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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/aug/26/all-eyes-on-yellen-as-jackson-hole-kicks-off-business-live
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| Version 3 | Version 4 |
|---|---|
| All eyes on Yellen as Jackson Hole kicks off - business live | All eyes on Yellen as Jackson Hole kicks off - business live |
| (35 minutes later) | |
| 10.11am BST | |
| 10:11 | |
| Some of the key charts from the ONS’s second estimate of Q2 growth, which came in at 0.6%... | |
| The UK economy has grown every quarter since the first quarter of 2013 | |
| On the output side of the economy, only the services sector is back above pre-crisis levels | |
| Households shrugged off uncertainty in the run-up to the 23 June referendum, as consumer spending continued to be a key driver of growth | |
| Updated | |
| at 10.13am BST | |
| 9.56am BST | |
| 09:56 | |
| Joe Grice, chief economist at the ONS has commented on this mornings figures which confirmed the UK economy grew by 0.6% in the second quarter, following 0.4% growth in the first quarter. | |
| Today’s figures reinforce the picture that the economy grew strongly in April, and then remained relatively flat in May and June. | |
| Business investment grew in the second quarter, partly thanks to companies spending on transport equipment such as cars and planes. However, levels of investment remained lower than at the same period last year. | |
| Our survey returns, which include the period leading up to and immediately following the referendum, show no sign so far of uncertainty having significantly affected investment or GDP. | |
| 9.48am BST | |
| 09:48 | |
| ONS: no evidence of Brexit impact on investment in Q2 | |
| The ONS says there is no sign in the GDP data that uncertainty in the run-up to the EU referendum affected investment. | |
| The second estimate of growth (confirmed at 0.6%) gives a more detailed picture of how different parts of the economy performed between April and June. Specifically it shed some light on the spending side. | |
| Business investment increased by 0.5% over the quarter, beating expectations of a 0.8% fall and a 0.6% fall in the first quarter. | |
| Household spending was the strongest in almost two years in the second quarter, up 0.9% from 0.7% in the first quarter. | |
| In terms of output, services growth was confirmed at 0.5% and industrial output growth was confirmed at 2.1%. | |
| Construction output was revised down however, falling by 0.7% and not 0.4% as initially thought. | |
| #UK GDP growth confirmed at 0.6% q/q in Q2, driven by consumer spending jumping 0.9% q/q. Business investment up 0.5% q/q. Net trade -ve | |
| 9.31am BST | 9.31am BST |
| 09:31 | 09:31 |
| Breaking: UK economy grows 0.6 in second quarter | Breaking: UK economy grows 0.6 in second quarter |
| Growth of 0.6% in the second quarter has been confirmed by the Office for National Statistics. | Growth of 0.6% in the second quarter has been confirmed by the Office for National Statistics. |
| More soon. | More soon. |
| Updated | Updated |
| at 9.34am BST | at 9.34am BST |
| 9.17am BST | 9.17am BST |
| 09:17 | 09:17 |
| French consumer confidence rises in August | French consumer confidence rises in August |
| French consumer confidence ticked up in August, to 97 from 96 in July. | French consumer confidence ticked up in August, to 97 from 96 in July. |
| It followed a drop in confidence in the previous two months according to the INSEE figures. | It followed a drop in confidence in the previous two months according to the INSEE figures. |
| Confidence among households about their personal finance situation improved sharply, jumping seven points to highest level since October 2007. | Confidence among households about their personal finance situation improved sharply, jumping seven points to highest level since October 2007. |
| Updated | Updated |
| at 9.18am BST | at 9.18am BST |
| 9.09am BST | 9.09am BST |
| 09:09 | 09:09 |
| French GDP: zero growth in second quarter | French GDP: zero growth in second quarter |
| The French economy was flat in the second quarter, a second estimate of GDP from the statistics office INSEE showed. | The French economy was flat in the second quarter, a second estimate of GDP from the statistics office INSEE showed. |
| Zero growth between April and June followed 0.7% growth in the first quarter. | Zero growth between April and June followed 0.7% growth in the first quarter. |
| INSEE said there was a sharp slowdown in household spending, while trade made a positive contribution after imports fell more than exports. | INSEE said there was a sharp slowdown in household spending, while trade made a positive contribution after imports fell more than exports. |
| 8.34am BST | 8.34am BST |
| 08:34 | 08:34 |
| European markets are subdued before Yellen speaks | European markets are subdued before Yellen speaks |
| There is little movement in European markets this morning as investors await Janet Yellen’s speech at Jackson Hole. | There is little movement in European markets this morning as investors await Janet Yellen’s speech at Jackson Hole. |
| They will be looking for clues from the Fed chair about whether to expect the next rise in US interest rates in September, December, or 2017. | They will be looking for clues from the Fed chair about whether to expect the next rise in US interest rates in September, December, or 2017. |
| Traders this week waiting for Yellen.... #JacksonHole pic.twitter.com/XiedPfx9Sg | Traders this week waiting for Yellen.... #JacksonHole pic.twitter.com/XiedPfx9Sg |
