A sharp fall in the number of new homes built in Britain drove a 3.4% drop in construction output in January. It was the biggest monthly fall since June 2012
- IoD suspends chairwoman over racism allegations
- Ryanair to include Brexit warning on tickets
- Markets cautious ahead of US non-farm payrolls report
Here is our full story on the suspension of Barbara Judge, chairwoman of the Institute of Directors:
The 3.4% fall in construction output in January was the biggest drop since June 2012.
The biggest driver was a 9% drop in new homes built, while public building fell 8.9% and construction of commercial property such as offices and shops slumped 3.9%.
Presumably there is a Carillion impact here, so it is not clear whether the massive 3.4% fall will be temporary or not.
Away from the data, the Institute of Directors has suspended its chairwoman, Lady Barbara Judge, following allegations of misconduct including racism.
The council took the decision, having received the Hill Dickinson executive summary, to suspend the IoD Chair pending further investigation into the matters raised and the process.
Ole Black, a senior statistician at the ONS, sums up this morning’s UK data:
Manufacturing has recorded its ninth consecutive month of growth but with a slower start to 2018. Total production output continues to advance, bolstered in January by the Forties oil pipeline coming back on stream after December’s shutdown.
Construction continues to be a weak spot in the UK economy with a big drop in commercial developments, along with a slowdown in house building after its very strong end to last year.
Britain’s trade deficit with the rest of the world widened unexpectedly in January, partly because December’s figure was revised down.
The trade in goods deficit rose to £12.3bn from £11.8bn.
Better news from British industry, which expanded in January – albeit at a slower than expected rate.
Industrial production rose by 1.3% over the month, missing forecasts of a 1.5% rise.
Britain’s construction sector had a shocking start to the year according to figures just out from the Office for National Statistics.
A host of UK data will be published at 9.30am by the Office for National Statistics, giving the latest official snapshot of how the economy is performing.
Here is what City economists polled by Reuters are expecting the January data to show:
Ryanair has warned this morning that some airlines are being complacent about Brexit and the potential implications for the industry.
This flight is subject to the regulatory environment allowing the flight to take place.
Ryanair claims some airlines are being complacent about Brexit. Chief Marketing Officer Kenny Jacobs told #wakeuptmoney: “Everyone is saying it’ll be alright on the night once we get closer to April 2019 . I don’t think you can take that for granted.” pic.twitter.com/oIMcoYYVxd
In case you missed it yesterday, here is how events unfolded in the US as President Trump pressed ahead with plans to impose tariffs on imports of steel and aluminium:
Connor Campbell, analyst at Spread Ex, says traders are also weighing up the news that has come from the White House in the past 24 hours:
Despite a 24 hour period stuffed with international developments, the markets avoiding any drastic movements this Friday.
Perhaps it’s because investors are caught between Donald Trump signing an order dictating tariffs on metal imports – but one with room for country-by-country exceptions – and the news that the President is set to meet Kim Jong-un for an unprecedented summit.
Here are the latest scores on the board as investors await the main event this afternoon with the US non-farm payrolls report for February.
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
After shrugging off Donald Trump’s decision to press ahead with plans to impose tariffs on steel and aluminium imports, European investors are in a more cautious mood this morning.
Ultimately it’s not the headline jobs number that is likely to be the primary market mover here, it’s the average hourly earnings data and markets will be looking to see if the jump to 2.9% in January is sustained in the February numbers, with 2.8% expected.
This would probably be sufficient to keep the four rate rise expectation for 2018 on the table after the jump from 2.5% in December.
Link : Slump in UK housebuilding drives construction to a near six-year low – business live