National Living Wage: Business groups raise red flag on future pay rises September 25, 2015 Leading business groups are cautioning against “artificially increasing pay” today, as the Low Pay Commission closes its public consultation on the minimum wage. The Low Pay Commission – an independent body set up to advise the government on the national minimum wage – opened the public consultation last month, as part of a larger [...]
UK house prices: High first-time buyer confidence heats up the housing market in August September 25, 2015 The market for new buyers, who have been boosted by government schemes such as help-to-buy, has had a strong summer. First-time buyers sales climbed 11.9 per cent in August compared with the same month last year to match July’s eight-year high of 30,200, figures released today by estate agents Your Move and Reeds Rains (YMRR) [...]
Glencore share price hit worst in fallout from China’s slowdown: The scale of impact on commodity stocks and financial services revealed September 25, 2015 Just one month after plummeting Chinese equity markets sent shockwaves across global stock exchanges, industries around the world are seeing the damaging effects that China’s slowdown is having on jobs, growth and investment. “The Chinese slowdown and the Chinese economic rebalancing are pretty remorseless,” Kit Juckes, macro strategist at Societe Generale, told City A.M. [...]
Capital Economics says Brexit after the EU referendum will not stop the City from prospering September 24, 2015 Brexit may not be so bad for the City, after all, according to a new note from Capital Economics. Vicky Redwood, chief UK economist at Capital Economics, wrote in a note published yesterday that while a “British exit from the EU would probably hurt the City in the short term,” it would “not spell disaster” [...]
EU referendum: City may see long-term Brexit benefits says Capital Economics September 24, 2015 Brexit may not be so bad for the City after all, according to a new note from Capital Economics. Vicky Redwood, chief UK economist at Capital Economics, published a note yesterday that said a “British exit [Brexit] from the EU would probably hurt the City in the short term”, but would “not spell disaster” for the [...]
Manufacturing in the US hit by oil price collapse September 24, 2015 Orders of US long-lasting manufactured goods dropped two per cent in August, with firms that produce capital goods still feeling the bite of cheap oil and a strong dollar. The fall was mainly due to a dip in the volatile transport category, the US commerce department said yesterday. However, underlying trends that exclude volatile goods [...]
Eurozone investors and businesses shrug off global fears in September September 24, 2015 Business and investor confidence is holding up in the Eurozone, despite volatility in global markets and fears over Chinese growth. The IFO business climate index published yesterday, which measures German business sentiment, rose to 108.5 in September, despite analysts predicting it would fall to 108. German companies reported greater optimism about future business developments, suggesting [...]
Norway cuts interest rates to a record low September 24, 2015 Norway’s central bank yesterday cut its headline interest rate for the second time this year to a record low of 0.75 per cent and signalled rates could go even lower. The Norges Bank said it saw “weakened growth prospects for Norwegian economy” and weaker prospects for inflation. The bank added that “the policy rate may [...]
Demand in US for new homes jumps in July September 24, 2015 New home sales in the US climbed strongly in August, indicating that the housing market is strengthening and that consumers are in a confident mood. Sales rose at an annual rate of 552,000, up 5.7 per cent on July, according to figures released by the commerce department yesterday. The annual rate is now the highest [...]
Bank of England deputy governor Ben Broadbent says interest rates won’t be rising anytime soon September 24, 2015 Bank of England (BoE) deputy governor, Ben Broadbent, has said that he isn't about to vote for the first interest rate hike in more than six years, unlike some of his fellow rate-setters. Referring to the monetary policy committee meeting in September, where policymakers voted 8-1 to hold rates, he told Reuters : "I was [...]