UK car sales tumble 20% in September – business live – Graeme Wearden
All the day’s economic and financial news, including a nasty slump in UK car registrations
The BBC’s Sean Farrington has pulled together a range of reasons for the slide in car sales:
Huge response on #wakeuptomoney about why new car sales are down 20%.
⛽️New emissions tests?
PPI claims on the wane?
✔️Cars are so good you don’t need a new one?
⤵️Wages too low?
Confusion – diesel, petrol or electic?
Loads more @bbc5live this morning
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
September has been the cruellest month for Britain’s car industry.
On September 1, Worldwide Harmonised Light Vehicle TestProcedure (WLTP) came into force in the European Union, which led some brands to incentivise sales in August, pulling forward demand.
Certain automakers have been unable to recertify all of their models in time, also disrupting sales in September, which is a key selling month in Britain as one of only two occasions when a new licence plate series is introduced.
This time it wasn’t only the rate-sensitive two-year yields that marched higher.
Yields across the curve all saw significant spikes with the 10-year rates jumping above 3.2% for the first time since May 2011, while the longer term 30-year yields traded at the highest level since 2014 reaching 3.37% at the time of writing.
Global stocks fall on US bond rout. 10y US Treasury yields highest since 2011 at 3.22% following upbeat data, hawkish Fed. Dollar elevated by yield surge. Euro below $1.15. Chinese shares in Hong Kong lead drop, India drops 1.9%, Europe’s Futures down. Oil steady, Bitcoin >$6.5k. pic.twitter.com/jQF2w7jz99
4th October 20188:13 am