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UK construction suffers shock contraction as 'Brexit blight' bites – business live UK construction suffers shock contraction as 'Brexit blight' bites – business live
(35 minutes later)
2.08pm BST
14:08
UK readers will be well aware that the cost of living in Britain has risen sharply in the last year, following the slump in the pound after the EU referendum.
Now, a new report has highlighted that inflation in the UK is outpacing other advanced nations, including Germany, the US and France.
My colleague Richard Partington explains:
The UK has the highest inflation rate among the world’s top economies, in the latest sign the Brexit vote is contributing to a squeeze on living standards.
The increased cost of importing food and fuel is pushing prices to rise at a faster rate than anywhere in the G7 group of leading global economies, according to the Organisation for Economic Co-operation and Development. The UK is only behind Turkey, Mexico and the eastern European states of Latvia and Estonia in the club of 35 developed nations.
The annual growth in prices in the UK jumped to 2.9% in August from 2.6% in July, equalling a four-year high in the consumer price index (CPI) reached in May earlier this year. That outstrips the average 2.2% growth in prices across the OECD for the same month.
1.43pm BST1.43pm BST
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Britain’s construction woes haven’t dampened the mood in the financial markets.Britain’s construction woes haven’t dampened the mood in the financial markets.
World stock markets remain at record highs today, following last night’s rally on Wall Street.World stock markets remain at record highs today, following last night’s rally on Wall Street.
In London, the FTSE 100 has hit a one-month high, up 9 points at 7448. Big exporters are benefitting from the drop in the pound this morning.In London, the FTSE 100 has hit a one-month high, up 9 points at 7448. Big exporters are benefitting from the drop in the pound this morning.
1.11pm BST1.11pm BST
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Job threat to Norwich as Britvic pulls outJob threat to Norwich as Britvic pulls out
Hundreds of workers in Norwich face an uncertain future after drinks company Britvic announced plans to shut its factory in the city.Hundreds of workers in Norwich face an uncertain future after drinks company Britvic announced plans to shut its factory in the city.
The group is planning to move production of Robinsons and Fruit Shoot drinks from the Norwich factory to sites in east London, Leeds and Rugby by 2019.The group is planning to move production of Robinsons and Fruit Shoot drinks from the Norwich factory to sites in east London, Leeds and Rugby by 2019.
The 242 people who work there will be offered “redeployment opportunities at other sites”, says Britvic, or support to find a new job elsewhere.The 242 people who work there will be offered “redeployment opportunities at other sites”, says Britvic, or support to find a new job elsewhere.
The site is co-owned with consumer goods giant Unilever, which makes Coleman’s Mustard there. Unilever says it is now reviewing its own options; that could mean that production of the fiery condiment ends after two hundred years.The site is co-owned with consumer goods giant Unilever, which makes Coleman’s Mustard there. Unilever says it is now reviewing its own options; that could mean that production of the fiery condiment ends after two hundred years.
Local MPs and business leaders are rallying around, according to the local Eastern Daily Press.Local MPs and business leaders are rallying around, according to the local Eastern Daily Press.
Labour’s Clive Lewis tweets:Labour’s Clive Lewis tweets:
This is an awful prospect for hundreds of workers&their families across #norwich.Ill do all I can to save jobs here https://t.co/QJ4XmrCQwFThis is an awful prospect for hundreds of workers&their families across #norwich.Ill do all I can to save jobs here https://t.co/QJ4XmrCQwF
Chloe Smith, MP for Norwich North, says:Chloe Smith, MP for Norwich North, says:
“This is very sad news and many constituents will be very anxious about this possible closure. At this stage, I am urging the company to make every support available to those workers.”“This is very sad news and many constituents will be very anxious about this possible closure. At this stage, I am urging the company to make every support available to those workers.”
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David Montague, chief executive of London housing association L&Q, is urging the government to help British construction and provide some Brexit certainty.David Montague, chief executive of London housing association L&Q, is urging the government to help British construction and provide some Brexit certainty.
He fears that building firms will struggle badly if they lose access to workers from overseas.He fears that building firms will struggle badly if they lose access to workers from overseas.
“Today’s figures are worrying for the construction sector and at a time when more housebuilding is needed than ever before.“Today’s figures are worrying for the construction sector and at a time when more housebuilding is needed than ever before.
