Rolling coverage of the latest economic and financial news
- WSJ: China may ban companies with large amounts of sensitive consumer data from US floats
- New rules could thwart China tech firms from listing in the U.S.
- Markets await Jackson Hole symposium
- Furlough ‘cliff edge’ at Liberty Steel could put jobs at risk
10.08am BST
In Australia, the pandemic has hit consumer spending.. adding to concerns that its economy is faltering.
Australian retail sales fell by 2.7% in July, as regional lockdowns hit its economy, forcing some shops and service providers to shutter.
Stay-at-home orders & closing non-essential retail hits household spending. Retail sales fell 2.7% July, with a sharp 8.9% collapse NSW. Question is whether household spending will rebound alongside easing restrictions at the same rapid pace we’ve seen with previous lockdowns pic.twitter.com/Lr4HQmQCkb
9.52am BST
European stock markets are holding steady this morning, with the FTSE 100 index gaining a modest 0.1% or 7 points to 7132.
Mining stocks and energy are among the risers in London, including Anglo American (+1.5%), gold and silver miner Polymetal (+1.3%) and Glencore (+1.1%).
On the Fed’s website, the title of Powell’s speech is simply given as “The Economic Outlook”, and DB’s US economists think that the speech will largely mirror his remarks at the July FOMC press conference, and so aren’t expecting a strong signal on the Fed’s September meeting.
Instead they think that a tapering announcement will come at the following meeting in early November.
Tepid tones in Europe to kick start the day
Eurostoxx -0.1%
Germany DAX -0.1%
France CAC 40 -0.1%
UK FTSE flat
Spain IBEX -0.1%
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