What could a recession mean for the pound in 2023? City analysts have their say January 15, 2023 The pound is on course for another tough year with the UK likely experiencing the worst recession of all major economies, analysts have told City A.M. The risk of sterling tumbling to another record low against the US dollar, as it did last year, is slim, analysts think, mainly due to the low likelihood of [...]
Week ahead: First data dump of 2023 to reveal whether UK tipped into recession January 15, 2023 The first big data dump of 2023 in the coming week is set to unveil more clues on whether the UK economy entered a recession in the final months of last year. City traders are hoping fresh inflation figures out on Wednesday from the Office for National Statistics (ONS) will show price pressures are still [...]
FTSE 100: London edges ever closer to a new record high January 14, 2023 The FTSE 100 fell short of hitting some all-time highs on Friday after a strong start to the year. Pushing up to fresh five-year highs, the FTSE hit its highest score since the record points it had tallied in May 2018. It closed at 7,844.07 on Friday after briefly peaking at 7,864.95 a little earlier [...]
FTSE 100 close: ASOS and Centrica pop to crystalise strong start to 2023 January 12, 2023 London’s FTSE 100 built on gains yesterday that propelled to its highest level since 2018 after a series of British bellwether retailers posted a decent set of results this morning and the owner of British Gas skyrocketed. The capital’s premier index closed up 0.89 per cent at 7,794.04 points, while the domestically-focused, mid-cap FTSE 250 [...]
Apple promises more transparency on removal of apps from App Store January 12, 2023 Apple and its investors have agreed to provide clarity on why apps are removed from its App Store, following criticisms about its lack of transparency. This means that the company has committed to providing a clear explanation of the number, categories, relevant authorities and applicable laws or policies when it comes app removals from the [...]
FTSE 100 close: JD Sports springs London flagship index to 2018 high January 11, 2023 London’s FTSE 100 index leapt to its highest level since 2018 in afternoon exchanges in the City today after a series of strong retailer earnings signalled the UK consumer is holding up well amid the cost of living crunch. The FTSE 100 index climbed 0.99 per cent to 7,770 points, while the domestically-focused mid-cap FTSE [...]
FTSE 100 close: New year rally loses steam on central bank rate warnings and Ocado slump January 10, 2023 London’s FTSE 100 premier index’s new year rally lost some steam today driven by investors wobbling over a string of hawkish comments from central bankers and Ocado’s shares slumping. The flagship index shed 0.39 per cent to close at 7,694.50 points, while the domestically focused mid-cap FTSE 250 index, which is more aligned with the [...]
Virgin Orbit shares crash back to earth after failed Cornwall space launch January 10, 2023 Virgin Orbit shares have come plummeting back to earth after its much-anticipated UK space launch failed last night. Shares for the Richard Branson-headed company dropped by 23 per cent on NASDAQ pre-trading and were trading down around 16 per cent this afternoon. It comes after the Virgin Orbit rocket, the first launch from UK soil, [...]
A year on from Mayonnaise-gate, Terry Smith mounts another attack on Unilever January 10, 2023 Legendary City investor Terry Smith has written another excoriating review of Unilever’s business performance, a year after he made headlines for criticising its focus on the “purpose” of Hellmann’s Mayonnaise. In his annual letter to shareholders, the Fundsmith chief lists a series of complaints about the consumer goods firm, saying it had failed to engage [...]
London IPOs: 2023 outlook uncertain as value of cash raised in the capital slumps below global rivals January 10, 2023 The amount of cash raised through initial public offerings in London plunged 90 per cent last year as the market was buffeted by soaring inflation and the shocks of war in Ukraine, new figures show.