UK consumers keep spending despite Brexit vote shock

on , from theguardian.com

Britain’s vote to leave the EU has had little immediate impact on people’s spending habits, according to new figures that suggest more money was splashed out on clothes, meals out and day trips in July. Consumer spending picked up in July as the warm weather provided an incentive to eat out and buy new summer clothes, figures from Visa showed, contrasting with signs of a drop in business activity following the June vote to leave the EU. But releasing its first post-referendum spending report, the payments company said growth was still slower than at the start of the year. The monthly index, compiled with the financial data ... (Read the full story)

BOJ board divided on whether monetary easing has limits: July meeting summary

on , from reuters.com

Stark divisions in the views of Bank of Japan board members were highlighted on Monday, with some defending unlimited easing of monetary policy and others arguing the BOJ had done enough – to the point of driving big market swings and sapping bond market liquidity. The debate underscores the challenges the central bank face as it attempts to address stagnant price growth and entrenched economic weakness with a dwindling set of policy tools. "The Bank should reject the idea that monetary easing has its limit and side effects. A limit to its purchase of Japanese government bonds (JGBs), if any, would be the total amount ... (Read the full story)

Euro reviving after Friday’s weakening

on , from alpari.com

The euro/dollar on Friday closed down. The USD strengthened on strong US labour market data. The amplitude of the price fluctuations was a full figure because of the news. Job creation outside the agricultural sector in July increased 255k against a 180k forecast. The numbers for the two previous months were reassessed upwards. May rose from 11k to 24k and June rose from 287 to 292. This is a total reassessment rise of 18k. The level of people in the working population rose by 0.1% to 62.8% and the unemployment level remained unchanged at 4.9% (forecasted: 4.8%). The US hourly wage index in June was up 0.3% (forecasted: 0.2%, ... (Read the full story)

Canada Building Permits, June 2016

on , from gc.ca

Municipalities issued building permits worth $6.4 billion in June, down 5.5% from the previous month. Lower construction intentions for multi-family dwellings and institutional buildings were mostly responsible for the decline. In the residential sector, the value of building permits fell 5.0% to $4.1 billion. This was the third consecutive monthly decline. The decrease in the value of multi-family dwelling permits more than offset the gain posted by single-family homes. Five provinces recorded declines, led by British Columbia and Ontario. The value of non-residential permits was down 6.2% to $2.3 billion in June, led by lower ... (Read the full story)

How a Hairdresser’s Lawsuit Could Spell Trouble for Brexit

on , from bloomberg.com

In the hall of London’s Inner Temple, a grand dining chamber with stained-glass windows and coats of arms adorning the walls, 300 lawyers assembled to complain about Britain’s exit from the European Union. "The world has effectively been turned upside down," said former attorney general Dominic Grieve. The campaign in favor of leaving was "the constitutional equivalent of crimes against humanity," remarked Richard Gordon, a barrister at Brick Court Chambers. When the speakers asked if anyone in the room had anything more positive to say, there was silence. Like that audience at the Inner Temple last month, London’s ... (Read the full story)