All the day’s economic and financial news, as investors digest a ‘torrid weekend’ for free trade * Biggest fall in UK manufacturing output since 2012 * UK trade gap has widened Earlier: * FTSE 100 opens higher despite G7 debacle * Introduction: Markets digest G7 meeting * Investors hopeful of breakthrough in US-North Korea talks 3.34pm BST SHARES IN EUROPEAN CARMAKERS HAVE FALLEN TODAY, AMID CONCERNS THAT THEY COULD BE DRAGGED INTO A TRADE WAR BETWEEN THE US AND EUROPE. Over the weekend, Donald Trump suggested he could impose tariffs on auto imports, using the same ‘national security’ argument he’s already used for steel. “It’s economic. It’s the balance sheet. To have a great military, you need a great balance sheet.” 3.13pm BST GREECE HAS WON MORE PLAUDITS TODAY AS ATHENS’ LEFTIST-LED GOVERNMENT UNVEILED A MULTI-BILL OF “URGENT” REFORMS BEFORE THE GREEK PARLIAMENT. “Greece has the conditions to take on its own hands the process of its economic and social development, within the euro framework, and can always count on European solidarity if it sticks to the path of internal responsibility.” “Completion of the fourth and last review of the economic adjustment programme will permit the Euro group on the 21 June to discuss, conclude and decide on a packet of measures for the reduction of Greek debt. Consequently it should be obvious to all why the legislation is of urgent character.” Continue reading...
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