bank could be ready to raise interest rates next month. | We’ll be tracking the reaction to last night’s Federal Reserve minutes, which showed that America’s central bank could be ready to raise interest rates next month. |
| The Fed surprised investors by revealing that many policymakers believe a June rate hike is appropriate, if economic data over the next few weeks justifies it. | The Fed surprised investors by revealing that many policymakers believe a June rate hike is appropriate, if economic data over the next few weeks justifies it. |
| As we covered in last night’s liveblog, the minutes of April’s meeting showed that: | As we covered in last night’s liveblog, the minutes of April’s meeting showed that: |
| “Most participants judged that if incoming data were consistent with economic growth picking up in the second quarter, labor market conditions continuing to strengthen and inflation making progress toward the [Fed’s] 2% objective, then it likely would be appropriate for the [Fed] to increase the target range for the federal funds rate in June.” | “Most participants judged that if incoming data were consistent with economic growth picking up in the second quarter, labor market conditions continuing to strengthen and inflation making progress toward the [Fed’s] 2% objective, then it likely would be appropriate for the [Fed] to increase the target range for the federal funds rate in June.” |
| And that has sent investors scrambling to adjust their expectations - as many had only expected one rate rise in 2016, or even none at all. | And that has sent investors scrambling to adjust their expectations - as many had only expected one rate rise in 2016, or even none at all. |
| Related: Interest rates could rise as soon as June, Federal Reserve suggests | Related: Interest rates could rise as soon as June, Federal Reserve suggests |
| The minutes also sent the dollar spiking last night, and is likely to weigh on European markets today. | The minutes also sent the dollar spiking last night, and is likely to weigh on European markets today. |
| Our European opening calls:$FTSE 6109 down 57$DAX 9887 down 56$CAC 4293 down 26$IBEX 8727 down 48$MIB 17611 down 102 | Our European opening calls:$FTSE 6109 down 57$DAX 9887 down 56$CAC 4293 down 26$IBEX 8727 down 48$MIB 17611 down 102 |
| Also coming up today … | Also coming up today … |
| **Today highlights**UK Retail Sales, ECB Minutes, Initial Jobless Claims, Fed's Fischer, Dudley and BoE's Vlieghe | **Today highlights**UK Retail Sales, ECB Minutes, Initial Jobless Claims, Fed's Fischer, Dudley and BoE's Vlieghe |
| There’s quite a flurry of financial results this morning, including: Thomas Cook, Mothercare, Bloomsbury Publishing, Royal Mail, drinks firm Britvic, construction firm Balfour Beatty, financial services group Hargreaves Lansdown and asset manager 3i. We’ll pick the most interesting bits out... | There’s quite a flurry of financial results this morning, including: Thomas Cook, Mothercare, Bloomsbury Publishing, Royal Mail, drinks firm Britvic, construction firm Balfour Beatty, financial services group Hargreaves Lansdown and asset manager 3i. We’ll pick the most interesting bits out... |
| There could be fireworks in Germany today, where Deutsche Bank is holding its AGM: | There could be fireworks in Germany today, where Deutsche Bank is holding its AGM: |
| Deutsche Bank faces angry shareholders at today's AGM as stocks have underperformed under chairman Achleitner. pic.twitter.com/QV8wbv14TK | Deutsche Bank faces angry shareholders at today's AGM as stocks have underperformed under chairman Achleitner. pic.twitter.com/QV8wbv14TK |
| And leading finance minister are heading to Japan, for a G7 meeting, but I don’t think there’s any action today. | And leading finance minister are heading to Japan, for a G7 meeting, but I don’t think there’s any action today. |
| Updated | Updated |
| at 8.07am BST | at 8.07am BST |