Wed. Sep 23rd, 2020

UK manufacturing decline eases on fresh stockpiling rush – business live

11.23am GMT

Returning to the UK manufacturing PMI, Ruth Gregory, senior UK economist at Capital Economics, says it its clearly good news against the backdrop of election and Brexit uncertainty. However she reckons the sector is still in recession.

While the manufacturing PMI recovered in October from September’s extremely weak level, it is still consistent with a recession in the manufacturing sector.

Overall, it seems likely that the manufacturing sector has remained a drag on GDP growth at the start of the fourth quarter. And with the other sectors showing little growth, we are expecting the economy to expand by no more than 0.2%-0.3% q/q in the next few quarters.

11.16am GMT

More on Mike Ashley – who has called Jeremy Corbyn “a liar” and “clueless” in an interview with the Financial Times.

It has emerged that the retail tycoon has spent millions of pounds on flights by helicopter and private jet as his company’s annual profit fell 80%. The Sports Direct owner’s family also received more than £100,000 of hospitality at Newcastle United, Ashley’s football club.

Related: Mike Ashley spent millions on private flights as profits fell 80%

Continue reading…October best month for sterling since financial crisisShares rise across Europe and Asia after surprisingly strong China PMI 11.23am GMTReturning to the UK manufacturing PMI, Ruth Gregory, senior UK economist at Capital Economics, says it its clearly good news against the backdrop of election and Brexit uncertainty. However she reckons the sector is still in recession.While the manufacturing PMI recovered in October from September’s extremely weak level, it is still consistent with a recession in the manufacturing sector.Overall, it seems likely that the manufacturing sector has remained a drag on GDP growth at the start of the fourth quarter. And with the other sectors showing little growth, we are expecting the economy to expand by no more than 0.2%-0.3% q/q in the next few quarters. 11.16am GMTMore on Mike Ashley – who has called Jeremy Corbyn “a liar” and “clueless” in an interview with the Financial Times.It has emerged that the retail tycoon has spent millions of pounds on flights by helicopter and private jet as his company’s annual profit fell 80%. The Sports Direct owner’s family also received more than £100,000 of hospitality at Newcastle United, Ashley’s football club. Related: Mike Ashley spent millions on private flights as profits fell 80% Continue reading…

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