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German exports to UK down 29% year-on-year in January
Imports from UK to Germany fell 56.2%
Overall German exports fell 8% annually (but rose month-on-month)
Fears for 5,000 UK jobs as steel group’s backer enters administration

9.34am GMT
It’s been a turbulent day in China’s stock market, where state backed funds reportedly stepped in to prop up share prices.
Chinese state-backed funds were said to intervene on Tuesday to alleviate declines in the stock market, a sign that the rout had gone too far for policy makers. The equity benchmark erased a loss of as much as 3.2%.
The funds, known as China’s “national team,” stepped in to ensure stability during the government’s key policy meeting in Beijing, according to people familiar with the matter. A Hong Kong-based trader, who declined to be identified discussing client business, said entities linked to mainland funds were actively buying shares through stock links with Hong Kong on Tuesday.
China's CSI 300 recovers losses following reports that state-backed funds 'national team' will be used to purchase equities - BBG pic.twitter.com/ehmKf0WFgH
The CSI 300 Index erases losses of as much as 3.2% after China's state-backed funds were said to intervene to alleviate declines in the stock market. More: https://t.co/MXCci7peHB pic.twitter.com/2oWXFkqA8e pic.twitter.com/2pfmjQvTkg
JUST IN: The CSI 300 Index erases losses of as much as 3.2% after China's state-backed funds were said to intervene to alleviate declines in the stock market. More: https://t.co/4yVh7yDoH1 pic.twitter.com/uZWAk1maQw
While somewhat unique to the broader volatility in financial market currently, the underlying factors driving the sell-off is familiar to investors: a deterioration in financial conditions as market participants position for tighter monetary policy from the PBOC, as policymakers in the country attempt to deflate the risk of asset bubbles.
While certainly only a band-aid fix, China’s move today has at least taken some of the pressure out of the market, with market participants remaining nervous in an environment where improving global growth is raising concerns central banks will be forced to tighten policy sooner than even the central bankers themselves expect.
9.17am GMT
More than 35,000 jobs, including thousands at steel mills in Britain and at Whyalla in South Australia, are at risk as GFG Group, the conglomerate controlled by British entrepreneur Sanjeev Gupta, races to refinance about $4bn owed to failed finance company Greensill.
Greensill’s UK operating companies collapsed on Tuesday and the Australian company that is the head of the group, Greensill Capital, followed suit on Wednesday morning, Australian time.
Related: Thousands of steel jobs at risk in UK and Australia amid dispute over Greensill debt Continue reading...