All the day’s economic and financial news, including a new healthcheck on Europe’s factories and service companies * Latest: Greece puts toe back in the markets Earlier: * Eurozone companies post growth in July * IMF cuts UK growth forecast to 1.7% this year * Fund fears Brexit could hurt global recovery * IMF report: The Key Points 12.18pm BST BREAKING NEWS FROM ATHENS! GREECE’S GOVERNMENT IS RETURNING TO THE FINANCIAL MARKETS FOR THE FIRST TIME SINCE 2014. Six banks have been hired to bring new five-year bonds to the markets, two years after Greece nearly plunged out of the eurozone altogether. The Hellenic Republic, rated Caa2/B-/CCC/CCCH, has mandated BNP Paribas, Bank of America Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs and HSBC as joint lead managers for a five-year euro bond, according to a lead. The issue is subject to market conditions and the results of a concurrent switch and tender offer. Greece mandates six big banks to lead manage 5-year bond issue. 5-year yield now 3.6%. In March 2012 it was a touch higher at 63%. #BREAKING -- #Greece announces 5-year bond issuance in next days, hires underwriters *GREEK GOVT TO SELL BONDS FOR FIRST TIME SINCE JULY 2014 I'm sure this will be as successful as the last one :) 12.09pm BST THE IMF’S DOWNGRADE GROWTH FORECASTS HAVE CAUSED A STIR IN WESTMINSTER THIS MORNING. JOHN MCDONNELL MP, Labour’s Shadow Chancellor, has just issued a statement, saying: “Today’s report from the IMF is yet another blow for the Government and its continued austerity agenda that is holding our country back. “It further reveals that this government has no real plan for Brexit and no real plan to deal with the problem of earnings not keeping up with prices, which is undermining growth and risking living standards. “These figures underline how the uncertainty and loss of confidence caused by the Brexit vote is hampering our economy. If the Government persists with its plan for a hard and destructive Brexit, our growth figures are likely to get even worse. “Leaving the largest trading bloc in the world for an inferior deal will not be offset by the illusory promise of quick new trade deals with other countries around the world. The result will be less trade that leaves us all poorer. Continue reading...
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