The value of British exports to the EU has plummeted by a fifth over the past decade, an analysis has found.
Leave campaigners last night said the figures – from the EU’s own statistics arm – proved the ‘failure’ of the single market.
Exports to the EU fell almost 20 per cent from 2006 to 2015 – a worse performance than any member state apart from Luxembourg.
Former director general of the British Chambers of Commerce, John Longworth said red tape ‘stifled’ UK businesses while Business Secretary Sajid Javid said the UK was better off staying in.
The most entertaining overnight story has to do with the latest farcical development in the Chinese "market" when just after open, it was reported that PBOC Governor Zhou said a trading link with Shenzhen will start this year which promptly sent all Chinese brokerages soaring, and the Shanghai Composite jumped over 3%. And then, out of the blue, the PBOC said the undated comments were actually as of May.
By Yuko Takeo and Min Jeong Lee The global stock market’s biggest comeback story of 2016 isn’t over yet. So say Citigroup Inc., AllianceBernstein and Bordier & Cie, who all see further gains for Japanese shares after the Nikkei 225 Stock Average climbed more than 20 per cent from this year’s low. The $5 trillion market has outperformed all its developed-nation peers since late June, buoyed by a weakening yen, a more favorable monetary policy stance from the Bank of Japan and the return of overseas money managers.
We apologize this morning if there is a few extra grammatical errors, or if stuff simply does not make sense (even more than usual): the Zero Hedge staff, tiny as it is, has simply not had much, if any, sleep tonight, as such we apologize in advance if things get confusing.
There was certainly much confusion for markets, and those traders, who went home after the close and did not check the news until this morning when they woke up to president trump.
The crash in Chinese equities has been one of the most spectacular market routs since the financial crisis.
China’s stocks have plummeted nearly 30 per cent since their mid-June highs, and a series of measures by the country’s securities regulator have failed to slow the decline. The crash comes after the Shanghai Composite soared nearly 60% since Jan. 1, while the Shenzhen Composite jumped by 120 per cent, easily making them the world’s best performing stock markets.
While the skeleton crew of market participants are still digesting yesterday's uber-dovish, "forward guidance" conversion by the BOE and ECB, driven in response to the Fed's increasingly tight (at least relatively) monetary policy, they now have month's biggest economic and market catalyst to look forward to.