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You can find the current article at its original source at http://www.theguardian.com/business/live/2017/jul/28/france-us-uk-growth-gdp-exports-sterling-ftse-business-live
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| France, Spain and Sweden all beat UK with solid growth in Q2 – business live | France, Spain and Sweden all beat UK with solid growth in Q2 – business live |
| (35 minutes later) | |
| 12.23pm BST | |
| 12:23 | |
| There’s another reason why stock markets are edgy today – Amazon. | |
| The e-commerce giant missed earnings forecasts last night, sending its shares down 3% in after-hours trading. | |
| Although Amazon’s sales beat expectations, profits were lower than expected as the company spent more on infrastructure like warehouses and data centres. It’s a reminder that Amazon’s strong growth, and its habit of expanding into ever-new areas, comes at a price.... | |
| Amazon shares dropped after earnings missed estimates and the company forecast a loss for the Q3 https://t.co/4mjsGPb1He pic.twitter.com/M9tF7t8Pit | |
| This meant that Amazon founder Jeff Bezos lost the crown of being the world’s richest man, just a few hours after wrestling it from Bill Gates. I suspect his time will come again... | |
| 11.52am BST | |
| 11:52 | |
| Ireland’s central bank has hiked its growth forecasts for this year, but warned that Brexit is a significant threat. | |
| The Central Bank of Ireland now expects GDP to surge by 4.5% this year, up from the 3.5% it expected back in April. It also raised its 2018 growth forecasts to 3.6%, from 3.2%. | |
| Central Bank Chief Economist Gabriel Fagan explained that Ireland is benefitting from Europe’s recovery: | |
| “Revised projections for growth this year and in 2018 reflect both stronger momentum in the domestic economy and improved prospects for external demand, especially from our European trading partners,” | |
| But..... | |
| “As a small and open economy, Ireland continues to face economic risks externally. And despite there being little new information emerging to date, it is clear that the economic impact of Brexit on Ireland is set to be negative and material. | |
| At home, we must continue to prudently monitor the risk of overheating.” | |
| The full economic impact depends on exactly what form of Brexit Britain ends up with. If it exits the customs union and the single market, then robust border controls would probably be reinstalled between Northern Ireland and the Republic. | |
| However, there are reports today that Dublin is pushing for border controls to be shifted to the coastline. That idea has already been attacked by Northern Ireland’s unionist politicians - including the DUP, who are propping up the UK government in Westminster... | |
| THE TIMES: Irish want sea border with UK after Brexit #tomorrowspaperstoday pic.twitter.com/rzlxvyML6Q | |
| Updated | |
| at 11.53am BST | |
| 11.30am BST | 11.30am BST |
| 11:30 | 11:30 |
| European stock markets have responded to today’s solid growth reports by, er, falling to their lowest level in three months. | European stock markets have responded to today’s solid growth reports by, er, falling to their lowest level in three months. |
| France’s CAC is the worst performer, down 1.4%, with Germany and the UK not too far behind. | France’s CAC is the worst performer, down 1.4%, with Germany and the UK not too far behind. |
| This is partly due to the strength of the euro, which has rallied to a 2.5 year high this week. | This is partly due to the strength of the euro, which has rallied to a 2.5 year high this week. |
| Traders are also nervous after watching the US Senate shoot down Donald Trump’s latest attack on Obamacare. | Traders are also nervous after watching the US Senate shoot down Donald Trump’s latest attack on Obamacare. |
| Mike van Dulken of Accendo Market explains: | Mike van Dulken of Accendo Market explains: |
| “Equities are in the red mid-morning, sentiment dented by fresh dollar weakness as even a ‘skinny’ US healthcare repeal bill fails in the Senate, delivering more unwelcome pound and euro strength. | “Equities are in the red mid-morning, sentiment dented by fresh dollar weakness as even a ‘skinny’ US healthcare repeal bill fails in the Senate, delivering more unwelcome pound and euro strength. |
| 10.20am BST | 10.20am BST |
| 10:20 | 10:20 |
| Eurozone economic sentiment hits 10-year high | Eurozone economic sentiment hits 10-year high |
| Breaking! Economic confidence across the eurozone has inched up to its highest level in a decade. | Breaking! Economic confidence across the eurozone has inched up to its highest level in a decade. |
