The Eurozone will publish the Indicator of GfK Consumer Confidence on November 25, at 09:00 GMT+2.
British personal insolvencies head north in the fourth-quarter to the highest value since 2010
At the end of the previous year, the total number of British citizens finding themselves insolvent tacked on. That’s what follows from official data. Undoubtedly, it’s going to contribute to unease over the health of the United Kingdom’s customer-led economy ahead of Brexit.
For the fourth quarter, in Wales and England there were up to 34,108 individual insolvencies, which appears to be the most impressive outcome since the second quarter of 2010 and also a 35% jump versus 2018. That’s what the government's Insolvency Service revealed on Tuesday.
The ascend was powered by a record number of Individual Voluntary Arrangements -- agreements to have creditors short of declaring bankruptcy repaid.
The figures actually get along with other signs of vulnerability in the country’s consumer economy, showing up just two months before the United Kingdom is anticipated to depart from the EU.
According to this month’s official data, for the three months to December UK customers reduced their spending for the first time since last spring.
As the Insolvency Service states, up to 3,949 businesses in Wales and England faced financial issues for the fourth quarter, which is 11% more than in 2018.
Following three years of flat numbers, last year insolvencies managed to creep back to the level last observed in 2014, as some financial analysts pointed out.
The pressure point for British businesses is poor consumer demand. Currently UK customers don't have much spare cash, which is reflected in the ascend in the number of personal insolvencies for the last time.
The previous week Ben Broadbent, Bank of England Deputy Governor told he was worried by a slew of warnings that UK household debt had hit unsustainable levels.
Growth in UK household debt is considered to be a good gauge of financial distress in this country.
Euro Zone will reveal the ZEW Economic Sentiment index at 12:00 MT (GMT+2) on Tuesday, November 9.
Germany, the leading economy in the Euro Zone, will reveal one of the key economic indicators – German Ifo Business Climate on September 24 at 11:00 MT time.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.