They are said to join up with the Independent Group, raising its member tally to 11, 1 more than the DUP.
In their joint resignation letter, the trio said: “We had hoped you would also continue to modernize our party so that it could reach out and broaden its appeal to younger voters and to embrace and reflect the diversity of the communities we seek to represent.
"Sadly the Conservative Party has increasingly abandoned these principles and values with a shift to the right of British politics.
"We no longer feel we can remain in the party of a Government whose politicize and priorities are so firmly in the grip of the ERG and DUP".
Theresa May has said she is "saddened" by the decision of Heidi Allen, Sarah Wollaston and Anna Soubry to leave her party.
"I am saddened by this decision – these are people who have given dedicated service to our party over many years, and I thank them for it.
"Of course, the UK’s membership of the EU has been a source of disagreement both in our party and our country for a long time. Ending that membership after four decades was never going to be easy.
"But by delivering on our manifesto commitment and implementing the decision of the British people we are doing the right thing for our country. And in doing so, we can move forward together towards a brighter future.
"I am determined that under my leadership the Conservative Party will always offer the decent, moderate and patriotic politics that the people of this country deserve."
The latest survey by the Confederation of British Industry (CBI) showed the UK manufacturers’ order books improved slightly in the quarter to February.
According to the report, the CBI's factory order book balance rose to +6 in February 2019 from -1 in the previous month. Economists had expected a drop to -3. This was comfortably above the long-run average (-13).
Reading above 0 indicates optimism, while below indicates pessimism.
At the same time, output volume growth slowed in the three months to February to a pace roughly in line with its long-run average. 27% of businesses said the volume of output over the past three months was up, and 20% said it was down, giving a balance of +7%. This was a slower pace than the one recorded in January (+16%), and the weakest rate of growth since May 2018 (+3%), but still above the historic average (+4%). Looking ahead, manufacturers expect output volumes to grow at a broadly similar pace over the next quarter.
The CBI noted that the UK’s manufacturers continued to be supported by the lower sterling, although weaker global economic momentum means less support for export orders from that front. But the continued threat of a no-deal Brexit remained the biggest risk to the outlook for UK manufacturers.
On Monday Cabinet Undersecretary Giancarlo Giorgetti said the government would assess in the coming months if a correction was needed. An economic slowdown as Italy slipped back into a recession is putting at risk Rome’s budget forecasts.
China will not flood economy with liquidity
Will not resort to "flood-like" stimulus
Urges banks to lend more to the real economy
RRR cut in January shows that there is ample room for such cuts
Britain otherwise will have to delay or face no-deal Brexit on March 29
The IMF already cut global growth forecasts in January with German growth seen at just 1.3% this year following the revision. And now Lagarde, mentions to Die Zeit that they are "likely" to lower the German growth outlook further.
Lagarde also called on the federal government to counteract higher government spending in the event of a downturn. "The German government could do some meaningful things with more money, for example, invest in the modernization of public infrastructure or expand childcare, which would be projects that strengthen the growth forces and Germany should tackle," said Lagarde.
Lagarde said the central banks have less leeway than before to react to a downturn. "Central banks typically lower interest rates by five percentage points to shore up the economy in the event of a looming recession, but that's not the case if the interest rate is one, two, or, as in the case of the euro zone, zero. That means governments have to do more," said Lagarde.
Britain and Germany will remain part of alliance of values after Brexit
It would be enormous mistake if Europe would allow Brexit to make us introspective
It is so important that Britain and Germany continue to work side by side
Our friendship is based on something infinitely more durable than EU membership
Brexit does not symbolise retreat from common security interests
We must not allow Brexit to be all-consuming
Orderly departure from EU is of paramount importance
Britain and the EU will combine efforts to greatest effect when interests converge
Millions of jobs on both sides of channel depend on trade between Britain and EU so all have interest in continuing it
None of us should have any doubt that failing to secure a ratified Brexit deal would be deeply damaging
We must all do what we can to ensure Brexit deal reached
British Prime Minister Theresa May is facing the first defections of Conservative members of Parliament as early as Wednesday, with three Tories poised to walk away from her party, according to a person familiar with the matter.
The person, who has knowledge of the new “Independent Group” of MPs, didn’t name the three Tories who are on the brink of quitting, but said there would be a formal announcement just after the weekly Prime Minister’s Questions slot at midday.
If the MPs want maximum publicity and drama, they are likely to make their move during that session, which is carried live on television and radio.
Bank of Greece said, in December 2018, the current account recorded a deficit of € 1.5 billion, increased by € 41 million compared to the same month of 2017. The widening of the deficit was due to a deteriorating balance of goods, while services and primary balances and secondary incomes have improved.
The goods balance deficit increased, primarily due to the worsening of the non-fuel balance and, secondarily, due to the deterioration of the fuel balance. It is noted that total exports of goods decreased by 3.5% (non-fuel exports remained unchanged) at constant prices and total imports of goods declined marginally (imports of non-fuel goods increased by 3.4%). The surplus in the services balance showed a slight increase due to the improvement in the transport balance due to the increase in net receipts from maritime transport by 13.9% compared to December 2017. The improvement in the transport balance was partly offset by the deterioration on the one hand, the balance of other services and on the other hand the balance of travel. For the latter, arrivals of non-resident travelers and related receipts increased by 16.8% and 40% respectively, but the relative payments increased (by 53.2%). Finally, the improvement in the primary income account is due to the decrease in net payments for interest, dividends and profits.