| It’s the latest in a stream of upbeat data, which underline how Europe is putting its debt crisis behind it. | It’s the latest in a stream of upbeat data, which underline how Europe is putting its debt crisis behind it. |
| The European Commission’s economic sentiment index, just released, has hit 111.2 for July, up from 111.1 in June. That’s the highest level since the financial crisis began a decade ago. | The European Commission’s economic sentiment index, just released, has hit 111.2 for July, up from 111.1 in June. That’s the highest level since the financial crisis began a decade ago. |
| Construction firms and service sector companies reported the biggest improvement in sentiment, while consumer confidence dipped. | Construction firms and service sector companies reported the biggest improvement in sentiment, while consumer confidence dipped. |
| Dennis de Jong, managing director at UFX.com, says: | Dennis de Jong, managing director at UFX.com, says: |
| “While the UK wrestles with its lowest levels of consumer confidence since the Brexit vote, things are far rosier on the continent. The latest reading suggests that spending is at healthy levels in the eurozone despite the heightened political and economic uncertainty. | “While the UK wrestles with its lowest levels of consumer confidence since the Brexit vote, things are far rosier on the continent. The latest reading suggests that spending is at healthy levels in the eurozone despite the heightened political and economic uncertainty. |
| “With the first quarter of the year proving to be a challenge for the eurozone following UK and French general elections, spirits haven’t been dampened in the aftermath and consumers refuse to be unfazed by tricky economic conditions. | “With the first quarter of the year proving to be a challenge for the eurozone following UK and French general elections, spirits haven’t been dampened in the aftermath and consumers refuse to be unfazed by tricky economic conditions. |
| “With steady employment figures continuing to have a positive bearing on consumer confidence and showing no signs of letting up, Michel Barnier will feel he holds the chips while looking across the table at David Davis, as Brexit talks rumble on.” | “With steady employment figures continuing to have a positive bearing on consumer confidence and showing no signs of letting up, Michel Barnier will feel he holds the chips while looking across the table at David Davis, as Brexit talks rumble on.” |
| 9.49am BST | 9.49am BST |
| 09:49 | 09:49 |
| Euro back over $1.17 | Euro back over $1.17 |
| Today’s eurozone growth figures have helped to push the euro a little higher against the US dollar. | Today’s eurozone growth figures have helped to push the euro a little higher against the US dollar. |
| The euro is back over $1.17 this morning, a gain of 0.2%. | The euro is back over $1.17 this morning, a gain of 0.2%. |
| The dollar, though, is also suffering from Donald Trump’s latest failure to dismantle Obamacare. | The dollar, though, is also suffering from Donald Trump’s latest failure to dismantle Obamacare. |
| After a dramatic late-night vote, the so-called “skinny repeal’ bill was rejected by the Senate, by 51 votes to 49. Crucially, veteran lawmaker John McCain was one of three Republicans to vote against the measure, which would have left millions more Americans without healthcare cover. | After a dramatic late-night vote, the so-called “skinny repeal’ bill was rejected by the Senate, by 51 votes to 49. Crucially, veteran lawmaker John McCain was one of three Republicans to vote against the measure, which would have left millions more Americans without healthcare cover. |
| This makes it even less likely that Trump can achieve a major infrastructure spending programme, or tax reforms (cuts). | This makes it even less likely that Trump can achieve a major infrastructure spending programme, or tax reforms (cuts). |
| Kit Juckes of Societe General explains: | Kit Juckes of Societe General explains: |
| The man of the moment this morning is John McCain who voted no and so the Senate failed to repeal Obamacare by a single vote. | The man of the moment this morning is John McCain who voted no and so the Senate failed to repeal Obamacare by a single vote. |
| Another hurdle for President Trump’s healthcare reform, another hurdle backing the funds for tax reform, another hurdle in the way of higher Treasury yields and a so nothing good for the dollar in that announcement. | Another hurdle for President Trump’s healthcare reform, another hurdle backing the funds for tax reform, another hurdle in the way of higher Treasury yields and a so nothing good for the dollar in that announcement. |
