U.K. Inflation Rate Drops Below 1% Amid Negative Rate Debate
U.K. inflation slowed to the weakest level since 2016 in April as energy prices fell and the coronavirus lockdown put the brakes on economic activity.To get more news about WikiFX, you can visit wikifx news official website.
While the lockdown means it‘s hard to interpret the data, the report gives more of a flavor of the impact the coronavirus is having on the economy. Jobless claims surged last month, while Chancellor of the Exchequer Rishi Sunak said Tuesday that the nation was headed for a “severe recession, the likes of which we haven’t seen.”
Consumer prices increased 0.8% from a year earlier, the Office for National Statistics said Wednesday, less than the 0.9% economists expected. The core rate, which excludes volatile energy and food prices, slipped to 1.4%.
The pound was little changed after the report. Investors are betting that the BOE will eventually cut interest rates below zero after a string of policy makers, while indicating its not imminent, declined to rule out such a move.
The drop in April was the steepest since 2008 and takes the headline inflation rate to less than half of the BOEs target, meaning Bailey will have to write to the Chancellor explaining the reasons for the decline.
The central bank, which has already slashed interest rates to 0.1% and restarted bond buying to fight the crisis, said this month the economy may be heading for the worst downturn in three centuries as the pandemic keeps stores closed and consumers away from shops.
Downward pressure on prices came from fuel, energy and transportation costs, as well as clothing.
The ONS also reported widespread discounting of luggage and personal items such as jewelry, including earrings, gold rings, diamond rings and mens watches.
once key to Abenomics, suffer as pandemic closes businesses
On a recent Saturday in Tokyo's Shinjuku district more than 100 people, many of them elderly men, stood close together in a long queue waiting for food hand-outs.To get more news aboutWikiFX, you can visit wikifx news official website.
One of them, Tomoaki Kobayashi, said he was fearing the day he would lose his home as his pension alone was not enough to pay the rent. Still spry, the 72-year-old said he lost his job cleaning pachinko parlours after many of the gambling halls were shut in a state of emergency imposed because of the coronavirus.
“This is the final month. I can't pay any longer,” Kobayashi said of his rent, clutching a small sack of groceries - snacks, instant curry and hashed-beef rice that would feed him for the next few days. He said he had paid pension premiums for just 15 years, unlike the 33 years for most pensioners, meaning he is eligible for only 54,000 yen ($500) every two months.
Elderly Japanese became an increasingly important part of the labour pool after Prime Minister Shinzo Abe launched his “Abenomics” policies in 2012 to revive the world's third-largest economy.
In a country with the world's oldest population and lingering unease about immigration, elderly workers fill roles as shop clerks, cleaners and taxi drivers. For some, the work provides an additional boost to a pension and considerable savings. But for lower-income workers like Kobayashi, part-time jobs are a lifeline.
Now, the coronavirus has shuttered shops and offices and left some of the most vulnerable members of the labour force untethered, even as they are more at risk from the disease than other age groups.
“Elderly who have to work because of low pensions are facing tough conditions,” said Takanori Fujita, who co-heads a network of non-profit workers, lawyers and academics tackling social issues caused by the outbreak.
“We're holding consultations (with elderly) no longer able to pay their rent or electricity bills,” he said.
About 13% of the labour force are aged 65 or older, up from 9% when Abe returned to power in 2012, according to government data. More than three-quarters of elderly workers are non-regular employees, part-timers and contract workers who are the first to lose their jobs when business is under pressure.
HARD TO START OVER
“I think it's hard for them to start working again if they lose their job once,” said Taro Saito, an executive research fellow at NLI Research Institute.
The jobless rate hit a one-year high of 2.5% in March, a rate that is the envy of many nations. Still, an increase would further dampen demand and more elderly out of work could put greater strain on social services as Japan braces for its worst postwar economic slump.
“Japan isn't a country like the United States where the unemployment rate rises and falls greatly,” said Saito. “The negative impact is big even if it rises by just 1%.”
Nearly a fifth of elderly Japanese live in relative poverty, meaning their income is less than half of the national median household income. The average for over 65 across the Organisation for Economic Cooperation and Development is just shy of 14%.
Single-person households that consisted of unemployed people aged 60 and over in 2018 had on average about 123,000 yen in real income per month, coming mostly from pensions. Compared to their expenses, those households had a shortfall of about 38,000 yen a month, government data shows.
Tsuyoshi Gonda, 60, applied for unemployment benefits after he was laid off from his full-time job as a hairdresser in Tokyo's Katsushika area in mid-April.
