GameStop surges further 40% amid frenzy; global stock markets slide – business live
- GameStop jumps in pre-market trading; US regulator ‘monitoring’
- Global stock markets fall ahead of US fourth-quarter GDP
- Prudential to spin off US arm and mulls $3bn equity raise
- Diageo and Fever-tree thrive in tequila and cocktails boom
- Apple and Facebook beat forecasts and Tesla misses profit estimates
1.36pm GMT
NEWSFLASH: The US economy grew at an annual rate of 4% in the fourth quarter, following 33.4% growth in the previous quarter, when the economy bounced back after sharp declines earlier in the year caused by the coronavirus pandemic, according to the advance estimate from the US Commerce Department.
1.27pm GMT
German inflation in January came in at 1.0% year-on-year, from -0.3% in December. The harmonised index, relevant for European Central Bank policymaking, surged to 1.6%.
OOPS! German #inflation jumps to 1% YoY in Jan vs 0.7% expected and after -0.3% in Dec. Surprising jump in inflation is largely attributed to the changes in VAT that came into effect in Jan. In July, Germany reduced VAT to 16% from 19% until the end of Dec due to coronavirus cris pic.twitter.com/9d6L0AeMpB
This was the largest monthly increase in a long time.
Before anyone gets too scared, this surge is mainly the result of the reversal of last year’s VAT reduction, higher energy prices and the new carbon tax.
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