Loan trouble for China’s private sector firms raises questions over rebalancing July 25, 2016 China's top economic planner has warned difficulties securing formal loans for the country's private sector firms poses a serious hurdle to its economic rebalancing. Xu Kunlin, the head of China's National Development Reform Commission (NDRC), the state planning agency, told Reuters a sharp slowdown in private investment could sap momentum from the economy and hinted it should be made [...]
Confidence crashes to recession levels among UK manufacturers July 25, 2016 Manufacturers have yet to feel the Brexit slowdown, but fears about the future have hit their highest level since the recession, according to the closely-watched CBI industrial trends survey. The survey of manufacturers, published this morning, revealed output in the three months to July was rising at its fastest pace since July 2014, but only five [...]
Week ahead: Oil majors and GDP numbers set to steer markets July 25, 2016 Markets in the UK and Europe seem to be running out of momentum recently but a influx of earning reports this week may go some way to liven things up. The blue-chip FTSE 100 was up 0.5 per cent at 6,730.48 points at its close on Friday, its fifth straight week of gains. The latest [...]
Profit warnings creep up to highest level since recession July 24, 2016 UK-listed firms posted the highest number of profit warnings in any second quarter since the financial crisis, a new report from accountants EY has found. A total of 66 firms told the markets they would fall short of earnings' expectations in the three months to the end of June, taking to total number for the [...]
Yellen to unveil another hawkish hold in Fed’s first post-Brexit meeting July 24, 2016 The US Federal Reserve will stand firm this week when it gets the chance to make its first move on interest rates since the UK voted to leave the European Union. Markets and analysts say there is no chance the Fed's rate-setting Federal Open Market Committee (FOMC) is going to hike rates this Wednesday, but [...]
International Monetary Fund backs chief Christine Lagarde ahead of looming negligence trial July 24, 2016 The International Monetary Fund (IMF) has backed its chief ahead of her negligence trial for which she denies any wrongdoing. Lagarde is battling charges of negligence over a €405m (£339m) payment to French businessmen Bernard Tapie while she was the French finance minister. While the IMF also denies any wrongdoing, she could face jail time if she is [...]
Caution prevails as shoppers think twice about big ticket items July 24, 2016 Three-quarters of UK households do not believe their personal finances will take a short-term hit following the UK's vote to leave the EU, according to a new survey. More than half of all consumers told Ipsos Mori they believe their own situation will be unchanged over the next six months, while one-fifth said it was likely to [...]
Top world economies commit to contain Brexit fallout at G20 finance ministers meeting July 24, 2016 World leaders have indicated they stand ready to act to ensure the UK's vote to leave the EU does not upset already-fragile global economic growth. G20 finance ministers and central bank governors said the world's largest economies "are well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum," at the conclusion [...]
Enjoy it while it lasts: Bumper GDP figures to mask post-vote slowdown July 24, 2016 The UK economy grew handsomely in the second quarter of the year, official data out this week is expected to show, though analysts suspect it will be the last piece of good economic news for the foreseeable future. GDP growth is pitted to come in at around 0.5 per cent for the three months to [...]
Brexit one month on: What’s the effect on London’s tech scene? July 24, 2016 The result of the most significant political decision of our generation was at odds with the overwhelming consensus of London’s technology companies and wider business community. But, with the entrepreneurial spirit that has defined our digital success, tech companies and professionals almost instantly set their sights on turning adversity into opportunity. The values that set technology against the rhetoric [...]