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 [...]
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 [...]