| 8.22am BST | 8.22am BST |
| 08:22 | 08:22 |
| The Jackson Hole economic symposium has been hosted by the Federal Reserve Bank of Kansas City since 1978. | The Jackson Hole economic symposium has been hosted by the Federal Reserve Bank of Kansas City since 1978. |
| Representing the Bank of England are Minouche Shafik, deputy governor for markets and banking, and Kristin Forbes, an external member of the Bank’s Monetary Policy Committee. | Representing the Bank of England are Minouche Shafik, deputy governor for markets and banking, and Kristin Forbes, an external member of the Bank’s Monetary Policy Committee. |
| Bank of England governor Mark Carney, and European Central Bank president Mario Draghi, will not attend. | Bank of England governor Mark Carney, and European Central Bank president Mario Draghi, will not attend. |
| A look at Jackson Hole summits through the years https://t.co/YZSykI2BIA pic.twitter.com/q3R43da6ID | A look at Jackson Hole summits through the years https://t.co/YZSykI2BIA pic.twitter.com/q3R43da6ID |
| 8.06am BST | 8.06am BST |
| 08:06 | 08:06 |
| Also coming up today... | Also coming up today... |
| We will get the second estimate of UK growth in the second-quarter from the Office for National Statistics. Economists polled expect growth to be confirmed at 0.6%. | We will get the second estimate of UK growth in the second-quarter from the Office for National Statistics. Economists polled expect growth to be confirmed at 0.6%. |
| But Michael Hewson, chief market analyst at CMC Markets, says there is a risk that the number could be revised lower, “particularly since we did see some evidence of a slowdown in late May and June as the referendum date approached”. | But Michael Hewson, chief market analyst at CMC Markets, says there is a risk that the number could be revised lower, “particularly since we did see some evidence of a slowdown in late May and June as the referendum date approached”. |
| The latest estimate will provide more details on how the different parts of the economy performed between April and June. | The latest estimate will provide more details on how the different parts of the economy performed between April and June. |
| So far the consumer side of the economy appears to have held up well since the Brexit vote on 23 June, but those numbers as well as business investment figures will be closely scrutinised in the coming months for signs of waning confidence. | So far the consumer side of the economy appears to have held up well since the Brexit vote on 23 June, but those numbers as well as business investment figures will be closely scrutinised in the coming months for signs of waning confidence. |
| In the US (before Yellen speaks at 3pm UK time) we will get the second estimate of Q2 growth from the world’s largest economy. | In the US (before Yellen speaks at 3pm UK time) we will get the second estimate of Q2 growth from the world’s largest economy. |
| 7.57am BST | 7.57am BST |
| 07:57 | 07:57 |
| European markets are expected to open slightly lower this morning as traders pause for breath before Yellen’s speech. | European markets are expected to open slightly lower this morning as traders pause for breath before Yellen’s speech. |
| Our European opening calls:$FTSE 6816 down 1$DAX 10519 down 11$CAC 4400 down 6$IBEX 8590 down 10$MIB 16703 down 8 | Our European opening calls:$FTSE 6816 down 1$DAX 10519 down 11$CAC 4400 down 6$IBEX 8590 down 10$MIB 16703 down 8 |
| 7.47am BST | 7.47am BST |
| 07:47 | 07:47 |
| The agenda: Janet Yellen speaks at Jackson Hole | The agenda: Janet Yellen speaks at Jackson Hole |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| The day has finally arrived. At 8am Mountain Time, or 3pm UK time, the chair of the US Federal Reserve Janet Yellen will deliver her keenly anticipated speech at the 2016 Jackson Hole symposium. | The day has finally arrived. At 8am Mountain Time, or 3pm UK time, the chair of the US Federal Reserve Janet Yellen will deliver her keenly anticipated speech at the 2016 Jackson Hole symposium. |
| The event is hosted by the Federal Reserve Bank of Kansas City, and got underway last night with a reception and dinner at the Jackson Lake Lodge in Grand Teton National Park, Wyoming. | The event is hosted by the Federal Reserve Bank of Kansas City, and got underway last night with a reception and dinner at the Jackson Lake Lodge in Grand Teton National Park, Wyoming. |
| The full agenda for the meeting of the world’s central bankers can be found here. This year’s theme is Designing Resilient Monetary Policy Frameworks for the Future. | The full agenda for the meeting of the world’s central bankers can be found here. This year’s theme is Designing Resilient Monetary Policy Frameworks for the Future. |
| But the main event awaited by investors all week is Yellen’s speech. The title of the speech is The Fed’s Monetary Policy Toolkit, but traders and commentators will be looking specifically for any hints on the timing of the next Fed rate rise. | But the main event awaited by investors all week is Yellen’s speech. The title of the speech is The Fed’s Monetary Policy Toolkit, but traders and commentators will be looking specifically for any hints on the timing of the next Fed rate rise. |
| This is what markets have been waiting for all week. We will bring you commentary in the run-up to the speech, the speech itself, and reaction thereafter. Thank you for joining us. | This is what markets have been waiting for all week. We will bring you commentary in the run-up to the speech, the speech itself, and reaction thereafter. Thank you for joining us. |