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UK Q2 GDP To Fall 0.4% In Q2: NIESR
Chances of a UK recession increased with fall in economic output in April and the economy is likely to shrink 0.4 percent in the second quarter amid a similar size fall in the services output, the National Institute of Economic and Social Research said Monday.
Official data released earlier on Monday showed that gross domestic product fell 0.3 percent in the month of April despite strength in private services sectors.
In May, NIESR forecast UK growth at 3.5 percent this year.
"Strong growth in retail, hospitality and other services suggests that some households may have been able to smooth their consumption in the face of the inflation shock," NIESR Principal Economist Rory Macqueen said.
"Manufacturing appears to be suffering as a result of the impact of high petrol and energy, with declines in 8 out of 13 sub-sectors, but April's overall decline was principally driven by the winding-down of the Test and Trace programme, which had made significant positive contributions to GDP over most of the Covid-19 period"
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U.S. Dollar Higher On Aggressive Rate Hike Hopes
The U.S. dollar appreciated against its most major counterparts in the European session on Monday, as hot U.S. inflation data drove the treasury yields higher and raised expectations that the Federal Reserve will continue to tighten policy aggressively in the coming months.
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Bay Street Seen Opening On Weak Note
Sharply lower Canadian and U.S. futures, weak global markets and falling commodities point to a gap down opening on Bay Street Monday morning.
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Prologis To Acquire Duke Realty In All-stock Deal Valued At About $26 Bln
Prologis, Inc. (PLD) and Duke Realty Corp. (DRE) announced Monday that the two companies have entered into a definitive merger agreement by which Prologis will acquire Duke Realty in an all-stock transaction, valued at approximately $26 billion, including the assumption of debt.
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Smurfit Kappa Confirms SSK Paper Mill Unaffected In Sunday's Fire In Adjacent Premises
Smurfit Kappa Group plc (SKG.L) announced Monday that a fire broke out in an adjacent premises to the Smurfit Kappa SSK Paper Mill in Birmingham on Sunday evening at about 19.40 BST.
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Mallinckrodt To Emerge From Chapter 11 In Coming Days
Mallinckrodt plc (MNKKQ) announced Monday that it expects to complete its reorganization process, emerge from Chapter 11 and complete the Irish Examinership proceedings in the coming days.
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ImmunoGen, Oxford BioTherapeutics To Collaborate To Develop Novel Antibody-Drug Conjugates
ImmunoGen Inc. (IMGN), a developer of antibody-drug conjugates (ADCs) for the treatment of cancer, announced Monday a multi-year collaboration to research novel, first-in-class ADCs with clinical stage oncology company Oxford BioTherapeutics (OBT), utilizing ImmunoGen's proprietary linker-payload technology directed to novel targets identified via OBT's proprietary OGAP discovery platform.
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Sensex Plunges 1,457 Points On Fed Worries; Nifty Dips Below 15,800
Indian shares nosedived on Monday amid concerns that the U.S. Federal Reserve may raise interest rates aggressively to control inflation.
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Pound Depreciates On Weak U.K. GDP Data
The pound lost ground against its major counterparts in the European session on Monday, as the nation's economy shrank for the second straight month in April, sparking fears about the risk of a recession.
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European Shares Extend Losses On Growth Worries
European stocks fell sharply on Monday to extend losses from the previous session as hotter-than-expected U.S. inflation data along with news of a "ferocious" COVID-19 outbreak in Beijing's most populous district of Chaoyang sapped investors' appetite for riskier assets.
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Asian Shares Plunge On Inflation, COVID Worries
Asian stocks nosedived on Monday as hotter-than-expected U.S. inflation data coupled with news that China's capital Beijing is facing an "explosive" COVID-19 outbreak connected to a bar stoked concerns about global growth.
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Australian Dollar Weakens On Fed Tightening Fears
The Australian dollar fell against its major counterparts in the Asian session on Monday, as Asian stocks followed Wall Street lower on concerns that the Federal Reserve may pursue a more aggressive policy tightening to bring inflation down.
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UK GDP Falls For Second Straight Month1
The UK economy shrank for the second straight month in April after services, construction and production contributed negatively for the first time in more than a year, the Office for National Statistics said on Monday. Gross domestic product fell unexpectedly by 0.3 percent on month, faster than the 0.1 percent drop in March.
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