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Calling on Germany to return a turbine following repairs for the pipeline’s Portovaya compressor station that would allow Russia to resume gas supplies, Putin said:
Source: Schroders. Bloomberg data as at 13/03/2017, showing the FTSE 100 and sterling versus US dollar.. For information purposes only. The material is not intended to provide advice of any kind. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Past performance is not a guide to future performance and may not be repeated. There can be no guarantee as to the magnitude of any future market movements. This largely reflects our reassessment of the effect of demographic shifts in the composition of the working population toward younger and older age groups who work shorter hours on average,” stated OBS. Take equities first. Since January 1991 there has been a significant positive correlation (0.37 in monthly data) between annual changes in sterling's trade-weighted index and in the All-Share index. Falls in sterling are more often than not associated with falls in share prices. This was most spectacularly the case in late 2008, when then financial crisis caused shares to slump and sterling to fall as traders closed carry trades. But we've also seen the two fall together in late 1998, 2002-03 and in the summer of 2011. Investors remain on hold ahead of Friday's economic data, including gross domestic product, the balance of trade and industrial production. Gilt yields and interest rate futures have jumped 1% since only Friday as traders expect the Bank of England to ultimately be forced to act to defend the currency - and at the expense of braking the domestic economy hard.However, the budget didn’t go down too well with the OBR (Office for Budget Responsibility) which revised its estimates for medium-term growth from 1.6% to 1.8%. This was mainly due to weaker expectations for employment with average hours worked likely to fall.
Europe faces a winter fuel crisis and soaring energy bills after Gazprom suspended all gas supplies through Nord Stream 1, saying it had found an engine oil leak during maintenance work. But TD Securities holds a base case assumption (70% odds) that the Bank hikes 25bps and leaves guidance essentially unchanged. Will there be any political decisions that contradict the contracts? Yes, we won’t fulfil them. We will not supply anything at all if it contradicts our interests.The new chancellor, Kwasi Kwarteng, has used his first meeting with bank bosses to reiterate his support for the Bank of England’s independence, and promise that the new government was poised to unveil a “radical” plan for economic growth, reports our banking correspondent Kalyeena Makortoff. They fear that a vote to leave the EU could hurt investment in the UK, dampen exports and thereby hit overall economic growth.
A weaker pound means price rises for UK consumers who buy foreign goods, and it means their money won’t go as far if they travel to the US or countries that use the US dollar.He also said the Bank's policy settings were now restrictive, and UK economic growth was "very subdued". Oakham Ales was one of the first UK brewers to source hops from America, seeking bolder, punchier flavours. TD Securities says another upside surprise would involve a change to the Bank's guidance, specifically if the Monetary Policy Committee reintroduces the guidance that it expects "further increases in Bank Rate" will be required if the economy evolves as expected. The OBS criticisms could be one of the reasons for Sterling weakness. Employment is key to avoiding a deep recession so any downgrades in the forecasts will be taken seriously by the markets. Russia is the world’s second-biggest oil exporter after Saudi Arabia, and the world’s top natural gas and wheat exporter. Europe usually gets 40% of its gas and 30% of its oil from Russia.
The UK also imports more than 50% of its food, so the cost of everything from artichokes to bananas goes up. Why is it happening? The Pound to Euro exchange rate is two-thirds of a per cent below Monday's peak and is quoted at 1.1489 at the time of writing, the Pound to Dollar exchange rate is meanwhile 1.40% below Monday's peak at 1.2252.Oil is one of the key goods Britain imports and it is priced on international commodity markets in dollars. A weak pound will make filling up a car with diesel or petrol more expensive. Gas is also priced in dollars.
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