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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/aug/25/central-bankers-gather-in-jackson-hole-business-live
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| Version 2 | Version 3 |
|---|---|
| Central bankers gather in Jackson Hole - business live | Central bankers gather in Jackson Hole - business live |
| (35 minutes later) | |
| 9.41am BST | |
| 09:41 | |
| Carsten Brzeski, ING chief economist for Germany and Austria, says the weak August Ifo survey suggests German business confidence has been struck down by the Brexit vote. | |
| Oops. It seems that German businesses always take a bit longer to digest the news but today’s Ifo suggests that German businesses have suddenly woken up to Brexit reality. | |
| Germany’s most prominent indicator, the Ifo index, decreased sharply in August to 106.2, from 108.3 in July; the strongest monthly drop since May 2012. The drop was equally driven by decreases of both the current assessment and the expectations component. The expectations component is now at its lowest level since October 2014. | |
| What we had feared could happen did unfortunately happen: German businesses continued a longer tradition of delayed reactions to single and unexpected events. It is not the first time that the Ifo reacts with a delay of one or two months to global events. | |
| Today’s Ifo reading is a good reminder that the relative benign reaction of Eurozone data to the Brexit vote should not be taken as given. The negative confidence impact is for real. | |
| 9.19am BST | 9.19am BST |
| 09:19 | 09:19 |
| German business sentiment weakens | German business sentiment weakens |
| Morale among German businesses weakened unexpectedly in August according to the latest Ifo survey. | Morale among German businesses weakened unexpectedly in August according to the latest Ifo survey. |
| The headline business climate index, based on a survey of about 7,000 firms, fell to 106.2 this month from 108.3 in July. Economists had forecast a slight improvement to108.5. | The headline business climate index, based on a survey of about 7,000 firms, fell to 106.2 this month from 108.3 in July. Economists had forecast a slight improvement to108.5. |
| Clemens Fuest, Ifo head, said: | Clemens Fuest, Ifo head, said: |
| Business confidence in Germany has clearly worsened. The German economy has fallen into a summer slump. | Business confidence in Germany has clearly worsened. The German economy has fallen into a summer slump. |
| 8.49am BST | 8.49am BST |
| 08:49 | 08:49 |
| European markets open lower | European markets open lower |
| Europe’s major markets are all down this morning. It follows falls on Wall Street on Wednesday and in Asia on Thursday. | Europe’s major markets are all down this morning. It follows falls on Wall Street on Wednesday and in Asia on Thursday. |
| Investors are feeling cautious ahead of Jackson Hole, and the recent drop in the oil price as hopes of an OPEC deal fade is also denting sentiment. | Investors are feeling cautious ahead of Jackson Hole, and the recent drop in the oil price as hopes of an OPEC deal fade is also denting sentiment. |
| 8.30am BST | 8.30am BST |
| 08:30 | 08:30 |
| UK car production tops one million | UK car production tops one million |
| More than a million cars have rolled off production lines at UK factors since the beginning of 2016. | More than a million cars have rolled off production lines at UK factors since the beginning of 2016. |
| The latest industry figures showed a total of 1.02 million cars were built in the first six months of the year. It was a 12.3% increase compared with the same period a year earlier. | The latest industry figures showed a total of 1.02 million cars were built in the first six months of the year. It was a 12.3% increase compared with the same period a year earlier. |
| In July alone, the number of cars made in the UK rose by 7.6% to 126,566 vehicles. It was the 12th consecutive month of growth. | In July alone, the number of cars made in the UK rose by 7.6% to 126,566 vehicles. It was the 12th consecutive month of growth. |
| Mike Hawes from the industry trade body the Society of Motor Manufacturers and Traders, says production is “booming” with demand for British built cars from around the world. | Mike Hawes from the industry trade body the Society of Motor Manufacturers and Traders, says production is “booming” with demand for British built cars from around the world. |
| Manufacturers have invested billions to develop exciting new models and produce them competitively here in the UK. | Manufacturers have invested billions to develop exciting new models and produce them competitively here in the UK. |
| Future success will depend on continued new car demand and attracting the next wave of investment so Britain must demonstrate it remains competitive and open for business. | Future success will depend on continued new car demand and attracting the next wave of investment so Britain must demonstrate it remains competitive and open for business. |
| There are concerns however that following the Brexit vote foreign car companies will be less willing to invest in UK car plants. | There are concerns however that following the Brexit vote foreign car companies will be less willing to invest in UK car plants. |
| The rise in production volumes in 2016 is the result of past investment so it will take a while for any Brexit effect to feed through to manufacturing numbers. | The rise in production volumes in 2016 is the result of past investment so it will take a while for any Brexit effect to feed through to manufacturing numbers. |
| Updated | Updated |
| at 8.34am BST | at 8.34am BST |
| 8.10am BST | 8.10am BST |
| 08:10 | 08:10 |
| French business confidence falters | French business confidence falters |
| Figures published this morning show French business confidence faltered in August. | Figures published this morning show French business confidence faltered in August. |
| The French statistics office INSEE said the index for firms in the industrial sector dropped to 101 from 103 in July. The weaker confidence was most keenly felt among food and drinks manufacturers. | The French statistics office INSEE said the index for firms in the industrial sector dropped to 101 from 103 in July. The weaker confidence was most keenly felt among food and drinks manufacturers. |
| The wider gauge of business morale also dipped to 101 this month from 102 in July. Confidence in the services sector was stable at 101. | The wider gauge of business morale also dipped to 101 this month from 102 in July. Confidence in the services sector was stable at 101. |
| 8.00am BST | 8.00am BST |
| 08:00 | 08:00 |
| European markets are expected to open lower: | European markets are expected to open lower: |
| Our European opening calls:$FTSE 6820 down 16$DAX 10602 down 21$CAC 4429 down 6$IBEX 8629 down 27$MIB 16820 down 72 | Our European opening calls:$FTSE 6820 down 16$DAX 10602 down 21$CAC 4429 down 6$IBEX 8629 down 27$MIB 16820 down 72 |
| 7.59am BST | 7.59am BST |
| 07:59 | 07:59 |
| The agenda: countdown to Jackson Hole | The agenda: countdown to Jackson Hole |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| Central bankers and leading economists will arrive for the keenly anticipated Jackson Hole symposium which kicks off today with a reception and opening dinner. | Central bankers and leading economists will arrive for the keenly anticipated Jackson Hole symposium which kicks off today with a reception and opening dinner. |
| The full agenda for the meeting will be published at 6pm Mountain Time today (1am Friday in the UK). It should be available here. | The full agenda for the meeting will be published at 6pm Mountain Time today (1am Friday in the UK). It should be available here. |
| The main event of course will be the speech by Janet Yellen, chair of the Federal Reserve. She will be speaking on Friday at 3pm UK time. Investors will be listening closely for any hints on the timing of the next interest rate rise. | The main event of course will be the speech by Janet Yellen, chair of the Federal Reserve. She will be speaking on Friday at 3pm UK time. Investors will be listening closely for any hints on the timing of the next interest rate rise. |
| There will be more clues on whether or not the Brexit vote has knocked confidence among UK consumers when we get the CBI’s latest retail sales survey for August. | There will be more clues on whether or not the Brexit vote has knocked confidence among UK consumers when we get the CBI’s latest retail sales survey for August. |
| Also today: | Also today: |
| We will be bringing you all the key developments as the day unfolds. | We will be bringing you all the key developments as the day unfolds. |