Good morning.
We start the week with more severe economic data, as the UK economy fell more sharply than expected in April.
GDP fell by 0.3% during the month. This exceeded economists’ forecasts and followed a 0.1% decline in March.
The figures reflect the impact of the 54% jump in energy prices in April, which exacerbated the cost-of-living crisis for British households as inflation rose.
All eyes will be on the Bank of England, which this week will announce its decision on interest rates as it struggles with rising prices and the slowdown in the economy.
5 things to start the day
1) Advertising boycott undermines GB news and free speech, says boss – Angelos Frangopoulos says disrespect for advertising is “dangerous for public debate”
2) UK staff are trying to increase productivity by working a four-day week, elitism claims and logistical problems hover over companies that experience fewer hours.
3) The work-from-home revolution leaves main streets “permanently marked”: traffic is expected to be 10% lower than it was before the pandemic
4) The serial businessman who took the wrong turn in the second-hand car boom: Alex Chesterman, founder of Zoopla and LoveFilm, struggles to stop Cazoo’s slide
5) Wall Street giants resist EU bid to divert jobs from US jobs: US chief financial officers express concern over Brussels’ willingness to move bankers from London
What happened overnight
Asian markets fell on Monday and the dollar rebounded as part of a global fall driven by a U.S. inflation outlook that exceeded expectations that boosted bets on a more aggressive rate hike campaign. interest of the Federal Reserve.
Asia followed suit, with Hong Kong, Tokyo, Seoul, Taipei and Wellington with more than two percent, while Shanghai, Singapore, Manila and Jakarta fared just as badly.
Arrive today
- Company: Molten Ventures, Sirius Real Estate (annual results)
- Economy: GDP, industrial production, manufacturing production, trade balance (UK)