| Updated | Updated |
| at 9.57am BST | at 9.57am BST |
| 9.24am BST | 9.24am BST |
| 09:24 | 09:24 |
| Silvia Walter of Swiss Life Asset Managers is impressed by Spain’s recovery: | Silvia Walter of Swiss Life Asset Managers is impressed by Spain’s recovery: |
| ok, French #GDP growth in Q2 is strong...but #Spain beats that easily, again! pic.twitter.com/zfMcbtFfFf | ok, French #GDP growth in Q2 is strong...but #Spain beats that easily, again! pic.twitter.com/zfMcbtFfFf |
| 9.21am BST | 9.21am BST |
| 09:21 | 09:21 |
| Sweden’s growth rate is “crazy strong”, says Torbjörn Isaksson of Nordea Markets. | Sweden’s growth rate is “crazy strong”, says Torbjörn Isaksson of Nordea Markets. |
| He reckons the Swedish economy continues to perform very well, mainly due to strong domestic demand. | He reckons the Swedish economy continues to perform very well, mainly due to strong domestic demand. |
| Isaksson adds: | Isaksson adds: |
| GDP rose by a full 1.7% q/q and as much as 4.0% y/y. Our call was 1.1% q/q while the Riksbank’s forecast was 0.7% q/q. Moreover, the first quarter was revised upwards by 0.2% points to 0.6% q/q. | GDP rose by a full 1.7% q/q and as much as 4.0% y/y. Our call was 1.1% q/q while the Riksbank’s forecast was 0.7% q/q. Moreover, the first quarter was revised upwards by 0.2% points to 0.6% q/q. |
| The main surprises are fixed investments and inventories. Residential construction continues to be a very important growth driver (scary!), but also other investments seem to have picked up and more than forecast. Inventories weighed on growth but much less than we had in mind. | The main surprises are fixed investments and inventories. Residential construction continues to be a very important growth driver (scary!), but also other investments seem to have picked up and more than forecast. Inventories weighed on growth but much less than we had in mind. |
| Sweden has the strongest economy but the most dovish CB... Our comment on the crazy strong Q2 GDP: https://t.co/xyU657XGwC pic.twitter.com/Pb8tHWf3Je | Sweden has the strongest economy but the most dovish CB... Our comment on the crazy strong Q2 GDP: https://t.co/xyU657XGwC pic.twitter.com/Pb8tHWf3Je |
| Updated | Updated |
| at 9.21am BST | at 9.21am BST |
| 9.01am BST | 9.01am BST |
| 09:01 | 09:01 |
| Wowzers! Sweden’s economy grew by a blistering 1.7% in the last quarter. | Wowzers! Sweden’s economy grew by a blistering 1.7% in the last quarter. |
| That smashes analyst forecasts of 1% growth, and means Sweden’s economy has expanded by an impressive 4% over the last year. | That smashes analyst forecasts of 1% growth, and means Sweden’s economy has expanded by an impressive 4% over the last year. |
| Sweden appears to be benefitting from its current loose monetary policy - interest rates are negative, to encourage banks to lend..... | Sweden appears to be benefitting from its current loose monetary policy - interest rates are negative, to encourage banks to lend..... |
| #Sweden: #GDP Growth +4.0% YoY, Core #CPI +1.9%, but Repo Rate at -0.50% and Deposit Rate at -1.25%! #MonetaryMadness pic.twitter.com/tJysd33OgK | #Sweden: #GDP Growth +4.0% YoY, Core #CPI +1.9%, but Repo Rate at -0.50% and Deposit Rate at -1.25%! #MonetaryMadness pic.twitter.com/tJysd33OgK |
| 4% YoY growth. As a reminder, the Riksbank's benchmark rate is -0.5% https://t.co/VzxLQ4eAFQ | 4% YoY growth. As a reminder, the Riksbank's benchmark rate is -0.5% https://t.co/VzxLQ4eAFQ |
| 8.49am BST | 8.49am BST |
| 08:49 | 08:49 |
| Austria’s economy grew by 0.8% in the last quarter, thanks to a boost in trade. | Austria’s economy grew by 0.8% in the last quarter, thanks to a boost in trade. |
| New figures show that exports jumped by 2.4% in April to June, up from 2.0% in January to March. | New figures show that exports jumped by 2.4% in April to June, up from 2.0% in January to March. |
| 8.32am BST | 8.32am BST |
| 08:32 | 08:32 |
| Spain’s economy has finally reached its pre-crisis peak, thanks to the 0.9% growth recorded in the last quarter. | Spain’s economy has finally reached its pre-crisis peak, thanks to the 0.9% growth recorded in the last quarter. |
| Spanish real GDP now exceeds its pre-crisis level (2008) for the first time!! pic.twitter.com/8VyxCO2zbY | Spanish real GDP now exceeds its pre-crisis level (2008) for the first time!! pic.twitter.com/8VyxCO2zbY |
| That’s an important moment, but it has come at a cost. As El Pais points out, Spain still employs 1.9 million fewer people than in 2008. | That’s an important moment, but it has come at a cost. As El Pais points out, Spain still employs 1.9 million fewer people than in 2008. |
| Updated | Updated |
| at 8.51am BST | at 8.51am BST |