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May Faces EU Resistance | Global Markets Tumble
Published December 14, 2018
Ahead of the EU Summit, Prime Minister Theresa May admitted she was not expecting an immediate breakthrough as European Union leaders rejected the attempt to save her embattled Brexit deal, all but killing any hope of a parliamentary breakthrough in London. May said both sides could revisit British lawmakers’ Irish backstop concerns to improve the chances of getting her Brexit deal through Parliament.
Global stock markets tumbled as China reported a slew of economic data that missed expectations, deepening worries about headwinds facing the world’s second largest economy. Industrial output in November grew 5.4%, the slowest pace in almost three years, whereas retail sales rose 8.1% in November, the weakest pace since 2003.
US retail sales rose 0.2% in November, with the key measure jumping by the highest percentage in a year. October figures were revised higher, indicating consumers are giving a bigger boost to the economy than expected this quarter.
China resumed buying US soybeans, bringing some relief to farmers in Donald Trump’s heartland as President Xi Jinping works toward a trade deal with his American counterpart. The purchases represent a major gesture by China toward easing tensions between the world’s two largest economies.