UK’s trade performance falls to worst level since records began

07/01/2022 | 04:33am

The first semester has come to an end, with the FTSE 100 losing 2.92% over the period, which is much better than its peers.

Most of the world's major indexes will be closed yesterday with double-digit declines, even flirting with 30% for the fallen angel of the stock market, the Nasdaq. The FTSE100 index did better, because it is largely dominated by Oil, Finance, Commodities and Health, the winning cocktail 2022.

Today, the blue-chip index opened in the red, after new data showed the UK’s trade performance this year fell to its worst level since records began.

The UK current account deficit expanded to £51.7 billion, or 8.3% of GDP in Q1, compared to an average of 2.6 per cent across all of 2021. UK exports underperformed, while imports surged, which can be attributed to new border controls introduced with Brexit.

In other news, the European Central Bank today starts its rebalancing programme to prevent financial fragmentation among euro zone countries.

 

Things to read today:

UK trade deal with Australia amounts to ‘offshoring’ pesticide use, MPs say (The Guardian)

Corporate fundraisings slide 25% during market rout of 2022 (Financial Times)

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