Despite market turmoil, analysts say a liberal Brexit could be a boon for UK economy June 29, 2016 The financial markets have over-reacted to the UK's vote to leave the EU because those buying-and-selling cannot remember the positive effect of leaving the Exchange Rate Mechanism (ERM) in 1992, an asset manager has said. In an upbeat outlook on how well the UK can perform now it has begun the process of severing ties [...]
Borrowing reached an 11-year high before the EU referendum June 29, 2016 Lending to British households grew at its fastest pace in a decade in the run up to the EU referendum, new figures from the Bank of England have shown. Consumer credit – a measure of loans and credit card debt, but not mortgages – grew by 9.9 per cent in the year to May, the fastest [...]
City A.M. podcast: After the Brexit vote, what next for the UK economy? June 29, 2016 The die has been cast, and the UK has voted in favour of Brexit. What next for politicians? In a special edition of City AM's podcast, City A.M. digital editor Emma Haslett is joined in the studio by editor Christian May, and guests Jimmy McLoughlin, head of external affairs at the Institute of Directors and [...]
Over 1,000 anti-Brexit protesters stage rally outside parliament June 28, 2016 Over 1,000 people turned up outside parliament today to protest against Britain's decision to leave the European Union. Many chanted "there's no plan" and held up signs condemning former London mayor and Leave champion Boris Johnson who is the bookies' favourite to be Britain's next Prime Minister. Last Friday, London voted to remain in the EU in the referendum while 52 [...]
At the close: FTSE 100 climbs out of the Brexit bloodbath after major losses in recent sessions June 28, 2016 The FTSE 100 bounced back today, as investors bought back into a market that had been heavily sold off in previous sessions. Just nine stocks finished in negative territory, pushing the blue-chip index up by 2.6 per cent to 6,140.39 points. Falls of over five per cent in the last two sessions had wiped nearly £100bn in value of from company market capitalisations. Insurers [...]
Q&A: Should we worry about the UK losing its AAA credit rating? June 28, 2016 The UK suffered the embarrassment of a downgrade to its credit rating from not just one, but two of the leading agencies yesterday. Standard and Poor's (S&P) stripped the UK government of its gold standard triple-A rating, while Fitch also knocked a notch from its rating. Treasury debt is now graded as double-A, the third [...]
US GDP revised up, but it’s still the slowest growth in a year June 28, 2016 Growth in the US economy has been revised up on the back of strong export and investment numbers. The world's biggest economy grew by 1.1 per cent on an annualised basis in the first quarter of the year – up from the most recent estimate of 0.8 per cent and more than double the very first [...]
Cheer up, Friday was only the ninth worst day in the history of sterling June 28, 2016 Sterling has been hammered since Thursday night. When EU referendum polls closed, a single pound was swapping hands for $1.50. Now it will only get you $1.33. The fall on Friday of 7.6 per cent – on historically comparable calculations – was the sharpest since the pound has been a free floating currency in the [...]
EU referendum: UK will have to wait until after Brexit to strike new trade deals June 28, 2016 The UK will have to wait until it has formally left the European Union before it can even begin to negotiate its own trade deals, experts and academics have said today, as the debate over what route out of the EU the UK should take heats up. The EU has formal responsibility for negotiating trade deals [...]
Before the bell: What you need to know before the US market open June 28, 2016 The Brexit rollercoaster is still going full tilt, unbalancing global markets, currencies and politics. Here's what you need to know before the US open at 2:30pm London time. Major US markets are pointing up ahead of the open, with the S&P up by 0.97 per cent in the pre-market. The tech-heavy Nasdaq is up by 0.99 per [...]