“We need assurance that an appropriate immigration policy will keep the doors open to skilled overseas talent and that there will suitable investment in training at home. Without this, the figures we are seeing today - will undoubtedly worsen.“We need assurance that an appropriate immigration policy will keep the doors open to skilled overseas talent and that there will suitable investment in training at home. Without this, the figures we are seeing today - will undoubtedly worsen.
“L&Q and many others in the sector have skilled workforces, strong partnerships, access to land and the financial strength to deliver very ambitious plans. What we need now is political and economic certainty.”“L&Q and many others in the sector have skilled workforces, strong partnerships, access to land and the financial strength to deliver very ambitious plans. What we need now is political and economic certainty.”
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Lending to UK firms at risk after Brexit, Bank of England warnsLending to UK firms at risk after Brexit, Bank of England warns
Britain’s builders aren’t the only people worrying about Brexit.Britain’s builders aren’t the only people worrying about Brexit.
The Bank of England has flagged up another concern this morning; that UK businesses could struggle to borrow after Britain leaves the EU.The Bank of England has flagged up another concern this morning; that UK businesses could struggle to borrow after Britain leaves the EU.
That’s because European banks who currently operate branches in Britain may have to upgrade to fully fledged subsidiaries after Brexit. If they don’t, they might not be allowed to operate. That would cut the amount of lending offer, the BoE fears.That’s because European banks who currently operate branches in Britain may have to upgrade to fully fledged subsidiaries after Brexit. If they don’t, they might not be allowed to operate. That would cut the amount of lending offer, the BoE fears.
My colleague Jill Treanor explains:My colleague Jill Treanor explains:
Companies from European Economic Area countries – EU member states, Iceland, Liechtenstein and Norway – provide about 10% of lending to UK businesses and would need to reapply for authorisation to operate in Britain after it leaves the EU.Companies from European Economic Area countries – EU member states, Iceland, Liechtenstein and Norway – provide about 10% of lending to UK businesses and would need to reapply for authorisation to operate in Britain after it leaves the EU.
In its latest update on potential risks to financial stability, the Bank of England said: “The risk of disruption to wholesale UK banking services appeared to be slightly higher than previously thought, given that a number of EEA firms branching into the UK were not sufficiently focused on addressing this issue.In its latest update on potential risks to financial stability, the Bank of England said: “The risk of disruption to wholesale UK banking services appeared to be slightly higher than previously thought, given that a number of EEA firms branching into the UK were not sufficiently focused on addressing this issue.
More here:More here:
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KPMG: Construction decline is bad newsKPMG: Construction decline is bad news
Richard Threlfall, head of infrastructure, building and construction at KPMG has a very gloomy take on today’s construction PMI:Richard Threlfall, head of infrastructure, building and construction at KPMG has a very gloomy take on today’s construction PMI:
“This reading is significantly worse than expected and shows that economic uncertainty continues to have a serious impact on the construction industry. Construction is an economic bellwether, so the concern will spread well beyond the sector.“This reading is significantly worse than expected and shows that economic uncertainty continues to have a serious impact on the construction industry. Construction is an economic bellwether, so the concern will spread well beyond the sector.
“There is a clear downturn in commercial construction, which is likely to continue. This is because new orders are dropping off, hitting pipelines. Infrastructure output also appears to be in decline and contractors will be concerned about a lack of new projects.“There is a clear downturn in commercial construction, which is likely to continue. This is because new orders are dropping off, hitting pipelines. Infrastructure output also appears to be in decline and contractors will be concerned about a lack of new projects.
“The one relative bright spot in the data was housebuilding, but even this lost momentum and there are fears that demand will drop off if interest rates rise.”“The one relative bright spot in the data was housebuilding, but even this lost momentum and there are fears that demand will drop off if interest rates rise.”
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Pound falls after weak construction reportPound falls after weak construction report
The pound has dropped to its lowest level against the US dollar in over two weeks, down 0.2% at $1.325.The pound has dropped to its lowest level against the US dollar in over two weeks, down 0.2% at $1.325.
Sterling has also shed 0.3% against the euro, to €1.128.Sterling has also shed 0.3% against the euro, to €1.128.
