Latest data shows UK households feeling the pinch, as Britain posts a trade surplus with non-EU countries * Bad news: Latest: Savings ratio hits record low * Disposable incomes fall too * Good news: Current account deficit shrinks * Britain runs £7.4bn surplus with non-EU countries * UK GDP confirmed at 0.7% * UK house prices fell this month 3.46pm BST Over in Greece, there is more uncertainty after EU officials ruled out negotiations over the country’s latest bailout programme being wrapped up any time soon. From Athens our correspondent Helena Smith reports: Adding to the intense speculation now swirling around debt- stricken Greece’s ability to conclude fraught bailout talks in the coming weeks, the Dutch finance minister Jeroen Dijsselbloem dismissed any possibility of the review being concluded at the next eurogroup session on April 7. The Malta meeting of euro area finance ministers had been mooted as the next deadline for the impasse between Greece and its creditors to finally be broken. If Greece is to realistically conclude talks with creditors in time for massive debt repayments to be paid on 7 July, this needs to be done by May at the latest, insiders say. Any additional delay would reignite fears of a Greek default and unnerve markets. But the differences are manifest and myriad. The leftist-led government, which appears to have given ground on demands for yet more pension cuts and tax increases, is determined not to yield on what it sees as the illogical demands of the IMF for further liberalisation of the labour market. Energy reforms and the spectre of additional job losses have stoked deep disgruntlement in the ranks of the ruling Syriza party amid growing speculation of leftist MPS refusing to endorse the measures - and a government crisis erupting - when they are put to vote just before Easter. 3.28pm BST European markets are edging higher as we head to the close of trading, but the FTSE 100 is still lower and the Dow Jones Industrial Average is down around 41 points after a host of US data. Connor Campbell, financial analyst at Spreadex, said: There was plenty of US data for investors to deal with this afternoon; they just weren’t that interested. The core PCE price index slipped from 0.3% to 0.2% month-on-month, while personal spending and income fell to 0.1% and 0.4% respectively. The Chicago PMI then rose to a better than forecast 57.7, something that was countered by a worse than estimated drop in consumer sentiment to 96.9. But, as mentioned, none of this mattered to investors, who seemed keen to end the quarter quietly. The Dow Jones trickled 0.2% lower after the bell, taking the index just the wrong side of 20700, but still up from where it was during Monday’s ‘Trump slump’. Considering how soft the Eurozone’s inflation figures were this morning it is surprising that the region has been so lifeless. Perhaps the euro had time to prepare following yesterday’s weak German CPI reading, meaning the currency merely maintained its month low against the pound rather than seeing its losses widen. The flatness of the euro did nothing for the Eurozone indices, with both the CAC and DAX, the latter admittedly at a 2 year high, shrugging their way through the day. Continue reading...
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