Bank of England hikes rates at successive meetings for first time since 2004 February 3, 2022 The Bank of England today flexed its inflation fighting muscles and hiked interest rates at successive meetings for the first time since 2004. A majority of the Bank’s committee of rate setters voted to lift rates 25 basis points to 0.5 per cent. The consecutive rate hikes mark a sharp policy shift from Threadneedle Street [...]
Europe racks up over £430bn in climate-related losses since 1980 February 3, 2022 Europe has racked up climate-related losses of between £375bn and £433.5bn since 1980, according to the European Environment Agency (EEA). In a new report on the economic impacts of extreme weather and climate across the EEA’s 32 member states, Germany, which suffered catastrophic floods last July, was found to have swallowed the highest losses between [...]
Exclusive: Bank of England to launch quickest tightening cycle since 2004 February 3, 2022 The Bank of England will this year embark on the fastest rate hike cycle since 2004 in a bid to tame rampant inflation in the UK, starting at its meeting of rate setters today, reveals an exclusive City A.M. poll of top City economists. The first back-to-back rate hike in 18 years is a foregone [...]
Eurozone inflation hits record high piling pressure on ECB to act February 2, 2022 Inflation in Europe is running at its highest level ever, turning up the dial on the European Central Bank to rein in ultra-stimulative policy, reveals official figures released today. Prices are 5.1 per cent higher than they were a year ago in January, the hottest rate of inflation in the area of countries using the [...]
It’s a myth that ETFs are eating the world February 2, 2022 | City Talk ‘Software is eating the world’: so wrote the US venture capitalist Marc Andreessen back in 2011. From today’s perspective, with companies like Alphabet, Microsoft and Meta dominating the stock markets, Andreessen’s observation seems to have held up. Had BlackRock chief executive Larry Fink made similar comments about exchange-traded funds (ETFs) 11 years ago, he likewise [...]
Middle-class favourite Ocado leads FTSE 100 higher February 2, 2022 London markets climbed this morning as middle-class favourite and online supermarket Ocado leads the FTSE 100 higher. The capital’s premier FTSE 100 index added 0.47 per cent to reach 7,571.48 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, gained 0.72 per cent to hit 22,327.31 [...]
UK law enforcement regime not ‘up to the job’ to prevent anti-money laundering, MPs warn February 2, 2022 The UK’s law enforcement regime is not “up to the job” to prevent fraud and money laundering infiltrating the country’s financial system, according to findings by an influential group of cross-party MPs published today. It is far too easy for financial criminals to clean dirty money through Britain and the government needs to urgently strengthen [...]
Editorial: After months on the sidelines, it’s time for the Bank of England to enter the inflation fight February 1, 2022 After months on the sidelines, the Bank of England’s rate setting committee should finally enter the inflation fight at their meeting on Thursday. Arguably, governor Andrew Bailey has inherited not just Mark Carney’s role as Bank chief, but also his propensity to act like an “unreliable boyfriend” after keeping rates unchanged in November despite the [...]
Slowing US economy to throttle global growth February 1, 2022 A sharp slowdown in the stateside economy is set to throttle global growth this year, Wall Street analysts are forecasting. A wave of worker absences caused by the Omicron variant sweeping across the US has led to the American economy stumbling out of the blocks in 2022, according to Goldman Sachs. Americans will slash spending [...]
Industrials rally boosts London markets February 1, 2022 A rally among mining stocks dug the foundations for a bullish day on London markets today. The capital’s premier FTSE 100 index climbed 0.96 per cent close at 7,535.78 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, finished 1.1 per cent higher at 22,167.94 points. [...]