30/07/2018 – Austrian Chancellor Warns Of Disorderly Brexit

GBP

Austrian Chancellor Sebastian Kurz said it was important to avoid a “hard” or disorderly Brexit and he felt that negotiations about Britain’s exit from the European Union were going quite well. In meeting with British Prime Minister Theresa May in Salzburg, Kurz said he hoped Austria and the EU were able to maintain strong ties with Britain after it left the EU.

The number of people in England and Wales filing for insolvency hit a more than six-year high in the second quarter, adding to conflicting economic signals for Bank of England officials as they consider whether to raise interest rates next week. Data from the Insolvency Service showed 28,951 people registered as insolvent between April and June — up 27 percent on a year ago and the largest total since early 2012 when Britain last moved towards a recession recession. On Thursday, the Office for National Statistics said households’ outgoings surpassed their income last year for the first time since 1988, raising concerns about debt problems among many consumers.

USD

The U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July. Gross domestic product increased at a 4.1 percent annualized rate as government spending picked up, in a snapshot of second-quarter GDP figures released on Friday. That was strongest performance since the third quarter of 2014. With the trade-related boost expected to unwind in the second half of the year, economists caution against putting much weight on the surge in the April-June quarter growth. The economy will this year be supported by a $1.5 trillion tax cut package and increased government spending.

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