Closing summary
The UK government has suspended its relationship with the Confederation of British Industry, as pressure mounts after the Guardian revealed multiple allegations of sexual misconduct by the lobby group’s staff.
Sources said engagement between key Whitehall departments and the CBI had been “paused” pending the outcome of an investigation by the lobby group into a range of fresh allegations, including rape and drug-taking.
The Department for Business and Trade said: “We are postponing ministerial engagement with the CBI until the legal investigation has concluded.”
Four out of five companies and organisations in the UK still pay their male employees more than female ones, according to Guardian analysis of the government’s gender pay gap reporting.
The median pay gap remains stubbornly wide at 9.4% – the same level as in 2017-18, when employers were first required to publish the information. About 10,000 companies and public bodies filed their gender pay gaps to the government’s reporting mechanism before this week’s deadline.
The gap remains larger in the public sector at 15.1%. This compares with 8% in the private sector, and both are broadly similar to last year’s figures.
Our other stories:
Worried UBS investors have urged the Swiss lender to avoid sweeping job cuts and inflating executive pay as they raised concerns about the creation of a mega-bank after the emergency takeover of smaller rival Credit Suisse.
Talks between Royal Mail and postal workers have ended without a deal, raising the prospect of further strikes disrupting the UK’s letter and parcel deliveries.
The owner of Franco Manca and The Real Greek restaurant chains has agreed to sell the business to the Japanese operator of Wok to Walk and Marugame Udon for £93.4m.
The fortune of Bernard Arnault, the world’s richest person, has topped $200bn for the first time as shares in his French LVMH luxury goods empire hit a record high.
Amazon and Microsoft are facing a referral to the UK’s competition regulator over allegedly harming competition in the online cloud services market, amid “significant concerns” that big tech companies are abusing their positions.
The Co-op has warned its profits are likely to fall in the year ahead as the food to funerals group expects the “turbulent economic headwinds, including inflationary pressures” to continue.
A businessman who made more than £1m selling fake vinyl records was caught after a fan of punk band the Clash complained that the sound quality of an LP he had bought was not as sharp as it should have been.
US services growth slows sharply
Growth in the US services sector unexpectedly slowed sharply in March. The The Institute of Supply Management’s purchasing managers’ index fell to 51.2 from 55.1. Price pressures also eased. The dollar weakened on the news.
Michael Hewson, chief market analyst at CMC Markets UK, tweeted:
US ISM Services (Mar) act: 51.2, exp: 54.4, prev: 55.1
— Michael Hewson 🇬🇧 (@mhewson_CMC) April 5, 2023
US ISM Prices Paid (Mar) act: 59.5, prev: 65.6
US ISM Employment (Mar) act: 51.3, prev: 54
UBS bosses urged to avoid job cuts and pay rises after Credit Suisse deal
Worried UBS investors have urged the Swiss lender to avoid sweeping job cuts and inflating executive pay as they raised concerns about the creation of a mega-bank after the emergency takeover of smaller rival Credit Suisse.
Addressing more than 1,100 shareholders at the St Jakobshalle arena in Münchenstein, near Basel, Switzerland, UBS bosses said they understood why investors may be “bewildered or even angry” after the surprise deal that was announced on 19 March and followed weeks of panic about the health of the banking sector.
“It was a historic day and a day we hoped would not happen,” the chair of UBS, Colm Kelleher, said. “Yet it is a significant milestone, not only for UBS and Credit Suisse but also for Switzerland, for the global financial industry.”
While Kelleher acknowledged the government-orchestrated deal came with risks, he defended the takeover and said it presented a business opportunity for UBS. However, bosses said all options were on the table such as a future split or spin-off of Credit Suisse assets.
Some shareholders acknowledged the potential benefits of the takeover but said they were “concerned about this new giant bank”, which is expected to hold a combined $5tn (£4tn) in invested assets, including the possibility of unjustified pay hikes and job cuts. e
“This will in no way justify any inflation of remuneration,” one shareholder said, urging bosses to be prudent even as they prepared to manage a much-larger bank. “The current plan are already extremely generous,” the shareholder added.
Investors also raised the alarm about thousands of potential job cuts as bosses try to get rid of duplicate roles.
“Those synergies you were referring to would potentially costs more than 30,000 jobs worldwide,” a shareholder said, referring to recent press reports. “These social consequences, also in Switzerland, could be dramatic and the reputation of UBS could also suffer.”
