27/06/2017 - May's Bung Parliament Costs £1 Billion


Prime Minister Theresa May struck a deal on Monday to prop up her minority government by agreeing to at least 1 billion pounds in extra funding for Northern Ireland in return for the support of the province's biggest Protestant party.
May now has the parliamentary numbers to pass a budget and a better chance of passing laws to take Britain out of the European Union. The DUP's 10 lawmakers will now vote in support of May's 318 Conservatives in the 650-seat parliament on the budget, legislative agenda, motions of confidence and Brexit. In return, May agreed to at least 1 billion pounds in extra funding over two years for Northern Ireland, agreeing to raise pensions annually by at least 2.5 percent and to keep universal winter fuel payments for the elderly.


Demand for long-lasting U.S. factory goods fell by the most in 18 months, and a key category that tracks business investment also slipped, evidence that manufacturing output is barely growing. Orders for durable goods slid 1.1% in May, much lower than economists’ expectations of a 0.6% decline.

Most of the bad news in the report was concentrated in the volatile civilian and military aircraft categories, where orders plunged. Excluding transportation goods, orders actually ticked up 0.1%, after dropping the previous month. There were some other positive signs: orders for new cars rose for the second straight month. Orders also increased for industrial machinery, steel and other metals, and appliances.

Key Announcements 

11:00 - GBP: BoE Governor Mark Carney Speaks (Financial Stability Report)

18:00 - USD: US Fed Chair Janet Yellen Speaks