U.K. construction PMI unexpectedly dipped below the key 50 threshold in September. Pound dropping to $1.3257U.K. construction PMI unexpectedly dipped below the key 50 threshold in September. Pound dropping to $1.3257
The fall in UK construction activity last month has come as a nasty shock to the City. Traders are concerned that the British economy may be weakening, in the face of Brexit worries and tensions at the heart of the UK government.The fall in UK construction activity last month has come as a nasty shock to the City. Traders are concerned that the British economy may be weakening, in the face of Brexit worries and tensions at the heart of the UK government.
Earlier today, a senior German MEP actually urged Theresa May to sack foreign secretary Boris Johnson following his comments about Brexit.Earlier today, a senior German MEP actually urged Theresa May to sack foreign secretary Boris Johnson following his comments about Brexit.
Manuel Ortiz-Olave, Market Analyst at Monex Europe, says this political tension is not good for sterling.Manuel Ortiz-Olave, Market Analyst at Monex Europe, says this political tension is not good for sterling.
“Today UK construction sector survey data fell into negative territory for the first time in more than a year. The data comes at a terrible time considering how poorly the latest rounds of macro data have performed, and also now that a potential political crisis is brewing in the Tory party.“Today UK construction sector survey data fell into negative territory for the first time in more than a year. The data comes at a terrible time considering how poorly the latest rounds of macro data have performed, and also now that a potential political crisis is brewing in the Tory party.
A combination of last Friday’s downward revisions of GDP data, the increase in trade deficit and consumer debt, coupled with yesterday’s poor manufacturing survey data are now followed by construction pessimism across the board.A combination of last Friday’s downward revisions of GDP data, the increase in trade deficit and consumer debt, coupled with yesterday’s poor manufacturing survey data are now followed by construction pessimism across the board.
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Today’s PMI report also shows that British builders are suffering from the weak pound.Today’s PMI report also shows that British builders are suffering from the weak pound.
Input cost inflation hit a seven-month high in September, meaning construction firms were forced to pay more for raw materials.Input cost inflation hit a seven-month high in September, meaning construction firms were forced to pay more for raw materials.
10.12am BST10.12am BST
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UK construction slowdown: What the experts sayUK construction slowdown: What the experts say
Jason Robinson of trade credit insurer Euler Hermes fears that British building companies could suffer a “domino effect” of failures in the months ahead.Jason Robinson of trade credit insurer Euler Hermes fears that British building companies could suffer a “domino effect” of failures in the months ahead.
“Access to skilled labour is among the chief concerns within the construction industry. Without clarity on Brexit negotiations and in particularly EU workers’ rights, uncertainty will weigh on contractors’ pipelines because of the lack of concrete details over the future economic landscape.“Access to skilled labour is among the chief concerns within the construction industry. Without clarity on Brexit negotiations and in particularly EU workers’ rights, uncertainty will weigh on contractors’ pipelines because of the lack of concrete details over the future economic landscape.
“While the performance of housebuilders has been positive in 2017, an increase in failures across construction appears unavoidable as contracts become more difficult to get over the line and tendering becomes keener. High profile profit warnings continue as legacy contracts take their toll on margins.”“While the performance of housebuilders has been positive in 2017, an increase in failures across construction appears unavoidable as contracts become more difficult to get over the line and tendering becomes keener. High profile profit warnings continue as legacy contracts take their toll on margins.”
“Payment delays from large contractors could have a significant impact down the supply chain, and firms will need to be vigilant to avoid being caught in a ‘domino effect’ of failures.”“Payment delays from large contractors could have a significant impact down the supply chain, and firms will need to be vigilant to avoid being caught in a ‘domino effect’ of failures.”
Mike Chappell, global corporates managing director for construction at Lloyds Bank Commercial Banking, says the government could help the building sector.Mike Chappell, global corporates managing director for construction at Lloyds Bank Commercial Banking, says the government could help the building sector.
“In infrastructure, contractors are hoping for further positive news in November’s Budget following this week’s announcement of more funding for the north of England’s rail network.“In infrastructure, contractors are hoping for further positive news in November’s Budget following this week’s announcement of more funding for the north of England’s rail network.
Despite uncertainty, the UK is still on the whole viewed by overseas funders as a good place in which to invest their capital.Despite uncertainty, the UK is still on the whole viewed by overseas funders as a good place in which to invest their capital.
