Fed policymaker Dennis Lockhart says US interest rates should be raised this year August 24, 2015 A senior Fed policymaker has called for US interest rates to be raised this year, despite the panic that has hit global markets over China's economy. Read more: Black Monday 2015: US stocks battered in biggest fall since 2011 Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, said in a speech today [...]
Black Monday 2015: US stocks battered in biggest fall since 2011 August 24, 2015 After briefly reversing the losses they suffered in early morning trading, US stocks dived back down again and experienced their biggest one-day fall in four years. Read more: Black Monday: Equities bloodbath continues on US markets as Dow Jones and S&P 500 plummet At close, Nasdaq was down 3.8 per cent at 4,526, while the Dow [...]
Treasury Committee chairman Andrew Tyrie asks Bank of England to revise code of conduct August 24, 2015 Treasury Select Committee chairman Andrew Tyrie has asked Bank of England governor Mark Carney to reexamine the rules governing the Bank’s monetary policy committee (MPC). Tyrie wrote to Carney yesterday about the naming of Gertjan Vlieghe, a senior economist at the hedge fund Brevan Howard, to the MPC. He said Vlieghe’s appointment, and the “subsequent [...]
Black Monday: Billions wiped off FTSE 100 as it falls below 6,000 after China shock August 24, 2015 The FTSE 100 fell below the psychologically significant 6,000 mark this afternoon for the first time since 2012, after stocks in China closed more than eight per cent lower. The market dipped below 5,900 points, more than five per cent lower, at lunchtime, its lowest point this year. Meanwhile, Germany's Dax fell 4.5 per cent and [...]
Oil prices hit six-year lows as global commodities rout continues August 24, 2015 As global equities continue to plummet, commodities are doing the same. After Bloomberg's commodity index sank to a 16-year low overnight, oil prices continued their rout this morning, with both WTI and Brent crude falling to six-and-a-half year lows. Read more: Black Monday? FTSE edges towards 6,000 Brent crude was down 3.65 per cent at [...]
CBI upgrades UK economic forecast to 2.6 per cent GDP growth in 2015 August 24, 2015 A rise in household spending along with robust investment growth will help fuel faster “twin engine” growth in the UK economy, according to the Confederation of British Industry (CBI), which expects an interest rate rise in early 2016. In their latest economic forecast, the CBI upgraded its expectation to 2.6 per cent GDP growth for [...]
China’s economic slowdown: Shares in Shanghai Composite, Hang Seng, Taiex and Nikkei close down August 24, 2015 Markets throughout Asia collapsed on Monday amid concerns over China's slowdown, prompting comparisons with the region's financial crisis in the early 1990s. The Shanghai Composite closed 8.49 per cent down, wiping out all 2015 gains so far and marking the largest drop since 2007. Taiwan’s Taiex closed down 4.8 per cent, though during trading it [...]
China’s economic slowdown: State pension fund allowed to invest in stock market for first time August 24, 2015 China has given its state pension fund access to domestic stock for the first time ever, according to Chinese news agency Xinhua. Read more: FTSE hits 2015 low as China stocks plummet after sharp contraction in manufacturing Local governments will now be able to invest as much as 30 per cent of their pension [...]
Greek debt crisis: Rebel Popular Unity party make last ditch bid for power following split from Syriza August 23, 2015 A breakaway party of 25 MPs will take the opportunity to form a new Greek government today, but its leader Panagiotis Lafazanis acknowledges it will fail. The Popular Unity party broke away from left-wing Syriza after its leader Alexis Tsipras resigned as Prime Minister. Experts say the party will use the opportunity for publicity in [...]
Jeremy Corbyn backed by anti-austerity lobby August 23, 2015 More than 40 academics and activists, including a former member of the Bank of England’s monetary policy committee (MPC), have signed a public letter supporting hard-left Labour leadership hopeful Jeremy Corbyn. In an attempt to counter mounting criticism that the Islington North MP is too extreme in his views, the signatories, including former MPC [...]