ADVERTISEMENT

10 things you need to know in markets today

Here's what you need to know to start the week.

null

Good morning! Here's what you need to know in markets on Monday.

ADVERTISEMENT

1. The UK economy is slumping as business output falls and consumer spending continues to shrink, according to two sets of data published on Monday.The latest BDO Output Index, which indicates how businesses expect their order books to develop over the next three months, fell to 94.9 in June from 95.4 in May, leaving business output at a four-year low. The slump leaves UK business at the point of contraction, which is any figure below 95.0.

3. US Treasury Secretary Steven Mnuchin says the Trump administration isn't considering a tax increase on wealthier Americans.In doing so, Mnuchin knocked down areport that White House adviser Steve Bannonhad floated the idea as a way to pay for tax cuts for middle-income taxpayers. Mnuchin said on Sunday: "I have never heard Steve mention that."

ADVERTISEMENT

6. Startups around the world are raising hundreds of millions of dollars by issuing new digital coins, a trend that has made people both excited and concerned.Over half a billion dollars has been raised through so-called "Initial Coin Offerings" (ICOs) since the start of the year, according to Richard Kastelein, a partner at the Cryptoassets Design Group, a company that helps launch ICOs.

7. Iraqi Prime Minister Haider al-Abadi declared victory in the "liberated" city of Mosul on Sunday, his office said, in the biggest defeat yet for the Islamic State group.Abadi "arrives in the liberated city of Mosul and congratulates the heroic fighters and the Iraqi people on the achievement of the major victory," his office said in a statement.

8. Chinese inflationary pressures steadied in June, according to data from China’s National Bureau of Statistics (NBS).From a year earlier, the NBS said consumer price inflation (CPI) rose by 1.5%, a result that was unchanged from May and in line with market expectations. Despite a recent acceleration, the annual rate still sits well below the 3% level targeted by the People’s Bank of China (PBoC).

10. Deutsche Bank has made another big hire focused on dealmaking in the tech sector.The German bank has hired Ed Wehle as global head of technology services, reporting to Mark Keene, global head of tech, media and telecoms investment banking coverage. He will be based in New York.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

ADVERTISEMENT