LONDON – The UK economy surprised analysts by carving out a positive print ahead of Christmas. 

In the month to November, GDP expanded 0.1% to beat expectations of -0.2% but slowed from October’s 0.5%. The underlying picture reflected continued concerns about the likelihood of an extended downturn, falling 0.3% in line with analysts’ forecasts. Activity in the three months to September was revised down a tenth to -0.4%.

The Office for National Statistics reported positive contributions from services, which grew 0.2% mainly due to telecommunications and computer programming. Consumer-facing services added 0.4% in November, a decline from a positive 1.5% October read. Statisticians said pubs and bars did well as people went out to watch World Cup games. Continue Reading

A mild stock market rally to kick off the new year will be put to the test Thursday when investors face a highly-awaited U.S. inflation reading which could well help determine the size of the Federal Reserve’s next interest-rate increase.

The December CPI reading from the Bureau of Labor Statistics, which tracks changes in the prices paid by consumers for goods and services, is expected to show a 6.5% rise from a year earlier, slowing from a 7.1% year-over-year rise seen in the previous month, according to a survey of economists by Dow Jones. The core price measure that strips out volatile food and fuel costs, is expected to rise 0.3% from November, or 5.7% year over year. Continue Reading

LONDON, Jan 13 (Reuters) - Central bank rate rises could land global borrowers with $8.6 trillion in extra debt servicing costs in coming years, S&P Global estimated on Friday, warning of a slowdown in economic activity as a result.

Major central banks have delivered a record 2,700 basis points of rate hikes in 2022 to stamp out high inflation while concerns have been growing about higher borrowing costs sparking a global recession. Continue Reading