That was not long after Abe called for the state of emergency because of the coronavirus, urging people to avoid crowds and prompting many businesses to shut.
“The number of customers dropped to zero a day after the emergency was in place,” Gonda said. “It was a shop where people decided to come on the day. It was very harsh.”
EU Recovery Fund Will Affect Euro Trend
Germany and France jointly proposed on the 18th to establish an European Union recovery fund to offer financial aids to members struck by the economic fallout of the pandemic. The news pepped up market confidence, sending the euro on a rally, though rather moderate in scale.To get more news about WikiFX, you can visit wikifx news official website.
EUR/USD is recently near the 1.10 resistance level, very close to the pivot points of 200 day moving average. The forex research department of Credit Suisse observed that though the euro may still face pressures, there are still many factors to keep long-position holders excited. If an explicit, transparent and sustainable mechanism for fiscal risks diversion is established, the market would have less reason to have to price in longer term euro breakup risk.
The recovery fund could have long-lasting impacts on the European Union, and getting unanimous approval from the European Commission is the major challenge facing this initiative in the coming weeks, as Northern European member states are likely to oppose the plan.
Though many European countries acknowledge the significance of keeping the sustainability of both the euro and European Union, the more developed Nordic member states have always opposed sharing fiscal burdens and debts among member states, which will provide basis for forming a European Union finance ministry.
HSBC Lost US$200 Million in Gold Trading
According to US media, HSBC lost around US$200 million within one day in March, much exceeding the maximum loss estimated by HSBC‘s risk value model and costing a whole year’s total gain in gold trading.To get more news about WikiFX, you can visit wikifx news official website.
In other words, HSBC lost a whole years gold-trading profit within just one day.
The loss has largely been due to the extremity in March, as the lockdown measures cut off material golds supply channel around the globe. Price gap between New York gold futures and London spot gold hit a record high of US$70.
In general, the spread between spot gold and futures is no more than a few dollars per ounce. Banks usually sell gold futures in New York as a way to of hedging for the positions in the London market, and a significant variation of prices in the two markets will cause them heavy losses.
According to HSBC, the loss due gold‘s market value was attributed to challenges gold refinement and transportation.As spot-gold trading expanded unprecedentedly, this affected HSBC’s gold leasing and financing businesses, as well as other hedging activities, leading to a loss.
HSBC is not the only institution that suffered from gold markets unusual volatility. The long-established Bank of Nova Scotia in Canada also closed precious metal trading department in March, allegedly for the same reason.
USD/JPY May See Further Decline
May 19th, from WikiFX News. Japan’s government data released on Monday shows that due to the pandemic and the consequent lockdown measures, Japan’s GDP in Q1, 2020 fell 3.4% year-on-year, shrinking for the second straight month and matches the technical definition of an economic recession. This has been the first time after the second half of 2015 that the country faces a recession.To get more news about WikiFX, you can visit wikifx news official website.
After the Fed’s aggressive monetary policies, USD/JPY still faces down-slope risks. The Fed’s active policy response helped reduce dollar’s risk of appreciating against traditional safe-haven currencies such as JPY and CHF, which made the Federal Reserve balance sheet rapidly growing to nearly US$7 trillion.
If the situation of the financial market again deteriorates, the yen will be the largest benefactor. The bank of Japan’s latest quantitative easing policy alone is not enough to change the yen’s strong momentum.
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Univapo Unico Pod Kit Review
My Colleagues introduced you to the pilot project of Univapo, and now the guys are ripe for a more serious device. By the way, the novelty again belongs to the hearth segment, but in this case the “sub-mod” characteristic will be more appropriate.To get more news about Unico Pod Kit, you can visit univapo news official website.
Our guest looks like most of his competitors. Bar form factor – the profile is almost square, the mottled inserts of the panel are used as decor. In general, everything is classic. Dimensions, as is customary in this segment, are not small.
By the time of the release, the developers had demonstrated as many as six versions of the design – very good, taking into account the poor experience of the manufacturer.The removable cartridge is fixed with magnets, the capacity is quite good. The tank is refueled on the side, and for this it does not even need to be removed from the mod. The device is equipped with a pair of replaceable coils of rather low resistance.
The proposed 1.2Ω version did not get into the box; most likely, it will be implemented separately. Airflow adjustment is provided, however, the air intake openings seem very small.The main body boasts a full control panel. The fire button is small, and planted low due to the special design. Display color, standard diagonal. Below is a traditional adjustment rocker and charging connector.
