Pound snaps winning streak against US dollar after Truss conference speech October 5, 2022 The pound slumped against the US dollar today, slicing some of the gains it has made since the currency collapsed after Kwasi Kwarteng’s mini-budget last month. Sterling weakened as much as two per cent against the greenback. It was down against the euro too. The world’s major currencies have tumbled against the dollar this year. [...]
OPEC+ finalises heavy oil output cuts in bid to boost sliding prices October 5, 2022 The world's most influential oil cartel, OPEC+, has agreed to its deepest cuts in production since the pandemic.
London’s IPO slump continues as firms raise £565.5m October 5, 2022 Cash raised through initial public offerings in London plunged by more than seven times in the third quarter of the year as the Capital continues its barren run amid soaring inflation and market volatility.
UK avoids recession with 0.2 per cent growth September 30, 2022 The UK economy grew 0.2 per cent in the second quarter of this year as it bucked initial estimates of a 0.1 per cent contraction in the the three months to June, official figures showed today
Pound recovers losses as Bank interventions boosts confidence September 30, 2022 The pound recovered its losses against the dollar for a short time this morning as moves by the Bank of England in recent days helped calm the fallout of Kwasi Kwarteng’s tax cutting mini budget last week.
UK borrowing costs surge and FTSE tanks after Truss and Kwarteng back mini-budget September 29, 2022 UK borrowing costs fired higher and the country’s largest listed companies tanked today after prime minister Liz Truss and chancellor Kwasi Kwarteng doubled down on their tax cutting and borrowing plans. London’s FTSE 100, home to the UK’s top companies, shed 1.77 two per cent. The mid-cap FTSE 250 index nose dived more than three [...]
Banks and housebuilders bear brunt of market chaos September 29, 2022 Wild swings in UK debt markets and concern over borrowers’ capacity to pay costlier mortgages have whacked London-listed housebuilders and banks this week. Britain’s biggest property developers have been among the hardest hit listed companies during this week’s market sell-off. FTSE 100-listed construction firms Taylor Wimpey and Barratt Developments have shed more than 20 per [...]
Bank of England launches £65bn emergency care package to tame UK market carnage September 28, 2022 The Bank of England today scrambled to head off a “material risk to UK financial stability” driven by higher UK borrowing costs. In a mid-morning statement to the City, the Bank said it is launching an emergency, time-limited bond buying scheme amid market chaos triggered by investor concerns over the UK’s fiscal and economic credibility. [...]
Analysis: Don’t confuse symptoms with causes, the Bank’s hand was forced September 28, 2022 Today’s emergency Bank of England support package for the City was triggered by turmoil in a very specific segment of the gilt market. Since last Friday’s tax cutting and borrowing bonanza, rates on UK government debt have been going through the roof. That has pushed bond prices down. The two move inversely. That, in turn, [...]
Explainer: Why has the Bank of England intervened in financial markets? September 28, 2022 The Bank of England today has stepped into financial markets to try to tame the surge in UK borrowing costs. This morning, it said it will launch a temporary bond buying programme lasting from today to 14 October. The package will be unlimited in scale and will target long-dated UK debt. It is similar to [...]