Britain's economy shrank in the second quarter, official data showed Friday, as the country heads towards recession under a new prime minister.
"Health was the biggest reason the economy contracted as both the test and trace and vaccine programmes were wound down, while many retailers also had a tough quarter." His trip coincided with Zahawi also being away on holiday, as the central bank hiked interest rates by the biggest margin in nearly three decades in a bid to stem surging inflation.
But Sunak said tax cuts financed with more borrowing would force the bank to increase interest rates even more, insisting on the need to maintain fiscal rigour and tame the price pressures first.Revenue at Chinese telecom giant Huawei dipped by more than six percent in the first half of 2022, company figures showed Friday, as the Covid-19 pandemic and US-China trade rivalry hit sales.
The Biden administration has added to the pressure on the firm with the recently passed US Chip Act, which could threaten its access to global semiconductor supply chains. Equities surged across the region Thursday after the closely watched US consumer prices index eased more than expected in July, boosting hopes the Federal Reserve could slow down its pace of monetary tightening.
She added she would likely support a half-point hike at next month's meeting, but was open to a third successive three-quarter-point lift if the data showed it was needed. The yield on 10-year US Treasury notes rose Thursday, reflecting expectations the Fed will press on with its sharp rate increases.And Asia also struggled to maintain momentum, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Manila, Jakarta and Wellington all slightly lower.
There was also a worry that because the drop in CPI and PPI was helped by a plunge in oil prices, they could easily spiral higher again if crude markets rallied. Mineral sales at current prices fell by 6%, with sales of PGMs down 31%, gold down 54% and iron ore also down 22.5%. But coal sales rocketed by 71%.
Data on Wednesday showed US consumer prices were unchanged in July, month on month, after advancing 1.3% in June.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Fin24 - 🏆 21. / 63 Read more »
Source: Fin24 - 🏆 21. / 63 Read more »