The sub-mode is powered by a built-in battery of quite good capacity. The full charge cycle by today’s standards cannot be called particularly fast – about an hour and a half.
There is no exact data on the functionality. Most likely, the manufacturer only provided for the varivatt, but the adjustment range is not the smallest.
UNIVAPO ZUMIX POD KIT
Univapo presents the Zumix, a portable pod system with a simple design and 14W maximum wattage output. The Zumix is a easy to operate device with features such as a quick charge battery, single button layout, 430mAh internal battery and a 1.5ml pod that pairs perfectly with salt nicotine. This device is a great option for new and experienced users looking for a straight forward device.To get more news about Zumix Pod Kit, you can visit univapo news official website.
The Univapo Zumix offers a compact sized system, perfect for any fan of pod style vapes; measuring a mere 96.45mm by 16mm. Due to the cylindrical like design this device features a single button design. Located above the fire button is a single LED light indicator which can display battery life, wattage output and various protections. The Zumix is outfitted with an outstanding 430 mAh integrated battery and features a micro USB with a quick charge function located on the side of the device. Meaning, users will get to enjoy a fully charged Zumix within an hour of charge time.
Continuing on, the Univapo Zumix Pod fits flawlessly into the provided port, utilizing a friction fit connection and a magnetic cap which holds the pod tightly in place. Refilling each Pod is made simple, by removing the red silicone plug at the side of the pod and filling it up with any nic salt or freebase e-liquid. With a maximum juice capacity of 1.5ml and a 1.3ohm coil resistance users can enjoy a smooth MTL style of vaping. Two of Univapo's Replacement Pods are included in the packaging. Creating a small and straight forward vape mod while keeping a clean look, this will quickly become a must have in any vape collection.
Vaping: How popular are e-cigarettes?
1. Vaping is increasingly popular
According to the World Health Organization, there has been a small but steady decrease in the estimated number of smokers globally, to just over one billion.To get more news about Vape wholesale, you can visit univapo news official website.
But it's a different matter when it comes to vaping.The number of vapers has been increasing rapidly - from about seven million in 2011 to 41 million in 2018.
Market research group Euromonitor estimates that the number of adults who vape will reach almost 55 million by 2021.
2. Spending on e-cigarettes is growing
The e-cigarette market is expanding, as the number of vapers rises.
The global market is now estimated to be worth $19.3bn (£15.5bn) - up from $6.9bn (£5.5bn) just five years ago.
The United States, United Kingdom and France are the biggest markets. Vapers in the three countries spent more than $10bn (£8bn) on smokeless tobacco and vaping products in 2018.
The White House recently announced that the Food and Drug Administration (FDA) would finalise a plan to stop the sale of all non-tobacco flavours in the world's biggest vaping market.
This follows six deaths and 450 reported cases of lung illness linked to vaping across 33 US states.
3. Open system e-cigarettes are the most popular
There are two main types of e-cigarette - open and closed system, also known as open and closed tank.
In an open system, the liquid that is vapourised can be refilled manually by the user. There is also a removable mouthpiece.Closed system e-cigarettes use ready-made refills, which screw directly on to the e-cigarette's battery.
It is reckoned that this year, vapers will spend an estimated $10bn (£8bn) on closed system e-cigarettes, overtaking the spend on open system e-cigarettes for the first time.
4. Most e-cigarettes are purchased in-store
Most e-cigarette users buy their devices in specialist shops, according to a 2016 report published by Ernst & Young.
It's thought that consumers might make their first e-cigarette purchase in person, to build familiarity with a relatively new product, or to seek advice on which type of device might suit them best.
Vaping shops have become more common in the UK, with 69 new stores opening on High Streets in the first half of 2019 alone.
Another survey of 3,000 users by Kantar for Ernst & Young, suggested that 21% had bought their devices online.
5. Is vaping safe?
In the US, Michigan has become the first state to ban flavoured e-cigarettes, following the reports of deaths and lung illness. Those affected had an average age of 19.
However, doctors, public health experts and cancer charities in the UK agree that, based on current evidence, e-cigarettes carry a fraction of the risk of cigarettes.One independent review concluded vaping was about 95% less harmful than smoking. Professor Ann McNeill, who wrote the review, said "e-cigarettes could be a game changer in public health".
The UK has much tighter rules on the content of vape pens than other countries like the US. Nicotine content is capped, for example, whereas it isn't in the US.
But, e-cigarettes can still contain some potentially harmful chemicals also found in cigarette smoke, although at much lower levels.