Hamish Muress, currency analyst at OFX, agrees that Brexit is hurting builders:Hamish Muress, currency analyst at OFX, agrees that Brexit is hurting builders:
“This contraction in the construction sector wasn’t welcomed by the market, and certainly won’t be welcomed by the Brexit negotiating team and those at the Conservative Party conference.“This contraction in the construction sector wasn’t welcomed by the market, and certainly won’t be welcomed by the Brexit negotiating team and those at the Conservative Party conference.
Brexit uncertainty has returned to the fore and is back to weighing down on sterling, as a weak pound increases the cost of imported materials.Brexit uncertainty has returned to the fore and is back to weighing down on sterling, as a weak pound increases the cost of imported materials.
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The fall in commercial construction activity last month suggests companies are stopping investing in new shops, offices and factories.The fall in commercial construction activity last month suggests companies are stopping investing in new shops, offices and factories.
That’s a worrying sign for economic growth, says Chris Williamson of Markit.That’s a worrying sign for economic growth, says Chris Williamson of Markit.
Particularly worrying downturn in commercial construction #PMI, points to falling UK business investment in offices, shops, factories etc pic.twitter.com/7RyZ3cWiC6Particularly worrying downturn in commercial construction #PMI, points to falling UK business investment in offices, shops, factories etc pic.twitter.com/7RyZ3cWiC6
9.48am BST9.48am BST
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CIPS: Brexit blight is hitting the economyCIPS: Brexit blight is hitting the economy
The tumble in the UK construction PMI last month shows that anxiety over Britain’s exit from the EU is hitting the economy.The tumble in the UK construction PMI last month shows that anxiety over Britain’s exit from the EU is hitting the economy.
So argues Duncan Brock, Director of Customer Relationships at the Chartered Institute of Procurement & Supply.So argues Duncan Brock, Director of Customer Relationships at the Chartered Institute of Procurement & Supply.
Brock said:Brock said:
“A dismal picture of construction emerged this month as the sector showed signs of worsening business conditions across the board. With the biggest contraction in overall activity since July 2016, and a drop in new orders, optimism was in short supply.“A dismal picture of construction emerged this month as the sector showed signs of worsening business conditions across the board. With the biggest contraction in overall activity since July 2016, and a drop in new orders, optimism was in short supply.
“Respondents pointed to obstructive economic conditions and the Brexit blight of uncertainty, freezing clients into indecision over new projects. Even housing, the stalwart of the construction sector stuttered with a dwindling performance, but civil engineering was the biggest victim falling to its weakest level for four and a half years.“Respondents pointed to obstructive economic conditions and the Brexit blight of uncertainty, freezing clients into indecision over new projects. Even housing, the stalwart of the construction sector stuttered with a dwindling performance, but civil engineering was the biggest victim falling to its weakest level for four and a half years.
9.47am BST9.47am BST
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Housebuilding slows as 'fragile confidence' bitesHousebuilding slows as 'fragile confidence' bites
UK housebuilding growth slowed to a six-month low, while civil engineering and construction both shrank in September.UK housebuilding growth slowed to a six-month low, while civil engineering and construction both shrank in September.
Tim Moore of Markit, who produced today’s report, explains why activity hit a 14-month low of 48.1 last month:Tim Moore of Markit, who produced today’s report, explains why activity hit a 14-month low of 48.1 last month:
Commercial development has been the worst performing category in recent months. Construction firms attributed falling volumes of commercial work to subdued business investment and reduced risk appetite among clients, linked to heightened economic and political uncertainty.Commercial development has been the worst performing category in recent months. Construction firms attributed falling volumes of commercial work to subdued business investment and reduced risk appetite among clients, linked to heightened economic and political uncertainty.
“Civil engineering work decreased at its fastest pace since April 2013, which prompted concerns from survey respondents about a near-term lack of new infrastructure projects.“Civil engineering work decreased at its fastest pace since April 2013, which prompted concerns from survey respondents about a near-term lack of new infrastructure projects.
“House building slipped down a gear in September, which highlighted that fragile confidence has spread across all three key market segments. Some firms suggested that the loss of momentum for residential construction reflected worries about the outlook for ultra-low mortgage rates and less upbeat demand expectations.”“House building slipped down a gear in September, which highlighted that fragile confidence has spread across all three key market segments. Some firms suggested that the loss of momentum for residential construction reflected worries about the outlook for ultra-low mortgage rates and less upbeat demand expectations.”
