London markets kick off new week in positive fashion June 20, 2022 London’s top indexes kicked off the new trading week in positive fashion today, continuing a trend of wild swings on global markets. The capital’s premier index surged 1.5 per cent to close at 7,121.81 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 0.45 [...]
Rates will need to rise faster to prevent sticky inflation, BoE official warns June 20, 2022 Interest rates will need to rise faster to stop inflation from being “embedded” in the UK economy over the long-run, a top Bank of England official warned today. Catherine Mann, a member of the Bank’s nine-strong rate setting committee, said “a robust policy move… reduces the risk that domestic inflation already embedded is further boosted [...]
German factory prices surge at fastest pace since 1940s June 20, 2022 German factory prices are accelerating at the quickest pace since the late 1940s, propelled by Russia’s invasion of Ukraine lighting a fuel under European energy prices, official stats published today revealed. Producer prices jumped 33.6 per cent over the year to May, the biggest rise since Germany’s statistics agency started tracking the data in 1949. [...]
Bank of England drops mortgage market affordability test after less than a decade June 20, 2022 The Bank of England said this morning that its Financial Policy Committee will withdraw the so-called mortgage market affordability test. “Following its latest review of the mortgage market, the Financial Policy Committee has confirmed that it will withdraw its affordability test Recommendation,” the BoE said in a statement. This will come into effect from 1 [...]
London councils expect inflation to burn £400m hole in finances amid cost of living crisis June 20, 2022 London boroughs are expecting inflation to burn a £400m hole in their finances, according to a local government association. London Councils, the cross-party organisation which covers all 32 London borough councils and the City of London, said today that rising inflation has cut £100m from the financial uplift boroughs received for 2022-23. Inflation levels, currently at a [...]
UK inflation to bump above 40-year high on soaring food and energy prices June 20, 2022 The cost of living in the UK bumped above an already 40-year high last month driven higher by soaring energy and food prices. That’s according to the City’s consensus prediction of Wednesday’s new inflation figures from the Office for National Statistics (ONS). Analysts expect prices to have climbed 9.1 per cent over the year to [...]
Exclusive: We need a business mindset shift and new tools to get us there, says City insider June 20, 2022 ESG commitments for 2030 are high on the boardroom agenda, but are we asking the right questions? The big money question is, even if we meet our sustainability targets, does that secure the social conditions and environmental resources that we will need for businesses to operate in the future? Across the City, a viewpoint on [...]
6.5m Brits looking to leave job in next year as employers are urged not to treat pay rises as ‘silver bullet’ June 20, 2022 A fifth of people are looking to leave their job in the next 12 months, with pay and quality of employment the key drivers. In a post-pandemic environment, it is estimated that 6.5m are looking to move on in search for higher wages, better benefits and work-life balance. A survey of 6,000 people in the [...]
1 Minute Market Rundown – 20th June 2022 June 20, 2022 | City Talk Volatility ReignsUS Bank Holiday May Quieten the Market for a DayCrypto Cracks but Bounces Happy Monday everyone and being a US bank holiday we may get some respite from the constant volatility we have been experiencing. The weekend did not allow us any chance to relax with BTC and ETH dropping through 20,000 and 1000 [...]
Recession concerns growing rapidly as central banks struggle to put inflation genie back in its bottle June 20, 2022 Despite attempts at a modest rebound on Friday, European markets still finished lower for the second week in succession, posting their lowest weekly closes since March. US markets also finished the week similarly mixed, but also sharply lower, with the S&P500 posting its worst week since March 2020, ahead of the Juneteenth long weekend. “As [...]