Today’s business news – in the UK and beyond amid concerns about the world’s largest economy and the fall in the Asian, US and UK markets.
UK shares dropped on Wednesday morning following falls in Asian and US markets as concerns grow about the US economy – which is the world’s largest.
Data showed US manufacturing activity remains subdued, with investors now focussed on US jobs figures due on Friday.
The pound’s recent strong rally has slowed, with traders looking for direction in a quiet week for UK economic data. Sterling is down 0.2% against the dollar, trading around $1.311, after losing over 1% in the past five days.
The dollar is near a two-week high ahead of key US data, including manufacturing PMI and Friday’s jobs report. These figures will influence whether the US Federal Reserve cuts rates by 25 or 50 basis points in September.
Premier League to rewrite rules after legal defeat The Premier League is urgently reviewing its profitability and sustainability rules (PSR) after Leicester City successfully challenged them. Leicester avoided punishment for overspending by £20 million. Their lawyers argued that the club wasn’t bound by the rules because their accounts were finalised…
Analysts at Panmure Liberum believe the UK will outperform other major economies in the coming months, thanks to stronger domestic demand.
Recent PMI data shows the UK saw growth in output and new orders in August, unlike the US and other major European economies.
Markets slide as Nvidia shares plunge almost 10% Financial markets in Asia and the US have plummeted amid fears of an impending recession in the world’s largest economy. Concerns over the US economy overshadowed the excitement around artificial intelligence, leading to a nearly 10% drop in shares of American chip…