Week ahead: FTSE traders eye Shell and BT results as Bank of England prepares for another rate hike January 29, 2023 London traders are gearing up for a big week of corporate results, with UK giants Shell, BT Group, Glencore, GSK and Vodafone Group updating markets. Shell is due to announce their final results for 2022 on Thursday and are expected to post record profits as oil giants continue to benefit from the global energy boom. [...]
Bank of England, Fed and ECB to heap more pain on global economy – but could peak rates be in sight? January 29, 2023 City traders are gearing up for a week in which the world’s top central banks will heap even more pain on households and businesses by hiking interest rates to tame inflation – but they could send the first signal indicating they will stop doing so soon. The UK, US and eurozone economies are beginning to [...]
Week in Review January 27, 2023 | City Talk Well, we’re at the end of another exciting week of trading with the Dollar flat, stocks higher, oil slightly relatively subdued and treasuries lower. Interesting week as yields push higher and the S&P looks set for a gain, which recently has not been the expected outcome of that sequence of events. After a positive end [...]
The best cut is inflation: Hunt hits back at recession ‘declinism’ but appears to rule out tax cuts in March budget January 27, 2023 Jeremy Hunt today hit back at gloomy assessments about the UK’s economic prospects but told voters not to expect tax cuts at the March budget. In a speech at Bloomberg, the chancellor said “declinism about Britain is just wrong” adding that the economy has actually grown faster than fellow G7 nations France, Italy and Japan. [...]
FTSE 100 close: Wizz Air nosedives while JD Sports and 3i shine in London January 26, 2023 London’s FTSE 100 jumped today, led higher by private equity firm 3i soaring after it dropped a strong crop of results, prompting traders to pile into its shares. The capital’s premier index climbed 0.22 per cent to 7,761.55 points, while the domestically-focused FTSE 250 index, which better reflects the health of the UK economy, leapt [...]
US economy races ahead of UK despite Federal Reserve crushing Americans with rate hikes January 26, 2023 The US economy is growing much faster than expected despite the Federal Reserve piling pressure on Americans with aggressive interest rate hikes to tame inflation, official figures out today show. Stateside gross domestic product (GDP) climbed 2.9 per cent over the three months to December, better than the 2.6 per cent growth pencilled in by [...]
Bank of England expected to raise interest rates by 50 points to post financial crisis high of four per cent January 26, 2023 The Bank of England is set to hike interest rates 50 basis points to four per cent next week, jacking them up to the highest level since the financial crisis, markets expect. City traders reckon its governor Andrew Bailey will lift borrowing costs for the tenth time in a row, something the UK central bank [...]
Recession risks ramp up as UK economy goes ‘from bad to worse’ January 26, 2023 The risk of a recession striking the UK is gathering pace experts warned today as still extremely high inflation and collapsing confidence has resulted in the economy going from “bad to worse”. Swelling costs squeezing margins are forcing businesses to cut back production, while higher prices are eroding consumers’ incomes, knocking spending. Those two factors [...]
FTSE 100 close: Barclays, HSBC and Easyjet shine on otherwise poor day in London January 25, 2023 London’s FTSE 100 today gave up morning gains to finish lower before stronger-than-expected retail earnings provided a balm against recession fears. The capital’s premier index fell 0.22 per cent to 7,740.34 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 0.38 per cent to [...]
UK’s wealth gap: Cost of living crisis boosts income of richest Brits by £1k but leaves poorest £600 a year worse off January 25, 2023 The disparity between Britain’s richest and Britain’s poorest earners has grown as a result of the cost of living crisis and a freezing in the income tax threshold, figures have revealed. The richest Brits have managed to increase their household disposable income by just over £1,000 in the last year, while the poorest are on [...]