Closing post
Time to recap.
Europe’s manufacturers have suffered a slump in demand last month with “no sign of a recovery”.
The latest poll of purchasing managers across Europe shows there was a faster decline in new factory orders, production, purchasing activity and inventories in November.
There are also problems in UK manufacturing, where the PMI fell to a nine-month low.
Workers at Volkswagen factories in Germany have held a ‘warning strike’, in protest at cutback plans.
The euro has dropped by a cent, after French prime minister Michel Barnier decided to force the social security budget through the lower house of parliament without a final vote, triggering a no-confidence vote within days.
Shares in carmaker Stellantis have slumped 7%, wiping over €2bn off its value, following the surprise departure of chief executive Carlos Tavares last night.
Shares in Intel, though, are up over 3% after the retirement of CEO Pat Gelsinger was announced.
Wealth manager St James’s Place is cutting 500 jobs.
House price inflation in the UK has accelerated, at the fastest rate in over two years.
The Kremlin has argued that Donald Trump’s threat to impose 100% tariffs on Brics economies, if they try to undermine the dollar, would backfire.
Updated
Euro drops as Barnier rams social security budget through parliament
The euro has lost more ground against the US dollar, after French prime minister Michel Barnier announced he would use special constitutional powers to force the social security budget through the lower house of parliament without a final vote.
Barnier told lawmakers:
“We are facing a moment of truth”
The use of article 49.3 of the French Constitution in this way must trigger a no-confidence vote, to be held within 48 hours…
The euro has now lost a whole cent against the US dollar, to $1.0476.