9.35am BST9.35am BST
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UK builders suffer surprise contractionUK builders suffer surprise contraction
Breaking! Britain’s construction sector is contracting, fuelling fears that the UK economy is slowing.Breaking! Britain’s construction sector is contracting, fuelling fears that the UK economy is slowing.
The Markit construction PMI, which tracks activity across the sector, fell to just 48.1 in September. That’s down from 51.1 in August.The Markit construction PMI, which tracks activity across the sector, fell to just 48.1 in September. That’s down from 51.1 in August.
Crucially, it is below the 50-point mark that separates expansion from contraction.Crucially, it is below the 50-point mark that separates expansion from contraction.
In other words, activity across the building sector is shrinking, for the first time in 13 months (just after the Brexit vote).In other words, activity across the building sector is shrinking, for the first time in 13 months (just after the Brexit vote).
This is much worse than anyone in the City expected (economists predicted a reading of around 50.0)This is much worse than anyone in the City expected (economists predicted a reading of around 50.0)
Builders interviewed by Markit say they suffered a drop in workloads due to “fragile confidence and subdued risk appetite” among clients, especially in the commercial building sector.Builders interviewed by Markit say they suffered a drop in workloads due to “fragile confidence and subdued risk appetite” among clients, especially in the commercial building sector.
Brexit uncertainty appears to be a big factor. Markit says:Brexit uncertainty appears to be a big factor. Markit says:
Survey respondents widely commented on a headwind from political and economic uncertainty, alongside extended lead times for budget approvals among clientsSurvey respondents widely commented on a headwind from political and economic uncertainty, alongside extended lead times for budget approvals among clients
More to follow....More to follow....
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Greggs is hoping that a new ‘all day breakfast’ wrap, and a Thai chicken soup offering, will lure customers into its shops this autumn.Greggs is hoping that a new ‘all day breakfast’ wrap, and a Thai chicken soup offering, will lure customers into its shops this autumn.
The bakers chain reports that its breakfast sales have “grown strongly” in the last three months, helping total takings to rise by 8.6%.The bakers chain reports that its breakfast sales have “grown strongly” in the last three months, helping total takings to rise by 8.6%.
Gregs is also cracking on with its expansion programme; planning to open up to 150 stores this year, and close 50. It’s already opened 98 since the start of January.Gregs is also cracking on with its expansion programme; planning to open up to 150 stores this year, and close 50. It’s already opened 98 since the start of January.
Greggs trading update..Sales +8.6%Lfl +5%98 new stores opened, 32 closed, 120 refutes.Looking forward to new Thai Chicken SoupGreggs trading update..Sales +8.6%Lfl +5%98 new stores opened, 32 closed, 120 refutes.Looking forward to new Thai Chicken Soup
Shares have risen by 1% so far today.Shares have risen by 1% so far today.
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Shares are nudging higher in Europe, with the Stoxx 600 index up 0.1%.Shares are nudging higher in Europe, with the Stoxx 600 index up 0.1%.
Spanish shares are also up slightly, following yesterday’s selloff after the Catalan referendum.Spanish shares are also up slightly, following yesterday’s selloff after the Catalan referendum.
In London, the FTSE 100 is flat. Ferguson is leading the risers, though, up 3.6% after announcing a £500m share buyback alongside a sharp rise in profits. Ferguson (previously called Wolseley) has been benefitting from a tighter focus on the US housing market.In London, the FTSE 100 is flat. Ferguson is leading the risers, though, up 3.6% after announcing a £500m share buyback alongside a sharp rise in profits. Ferguson (previously called Wolseley) has been benefitting from a tighter focus on the US housing market.
8.28am BST8.28am BST
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World stock markets hit new highsWorld stock markets hit new highs
World stock markets have hit a new peak, following yesterday’s rally on Wall Street.World stock markets have hit a new peak, following yesterday’s rally on Wall Street.
The MSCI All-Country World Share Index has nudged 488.33 points, indicating that equities have never been more expensive.The MSCI All-Country World Share Index has nudged 488.33 points, indicating that equities have never been more expensive.
This rally was led by America, where the New York stock market hit fresh record highs last night.This rally was led by America, where the New York stock market hit fresh record highs last night.
The Dow Jones, S&P 500 and Nasdaq indices all began October with new gains.The Dow Jones, S&P 500 and Nasdaq indices all began October with new gains.
