City should brace itself for €900bn Brexit hit if Brussels plays clearing politics September 17, 2021 The City and several financial services groups in Brussels are lobbying for an extension to clearing house access beyond June of next year. Yesterday, a trio of major lobby groups for Europe’s finserv sector called on Brussels to extend the EU’s access to London clearing houses amid warnings of financial instability. The groups wrote to [...]
FCA: UK listing regime has been ‘slow’ and ‘missed the boat’ September 17, 2021 The City watchdog has labelled the UK’s listing regime as being historically “slow” and missing the boat on attracting fast-growing tech companies. Speaking at an event examining the new listing proposals put forward by the Financial Conduct Authority, Clare Cole, the regulator’s director of market overnight, said London’s listing rules have “often [been] slow and [...]
China: what zero tolerance, supply chain disruption and floods mean for economic growth September 17, 2021 | City Talk Ongoing disruptions mean that we have lowered our forecast for growth in China this year. Activity lost due to outbreaks of Covid and supply chain bottlenecks will be largely recouped, but the lagged effects of past policy tightening are only just starting to take effect. As a result we continue to expect growth to slow [...]
Gas price surge forces industrial sites to close September 17, 2021 Two industrial sites that produce a combined 40 per cent of the UK’s fertiliser have been forced to halt operations due to recent record gas prices. The Times reported that CF Industries had shuttered its plants at Billingham in Teesside and Ince in Cheshire as a direct result of the price spikes. The closures came [...]
Rallying travel stocks lift London markets September 16, 2021 London’s FTSE 100 edged up today on a rally among travel stocks, helping to partly reverse yesterday’s poor performance. The capital’s premier index gained 0.16 per cent to hit 7,027.48 points, partly evening out losses registered on a choppy day on London markets yesterday. The likes of aerospace engineer Rolls Royce and British Airways parent [...]
Power cable fire sends electricity prices higher again September 16, 2021 UK energy prices have continued to surge after a fire yesterday knocked out a crucial power cable that can supply electricity to 1.4m homes. Day-ahead power prices climbed 19 per cent on the back of the incident, with the “interconnector” not expected to be repaired until March. Gas prices closed in on £2 a therm, [...]
Higher than expected inflation clip drags London markets down September 15, 2021 London’s FTSE 100 dipped today, driven lower by a higher than expected inflation clip in August fuelling concerns the Bank of England may rein in stimulus measures sooner than forecast. The capital’s premier index closed down 0.25 per cent to 7,016.49 points, while the mid-cap FTSE 250 finished 1.07 per cent to lower, dropping to [...]
Kremlin: Launch Nord Stream 2 to balance gas prices September 15, 2021 The Kremlin today said that a rapid start-up of the controversial Nord Stream 2 pipeline would help to correct sky-high gas prices across Europe amid a squeeze in supply. Spokesman Dmitry Peskov said: “Undoubtedly, the quickest launch of Nord Stream 2 would significantly balance out the pricing parameters of natural gas in Europe, including on the spot [...]
Five thought-provoking books we’ve read in 2021 September 15, 2021 | City Talk Book clubs aren’t just a way to while away a pleasant hour with friends as you discuss Jane Austen or Julian Barnes over a glass of wine. Our emerging market equities team has established a book club to seek investment insights from beyond the everyday sources. We hope it will spark discussion, and nurture a [...]
Socially responsible investing and performance: a long-term winner September 14, 2021 | City Talk Companies with stronger ESG ratings outperform, particularly in times of crisis, as we witnessed during 2020, says Coline Pavot, La Financière de l’Echiquier (LFDE)’s head of responsible investment research. Companies that rank well according to environmental, social and governance (ESG) criteria tend to outperform the average and have greater resistance to crises. This was confirmed [...]