Sterling surges above $1.22 after MPs rip up Boris Johnson’s Brexit strategy September 4, 2019 The pound hit $1.22 against the dollar as it continued to rise after MPs defeated Prime Minister Boris Johnson’s Brexit strategy in Parliament last night. Sterling hit $1.22 by lunchtime, helped by poor US manufacturing data, before falling back slightly. The pound is now hovering around $1.293, an increase of 0.89 per cent. Read more: [...]
August was awful for stocks, but September could be worse September 4, 2019 | City Talk Trade tensions caused havoc for global stocks, making August only the second month of 2019 where the market closed lower. But September traditions could mean that more pain is still to come. Traditionally, September is a bad month for stocks. Starting in 1937, the S&P 500 and Dow have closed the month 1 per cent lower on [...]
Marks and Spencer set to be ejected from FTSE 100 for first time in 35 years September 3, 2019 Marks & Spencer is set to lose its place in the FTSE 100 list of the UK’s biggest companies tomorrow after 35 years, ending its long-held membership as one of 28 original firms. Read more: Marks and Spencer to shut seven stores for final time in restructuring The troubled retailer will drop down to the [...]
Sterling rebounds as traders hope for block to no-deal Brexit September 3, 2019 The pound has rebounded this afternoon as traders hope for a no-deal Brexit to be avoided in a parliamentary showdown and weak US data drags on the dollar. Read more: Brexit: Tory MP Phillip Lee defects to Lib Dems during Boris Johnson speech Sterling this morning fell to lows not seen since the mid-1980s, if [...]
Sterling recovers from 34-year low amid Brexit showdown September 3, 2019 Sterling crashed below $1.20 this morning to a 34-year low as markets readied themselves for a tumultuous day in Westminster as political chaos hits the Brexit process. The pound (GBP) dropped as much as 0.83 per cent in early London trading to trade at $1.1961 against the dollar (USD). Read more: Brexit: PM to call [...]
Oil prices tumble on higher Opec output and slower Korean growth September 3, 2019 Oil prices tumbled today as more symptoms emerged showing the impact of US President Donald Trump’s trade war with China. Brent crude dropped as much as two per cent in the mid afternoon, and was selling for $57.45 per barrel at the time of writing. Read more: New York Times drops sponsorship of London oil [...]
Gold miner Acacia’s shareholders overwhelmingly approve Barrick takeover bid September 3, 2019 Shareholders in Acacia Mining have clubbed through a suggestion to sell the business to its biggest part-owner Barrick Gold, a move which could end a two-year standoff with the Tanzanian government. Investors owning more than 99.9 per cent of the shares in Acacia voted for the proposal at a meeting starting midday today. It means [...]
Panicked investors flock to government bonds as yields hit record low September 3, 2019 Investors are piling into UK government bonds in an attempt to seek safety amid ongoing political turmoil, pushing the yield on 10-year gilts down to a record low. The yield on 10-year gilts – effectively the interest rate investors receive – fell to 0.37% this morning. Read more: ‘Uncharted waters’: Sterling hits 34-year low as [...]
Saudi Energy Minister ousted from Aramco board ahead of expected float September 2, 2019 Saudi Arabia has removed its energy minister from the chairmanship of state-owned oil giant Saudi Aramco as it prepares to float the company as soon as next year. Khalid Al-Falih will step down from the position, as the company tries to avoid too many conflicts of interest as it hits the public markets for the [...]
Nickel soars as Indonesia bans ore exports September 2, 2019 Indonesia today said it would bring forward a planned nickel ore export ban to the beginning of next year, sending prices up to an almost five-year high. The country, which is the world’s biggest producer, said that exports of all grades of nickel ore will be stopped from 1 January 2020, even if companies have [...]