“Banking is people, don’t forget that,” another investor added.
Thank you for reading. We’ll be back tomorrow. Take care – JK
Updated
Postal services may face more strikes as talks collapse
Here’s our full story on the breakdown of talks between Royal Mail and the union representing postal workers without a deal, raising the prospect of further strikes disrupting the UK’s letter and parcel deliveries.
The talks between postal service bosses and the Communications Workers Union (CWU) at the Westminster-based Advisory, Conciliation and Arbitration Service ended after 1am on Wednesday with the two sides failing to reach agreement on pay and conditions.
The dispute has lasted for almost a year, with 18 days of strikes held between August and the end of 2022. The CWU won a strong mandate to take further action in a member ballot in February, and its leaders were last week considering further strikes in April if talks failed. Its postal executive will meet on Wednesday to discuss further options.
The latest negotiations were led by Dave Ward, the CWU’s general secretary, and several Royal Mail board members, although the chief executive, Simon Thompson, and chair, Keith Williams, were not directly involved.
The company on Wednesday said it had increased its offer to the union, but that it was “not an option” to carry on without significant changes. The CWU said that “unacceptable pressures” were being placed on postal workers.
Royal Mail is owned by the recently renamed International Distributions Systems (IDS), the FTSE 250 company created when the postal service was privatised. IDS has said that Royal Mail, the part that runs the UK’s regulated letter delivery business, is expected to lose between £350m and £400m this year, and had even raised the possibility of putting the company into a form of administration if talks fell through.
A source close to Royal Mail said the final breakdown related to differences in terms and conditions for new employees, who were paid less than longer-serving staff. The company had offered to bring new employees to pay parity over five years, but the CWU wanted parity within three years, the source said.
However, the CWU argued that was a “selective” account. A spokesperson said:
The company advised the union that the directors who have been leading negotiations are no longer available and that the board will be meeting today to determine their next steps.
There has been progress in several areas, and the union made it clear last night that we are willing to continue negotiations today and tomorrow to finalise an agreement. This offer has been reiterated to the company this morning.
Updated
Here is our full story:
UK government suspends relationship with CBI
The government has suspended its relationship with the Confederation of British Industry, as pressure mounts after the Guardian revealed multiple allegations of sexual misconduct by the lobby group’s staff.
Sources said engagement between key Whitehall departments and the CBI had been “paused” pending the outcome of an investigation by the lobby group into a range of fresh allegations, including rape and drug-taking.
The Department for Business and Trade said:
We are postponing ministerial engagement with the CBI until the legal investigation has concluded.
It is understood that ministers and officials at the Treasury have also stopped holding meetings with the organisation, which represents some of Britain’s leading companies and campaigns on behalf of 190,000 businesses.
The Guardian reported allegations from more than a dozen women who said that they had been victims of various forms of sexual misconduct by senior figures at the CBI.
Separately claims have been made about the conduct of its director general, Tony Danker, last month that prompted him to step aside while they were investigated.
Close relations with government are at the core of the CBI’s operation, holding meetings on a day-to-day basis with senior officials and ministers as the country’s leading business group.
The lobby group has access to the prime minister and the cabinet, and campaigns on issues ranging from funding for childcare to tax and skills.
It has cancelled all forthcoming events including its annual dinner in central London on 11 May. The Bank of England governor, Andrew Bailey, had been due to speak at the event but withdrew following the Guardian’s report.
A spokesperson for the CBI said:
We understand the government’s decision to pause engagement pending the outcome of the independent investigation.
Soon after Easter, the CBI board expects to have preliminary findings and actions from the first phase of the investigation.
Updated
None of these new sexual misconduct allegations at the CBI relate to Danker, and he has apologised for causing any unintentional offence.
As well as the alleged rape, the new claims against different men also include allegations of:
An attempted sexual assault by a manager at the same staff boat party in 2019.
A senior manager sending explicit images to junior female staff over several years.
Other senior managers behaving unprofessionally and inappropriately towards much younger female colleagues: alleged instances include a former board member touching a female employee’s bottom and making what was seen as a sexualised remark to another woman about her appearance within earshot of several colleagues.
A manager propositioning women after they felt he pushed them to drink more alcohol, while they were already drunk.
Widespread use of cocaine at official CBI events.
The CBI has expanded its inquiry to include these new allegations and hired an external human resources consultant to help manage complaints, as well as the law firm Fox Williams.