Investors were cheered by the news that US factory growth hit a 13-year high last month, indicating that the US economy is expanding at a solid pace.Investors were cheered by the news that US factory growth hit a 13-year high last month, indicating that the US economy is expanding at a solid pace.
AT THE CLOSE: Dow, S&P 500, Nasdaq, and Russell post record closing highs. pic.twitter.com/vTFfff8MNKAT THE CLOSE: Dow, S&P 500, Nasdaq, and Russell post record closing highs. pic.twitter.com/vTFfff8MNK
Investors are also clinging to optimism that Donald Trump might push some growth-friendly measures though, as Bruce Bittles, chief investment strategist at Baird, explained (via CNBC):Investors are also clinging to optimism that Donald Trump might push some growth-friendly measures though, as Bruce Bittles, chief investment strategist at Baird, explained (via CNBC):
The economy is doing well despite the storms.The economy is doing well despite the storms.
A lot of folks don’t think there will be tax reform but the market thinks there will be. If that happens, it will be a big boost to the economy.”A lot of folks don’t think there will be tax reform but the market thinks there will be. If that happens, it will be a big boost to the economy.”
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The agenda: UK factory healthcheckThe agenda: UK factory healthcheck
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.
We’ll be taking the health of the UK building sector this morning, when Markit releases its latest Construction PMI report, for September.We’ll be taking the health of the UK building sector this morning, when Markit releases its latest Construction PMI report, for September.
Britain’s builders aren’t having a great time right now, with Brexit uncertainty deterring some clients from committing to new projects. In August, the construction PMI fell to a one-year low of 51.1 (50 = stagnation). And there are fears that growth hasn’t picked up yet.Britain’s builders aren’t having a great time right now, with Brexit uncertainty deterring some clients from committing to new projects. In August, the construction PMI fell to a one-year low of 51.1 (50 = stagnation). And there are fears that growth hasn’t picked up yet.
The City consensus is that September’s construction PMI dipped, to 51.0.The City consensus is that September’s construction PMI dipped, to 51.0.
Anything lower than that would indicate that builders are struggling. That would be a concern, after Monday’s manufacturing PMI showed a factory slowdown.Anything lower than that would indicate that builders are struggling. That would be a concern, after Monday’s manufacturing PMI showed a factory slowdown.
Royal Bank of Canada expect a weak construction report....Royal Bank of Canada expect a weak construction report....
Our expectation is for a dip to 50.3 from 51.1 which would come on the back of an undershoot of expectations in the manufacturing PMI yesterday.Our expectation is for a dip to 50.3 from 51.1 which would come on the back of an undershoot of expectations in the manufacturing PMI yesterday.
However, what really matters is tomorrow’s services PMI as that will give us more of a sense of where the risks lie with our 0.2% q/q growth forecast for Q3.However, what really matters is tomorrow’s services PMI as that will give us more of a sense of where the risks lie with our 0.2% q/q growth forecast for Q3.
We’ll also be tracking the latest development around Monarch Airlines, following its collapse yesterday.We’ll also be tracking the latest development around Monarch Airlines, following its collapse yesterday.
Uber could also be in the news; its chief executive, Dara Khosrowshahi, has flown to London for talks with the transport authority over the loss of its licence in the capital.Uber could also be in the news; its chief executive, Dara Khosrowshahi, has flown to London for talks with the transport authority over the loss of its licence in the capital.
Plus, we have results from baking firm Greggs (which has posted a 5% rise in like-for-like sales this summer), and heating supply firm Ferguson (whose profits are up 25% over the last year).Plus, we have results from baking firm Greggs (which has posted a 5% rise in like-for-like sales this summer), and heating supply firm Ferguson (whose profits are up 25% over the last year).
Here’s the agenda:Here’s the agenda:
9.30am BST: UK construction PMI report for September.9.30am BST: UK construction PMI report for September.
9.30am BST: Bank of England releases the record of last month’s Financial Policy Committee meeting9.30am BST: Bank of England releases the record of last month’s Financial Policy Committee meeting
10am BST: Eurozone producer prices figures for August.10am BST: Eurozone producer prices figures for August.
2pm BST: IMF releases the Analytical Chapters of the October 2017 Global Financial Stability Report2pm BST: IMF releases the Analytical Chapters of the October 2017 Global Financial Stability Report
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