All the day’s economic and financial news, including rolling coverage of the European Central Bank’s monetary policy meeting * Latest: UK retail sales up by 0.6% in June * But consumer spending likely to remain subdued Earlier: * Introduction: It’s ECB Day! * Experts predict lots of questions about ECB stimulus * Bank of Japan pushes back inflation target (again) 11.46am BST More alarming figures from Greece have been released this morning, showing that the net worth of Greek households fell by a staggering 40% between 2009, when the country’s debt drama erupted, and 2014. 11.43am BST WITH THE BREXIT CLOCK TICKING, DEUTSCHE BANK HAS TOLD ITS STAFF THAT IT IS PREPARING FOR A ‘HARD’ EXIT FROM THE EU. That will means that some operations are shifted out of London and transferred to Frankfurt. Deutsche Bank is preparing for a hard Brexit and will probably book the “vast majority” of its assets in Frankfurt, Chief Executive Officer John Cryan tells employees in a videotaped message. “There’s an awful lot of detail to be ironed out and agreed; depending on what the rules and regulations turn out to be, we will try to minimize disruption for our clients and for our own people,” Cryan says in the video. Deutsche Bank Preparing for Hard Brexit, CEO Cryan Tells Employees https://t.co/QYlNXb7UWA via @business Continue reading...
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