All the day’s economic news, as Europe’s largest economy is buffeted by global slowdown again * Introduction: New warning of global turbulence * Latest: German factory orders disappoint * Coming up: Eurogroup finance ministers to discuss Greece 9.19am GMT Germany’s finance ministry has warned that storm clouds are gathering over its manufacturing sector. Following the 1.6% drop in domestic factory orders in January, it says: “Over the two months, the impulses are from abroad. “However, expectations in industry have become considerably overcast and signal only a modest economic upswing.” 8.43am GMT SHARES IN FRENCH ENERGY COMPANY EDF SLUMPED BY ALMOST 10% AT THE START OF TRADING, FOLLOWING THE SHOCK RESIGNATION OF ITS FINANCE DIRECTOR. A new plant at Hinkley, in Somerset, is desperately needed and has been heavily promoted by the chancellor, George Osborne, and other ministers as a key part of keeping the lights on in Britain. But EDF has been hit by a series of problems that have led many – even in the City of London – to conclude that the new nuclear plant project is on the verge of collapse. EDF has confirmed exit of its finance director over Hinkley. I only hope their power station building is better than their PR comms.. Related: Hinkley Point C nuclear project in crisis as EDF finance director resigns The UK's power strategy and in particular the nuclear part looks to be in disarray doesn't it?! #EDF #HinkleyPoint https://t.co/mrjm0pP03N 8.37am GMT GERMANY’S STOCK MARKET HAS SLIPPED A LITTLE IN EARLY TRADING FOLLOWING THE FACTORY ORDERS REPORT. The DAX fell almost 0.5%, with investors also digesting BIS’s warning of global turmoil ahead. 8.18am GMT GERMANY HAS GOT THE NEW WEEK OFF TO A POOR START, BY REPORTING THAT FACTORY ORDERS DIPPED LAST MONTH. 7.58am GMT GOOD MORNING, AND WELCOME TO OUR ROLLING COVERAGE OF THE WORLD ECONOMY, THE FINANCIAL MARKETS, THE EUROZONE AND BUSINESS. The new week begins with a serious warning from the Bank for International Settlements that the global markets could be heading into new turbulence. “We may not be seeing isolated bolts from the blue, but the signs of a gathering storm that has been building for a long time.” “The viability of banks’ business model as financial intermediaries may be brought into question.” Related: 'Gathering storm' for global economy as markets lose faith Continue reading...
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