Hedge fund makes hefty bets against London Stock Exchange and Deutsche Boerse December 12, 2018 Hedge fund Merian has taken a £70m bet against the London Stock Exchange amid uncertainty over the future of derivative contracts in the event of a no-deal Brexit. Merian Global Investors – one of the most active short sellers in the UK and EU – opened a 0.5 per cent short position on LSE last [...]
Pound surges as support for Theresa May grows ahead of no confidence vote December 12, 2018 The FTSE 100 and the pound have both climbed this afternoon as support grows for Theresa May ahead of tonight's no confidence vote. The blue chip index has risen one per cent today from initial lows in early trading when it was confirmed the required 48 letters had been sent to the Conservative backbench 1922 [...]
Why investors should be wary of star managers December 12, 2018 For a long time, it seemed like Neil Woodford could do no wrong. That was until 2017, when the UK’s best known fund manager seemed to lose his magic touch – and since then, the returns from his three popular funds have been struggling. His flagship Woodford Equity Income fund has lost investors almost 10 [...]
Thomas Cook’s shares rebound after senior executive says bookings for 2019 have started strongly December 12, 2018 Thomas Cook’s share price jumped more than 15 per cent this morning after a senior executive said bookings for 2019 had started strongly. The travel company has experienced severe turbulence this year, warning on profits twice as the hot summer hit holiday bookings. Its share price has taken a battering, falling from 117p this time [...]
FTSE 100 and sterling climb on Brexit delay possibility and US-China trade tensions easing December 12, 2018 The FTSE 100 is up one per cent today despite blue-on-blue infighting in the Tory party seeing Prime Minister Theresa May face a threat of a no confidence vote this evening. Conservatives will vote in a secret ballot tonight on whether they wish May to remain leader or whether she should stand down, after she [...]
Chinese streaming giant Tencent Music raises $1.1bn in IPO December 12, 2018 Chinese tech giant Tencent will raise roughly $1.1bn (£877m) in the US initial public offering (IPO) of its music streaming division. Tencent Music priced its shares at $13 each, at the low end of its $13-$15 range, and will begin trading on the New York Stock Exchange today. The share price puts Tencent Music’s value [...]
Sterling volatile ahead of no confidence vote on Theresa May December 12, 2018 The pound has been on a rollercoaster ride this morning as it reacts to a series of political shocks. Reports that the Conservative party were set to trigger a vote of no confidence in Prime Minister Theresa May – confirmed this morning – sent the pound to a fresh 20-month low against the dollar yesterday. [...]
Wood Group says 2018 performance in line with expectations but warns of future oil market volatility December 12, 2018 Ftse 250 oil field services company Wood Group said today that its 2018 performance has been in line with expectations, but warned of future market volatility. The company said it expects full-year revenue to be more than 10 per cent up on 2017, in the region of $10.9bn (£8.7bn) to $11.1bn. It said it expects [...]
DEBATE: Can we stop worrying now that earnings are rising at their highest rate in a decade? December 12, 2018 Can we stop worrying now that earnings are rising at their highest rate in a decade? Michael Hayman MBE, co-founder of Seven Hills and co-author of Mission: How the Best in Business Break Through, says YES. May you live in interesting times – the old Chinese curse has found new life in Brexit Britain. Mired in [...]
Hyperbolic discounting explains why the French are revolting over Macron’s fuel tax December 12, 2018 Economists have long argued that an effective way of reducing carbon emissions is by increasing taxes on energy consumption. This year’s Nobel laureate, Bill Nordhaus, advocated a global carbon tax over 40 years ago. The scientific logic is impeccable. But the practical politics of it are fraught with difficulties. To say that energy taxes, and [...]