UK economy failed to grow over the August-October period, reports the Office for National Statistics in its latest growth report
- Latest: No growth in October
- Economy also stagnated over the last quarter
- Services growth slows; factories and construction contract
- Expert: Brexit uncertainty blights economy
Trade war news: The Wall Street Journal is reporting that US and Chinese negotiators are preparing for the next tranche of tariffs, due on 15 December, to be delayed.
That would allow both sides more breathing room to work on the Phase One trade deal that has apparently been nearly finished for weeks.
U.S. and Chinese trade negotiators are laying the groundwork for a delay of a fresh round of tariffs set to kick in on Dec. 15, according to officials on both sides, as they continue to haggle over how to get Beijing to commit to massive purchases of U.S. farm products President Trump is insisting on for a near-term deal.
In recent days, officials in both Beijing and Washington have signaled that Sunday is not the final date for reaching a so-called phase-one deal—even though that is the date President Trump has set for tariffs to increase on $165 billion of Chinese goods. That date could be extended, as has happened several times when the two sides thought they were on the verge of a deal. Those prior deals, though, never held and tariffs continued to mount.
WSJ “U.S. and Chinese trade negotiators are laying the groundwork for a delay of a fresh round of tariffs set to kick in on Dec. 15, according to officials on both sides, as they continue to haggle over how to get Beijing to commit to massive purchases of U.S. farm products ..” https://t.co/J4yzTidSTN
The economic picture looks a little brighter in Germany today.
The ZEW German Economic Sentiment index has hit a 21-month high, showing that investors in Europe’s largest economy are more upbeat.
The #ZEW outlook for #Germany surges to its highest level in nearly two years on hopes of improvements in exports and private consumption. $EUR
European Editor @EricCulpLS reviews today’s survey results here: https://t.co/ScIIfKf8Tw pic.twitter.com/uPPXzuh8rP
German ZEW expectations jumped in December, but the index is not very good at predicting actual GDP-growth. Current conditions index is much better at that; there was an improvement in December, but less pronounced #macrobond pic.twitter.com/cAeoYnE1R0