The latest updates on the FTSE 100 and London’s financial markets from City A.M.’s newsroom in the heart of the City of London.
Towards the end of last week, US equity markets slumped as investors took profits. The sell-off reverberated across Asia overnight despite some upbeat news.
Consumer prices in China increased in February for the first time in six months due to Lunar New Year spending, offering some relief to the economy. However, factory prices continued to decline.
Meanwhile, Japan’s revised gross domestic product (GDP) for the October-December period showed growth at an annualized rate of 0.4%, according to the Cabinet Office. This growth surpasses the initial prediction of a 0.4% contraction, thus averting a technical recession.
In the UK, the labour market experienced a sharp slowdown in February, according to a survey by the Recruitment and Employment Confederation (REC) and KPMG. The report said permanent staff hiring decreased significantly, and billings for temporary staff declined at the fastest rate since July 2020.
This week the UK is set to publish its latest GDP report. Traders will also be keeping an eye on he Financial Policy Committee’s quarterly meeting, which includes prominent figures like Bank of England governor Andrew Bailey, scheduled for Tuesday.
