Sainsbury’s and Glencore give FTSE 100 a three-digit lift – London Report October 1, 2015 The FTSE 100 enjoyed strong gains yesterday, helped by Sainsbury’s after the supermarket group lifted its full-year profit outlook. The blue-chip index climbed 152.37 points, or 2.6 per cent, to close at 6,061.61. Despite reporting a seventh straight quarter of falling sales, Sainsbury’s shares soared 13.8 per cent. Other supermarkets were also lifted, with Morrisons [...]
Best of the Brokers for 1 October 2015 October 1, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com HSBC HOLDINGS UBS upgraded the bank from “neutral” to “buy”, and lowered the target price from 595p to 550p, reflecting earnings downgrades. The broker said it believes the relative risk/reward balance on the shares has shifted to the upside. It added: “While [...]
British business groups signal support European Commission’s “action plan” for capital markets union October 1, 2015 British business groups have largely welcomed a new report from Brussels this week on plans to put together a capital markets union (CMU) by 2019. The European Commission’s “action plan” aims to make it easier for markets across the EU to raise funds from within the Single Market. Sir Jonathan Hill, the European [...]
Here’s what drove British household spending in the second quarter of 2015 September 30, 2015 While Brits went mad for games, toys and hobbies in the second quarter, they were less keen on wine, beer and other tipples. Household spending in volume terms, when adjusted for inflation, increased 0.8 per cent to £2.3bn during this period, according to official data released today. People splurged on the "recreation and culture" sector [...]
Economic well-being: Four charts that show how the UK’s growth compares to its European neighbours September 30, 2015 The UK economy has been growing at a healthier pace than Germany or France over the past year – but its growth can’t match the boom in recovering Spain. New GDP figures released today showed the British economy grew by 0.7 per cent in the latest quarter. But how are we doing in other metrics? [...]
Fitch warns global growth will be slowest since 2009 September 30, 2015 Credit ratings agency Fitch has warned global growth is set to be the slowest since the depths of the financial crisis this year. Fitch said it expects the global economy will grow by just 2.3 per cent this year, the weakest since 2009, and less than the agency's June forecast. The weakness will come from [...]
Savills: London house prices for the Capital’s most expensive properties have been dented by new stamp duty rules September 30, 2015 London's most expensive properties have been dented by strict new stamp duty rules, new research from upmarket estate agent Savills has shown, with prices in central London falling 4.6 per cent in September, compared with the same month last year. The heart bleeds… The research suggested new rules introduced in last year's Autumn Statement, which [...]
Global steel price drops to lowest level in over a decade September 30, 2015 It's been a bad month all round for commodities, and steel is the latest metal to show the scars of economic turmoil. The overall price of the commodity dropped to its lowest level in 11 and a half years in September, according to the MEPS steel price index. Read more: SSI to close Redcar [...]
Standard & Poor’s thinks the European Central Bank will extend its quantitative easing programme September 30, 2015 Credit ratings agency Standard & Poor's (S&P) has said it sees signs the European Central Bank (ECB) could extend its quantitative easing programme beyond September 2016. S&P said the euro has strengthened against the currencies of slowing emerging market economies. This will make it harder for the ECB to meet its inflation target of just [...]
PPI-related complaints against UK banks falling September 30, 2015 Customer complaints about payment protection insurance (PPI) are falling, according to new financial regulator figures which hint that the fallout from banks’ mis-selling of PPI is beginning to settle. PPI-related complaints remain the biggest source of grumbling among customers in the aftermath of the scandal, but they’re down 17 per cent in the first six [...]