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iShares MSCI United Kingdom Index ETF

6/20/2013, 12:25 AM ET

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Wednesday, May 22, 7:19 AM The IMF calls for more forceful action on monetary policy in its latest report on the U.K. The agency is likely to get its wish with the only thing seemingly holding back the BOE from easier policy being a wait for a new sheriff to arrive (Mark Carney in July). On fiscal policy, the IMF says take it easy on austerity, suggesting a corporate tax cut paid for by broadening the VAT tax base. Excuse me? Already lower on the session, cable (FXB) snores through the report. The FTSE (EWU) is flat, continuing at a 12-year high. Comment! [Global & FX, Breaking News]
Thursday, May 9, 7:05 AM Already higher ahead of the BOE policy decision, sterling (FXB) tacks on about 20 pips as a few traders were likely short on the possibility the bank surprised by re-launching its asset purchase program. The pound +0.3% at $1.5578. The FTSE (EWU) remains as it was, flat on the session. Comment! [Global & FX]
Thursday, April 25, 4:37 AM U.K. Q1 GDP +0.3% M/M vs -0.3% in Q4 and consensus of +0.1%; on year, +0.6% vs +0.2% and +0.3%. The pound (FXB) spikes as the U.K. avoids a triple-dip recession, and is +0.9% vs the dollar, although the FTSE remains lower at -0.3%. (PR) 1 Comment [Global & FX, Top Stories, Breaking News, On the Move]
Monday, April 22, 11:47 AM The FTSE sports the slightest of hangovers, losing 0.1% (EWU -0.1%) as the rest of Europe (FEZ +0.5%) moves higher following Friday's post-close credit rating downgrade of the U.K. The news is a snoozer in the Gilt market, the 10-year yield falling 2 bps to 1.65%. Cable (FXB +0.2%) had given up some ground Friday afternoon, but gained it back today. Comment! [Global & FX]
Thursday, April 4, 11:41 AM Europe (FEZ, VGK, EZU) gives up a sizable early pop (following the BOJ) to close with solid losses. Leading is the FTSE (EWU) -1.1% as it appears the lame-duck leadership of the BOE is going to pass the baton to Mark Carney in July before further stimulus is forthcoming. The euro (FXE) is on a wild ride - plummeting as Draghi started his press conference only to gain it all back and more as the ECB chief said there are limits to what the central bank can do. Comment! [Global & FX]
Tuesday, April 2, 4:36 AM U.K. manufacturing PMI edges up to 48.3 in March from 47.9 in February; Q1 average PMI slips to 49 from 49.2 in Q4. "These weak numbers may be sufficient to tip the balance and convince more members of the MPC to consider additional QE at their meeting next week," says Markit. (PR) Comment! [Global & FX, Top Stories, Breaking News]
Wednesday, March 27, 6:09 AM Various markets dive after the BOE spells out the continued massive risks to British banks. Half of the £25B that banks must raise this year has been factored into their capital-raising plans. All in all, major banks and building societies face a £50B reduction in their regulatory capital, although HSBC (HBC) doesn't face a shortfall. FTSE 100 -0.1%, S&P futures -0.2%. (PR) 1 Comment [Financials, Top Stories, On the Move, Global & FX]
Wednesday, March 20, 9:06 AM More on Osborne's monetary activism: The Chancellor speaks of an "updated remit" for the Bank of England in which the official inflation target would remain at 2%, but "intermediate thresholds" would allow the MPC to more or less ignore it (it's done a pretty good job of that already). This could set the stage for GDP-targeting at the BOE. Sterling (FXB) is moving about quite a bit, but currently flat on the session. The FTSE (EWU) +0.2%. Comment! [Global & FX]
Wednesday, March 20, 5:49 AM The Bank of England's monetary policy committee voted unanimously to keep interest rates on hold at a meeting earlier this month and 6-3 against more quantitative easing. As in February, Governor Mervyn King was among those wanting the bank to increase the program by another £25B to £400B. The pound jumps vs the dollar and is now +0.3%. (PR) Comment! [Global & FX, Top Stories, Breaking News]
Monday, March 18, 4:44 AM U.K. Finance Minister George Osborne is set to acknowledge in the budget on Wednesday that the government's debt will only start falling in 2017-18 at the latest rather than in the 2015-16 timeframe previously given. The new forecast is also well after the original plan of 2015. Still, Osborne intends to use any available cash to support growth and ease the burden on households. 1 Comment [Global & FX]
Tuesday, March 12, 5:50 AM U.K. deficit in trade of goods £8.195B in January vs £8.74B in December and consensus of £9B. Services surplus £5.8B. Total deficit seasonally adjusted £2.36B in January vs £2.81B in December. Export volumes (excluding oil and erratics) unchanged in three months to January, while import volumes -2%. Although the pound has slumped following the trade and production figures, the FTSE 100 is +0.1%. (PR) 3 Comments [Global & FX, Top Stories, On the Move]
Tuesday, March 12, 5:39 AM U.K. industrial production -1.2% M/M in January vs +1.1% in December and consensus of +0.1%. On year, -2.9% vs -2.1% and -1.1%. Manufacturing production -1.5% M/M vs +1.5% and unchanged. On year, -3% vs -1.6% and -1.1%. The pound dives from $1.4907 to $.1.4848 (-0.4% on the day) within minutes. (PR) Comment! [Global & FX, Breaking News, Top Stories, On the Move]
Monday, March 11, 7:26 AM Another decline in the pound (FXB) has it down to $1.4883, the lowest level in nearly 3 years. While most are focused the yen, the devaluation of cable is an even more impressive sight. What has changed is the appointment of Canada's Mark Carney as governor (he starts in July). Carney is no more dovish than current chief Mervyn King, but he's perhaps more open to experimenting with new easing measures. 6 Comments [Global & FX]
Wednesday, February 27, 4:51 AM U.K. Q4 GDP -0.3% Q/Q vs +1% in Q3 and as initially estimated, while on year, GDP revised up to +0.3% from flat. Sterling was higher vs the dollar but takes a bit of a dive after the data is released and is now -0.1% at $1.5108. The FTSE also loses its gains and is flat. (PR) Comment! [Global & FX, On the Move, Top Stories]
Monday, February 25, 10:19 AM The U.K.'s AAA rating was a white elephant, writes Jim Leaviss, and Moody's has done the country a favor by eliminating it. Best of all, he says, the change came before the March budget, meaning the government - relieved of the AAA burden - can engage in a bit of fiscal stimulus. The FTSE +0.5%, but EWU - thanks to cheaper pounds (FXB) - is off 0.7%. 1 Comment [Global & FX]
Wednesday, February 20, 7:00 AM Cable (FXB) whooshes down and continues a brutal 2013 selloff after BOE minutes suggest a move towards additional QE. Buying $1.5307, the pound is now off 10 big figures vs. the dollar in 2013 and trading at its lowest level in more than a year. It's at its lowest vs. the euro in about 18 months. 3 Comments [Global & FX]

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