In 2018, the current account showed a deficit of € 5.3 billion, up by € 2.1 billion from that of 2017. This development is due to the deterioration of goods and primary income balances, which was partly offset by the improvement mainly of the services balance and secondarily of the secondary income balance.
According to the report from Italian National Institute of Statistics (Istat), in December 2018 construction output continues to rise in the month-on-month series, growing by 0.2%.
In Quarter 4 (October to December) production in construction decreased by 0.8%, following an increase throughout Quarter 2 and Quarter 3.
Compared with December 2017, construction output reported a contraction in the calendar adjusted series, falling by 1.3%, while the unadjusted index rose by 2.2%.
Looking at annual growth rates, the whole of 2018 saw an increase of 0.9% in the calendar adjusted series, while the unadjusted index grew by 1.6%. Thus, estimates seem to confirm a return to growth in the construction output for the second consecutive year.
China will deepen reforms of its agriculture sector to promote its rural economy, the government said in its first policy statement of 2019, as it seeks to bolster growth and offset trade challenges.
"Under the complicated situation of increasing downward pressure on the economy and profound changes in the external environment, it is of special importance to do a good job in agriculture and rural areas," the government said in the document issued by the State Council.
Known as the "No. 1 document", this year's policy reiterated a rural rejuvenation strategy first laid out in 2017 to improve income levels and living standards in China's countryside. It also highlighted a plan to boost domestic soybean production but did not offer further details.
Hunt says hopeful that deal will be done
We can get this deal through parliament
Seems SME climate is changing for the negative
Euro Area outlook may be changing more fundamentally
Bank lending Is OK
Will not necessarily take TLRO decision in next meeting
There are many ways to design TLTRO
"We look to the minutes of the January FOMC meeting for insights as to whether FOMC participants see the rate hike cycle as essentially complete or whether members still expect further rate hikes as part of the baseline outlook. In other words, many FOMC participants have communicated a desire to remain “patient” or “pause” the rate hike cycle to evaluate the incoming data, while the language in the statement suggests that the tightening cycle is complete and the committee has no upward bias in its forward guidance," Barclays notes.
"The minutes should also provide information about what caused the committee to assess that financial conditions had tightened and shift the balance of risks to the downside. In addition, we expect the minutes to signal that the committee is prepared to release its plan on how it will end runoff of its balance sheet “soon,” which we believe will come at the March meeting," Barclays adds.
expects key rates to remain at present levels through the summer of 2019
very much look at bank’s balance sheets
TLTRO was very generous
Hopes us does not politicise exchange rate issue
China’s central bank announced the first of a new kind of market operation which aims to encourage financial institutions to issue perpetual bonds to boost their capital.
The People’s Bank of China will swap 1.5 billion yuan of perpetual bonds for 1-year central bank bills with a coupon of 2.45 percent, according to a statement on its website Wednesday.
The PBOC announced the new tool last month and so far, the Bank of China has issued 40 billion yuan worth of perpetual bonds.
The central bank wants more lenders to follow suit, as it sees the need for larger capital buffers. The government is already pushing them to shift informal lending back onto official balance sheets, and losses from bad debts are likely to increase as the economy slows.
According to the report from Federal Statistical Office (Destatis), in January 2019 the index of producer prices for industrial products rose by 2.6% compared with the corresponding month of the preceding year. Economists had expected a 2.2% increase. In December 2018 the annual rate of change all over had been 2.7%.
Compared with the preceding month December 2018 the overall index increased by 0.4% in January 2019 (-0.4% in December 2018 and +0.1% in November 2018). Economists had expected a 0.2% decrease.
In January 2019 the price indices of all main industrial groups increased compared with January 2018: Energy prices rose by 7.2% (+0.6% compared with December 2018). Prices of durable consumer goods as well as prices of capital goods were up 1.6%. Prices of intermediate goods increased by 1.2% and of non-durable consumer goods by 0.6%.
The overall index disregarding energy was 1.2% up on January 2018 and 0.2% up compared with December 2018.
currency rate decided by various factors
no one thing decides currency levels
yield spreads can affect currency moves
don't think current easing policy causing weak yen
Resistance levels (open interest**, contracts)
Price at time of writing this review: $1.1337
Support levels (open interest**, contracts):
- Overall open interest on the CALL options and PUT options with the expiration date March, 8 is 99145 contracts (according to data from February, 19) with the maximum number of contracts with strike price $1,1700 (6198);
Resistance levels (open interest**, contracts)
Price at time of writing this review: $1.3053
Support levels (open interest**, contracts):
- Overall open interest on the CALL options with the expiration date March, 8 is 42709 contracts, with the maximum number of contracts with strike price $1,3100 (4033);
- Overall open interest on the PUT options with the expiration date March, 8 is 30153 contracts, with the maximum number of contracts with strike price $1,2700 (1893);
- The ratio of PUT/CALL was 0.71 versus 0.70 from the previous trading day according to data from February, 19
* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.
** - Open interest takes into account the total number of option contracts that are open at the moment.
|Raw materials||Closed||Change, %|
|Index||Change, points||Closed||Change, %|
|00:30||Australia||Wage Price Index, y/y||Quarter IV||2.3%||2.3%|
|00:30||Australia||Wage Price Index, q/q||Quarter IV||0.6%||0.6%|
|07:00||Germany||Producer Price Index (YoY)||January||2.7%||2.2%|
|07:00||Germany||Producer Price Index (MoM)||January||-0.4%||-0.2%|
|07:00||Eurozone||ECB's Peter Praet Speaks|
|11:00||United Kingdom||CBI industrial order books balance||February||-1||-3|
|19:00||U.S.||FOMC meeting minutes|
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