Sterling was given a push down earlier after inconclusive, non-remarks by Bank of England deputy Ben Broadbent. Markets had been expecting some of substance viz interest rates and their future direction. They got something rather more ambivalent – near silence on things monetary, though some Brexit discussion surfaced.
A seesaw for the pound and euro played out with the euro up 0.22% to $1.1423 at 4pm while the pound was -0.23% down at $1.2844. The balancing act is played out, note, on a 12-month basis (euro up 3.28%, pound down -2.99%).
Meanwhile new trade data from the US indicates the US labour market may be weaker than thought, despite more than 220,000 jobs being recently added. Fewer job openings were offered in May, down 5% to 5.7m, though hiring in professional services still looks robust.
Markets remain composed with gold on the defensive at $1.210. WTI oil was up more than 1% however at $44.84.
- UK FTSE 100 7,329.76 -0.55%
- DOW 21,430.14 +0.10%
- S&P 500 2,426.76 +-0.03%
- NASDAQ 6,191.30 +0.24%
- NIKKEI 225 20,195.48 +0.57%
- DAX 12,485.67 +0.32%
- CAC 40 5,159.87 -0.12%
- GOLD 1,208.00 -0.44%
- OIL WTI 44.84 +1.01%
Gig economy players face NI hit
Interviewed by the BBC earlier Matthew Taylor, who is driving through a review of gig economy players, appears to be urging a full range of benefits including NI hikes for ‘gig’ firms.
Head of the Royal Society of Arts, Taylor wants firms to pay their full whack – provided they have a “controlling and supervisory” relationship. Taylor does not mention names – think Uber, Deliveroo, etc – but claims that for tax purposes, any worker subject to ‘control’ loses their effective ‘self employment’ role.