Closing post
Time to wrap up.
Trade friction caused by the Brexit deal has pushed down import and export volumes, and the problem is getting worse, a study has warned.
Aston University found there has been a 27% drop in UK exports and a 32% decline in imports from the EU since the UK-EU Trade and Cooperation Agreement (TCA) was implemented in 2021.
Lead author, Professor Jun Du of Aston University says:
“The Trade and Cooperation Agreement introduced substantial barriers and there are ongoing and marked declines in the value and variety of UK exports and imports. Without urgent policy interventions, the UK’s economic position and place in the global market will continue to weaken.”
The report came out hours before news broke that the full implementation of an EU entry-exit system introducing fingerprinting and facial recognition checks at ports and airports is expected to be delayed again amid fears over congestion and long queues.
Germany’s economic problems are also worsening, with investor confidence dropping to a near one-year-low this month.
In the technology sector, Microsoft has unveiled a huge $60bn share buyback programme…
…while analysts have warned that demand for Apple’s new iPhone may be lower than hoped….
…and Meta is putting Instagram users under the age of 18 into new “teen accounts” to allow parents greater control over their activities.
The US S&P 500 share index has hit a new alltime high, a day before the US Federal Reserve is expected to start cutting US interest rates.
The rally followed encouraging economic data today including a small rise in US retail sales and a pick-up in manufacturing output.
UK energy Ed Miliband has pledged to take on opponents to the government’s rollout of wind turbines, solar farms and pylons.
Updated
FTSE 100 hits two-week closing high
Shares have closed higher in London, with the FTSE 100 share index ending 31 points higher at 8309, up 0.4% today.
That’s its highest closing level in a fortnight.
