Newscasts - Europe Today: UK factories take fright as budget adds to cost pressures

Havas NV

16/12/2024 11:00

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Source: 'Reuters - Business videos'

Description: British manufacturers have reported the sharpest loss of
confidence since the start of the COVID-19 pandemic.
Short Link: https://refini.tv/41IiETo

Video Transcript:

UK factories take fright as budget adds to cost pressures. Welcome to Europe
Today. I’m Ludovica Brignola. British manufacturers have reported the
sharpest loss-of-confidence since the start of the COVID-19 pandemic that, in
the face of higher costs, including tax increases by the new government as a
group representing the sector, said on Monday. Make UK said its gauge of
manufacturer’s confidence dropped to 5.8 in the fourth quarter of 2024,
from 6.8 three months earlier. And let's go to France because its services
sector shrank further in December, although the pace of contraction eased,
according to a business survey by S&P Global. The PMI Business Activity Index
rose to 48.2 from 46.9 in November, surpassing analyst expectations for
reading of 46.7. Though, still below the 50 thresholds. Meanwhile, a survey
showed that pessimism prevailed among German firms in 2025. A look at equities
now, and the FTSE 100 is flat, but the rest of the European markets were in
the red. Investors will be keeping an eye on Berlin, where a vote of
confidence will take place in Parliament. Chancellor Olaf Scholz is expected
to call on the German Parliament today to declare it has no confidence in him
in order for snap polls to take place in February. And let's take a look at
company news now, and the British Government has approved Czech billionaire
Daniel Kretinsky’s GBP5.3 billion takeover of Royal Mail owner
international distribution services, as the Financial Times reported. Danish
drugmaker Novo Nordisk will invest 8.5 billion crowns in a new facility in
Odense, Denmark, for the production of rare-disease drugs. The site will
include a warehouse as well as a factory. Advertiser Havas, and publisher
Louis Hachette Group started trading in Amsterdam, and Paris on Monday, after
being spun off from French media conglomerate Vivendi. And finally, Bitcoin
search a record-high above $106,000 on Monday, after president-elect Donald
Trump suggested he plans to create a US Bitcoin strategic reserve. Similar to
a strategic oil reserve, stoking enthusiasm of crypto. And that's it from
Europe Today