Good morning! Here's what you need to know in markets on Monday.
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10 things you need to know in markets today
Here's what you need to know to start the week.
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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.
2. German business leaders say it will be "extraordinarily difficult" to protect the UK from damage in Brexit negotiations.Ttold the Observer
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."
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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).
9. Prime Minister Theresa May is using the "optimism" of US President Donald Trump over a post-Brexit trade deal to face down a growing Tory rebellion among Cabinet colleagues and backbenchers.On SaturdayTrump said the US would sign a deal "very, very quickly" following his meeting with May at the G20 summitin Hamburg.
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.
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