Updated
Tony Danker stepped aside as head of the CBI a month ago amid an investigation into complaints about his conduct (which are separate from the sexual misconduct allegations reported by the Guardian on Monday).
The decision to hire a law firm to investigate him came after the Guardian approached the CBI last week about a formal complaint that was made in January, as well a number of alleged informal reports of concerns over his behaviour.
The formal complaint involved a female CBI employee who it is understood claimed the director general of the business lobbying organisation made unwanted contact with her and considered this unwanted conduct to be sexual harassment.
Updated
What is the CBI and who funds it?
The Confederation of British Industry (CBI) is the UK’s most prominent business lobbying organisation. It is a not-for-profit organisation founded by royal charter in 1965, after a merger of older employer bodies.
It claims “unrivalled” access to government. It also claims to have the biggest number of policy specialists outside of Whitehall, the seat of the British government, in order to support its 190,000 business members, which are the chief source of its income. Its total income was £25m in 2021, of which £22m was from membership fees.
Its membership is composed of direct members and members of other trade bodies.
Its 1,500 direct members are businesses that actively hold membership, such as the supermarket Asda, the jet engines manufacturer Rolls-Royce and the law firm Allen & Overy. Fees vary significantly: top-tier businesses can pay £90,000 annually, some mid-sized companies pay half this price and smaller companies pay far less.
The bulk of its membership comes via trade bodies such as the National Farmers’ Union and the Federation of Master Builders. The CBI counts these trade bodies’ memberships within its own 190,000 total.
The lobby group has access to the prime minister and cabinet, and campaigns on issues ranging from funding for childcare to tax and skills. Its relationship with the UK government was stretched severely by Brexit, with its access to Number 10 much curtailed. A remark attributed to the former prime minister Boris Johnson – “fuck business” – was considered to be aimed at efforts by the CBI and others, to try to influence the post-Brexit UK-EU trade agreement.
Its former director general Dame Carolyn Fairbairn sought to rebuild ties with the government during the early stages of the coronavirus pandemic, including working alongside trade unions and No 10 on developing the furlough scheme.
Tony Danker took over from Fairbairn, the CBI’s first female boss, in November 2020. He continued a focus on re-engaging with the government and the opposition Labour party. He was criticised for speaking in support of Liz Truss’s disastrous mini-budget in September 2022.
The CBI is governed by a president and an executive committee, which, in normal times, is chaired by the director general. It also has a board of non-executive directors, which the director general sits on.
We’ve got confirmation that the Treasury and the Department for Business and Trade have postponed meetings with the Confederation of British Industry (CBI) while the business group investigates allegations of sexual misconduct.
Treasury and business department postpone meetings with CBI after Guardian’s sexual misconduct claims
UPDATE: THIS HAS BEEN CONFIRMED.
The Treasury and the Department for Business and Trade have postponed meetings with the Confederation of British Industry (CBI) while the business group investigates allegations of sexual misconduct, the PA news agency reports.
A Treasury source said it had “paused engagement” while the investigation is ongoing, with a similar approach adopted by Kemi Badenoch’s department.
PA understands this means scheduled meetings between ministers and the lobbying group have been postponed as a result of the pause.
The CBI, the UK’s most prominent business lobbying organisation, has also cancelled forthcoming events including its annual dinner after the Guardian revealed multiple allegations of sexual misconduct by its staff.
The CBI has been thrown into turmoil after the Guardian reported claims from more than a dozen women who said that they had been victims of various forms of sexual misconduct by senior figures at the CBI. This included an account from a woman who alleged she was raped at a staff party on a boat on the River Thames.
The latest allegations of misconduct by senior figures at the CBI are separate to those made about its director general, Tony Danker, last month.
Updated
Royal Mail says talks end without a deal
Royal Mail said after 11 months of talks with the Communication Workers Union over pay and changes to working patterns, negotiations have ended without a deal.
A spokesperson said:
After 11 months of talks, including mediation by Sir Brendan Barber and Acas, we are deeply concerned that our talks with CWU have concluded without an agreement.
We made substantial efforts to reach an agreement, including making a number of further improvements to our offer. These improvements were all based on feedback from the CWU, and we were hopeful that the CWU would put a deal to its members.
We remain committed to reaching an agreement with the CWU. We have been clear throughout the dispute that not transforming our network and working practices is not an option in a business losing more than £1 million a day. In the best interests of the business, our customers, and the job security of our postmen and women, change cannot be delayed any further.
