As it happened: FTSE 100 rallies as oil falls back after Trump’s Iran war pledge October 9, 2026 Welcome back to the City AM liveblog. Donald Trump has said the US has engaged in “productive discussions” with Iran and would refrain from attacking the country before the midterm elections, bringing relief to the oil market. It’s taken the price of Brent crude back slightly, though it has remained around $103 per barrel after [...]
Bailey: Governments must help control inflation too October 8, 2026 Bank of England governor Andrew Bailey has said that governments should look to help keep prices stable and win over markets with disinflationary tax and spending measures. In an intervention on the relationship between monetary and fiscal policy, Bailey urged governments to consider the impacts of government spending and borrowing on inflation. The Bank of [...]
MFS founder accuses administrators of ‘internecine warfare’ October 8, 2026 The founder of collapsed shadow bank MFS has accused administrators of “internecine warfare” and harassment as the firm’s creditors fight to unlock billions of pounds in frozen funds, City AM can reveal. Paresh Raja, the chief executive of Market Financial Solutions who has denied claims he siphoned “vast sums” from the mortgage firm, has asked [...]
Interest rate fears dampen UK house buying demand October 8, 2026 Brits held off inquiring about buying new homes last month as fears over higher mortgage rates dampened the market. Housing demand dropped in September, according to a survey from the Royal Institution of Chartered Surveyors (RICS), which found that 22 per cent of property professionals saw buyer inquiries fall last month. That figure was up [...]
As it happened: Oil surges after Trump says he doesn’t ‘really want’ Iran peace October 8, 2026 Welcome back to City AM‘s FTSE 100 liveblog. The FTSE 100 has returned to the red after markets were hit by the spiking price of oil this week that led to a global bond sell-off. The UK’s 10-year gilt yield rose ten basis point yesterday before giving up some gains to settle seven basis points higher at [...]
Badenoch puts Tories on difficult path to the right destination October 8, 2026 Party conference season has come to an end, having barely registered for most voters beyond an extra dose of politics on the news and in their feeds. Party leaders always have to balance two audiences: their supporters in the hall and the sceptics at home. As a new Prime Minister, Andy Burnham’s conference speech was [...]
Employers yearn for growth as jobs market stages ‘fragile recovery’ October 8, 2026 The UK jobs market is beginning to “flicker back to life,” a new report has said, after permanent and temporary placings inched up in the last month. The latest jobs report from KPMG and recruiter REC showed permanent hiring grew for the second consecutive month to a four-year high of 50.9. Meanwhile, temporary billings also [...]
HSBC set to axe UK wealth jobs as AI takes hold October 7, 2026 HSBC is putting a raft of roles in its UK wealth division on the chopping block following a push to slash costs with artificial intelligence. Europe’s biggest lender is consulting on changes to its wealth management operations that would lead to a shake-up for hundreds of relationship managers and financial advisers across the UK. The [...]
Volkswagen takes £725m hit from motor finance scandal October 7, 2026 The finance arm of Volkswagen has taken a mammoth hit from the motor finance scandal plunging it to a loss for the year. Volkswagen Financial Services UK (VWFS) set aside £725m for expected expenses under the City watchdog’s industry-wide car finance redress scheme, according to new account filings. The provision swung the firm to a [...]
Shell eyes profit windfall from surging fuel prices October 7, 2026 Shell is poised to reap major gains from its refining operations after the global surge in fuel prices dramatically ramped up the group’s profit margins. The blue-chip energy giant said on Wednesday it expects its indicative refining margin – the difference between the cost of crude oil and the market value of finished fuels like [...]