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On January 29, Premier Li Qiang and British Prime Minister Keith Starmer jointly attended the closing ceremony of the China-UK Business Council meeting at the Great Hall of the People in Beijing and delivered speeches. More than 110 representatives from Chinese and British enterprises and institutions attended. Li Qiang stated that China and the UK are important economic and trade partners with broad common interests. As long as both sides adhere to mutual respect, move in the same direction, eliminate interference, and cooperate openly, they can achieve win-win results and create common prosperity through mutual benefit. Currently, unilateralism and protectionism are on the rise, and geopolitical conflicts are intensifying, severely impacting the world economy and business development. Against this backdrop, China and the UK should continue to uphold the "ice-breaking spirit" and strengthen cooperation ties. This is not only a rational choice for both countries to cope with risks and promote common development, but also a due responsibility for China and the UK as major powers to work together to solve global problems.January 29th - Canadas trade deficit widened more than expected, driven by increased volatility in gold exports and declines in both imports and exports of motor vehicles and parts. Statistics Canada reported on Thursday that the countrys trade deficit reached C$2.2 billion in November. Economists had previously predicted a deficit of C$690 million. The agency stated that total exports fell 2.8% in November, with exports of metal and non-metallic mineral products experiencing the largest drop at 24.4%. This was primarily dragged down by a 36% decline in exports of unwrought gold, silver, platinum, and their alloys. The report noted that gold has been the main driver of volatility in Canadian exports in recent months. In November, Canadian exports of unwrought gold to the UK, the US, and Hong Kong all declined sharply.The U.S. trade deficit widened by the largest margin since 1992.The final reading of U.S. nonfarm unit labor costs for the third quarter was -1.9%, compared to an expected -1.90% and a previous reading of -1.90%.The number of Americans filing for unemployment benefits for the week ending January 24 was 209,000, compared with an expected 205,000 and a revised 210,000 for the previous week.

0.8450 is being reached by EUR/GBP as the prospect of a UK recession looms

Daniel Rogers

Aug 05, 2022 14:46

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Following a huge upward rise from 0.8360 on Thursday, the EUR/GBP pair has subsequently turned sideways around 0.8430 in the Tokyo session. After the Bank of England (BOE) hiked interest rates by 50 basis points, the cross displayed a significant upward rise (bps) (bps). The BOE lifted interest rates by 50 basis points in succession, bringing them to 1.75 percent.

 

The investing community is aware that UK household earnings have been unsteady during the preceding few months. In addition, the economy's inflation rate is fast expanding. The inflation rate was 9.4 percent prior. The recent statement by BOE Governor Andrew Bailey that price increases might exceed 13 percent has sent shockwaves across the market.

 

The runaway inflation is now escalating, leaving the BOE with very little flexibility to tighten its monetary policy. The BOE is in poor shape as a result of the dismal economic data and the continuing political upheaval following the departure of UK Prime Minister Boris Johnson. A recession in the UK economy is extremely probable in the case that the inflation rate is close to 13 percent.

 

German manufacturing order numbers for the Eurozone have decreased by 0.4 percent against an anticipated 0.8 percent decline and a prior monthly contraction of 0.2 percent. Falling orders from factories indicate sluggish demand in Germany as a whole. It is vital to remember that Germany is a key element of the European Union (EU), and that economic data from Germany has a huge effect on people who favor the common currency.


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