Hound of Hounslow trader Navinder Singh Sarao allegedly “heavily engaged” in spoofing on day of “flash crash” February 4, 2016 Lawyers for the US government in an extradition case against a British trader nicknamed the "hound of Hounslow" have said that he was allegedly heavily invested in spoofing on the day of the flash crash. Navinder Singh Sarao, who appeared in Westminster Magistrates' Court today, has been accused of contributing to 2010's so-called flash crash. [...]
These are the world’s most miserable economies: Venezuela tops the misery index – but the UK is among the happiest February 4, 2016 More bad news for the troubled Venezuelan economy. With inflation running rampant, the South American country has once again been awarded the unflattering top spot in the Misery Index of the world’s economies. Bloomberg has surveyed top economists to compile a ranking of 63 economies based on their unemployment rates and inflation. Venezuela’s misery rating [...]
European Commission: “New challenges” for European economy in 2016 including China, emerging markets and geopolitical tension February 4, 2016 Much of the world economy is grappling with huge challenges which are increasing risks to European growth, the European Commission has said. In a report titled "Winter 2016 Economic Forecast: Weathering new challenges", the European Commission said the European economy is entering its fourth year of recovery, but that the risk growth could turn out worse than [...]
Bank of England rate-setters vote unanimously to keep interest rates as record lows as Chancellor George Osborne expresses mixed feelings over low inflation February 4, 2016 Borrowing costs are on course to stay lower for longer as the Bank of England’s committee of rate-setters voted unanimously to keep interest rates at record lows for the first time since the Summer. Rate-setter Ian McCafferty has been voting to increase Bank rate from 0.5 per cent to 0.75 per cent since August. His [...]
SMMT: New car sales just had the best January in 11 years February 4, 2016 A whopping 169,678 new cars were sold in the UK in January, according to new data – meaning new car sales had their best January in 11 years. Data from the Society of Motor Manufacturers and Traders (SMMT) showed registrations increased 2.9 per cent in January. Most of the growth was driven (see what we [...]
UK house price betting odds: A bookmaker is taking bets house prices will fall this year – and London prices will fall fastest February 4, 2016 Today's Halifax house price index may have suggested house price growth is speeding up – but one bookmaker is giving decent odds they'll actually fall this year. Star Sports, which calls itself "the gentleman's bookmaker", is giving odds of 8/11 that house prices will fall in 2016 – against odds of 11/10 they'll rise. The [...]
UK house price growth speeds up in January as buy-to-let stamp duty hike looms February 4, 2016 House price growth sped up in the year to January, new data showed this morning – suggesting buy-to-let investors are trying to sneak in those transactions before new stamp duty rules are introduced in April. The annual figure was up from 9.5 per cent in December and nine per cent in November, according to Halifax's house [...]
Average house prices in over half of London neighbourhoods are now £500,000 or more February 4, 2016 House prices have broached the £500,000 barrier across 51 per cent of London postcode districts, new research has found – backing up evidence the capital's homes are becoming increasingly unaffordable. The report, by estate agent Stirling Ackroyd, found even areas such as Peckham, which were traditionally seen as pretty affordable, have now joined the half-a-million [...]
Brent and WTI crude: Oil prices soar as the US dollar dives February 3, 2016 Oil prices surged today, helped by the tumbling US dollar following comments by a US Federal Reserve official and weak economic data. Brent crude, the international benchmark, rose 8.31 per cent to $35.44 per barrel. Meanwhile, West Texas Intermediate (WTI) crude, added 9.3 per cent to $32.66. "We're getting the rally in crude oil from the pounding [...]
Deutsche Bank, Uni Credit, Standard Chartered share prices drop: European bank shares are tanking February 3, 2016 Shares in leading banks tumbled throughout Europe today, with Deutsche Bank and Standard Chartered falling by 6.02 per cent and 4.29 per cent respectively. A sea of red engulfed the sector as fears spread of slowing economic growth and credit losses from energy companies hobbled by low oil prices. Brenda Kelly, head analyst at London Capital [...]