UK services growth slows despite record export sales
The UK’s service sector has been growing for three months, according to a survey, but showed a slowdown last month despite record export growth.
The S&P Global/CIPS UK services PMI survey showed a reading of 52.9 last month, down from February’s 53.5. Any reading above 50 points to expansion; any reading below suggests a contraction.
The businesses polled reported their biggest jump in export sales since the survey started tracking this in September 2014.
Tim Moore, economics director at S&P Global Market Intelligence which compiles the survey, said:
March data confirmed that the UK service sector returned to growth during the first quarter of 2023, supported by a sustained rebound in new orders as business and consumer confidence improved from the lows seen last autumn.
Export sales provided an additional boost to the service economy during March as the ongoing recovery in business travel and events helped to drive the fastest rise in new orders from abroad for at least eight and a half years.
Increases in prices that service companies charged dropped to a 19-month low in March, but this was still higher than at any point between 1996 when the survey began and 2021.
Increases in costs faced by these businesses eased to the lowest level for 22 months, but remained “exceptionally strong”, the survey said.
European shares have fallen into the red again after the eurozone PMI survey, which signalled a slower economic recovery than previously thought.
The German Dax and Italy’s FTSE MiB have both lost 0.3% while France’s CAC is down 0.2%.
The FTSE 100 index in London is clinging to modest gains, of 0.3% or 22 points, at 7,656.
UBS chairman: Takeover of Credit Suisse marks 'historic day'
The UBS chairman has told investors that the emergency takeover of Credit Suisse last month marked a “historic day” but one that the Swiss bank “hoped would not happen,” as he warned the first-ever merger of two globally systemically important banks came with “execution risk”.
Addressing more than 1,100 shareholders at the St Jakobshalle arena near Basel, Switzerland, UBS chairman Colm Kelleher said:
It was a historic day and a day we hoped would not happen. Yet it is a significant milestone, not only for UBS and Credit Suisse but also for Switzerland, for the global financial industry.
He said that while the combined bank would create new opportunities, and help accelerate UBS’ wealth management strategy, the takeover did not come without risks:
Having a clear vision and a sound strategy is important….This transaction is the first merger of two global systemically important banks. This is not in any way an easy deal to do and brings with it execution risk.
Shareholders at Credit Suisse’s last-ever AGM yesterday were furious over the deal yesterday, and we’ll see how UBS investors respond.
However, the chairman seemed to anticipate some shareholder anger over the surprise takeover, and defended the pace of the decision in light of the market turbulence that had caused panic over Credit Suisse’s future last month. Kelleher said the bank did not have time to consult investors since “stabilising the situation required urgent action”.
The Financial Times’s European banking correspondent Owen Walker tweeted:
The UBS AGM is nearly underway - an opportunity for the bank's shareholders to have their first say on its controversial rescue of rival Credit Suisse
— Owen Walker (@OwenWalker0) April 5, 2023
It's unlikely to be as testy as Credit Suisse's yesterday - report here features crucifixion and walnuts https://t.co/VwhcIpwjgl pic.twitter.com/bHuWLoh6VI
Updated
Eurozone recovery picks up in March on demand for services
The economic recovery in the eurozone gathered pace last month on demand for services, but was slightly less strong than first thought, according to a closely-watched survey.
The S&P Global’s composite purchasing managers’ index (PMI) climbed to a 10-month high of 53.7 in March from 52 in February, below the preliminary reading of 54.1. March was the third month the index was above the 50 mark that separates expansion from contraction.
Price pressures also eased in March, but remained high.
Joe Hayes, senior economist at S&P Global Market Intelligence said:
The eurozone economy continues to bounce back from the lull we saw at the back-end of 2022 and the latest PMI survey will add fresh conviction to the view that, at least for now, the euro area is clear of a recession.
March’s increase in economic activity mainly reflected strong growth across the service sector. Better momentum here is encouraging given the squeeze on household incomes from high inflation and rising borrowing costs. However, the picture is mixed at the country level, with a considerable upward push to growth coming from Spain and, to a lesser extent, Italy during March. It is difficult to envisage expansions of these magnitudes being sustained, meaning that a further strengthening of growth is dependent on other parts of the eurozone.
Activity levels in Germany and France rose only modestly in March, painting a more conservative picture of underlying economic health in the eurozone. The case for further interest rate increases also remains strong based off the survey’s price gauges. Although inflation rates have cooled from their peaks, they continue to run in hot territory, particularly across the service sector.
