{"id":72171,"date":"2026-09-24T07:08:19","date_gmt":"2026-09-24T11:08:19","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise\/72171\/"},"modified":"2026-09-24T07:08:19","modified_gmt":"2026-09-24T11:08:19","slug":"global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise\/72171\/","title":{"rendered":"Global Steel Output and UK Retail Sales Slump as Geopolitical Tensions Rise"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise\/72171\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise\/72171\/#Global_Steel_Markets_Face_Chinese_Headwinds\" >Global Steel Markets Face Chinese Headwinds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise\/72171\/#UK_Retail_Sector_Hits_Record_Lows\" >UK Retail Sector Hits Record Lows<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise\/72171\/#Monetary_Policy_and_the_AI_Inflation_Hedge\" >Monetary Policy and the AI Inflation Hedge<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise\/72171\/#Geopolitical_Shifts_Iran_Sanctions_and_Russia-NK_Ties\" >Geopolitical Shifts: Iran Sanctions and Russia-NK Ties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-steel-output-and-uk-retail-sales-slump-as-geopolitical-tensions-rise\/72171\/#EU_Energy_Security_and_Diplomatic_Outreach\" >EU Energy Security and Diplomatic Outreach<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Global crude steel production fell 1.2% year-over-year in August 2026<\/strong>, driven by a significant <strong>3.7% contraction in Chinese output<\/strong> to 74.6 million tonnes.<\/li>\n<li><strong>UK retail sales volumes plummeted to a balance of -55 in September<\/strong>, the lowest in five months, while supplier orders were cut at the fastest rate since records began in 1983.<\/li>\n<li><strong>The UAE suspended all flights by Iranian airlines<\/strong> starting at midnight on September 24, citing compliance with <strong>U.S. sanctions<\/strong> amid escalating Middle East tensions.<\/li>\n<li><strong>Bank of England (BoE) policymaker Swati Dhingra<\/strong> signaled a dovish outlook, suggesting that <strong>AI could lower services inflation<\/strong> and warning that the UK&#39;s growth is weaker than that of the U.S.<\/li>\n<li><strong>Russia has officially invited North Korean leader Kim Jong Un<\/strong> for a state visit, further cementing the military and strategic alliance between Moscow and Pyongyang.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Global_Steel_Markets_Face_Chinese_Headwinds\"><\/span>Global Steel Markets Face Chinese Headwinds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>World Steel Association<\/strong> reported on Thursday that global crude steel production reached <strong>144.2 million metric tons<\/strong> in August 2026, a <strong>1.2% decline<\/strong> compared to the same period last year. The downturn was primarily fueled by <strong>China<\/strong>, where output dropped <strong>3.7% to 74.6 million tonnes<\/strong> as the country&#39;s property sector weakness continues to outweigh manufacturing support. In contrast, <strong>India<\/strong> saw production rise by <strong>4.6%<\/strong>, though this was insufficient to offset the broader global contraction.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"UK_Retail_Sector_Hits_Record_Lows\"><\/span>UK Retail Sector Hits Record Lows<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>British high-street retailers are facing a severe downturn, with the <strong>CBI Retailing Reported Sales<\/strong> balance falling to <strong>-55 in September<\/strong> from -48 in August. The survey highlighted a &quot;survey-record pace&quot; of cuts to supplier orders, reflecting deep pessimism regarding consumer sentiment and future demand. Despite the slump, the <strong>Confederation of British Industry (CBI)<\/strong> expressed hope that potential property tax reforms under the current administration could provide much-needed relief to the sector.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Monetary_Policy_and_the_AI_Inflation_Hedge\"><\/span>Monetary Policy and the AI Inflation Hedge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Bank of England (<a href=\"\/stock\/BOE\">BOE<\/a>)<\/strong> Monetary Policy Committee member <strong>Swati Dhingra<\/strong> addressed the National Institute of Economic and Social Research, noting that the impact of the <strong>Iran war<\/strong> on long-term inflation would become clearer this winter. Dhingra argued that the &quot;clamour&quot; for higher UK interest rates ignores the fact that UK rates are already higher than those in the Eurozone while growth remains sluggish. She also highlighted that the integration of <strong>Artificial Intelligence<\/strong> could provide a structural tailwind by reducing costs in the services sector, potentially leading to lower overall inflation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Geopolitical_Shifts_Iran_Sanctions_and_Russia-NK_Ties\"><\/span>Geopolitical Shifts: Iran Sanctions and Russia-NK Ties<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Aviation across the Middle East faced immediate disruption as the <strong>UAE<\/strong> cancelled all flights operated by Iranian carriers to comply with <strong>U.S. sanctions<\/strong>. This move follows reports of a projectile strike on a vessel in the <strong>Strait of Hormuz<\/strong>, which has heightened energy security fears across the <strong>European Union<\/strong>. Simultaneously, the <strong>Russian Foreign Ministry<\/strong> confirmed via <strong>TASS<\/strong> that an invitation has been extended to <strong>Kim Jong Un<\/strong> to visit Russia, following North Korea&#39;s deployment of troops to assist Russian forces earlier this year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"EU_Energy_Security_and_Diplomatic_Outreach\"><\/span>EU Energy Security and Diplomatic Outreach<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>European Commission<\/strong> maintained on Thursday that there is <strong>no concrete shortage of diesel<\/strong> in the EU, despite prices hitting record highs of <strong>\u20ac2.159 per litre<\/strong>. While refining margins are expected to peak in October, the Commission noted that commercial and emergency stocks remain at sufficient levels. On the diplomatic front, Bulgarian President <strong>Rumen Radev<\/strong> urged European leaders to take &quot;every opportunity for dialogue&quot; with <strong>Vladimir Putin<\/strong>, arguing that Europe must lead negotiations to prevent a prolonged and unmanageable standoff.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Global crude steel production fell 1.2% year-over-year in August 2026, driven by a significant 3.7% contraction in Chinese 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