BP’s chief economist Spencer Dale: Oil price volatility could be consigned to history February 3, 2016 BP’s chief economist, Spencer Dale, has said that the violent price swings which have historically riled oil markets could become a thing of the past. Dale believes the newer, nimbler US shale gas industry will change how oil markets behave over the next 20 to 30 years. "What we know from history is that the oil market takes an [...]
“Flash crash” trader Navinder Singh Sarao due to appear in London court tomorrow facing extradition to the US February 3, 2016 The British trader accused of contributing to May 2010's "flash crash" is due to appear in court tomorrow where he faces extradition to the US. US authorities have alleged that Navinder Singh Sarao, who has been nicknamed the "hound of Hounslow", rigged the market by using an automated process to place a large number of sell orders before withdrawing them shortly afterwards [...]
US dollar and stocks down after economic data fuels growth concerns February 3, 2016 US stocks and the dollar lost ground today after negative economic data cast doubt on the strength of the US economy. The dollar is down by over one per cent against the pound, with one dollar currently buying £0.6870, and has also lost a similar amount against the euro. The S&P 500 is currently down 1.18 per [...]
US non-manufacturing sectors register weakest growth since 2014 as concerns grow over global economic conditions February 3, 2016 The US economy had a tough first month of 2016, according to survey data published today. The Institute for Supply Management's non-manufacturing purchasing managers' (PMI) index dropped to a score of 53.5 in January, its lowest since early 2014. Scores above 50 imply the non-manufacturing sectors grew over the month. However, January's score suggests economic growth [...]
UK adults expecting a big windfall from inheritance are set to be sorely disappointed, with one in ten mistakenly believing that the payout they predict will fund their retirement February 3, 2016 UK adults are routinely overestimating how much they stand to inherit, while also shunning valuable discussions about financial planning with older relatives. According to figures shown exclusively to City A.M. by VouchedFor, people expect to receive an average of £127,454 from inheritances, and one in ten believe that they are set to receive an inheritance [...]
Eurozone economy comes off the boil in January despite rebound in end-of-year retail sales February 3, 2016 The Eurozone's economic recovery slowed in January, but remains at a steady pace, new figures show today. Markit's economy-wide purchasing managers' index – compiled from a survey of firms – dropped to a score of 53.6 in January from the previous month's 54.2. While the figure is still above 50, which means the economy grew last month, it [...]
Pound rises as UK services PMI shows surprise rise in January February 3, 2016 The UK's services sector showed stronger growth than expected in January, Markit's purchasing managers' index showed today. The index showed a reading of 55.6, against expectations of 55.4 (any number above 50 denotes expansion). That caused the pound to spike 0.14 per cent against the dollar, rising to $1.4448, with economists suggesting the surprise jump will [...]
London property prices: There’s £1m difference between properties in Wembley Park and Finchley – but just eight minutes’ travel time February 3, 2016 Wrestling with the trade-off between commuting time and house prices? A new Tube map has been created giving prospective home-owners the skinny on where the best option might be – and where the biggest discrepancy on each line can be found. According to EMoov, one of the biggest differences can be found on the Jubilee Line, [...]
Universal credit rollout is still concerning but the new welfare system should help encourage people to work once it has been fully introduced February 3, 2016 While MPs are concerned about how universal credit is being rolled out, economists think the new system helps to encourage people into work. A report released today by the Institute for Fiscal Studies (IFS) has found that universal credit should encourage those who were disincentivised by the previous system to find employment. However, the report also noted that preemptive cuts [...]
Niesr: UK economy to gain momentum as inflation stays low and interest rate rises are delayed by EU referendum February 3, 2016 The UK economy should pick up steam this year, with low inflation and a delay in interest rate hikes to create conditions for faster growth, a think tank has said today. The economy should grow 2.3 per cent this year, up from 2.2 per cent in 2015, according to forecasts published today by the National Institute [...]