FTSE 100 lifted by investors cheering HSBC Canada arm sale November 29, 2022 London’s FTSE 100 was boosted today by investors pouring into HSBC after it confirmed it has ditched its Canadian business for £8.4bn. The capital’s premier index jumped 0.51 per cent to 7,512 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.55 per cent [...]
Brits sit pat on Covid-19 savings mountain in sign of tougher recession November 29, 2022 Brits are sitting pat on the mountain savings they built up over the course of the Covid-19 crisis during lockdowns, official figures out today reveal. Households set aside £6.4bn in savings last month, £1.6bn higher than the average monthly deposit flow before the pandemic, according to the Bank of England. The figures illustrate consumers are [...]
Exclusive: Business rates hike a ‘ticking time bomb’ for London economy, Mayor warns November 29, 2022 Thousands of squeezed London businesses are now facing a “ticking time bomb” in the form of coming tax hikes, London Mayor Sadiq Khan has warned. Khan revealed to City A.M. last night that business rates will increase in 28 of the capital’s 32 boroughs in 2023, just as the UK is predicted to go into [...]
China crackdown weighs on London’s FTSE 100 November 28, 2022 London’s FTSE 100 was today weighed down by fears Chinese authorities could drag down global growth by responding forcefully to protests against the country’s zero-Covid policy. The capital’s premier index dropped 0.17 per cent to 7474.01 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Markets Week Ahead November 28, 2022 | City Talk Last Week After a slightly mixed week last week not providing much direction, or trading opportunities, we will hopefully get some more viable trade ideas in the coming week. The one big move we did have last week came from the oil market, and we are through the lows again to start the week. Ongoing [...]
Retail sales fall off cliff in November in sign of Christmas spending slump November 28, 2022 Retail sales have fallen off a cliff, pushed by consumers reining in spending as scorching inflation eats away at their finances, a new survey out today reveals. A net 19 per cent of retailers said spending fell over the year to November, down from a net rise of 18 per cent in October, according to [...]
UK economy much more volatile after series of sharp shocks November 28, 2022 The UK economy has become much more volatile compared to three decades ago, a new survey out today reveals. Since the global financial crisis in 2008, the economy has grown much slower compared to the decade and a half in before the catastrophe, according to consultancy BDO. The firm said in the first 15 years [...]
Optimism abounds in OBR forecasts, but just how feasible are they? November 28, 2022 When former Tory chancellor George Osborne created the Office for Budget Responsibility (OBR) in 2010, he was unlikely to have envisioned it would become the source of financial market turmoil. But, that upheaval was not the budget watchdog’s fault. Instead, it was former prime minister Liz Truss and ex-Number 11 incumbent Kwasi Kwarteng’s disdain toward [...]
Investors hope for US jobs market slowdown to appease Federal Reserve November 27, 2022 Signs of a further slowdown in the US jobs market convincing the Federal Reserve to slow its interest rate hike cycle will top investors’ wish list this week. London’s FTSE 100 index notched a decent showing last week, climbing 1.37 per cent to close at 7,486.67 points, while the domestically-focused mid-cap FTSE 250 index rose [...]
Saturday Sitdown: ‘Private equity keep everything simple’, says City M&A chief November 26, 2022 It’s no surprise that economic turmoil often drives consolidation. Companies may be struggling to survive and looking to M&A as a way to drive value. Not to mention the current weak pound that makes UK-based businesses, especially those with a global footprint, more attractive to overseas buyers. According to recent ONS data, Q2 this year saw [...]