Australia slashes interest rates as Chinese factories shrink again – business live

Discussion in 'Market News' started by Lily, May 3, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Rolling coverage of the day’s economic and financial news, as Australia’s central bank surprises the markets with a rate cut

    7.42am BST

    Australia has fired another shot in the currency battles by unexpectedly cutting interest rates to fresh record lows.

    Shadow treasurer, Chris Bowen, said the interest rate decision reflected the Liberal government’s incredibly poor economic management.

    He said in August 2013 when interest rates were cut to 2.5% the Coalition seized on it as a sign of economic weakness.

    Related: Reserve Bank cuts cash rate by 0.25% to record low of 1.75%

    7.30am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    Traders in London are struggling back to their desks after the long weekend, and wondering whether the advice to “sell in May and go away” holds firm this year.

    Profits at HSBC fell in the first three months of the year after Britain’s biggest bank was knocked by the volatility that gripped global markets in January and February.

    Statutory pre-tax profits in the three-months to the end of March fell 14% to $6.1bn, which the bank described as “a resilient performance despite challenging market conditions”. If currency movements and other one-off items were excluded profits fell 18% to $5.4bn.

    Related: HSBC profits fall sharply as global volatility hits bottom line

    Related: Tata Steel: Liberty House confirms bid for UK assets

    UK companies posting results today - HSBC, SAB Miller, Aberdeen Asset Management, Just Eat

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