Japan’s imaginative monetary policy is putting banks in danger October 3, 2016 Fitch has sounded alarm bells over the health of Japanese banks in the face of the latest tinkering with monetary policy from the Bank of Japan (BoJ). The ratings agency said it was worried the BoJ's increasingly unconventional approach to managing the country's cash supply could lead to "unintended consequences" for the financial sector as the [...]
Hammond warns over Brexit complacency as he scraps Osborne’s goal of a fiscal surplus by 2020 October 3, 2016 Chancellor Philip Hammond has warned against complacency in the aftermath of Brexit, despite acknowledging better than expected performance. Speaking at the Conservative party conference today, Hammond scrapped his predecessor George Osborne’s goal of a fiscal surplus by 2020, but maintained fiscal consolidation would continue. Hammond said he would lay out his own plans in detail [...]
UK missing out on billions as small firms fail to take sales overseas October 3, 2016 The UK is missing out on billions because SMEs are not fulfilling their exporting potential, research out today has found. Less than a fifth of SMEs presently export compared with over 40 per cent of large businesses, resulting in £141bn in missed revenue, according to the report commissioned by World First and carried out by the Centre for Economics [...]
Before the bell: What you need to know before the US market open October 3, 2016 Sterling has dropped after Prime Minister Theresa May said the UK will trigger the formal process of leaving the European Union by March next year. Here's what you need to know before the US market open at 2:30pm. US stock futures are broadly flat in the pre-market. The S&P is off by just 0.01 per [...]
The number of people living in extreme poverty has hit a record low October 3, 2016 Fewer people than ever before are living in extreme poverty, a new report from the World Bank has found. The institution found more than 100 million people climbed above the poverty line between 2012 and 2013 as strong growth in China and Asia boosted incomes in some of the world's poorest people. An estimated 767m [...]
Bank of England confirms plans for additional stress tests for UK banks October 3, 2016 The Bank of England will push ahead with plans for an extra set of stress tests next year in order to assess the ability of the UK’s top lenders to weather a financial storm. The Bank’s Financial Policy Committee (FPC) confirmed today it will put the UK’s seven biggest banks and building societies through an [...]
“Encouragingly solid”: Eurozone manufacturing ticks up in September October 3, 2016 The Eurozone's manufacturing sector ticked up to hit a three-month high in September, new figures have shown. Yep, fresh from the news prices in the bloc rose at their fastest pace in two years in September, Markit's purchasing managers' index for the industry showed similarly encouraging signs, hitting 52.6, up from 51.7 in August. Any figure above 50 denotes [...]
Chancellor Philip Hammond to reset George Osborne’s fiscal policies October 3, 2016 Chancellor Philip Hammond will say today that he is building a "new plan" for the "new circumstances" Britain is in, promising to break away from his predecessor's policies. Hammond is expected to say Osborne's approach was right "at that time", but that things are set to change because "when times change, we must change with [...]
Sterling falls to seven-week low as May commits to triggering Article 50 by end of March October 3, 2016 Sterling approached a new post-referendum low today after Prime Minister Theresa May said negotiations to leave the EU will start by the end of March next year and signalled she will not prioritise Single Market access. The pound drifted lower throughout the day, falling 1.1 per cent through Monday's session to stand at $1.2827 crashed to $1.2827 in the minutes [...]
Europe’s banking woes are inherently political October 3, 2016 We live in a time of political absurdity. At home, the opposition is led by an unreconstructed 1970s-style Marxist who spent the last three decades as a backbench irrelevance. Throughout continental Europe, extremist parties remain worryingly popular. And across the pond, there is a genuine threat that Donald Trump, a dangerously reactionary authoritarian megalomaniac, could get [...]