French industrial production bounces back
Industrial production bounced back in France in February, rising 1.2% over the month following January’s 1.4% decline. Manufacturing output climbed 1.3% after falling by 1.5%, with transport equipment particularly strong. Car production has recovered in recent months as supply chain problems have eased.
However, energy-intensive industries showed big declines over the year, of 25.9% for steel, 22.5% for paper and cardboard and 19.9% for chemicals.
Charlotte de Montpellier, senior economist for France and Switzerland at ING, said:
These data indicate that the trend for French industrial production is still sluggish, though it does not resemble a collapse, thanks in particular to supply chain pressures easing. Nevertheless, the increase in activity in February is not sufficient to compensate for the decline in January.
In addition, it is likely that the social tensions surrounding the pension reform will result in less dynamic industrial activity in some sectors in March, before a rebound in the following months. Overall, industrial activity is likely to decline over the quarter, which will contribute negatively to economic growth in the first quarter. At the same time, the data indicate that the inflationary context is weighing on household consumption, mainly goods… We expect slightly positive quarterly growth in the first quarter of 0.1%.
The outlook for the French economy in the coming quarters remains moderate. The global weak growth is likely to weigh on exports and the industrial sector. The inflationary context could continue to weigh on household consumption. In addition, the full impact of monetary policy tightening is likely to begin to be felt, weighing on household and business investment. We expect growth of 0.7% in 2023 and 2024, after 2.6% in 2022.
Paul Kelly, head of employment at the law firm Blacks Solicitors, said:
Transparency from businesses is vital to achieve gender equality within the workplace. Businesses should aim for equal pay, equal treatment, equal access and equal representation. Research shows that businesses that actively support gender equality have more inclusive teams that make better decisions up to 87% of the time.
There is increasing pressure for employers not just to report the numbers but instead understand the reason for the gap, the importance of reporting and be transparent about how they intend to tackle this.
Women paid 90p for every £1 a man gets in the UK
Women are being paid about 90p for every £1 a man gets in the UK, the latest gender pay gap data shows.
It’s important to know how this is measured: companies line up their male employees in order of salary and do the same for women, before comparing the two in the middle to calculate the average gender pay gap.
So this is not just about men and women getting equal pay for equal work, it’s also about how many women are in senior (better-paid) jobs.
The data also shows that the gap opens up when people have kids – early on in their careers, women and men earn similar salaries.
Dharshini David, a former UK economist who is now business correspondent at the BBC, has looked at five things you need to know.
Updated
Swiss regulator calls for more power
Switzerland’s financial regulator has called for more power to penalise, and name and shame banks that break the rules, following the near-collapse of the country’s second-biggest bank Credit Suisse and its rescue by UBS.
Marlene Amstad, president of the Swiss Financial Market Supervisory Authority (Finma), told journalists:
Our instruments hit their limits in extreme cases as seen in the case of Credit Suisse.
Finma has no power to fine. It’s an exception when compared with other regulators.
She said most of the watchdog’s investigations into banks had to remain secret to protect stability, and added that this should change.
Finma is keen to ensure that we can make our work more visible to the public in future – as our supervisory colleagues in other countries are often allowed to do.
Yesterday, Credit Suisse’s chairman Axel Lehmann said he was “truly sorry” for the bank’s demise, speaking at its final annual meeting where angry investors called for board members to be “put behind bars”.
Today, Switzerland’s biggest bank UBS, which agreed a rescue takeover of Credit Suisse, faces investors at its annual meeting in Basel. It is due to start shortly.
Updated
On the markets, European shares opened slightly higher. The UK’s FTSE 100 index is up 11 points, or 0.15%, at 7,645.
Germany’s Dax and France’s CAC also edged 0.1% higher while Spain’s Ibex gained 0.3% and Italy’s FTSE MiB was flat.
HSBC, Goldman Sachs pay gaps widen
Back to the UK’s gender pay gap.
Banks HSBC, Goldman Sachs, Morgan Stanley and Standard Chartered reported a widening in the gap between what they paid men and women in 2022, according to analysis by Reuters.
At the banks that disclosed their pay gaps by ethnicity, the gap was biggest between Black staff and their white colleagues.
Businesses with more than 250 employees in Britain must disclose the difference between the regular pay and bonuses of male and female staff. The deadline was yesterday, for the year up to April 2022.
