British Bankers’ Association set to merge with rival trade associations June 9, 2016 British Bankers' Association (BBA), the trade body that was heavily criticised for its role as the administrator of the Libor interest rate benchmark, is expected to be merged with its rival associations. According to Sky News, BBA members are reportedly set to vote in favour of plans to merge the banking trade bodies to form a [...]
At the close: FTSE falls as miners give up gains June 9, 2016 The FTSE 100 lost ground today as miners slumped. A fall in the oil price, as well as disappointing numbers out of China, meant the blue-chip index snapped its four-day winning streak. The FTSE finished at 6,231.89, down by 1.1 per cent. The FTSE 100 had risen in its previous four sessions. US stocks also dragged as investors worried [...]
French central banker calls for Eurozone parliament to end mistrust June 9, 2016 Mistrust between Eurozone countries has cost the single currency bloc "millions of jobs", according to France's top central banker, who called for the creation of a Eurozone parliament to help the recovery. The Eurozone economy could be up to five percentage points bigger had it been fully prepared for the economic crisis, but "deep political resistance" [...]
Before the bell: What you need to know before the US market open June 9, 2016 South Korea has unexpectedly cut its interest rates, while New Zealand's central bank remains on hold. In China consumer prices rose less than expected, muting economist hopes that the economy is stabilising earlier in the week. Here's what you need to know before the US markets open at 2:30pm London time. US futures are pointing downwards. The S&P is [...]
Yields on UK government debt have just hit a record low ahead of the EU referendum June 9, 2016 The price of government debt in both the UK and Germany hit record lows today, as investors rushed into safe haven assets with the EU referendum and further monetary stimulus on the horizon. The yield on the benchmark 10-year UK bonds hit 1.22 per cent this morning, the lowest since Bloomberg starting tracking the cost of debt [...]
Poorest households could lose more than £5,000 in benefits after Brexit June 9, 2016 A vote to leave the European Union could result in some of the poorest households in the UK losing up to £5,542 a year in tax credits and welfare payments in a worst-case scenario. The National Institute of Economic and Social Research (Niesr) has calculated the likely impact of a vote to leave the EU on [...]
UK records strongest export growth since crisis as economy shrugs off Brexit fears June 9, 2016 The UK posted its smallest trade deficit in seven months in April as bumper export performance proved the latest sign that Brexit uncertainty is failing to knock the UK economy. British firms and consumers bought £3.3bn more from abroad than they sold overseas in April, according to figures released by the Office for National Statistics (ONS) this [...]
Super Mario warns national governments that the cost of delaying reforms is painfully high June 9, 2016 The president of the European Central Bank (ECB) has said political intransigence across the Eurozone is costing jobs and growth. Mario Draghi has upped the ante in his calls for reform in the Eurozone in a speech in Brussels this morning, warning that employment and productivity will take a unrecoverable hit if governments do not take his [...]
Tory MP Sarah Wollaston ditches Vote Leave over “untrue” NHS claims June 8, 2016 Tory MP Sarah Wollaston has quit Vote Leave claiming the Brexit group's assertion that leaving the EU would free up £350m for the NHS "simply isn't true". The health select committee chairman told the BBC: "For someone like me who has long campaigned for open and honest data in public life I could not have set foot on [...]
Oil just gained market share for the first time since 1999 – here’s why June 8, 2016 Oil remained the world’s leading fuel in 2015, accounting for 32.9 per cent of global energy consumption, BP said in its benchmark industry report today. The report found that prices for all fossil fuels fell in 2015. This led to adjustments in the energy markets including boosting demand for oil which gained market share for the first [...]