• 2016-08-10 04:49

    By David Robinson

    LONDON (MNI) - UK firms' hiring plans and investment intentions weakened in the wake of the June 23 vote to leave the European Union, Bank of England Agents found.

    The BOE agents Business Conditions survey found that companies believed the vote would have a negative effect overall, hitting capital spending, hiring and turnover over the coming year.

    The agents survey showed the employment intentions score for services fell to 0.1 in July from 0.3 in June, the lowest reading since March 2013. The business services employment score fell to zero in July from 0.2 in June, the lowest reading since October 2012.

  • 2016-08-10 04:28

    LONDON (MNI) - The Bank of England said Wednesday that the stg 52 million shortfall from Tuesday's uncovered longer-dated Gilt buying operation will be incorporated into the second half of the programme, starting in November.

    In a published Market Notice, the Bank said:

    "The Bank will incorporate the Stg 52mn shortfall from yesterday's uncovered operation within the second half of the current six-month purchase programme. As set out in the Market Notice of 4 August 2016, details of these purchases will be announced on 3 November 2016."

    Tuesday saw a 'failure' in the the Bank's first stg1.17 billion longer-dated Gilt buying operation. The BOE received offers for only stg1.12 billion, despite offering prices described by traders as 'well above market levels'.

  • 2016-08-09 10:00

    -UK May-July GDP +0.3% 3m/3m Versus +0.6% In Q2: NIESR

    LONDON (MNI) - UK growth slowed in the three months through July and contracted in the month of July, data released Tuesday by the National Institute of Economic and Social Research showed.

    The June 23 referendum, that saw the UK vote against continuing membership of the European Union, does appear to have hit growth. In May through July GDP rose 0.3% on the previous three months, falling from a gain 0.6% in the second quarter, while in July alone NIESR estimated that GDP declined 0.2%.

    "The month on month profile, suggests that the third quarter has got off to a weak start, with output declining in July.

  • 2016-08-09 04:35

    -UK June IoP +0.1% m/m; +1.6% y/y -UK June Manufacturing Production -0.3% m/m; +0.9% y/y

    London (MNI) - UK industrial production rose modestly in June, while manufacturing retreated, but the sector still contributed to a significant boost to gross domestic product in the second quarter.

    Total production rose by 0.1% in June, an increase of 1.6% over the same month of 2015, matching the MNI median forecast. National statisticians estimated a 0.2% monthly increase in June when calculating the first estimate of second quarter GDP.

    Manufacturing activity slipped by 0.3% in June, increasing by an annual rate of 0.9%, close to the median MNI forecast of a 0.2% monthly decline and a 1.3% annual gain.

  • 2016-08-09 04:30

    -June Trade Gap Stg5.084bn VS Stg4.227bn in May -UK June Goods Trade Deficit Stg12.409bn vs Stg11.526n in May

    London (MNI) - The UK trade gap widened in June, leaving trade poised to exert a negative influence on second quarter gross domestic product.

    The total trade gap rose to Stg5.084 billion in June, above the MNI median forecast of Stg2.5 billion, and higher than Stg4.227 billion in May.

    The May shortfall was revised sharply higher from the Stg2.263 billion reported last month, largely due to a Stg1.6 billion upward revision in goods imports, according to a National Statistics official.

  • 2016-08-09 01:49

    --McCafferty comments in op-ed penned for The Times

    LONDON (MNI) - Bank of England Monetary Policy Committee member Ian McCafferty said Tuesday that the UK economy may need more stimulus in coming months if initial survey indications are correct.

    McCafferty said further stimulus could easily be delivered, but, for now, more certainty about the economy's development was needed.

    "If the economy proves to have turned down in line with the initial survey signals, I believe that more easing is likely to be required, but that can easily be delivered in coming months," McCafferty wrote in an op-ed piece for The Times.

  • 2016-08-08 19:01

    -UK Jul Like-for-Like Retail Sales Values +1.1% y/y: Total Sales +1.9% y/y

    LONDON (MNI) - UK retail sales by value rose on a like-for-like basis in June, whilst also recording a strong pick-up in total sales, a survey released Tuesday found.

    The British Retail Consortium-KPMG Retail Sales Monitor Like-for-like sales grew 1.1% year-on-year, while total sales were higher by 1.9% on year. In June, like-for-like sales were down 0.5%, with total sales up 0.2%.

  • 2016-08-08 09:41

    - Sees Benchmark Allotment At -E646.5 billion Based on Aug 8 Forecast

    FRANKFURT (MNI) - The European Central Bank called for bids Monday for a seven-day refinancing operation at a fixed rate of 0.00%.

    It said that based on its liquidity forecast, the benchmark allotment amounts to -E646.5 billion. The central bank also said that the average autonomous factors for the period between Aug 8 and Aug 16 are estimated at E749.5 billion.

    Bids for the new refinancing operation are due by 0830 GMT Tuesday.

    --MNI London Bureau; tel: +44 207-862-7435; email:

    [TOPICS: M$X$$$,M$$EC$,MN$MM$]

  • 2016-08-05 03:48

    - July Halifax House Price Index -1.0% m/m; +8.4% 3m/3m y/y

    LONDON (MNI) - UK house prices fell in July on a monthly basis, data released Friday showed, although remaining unchanged on a rolling three-month annualised basis from the June levels.

    The Halifax House Price Index fell 1.0% on the month, to stand up 8.4% in the three months through June on the same period a year ago. The quarterly growth rate jumped, rising just 1.6%, above the 1.1% recorded in June.

    In June, prices rose 1.2% on month, rising 8.4% on a rolling three-month annualised basis.

  • 2016-08-04 19:01

    -REC/Markit: UK July Permanent Placements 45.4 Vs 49.3 June

    LONDON (MNI) - UK permanent job placements declined for the second consecutive month in July with the rate of contraction the sharpest since May 2009, a survey released Friday found.

    Markit's monthly survey for the Recruitment and Employment Confederation saw the permanent placements index fall to 45.4 in July from 49.3 in June, taking it further below the 50 breakeven level.

    In a similar vein to last month, permanent salaries eased once more, declining to a 38-month low of 52.8 in July, down from 56.8 a month earlier. Temporary/contract pay rose in July but at the slowest rate since February, with its associated index down 1.3 points to 54.2.