HSBC, one of the worst banks in Britain for gender pay, reported that women were on average paid 45.2% less than men. This was up from 44.9% the year before.
The UK arm of US investment bank Goldman Sachs reported a gender pay gap of 53.2%, the largest among major finance employers, and up from 51.3%.
Morgan Stanley’s UK business had a slightly wider gap of 40.8%, up from 40.5%, while Standard Chartered’s gender pay gap increased to 29% from 27%.
All four banks said that the figures reflected the under-representation of women in senior roles, and said they were taking steps to address this.
Richard Gnodde, chief executive of Goldman Sachs International, wrote to staff in a memo yesterday:
I assure you that we are intent on changing this, but of course it takes time.
In better news, most other major finance firms made some progress in closing their gender pay gaps.
The average across 20 of the biggest employers fell to 30.1% in 2022, from 31.7% in the prior year – but still remains way above the average across all UK employers of 8.3%.
Analysis: HSBC, Goldman gender pay gaps widen in UK as finance makes slow progress https://t.co/6fHyEG4CKz pic.twitter.com/Mznr9pHPqP
— Reuters (@Reuters) April 5, 2023
Updated
German factory orders jump in February
In Germany, factory orders rose 4.8% in February from January, compared with a 0.5% gain in January. On the year, orders are still down by almost 6%. After a slump since last summer, industrial orders have recovered in recent months.
Carsten Brzeski, global head of macro at ING, said:
Industrial orders have now rebounded sharply since November, brightening the outlook for German industry. However, the US slowdown and the longer-term fallout from recent financial turmoil, as well as the broader impact of monetary policy tightening, could still spoil the party.
These strong industrial orders data fuel recent optimism in German industry. Interestingly, production expectations had just started to weaken again after the initial enthusiasm over the Chinese reopening at the start of the year.
Looking ahead, the outlook for German industry has clearly brightened, even if the high inventory build-up since last summer is still likely to weigh on production in the short run. Beyond the short term, however, the question will be whether today’s boost in new orders is the start of an industrial revival or whether the expected slowdown of the US economy, the fallout from recent financial market turmoil and the broader impact of monetary policy tightening will spoil the party again.
Introduction: Almost 80% of employers pay men more than women, UK data shows – business live
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Nearly two-fifths of UK employers pay men more than women, on average – showing a worsening picture since companies were first forced to report on their gender pay gap six years ago, despite a push for more equality.
A Financial Times analysis of this year’s data shows that 79.5% of employers paid their male staff more than their female colleagues, higher than the figures last year and six years ago.
The average gap, or the difference between men’s and women’s average hourly pay, was 12.2% in 2022-23, unchanged from last year but higher than the 11.9% in 2017-18.
Nearly 80% of UK employers pay men more than women on average, more than when mandatory gender pay gap reporting started six years ago https://t.co/aabm0RxrhY
— Financial Times (@FinancialTimes) April 5, 2023
You can view companies’ gender pay gap reporting here. More on this later.
In other news, new car sales in the UK rose for the eighth consecutive month in March, climbing 17% from a year earlier, although sales remain below pre-pandemic levels, according to preliminary industry data.
The Society of Motor Manufacturers and Traders (SMMT) said it was the biggest month ever for battery electric car registrations. More details will be released at 9am BST.
Asian stock markets struggled, with Japan’s Nikkei down 1.6% while Hong Kong’s Hang Seng slipped 0.66%. Other markets, like Shanghai, Singapore and South Korea’s Kospi made modest gains. On Wall Street, US stocks declined yesterday after data showed US job openings hit their lowest level in nearly two years in February.
Asian markets also retreated after the Reserve of New Zealand unexpectedly hiked rates by 50 basis points instead of the widely expected 25 basis points. Other central banks appear to be considering slowing, or even pausing their rate hikes.
The Agenda
8.15am BST: Spain S&P Global Composite PMI for March
8.45am BST: Italy S&P Global Composite PMI for March
8.50am BST: France S&P Global Composite PMI Final for March
8.55am BST: Germany S&P Global Composite PMI Final for March
9am BST: UK New car sales for March
9am BST: Eurozone S&P Global Composite PMI Final for March
9am BST UBS Annual meeting in Basel
9.30am BST: UK S&P Global/CIPS Composite PMI Final for March (forecast: 52.8)
1.30pm BST: US Trade for February
3pm BST: US ISM Non-Manufacturing PMI for March
Updated
