Closing summary
Time for a recap.
The boss of Goldman Sachs has warned that there are ‘bumpy times ahead’, with the risk of recession next year as central bankers battle inflation.
Speaking to Bloomberg TV, David Solomon said we face a ‘very uncertain time’, with monetary and economic conditions changing very quickly, which is slowing economic activity.
Britain’s construction sector had a tricky November, with new orders falling as rising borrowing costs spooked clients.
The hospitality industry has warned that business will suffer as rail workers strike later this month.
But German factories have reported a bounceback in new orders, despite the economic pressures from high energy prices. It could mean Germany’s downturn will be shallower than feared.
Here’s the rest of today’s main stories:
Ratings agency Moody’s has put UK commercial landlord Canary Wharf’s ratings under review for downgrade due to what it said was the worsening outlook for the real estate sector and the more difficult funding environment, Reuters reports.
Moody’s said it expects drops in office values that could be as high as 10-15% alongside materially increased funding costs and weaker demand for occupational space, and a challenging environment for asset disposal because of weak real estate markets.
Moody's puts Canary Wharf's rating on review for downgrade #Ainvest #Ainvest_Wire #macroeconomics #Macro #Trending
— AInvest Wire (@Ainvest_Wire) December 6, 2022
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