Rolling coverage of the latest economic and financial news
- Latest: Pfizer hikes Covid-19 sales forecast to $26bn this year
- Pharma giant has sold $3.5bn already
- UK factory PMI highest since 1994
- But supply chain delays and input shortages rise
- Mortgage lending surges amid stamp duty holiday
Earlier:
- Introduction: Factories are struggling to get raw materials
- IAG and TUI shares rise on holiday hopes
- German carmakers cite problems getting parts
The US trade deficit with the rest of the world has widened to a new record, as America’s economy strengthens thanks to vaccine rollouts and stimulus spending.
The US goods and services deficit surged to $74.4bn in March, up $3.9bn from the $70.5bn recorded in February,.
The US trade deficit worsened for the fourth consecutive month, reaching $74.4 billion in March, $400 million wider than Econoday’s consensus. pic.twitter.com/uOBa4l0nPC
New month, new record! The US Trade #deficit hit USD 74.4 billion in March. pic.twitter.com/siHGByKwWp
ECONOMY WATCH: The US trade deficit rose 5.6% to a record $74.4 billion in March. The trade gap has soared in part because stimulus checks and a fast recovering U.S. economy have boosted demand for imports. Deficits will remain very high for some time to come.
Back in the markets… the FTSE 100 has dropped back below the 7,000 point mark, as European stocks take a dip.
The FTSE is still up around 0.2%, lifted by energy stocks and holiday companies, thanks to the higher oil price and hopes that travel restrictions will be eased soon.
Rotation out of megacaps drags Nasdaq futures lower https://t.co/azIxZSAIVs pic.twitter.com/vqTjv3mreG