Thanks for joining me. We begin the day with a warning that tariffs from Donald Trump’s impending administration could deliver a £20bn blow to the UK economy.
The CEBR said the president-elect’s plans for 60pc tariffs on Chinese goods and 20pc on the rest of the world, without retaliation, would deliver a 0.9pc blow to UK GDP.
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Asian stocks dipped early as traders reined in expectations of Federal Reserve interest rate cuts following fresh signs of US economic resilience.
Japanese and Australian shares fell. South Korea’s benchmark bucked the trend, led by Samsung’s rally after it announced a stock buyback plan.
Shane Oliver, chief economist at AMP said: “Another Fed cut is still likely in December but it’s now a close call. A slower pace of easing is likely next year, particularly given that Trump’s policies regarding tariffs and more tax cuts provide some upside threats to inflation on a one-to-three year view.”
The dollar was slightly weaker after climbing 1.4pc last week, a seventh straight weekly gain as Treasury yields surged on reduced expectations for Fed policy.
The moves, coupled with concerns over Chinese growth, have ravaged everything from the Australian dollar to emerging market bonds. Asian stocks slumped 3.9pc last week, their worst sell-off in about six months.
In commodities, oil held a weekly decline on concerns over plentiful supply and weaker demand from top crude importer China. Ukraine’s allies are pushing Volodymyr Zelenskiy to consider new ways to end the war with Russia as the US mulls a final decision to lift some restrictions of western-made weapons to strike limited military targets in Russia.
