Rolling coverage of the latest economic and financial news, as CBI warns UK faces recession and a lost decade without a government growth plan
“A fifth consecutive monthly falling output signalled by the PMI adds to the likelihood that the eurozone is sliding into recession. However, at present the downturn remains only modest, with an easing in the overall rate of contraction in November means so far the region looks set to see GDP contract by a mere 0.2%.
Manufacturers are seeing some benefits of improved supply chains and the service sector, while still in decline amid the cost-of-living squeeze, has so far not suffered to the degree that many were expecting. With the surveys also bringing signs of inflation having peaked, the headwind on demand from rising prices should also start to ease in coming months, barring severe weather over the winter, hinting that any recession may be both brief and relatively mild.
The rouble dropped to almost 62.5 against the US dollar, the lowest exchange rate since 14 October, and also dipped againt the euro and the yuan.RBC Capital MarketsLeading Russian energy officials, including Deputy PM Novak on Sunday, continue to maintain that they will withhold supply from any customer that participates in the cap plan.
Biden administration officials dismiss such threats as bluster, though to date, the Kremlin has made good on many of its disruptive threats; for example, cutting off gas importers that refused to pay in RUB“Today, the EU ban on Russian oil and the price ceiling kick in, though there is still no clarity how this is enforced.”
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