Daily Market Report 14/07/16


During yesterday’s session Prime Minister David Cameron finished his final questions (PMQ) in the House of Commons, earning a standing ovation from his own party and making an emotional appeal to MPs to interrogate their leaders.

Conservative MPs rose as one to applaud Cameron at the end of his 182nd PMQs session as prime minister, as did former Lib Dem deputy prime minister Nick Clegg. Labour MPs also joining in with the clapping, including leader Jeremy Corbyn.
Responding to a final question from Tory backbencher Ken Clarke, Cameron pledged to be an active backbencher and said he would be “willing on” both the new Prime Minister, Theresa May, and Westminster as a whole. Afterwards Cameron headed to Buckingham Palace to see the Queen and hand over to Theresa May.
Late last night Theresa May was appointed as the new Prime Minister for the United Kingdom after being leader of the conservative party for two days. May announced the key appointments to her cabinet: Philip Hammond as chancellor, Boris Johnson as foreign secretary, and Amber Rudd as home secretary. Also revealed were the newly created roles of secretary of state for exiting the European Union – Brexit minister – which is to be taken up by David Davis, and a new Department for International Trade, to be headed up by Liam Fox. Defence secretary Michael Fallon stays in his role.
May commented “David’s true legacy is not about the economy but about social justice ... From the introduction of same-sex marriage to taking people on low wages out of income tax altogether, David Cameron has led a one nation government and it is in that spirit that I also plan to lead.”


Key Announcements

12:00 – GBP - MPC Official Bank Rate Votes is expected to be 0-9-0 with all members voting to decrease rates.
12:00 – GBP – Monetary Policy Summary
12:00 – GBP – Official Bank Rate is forecast to be decreased to 0.25%
13:30 – USD - Producer Price Index forecast to fall to 0.3%
13:30 – USD - Unemployment Claims increase to 263k