Oil production freeze: Saudi will not cut output as US stockpiles soar February 18, 2016 The oil price has has fallen off a cliff on a double whammy of bad news: De facto Opec leader Saudi Arabia has said it will not cut production according to reports, while the US Energy Information Administration has announced inventories of crude swelled in the week to 12 February. The price per barrel of US [...]
UK house prices: If only the buy to let surcharge was an April Fool’s Joke – instead, it’s an attack on entrepreneurial Britain February 18, 2016 George Osborne sensed he was onto a winner when he moved to raise stamp duty on buy-to-let homes by three per cent. The UK property market has long been a hot topic. Powers-that-be rarely let opportunity pass, and the chancellor’s move is one to allow the government to have a bigger slice of the pie. [...]
What big tobacco needs to know about the UK’s e-cigarette smokers February 18, 2016 We all know that as the number of smokers falls, big tobacco is scrambling to get into the e-cigarette market. But figures from the Office for National Statistics, published this morning, showed while vapers are a growing community, their loyalty is questionable… Here's what big tobacco needs to know. 1. Traditional smoking is A Thing [...]
European Central Bank policy makers divided on further easing as one suggests allowing inflation to overshoot February 18, 2016 Rate setters at the European Central Bank were divided in their last meeting as to how they should respond to financial market turbulence and increased risks to growth. Some members thought acting preemptively to mitigate rising risks to growth and inflation would be appropriate while others warned against it. One member even suggested that the [...]
Moody’s gets gloomier on global economic growth as it warns of rising risks February 18, 2016 Risks to the global economy have increased, with growth in the US, Eurozone and China looking more precarious, a major credit ratings agency has said today. A steep drop in global share prices since the start of the year makes disappointing growth in the US more likely, Moody’s said. It believes the US economy will expand 2.3 [...]
OECD cuts UK growth forecast to 2.1 per cent as it warns “urgent” policy changes are needed to increase global growth February 18, 2016 One of the world's most influential economic think tanks has slashed the UK's growth by 0.3 percentage points, as it warned an "urgent" change to are needed from policymakers to push up global growth. The organisation said it expected UK growth to reach 2.1 per cent this year, compared with 2.4 per cent it previously expected, [...]
UK house prices: Mortgage lending has strongest start to the year since 2008 February 18, 2016 Mortgage lending had its strongest start to the year for eight years, according to figures released this morning. Gross mortgage lending hit £17.9bn in January, 21 per cent higher than the same month last year, the Council of Mortgage Lenders said. It is the largest amount of mortgage lending conducted in January since 2008 when £25.2bn [...]
Oil price rises again as Brent crude climbs – but Tullow Oil share price is hit February 18, 2016 Oil prices climbed again in early trading today, after Iran "welcomed" (but made no commitments to) a deal between Russia and Saudi Arabia to keep a lid on production. Brent crude climbed to $34.44 per barrel today, while WTI crude, the US benchmark, rose to $31.14. That puts Brent crude just shy of 25 per [...]
Chinese businesses say economic growth is still subdued February 17, 2016 China's economy is barely growing, according to business survey data published today. World Economics’ sales managers index (SMI) posted a score 51.2 in February, only slightly above the 50 mark that indicates no change in economic activity on the previous month. The figure “continues to suggest ongoing, albeit modest growth in economic activity and an [...]
Federal Reserve policy makers highlight increased uncertainty and growing risks in January meeting February 17, 2016 Interest rate setters at the US Federal Reserve said it was premature to alter their economic outlook given strong financial market turbulence this year. However, they had become more cautious, emphasising that risks had increased. "Domestic financial conditions tightened over the inter-meeting period, as turmoil in Chinese financial markets and lower oil prices contributed to [...]