At the close: Sterling and stocks break apart July 5, 2016 In yet more proof the stock markets and the UK economy don't always move in lock-step, the FTSE 100 jumped today, while the pound slumped, and signs of a post-referendum slowdown grew. The index of the UK's top 100 companies started the day down as it looked like the post-referendum bounce was drawing to a [...]
iPhone builder plans float for cloud unit that could raise $1bn as demand for data transfer products soars July 5, 2016 The builder of Apple's iPhone has filed to float its cable and connector unit in Hong Kong in a deal that's thought could raise as much as $1bn (£765m). Taiwanese firm Hon Hai Precision Industry – known as Foxconn Technology Group – assembles most of Apple's iPhones and many of the other smartphones in use around the world. The planned initial public offering [...]
Gatwick Gusher confirms “particularly valuable” licence extension July 5, 2016 UK Oil & Gas (UKOG) today confirmed a series of licence changes that will pave the way for further exploration across four of its UK sites. The company behind the Gatwick Gusher announced that the Oil and Gas Authority had approved the widely-expected changes. It was a decision that executive chairman Stephen Sanderson described as [...]
Oil slips below $50 per barrel as global economic storm clouds gather July 5, 2016 The oil price has dipped below $50 per barrel as investors fret over a potential slowdown in global economic growth. It's feared that a global slowdown could result in a slackening in demand and recent supply outages in Nigeria and other exporting nations have not been enough to offset fears. At pixel time Brent crude was [...]
Brexit has driven down bond yields – and it’s hurting pension funds and banks July 5, 2016 The idea of loaning a government money for no return is absurd. But that’s what’s happening in five European countries, and at some multi-nationals. Investors have been loaning them money for next to nothing, and in some cases even paying for the privilege of buying up the debt. So-called negative yields have been creeping across Europe [...]
Big firms suffer as investment banking fees plunge 23 per cent in first half of 2016 July 4, 2016 Investment banking (IB) fees plunged by more than a quarter in the UK and Ireland in the first half of 2016, new figures show. Global fees for the six-month period were $37.1bn (£27.9bn), down 23 per cent on the same period in 2015, according to Thomson Reuters. This was the lowest first-half figure since 2012. And the [...]
At the close: FTSE 100 Brexit bounce halted on Independence Day July 4, 2016 Profit-taking ended a remarkable winning streak on the stock markets today, as the post-referendum bull run ran out of steam and the disappointing economic data began to trickle through. The FTSE 100 closed the session down 0.8 per cent at 6,522.26, despite storming through the 6,600 barrier for the first time since August 2015 in the [...]
Investors hold the gold as risk-appetite goes cold July 4, 2016 The amount of cash invested in gold funds has jumped by one-third since the beginning of the year, as investors become more and more desperate to squirrel their money away in safe havens. Data from Bloomberg showed holdings in bullion-backed exchange-traded funds (ETFs) swelled to 1,959 tonnes at the end of June, up from 1,458 at the beginning [...]
Brace yourself… the biggest tech IPO of the year is coming – and it’s increased its pricing July 4, 2016 The Japanese messaging app Line has priced its initial public offering higher than expected in what's expected to be the biggest tech IPO so far this year, due to high demand. The WhatsApp-like app has set its target price offering at between 2,900 (£21.30) yen and 3,300 yen, higher than its previous target of between 2,700 yen and 3,200 yen ahead of [...]
Supermarkets under attack from the short-sellers July 4, 2016 Traders believe the worst is far from over for the UK's embattled supermarkets, as short-sellers have piled in to bet against the sector in the next few months. More than three times as many shares are held by people hoping to profit from a near-term fall in the share price of the UK's leading supermarkets as [...]