Peso plunges back to near-record low level against the dollar November 10, 2016 The Mexican peso has plummeted again today, after a volatile 24 hours of trading in the wake of yesterday's US election shock. The peso dove to a record low against the dollar yesterday after Donald Trump emerged victorious from one of the most hotly contested US Presidential elections in history. The Mexican currency dropped 11 [...]
Trumpism will clash with economic reality November 10, 2016 Yesterday marked the 27th anniversary of the fall of the Berlin Wall. It also heralded the ascendancy to the world’s most powerful office of a man whose most famous campaign pledge is to construct a massive wall along the length of America’s southern border. “We’re going to build it,” declared Trump, “and Mexico’s going to [...]
Anti-free trader Donald Trump is on a collision course with economic reality November 9, 2016 US presidential elections have always been imbued with protectionist rhetoric, most notably in the Democratic party primaries. What’s different in 2016 is the scale of it and the fact that it comes from the other side of the political aisle. The election of Donald Trump pitches political rhetoric against economic history. Those who know their [...]
Bank of America shaves outlook for US GDP next year November 9, 2016 One of the US' major banks has today revised down its economic outlook for 2017 following Donald Trump's surprise triumph in the US presidential elections. In a note from Bank of America Merrill Lynch Global Research, the bank stated that, thanks partly to the large levels of uncertainty surrounding the new president-elect's policies, it was knocking 0.5 of [...]
The Bank of England has revealed the startups in its fintech accelerator November 9, 2016 The Bank of England has lifted the lid on its groundbreaking fintech accelerator which launched back in June. Speaking at the Web Summit in Lisbon on Wednesday, the central bank's chief operating officer Charlotte Hogg said it had been focused on three key areas: "data analytics, information security, and some work exploring distributed ledgers." "Just over [...]
Reducing taxes, ending trade deals, squaring up to China and blocking mega-deals: Do Donald Trump’s policies add up? November 9, 2016 Casual observers of the US presidential election campaign may be surprised to learn that Donald Trump’s policy plans extend beyond building a wall across the Mexican border and banning Muslim people from entering the US. In fact, the Republican has set out plans for change across 15 policy areas, including foreign policy, national defence, infrastructure, cybersecurity and regulations. [...]
Investment by businesses is expected to be broadly stable or slightly lower over the next year, according to BoE agents (they’re not secret agents though) November 9, 2016 Business investment by UK firms is expected to slow over the next 12 months – but not by a lot. The Bank of England said a survey carried out by its regional agents pointed to broadly stable or slightly lower investment spending over the coming year. Uncertainty around future demand for goods and trading arrangements as the UK [...]
If you weren’t worried enough today, the European Commission has just cut UK growth expectations for 2017 by almost half November 9, 2016 The European Commission has today pointed the finger of blame squarely at the UK's vote to quit the European Union for its downgrade of European and UK growth. According to the EC, UK GDP is now expected to come in at 1.9 per cent this year, one per cent next year, and 1.2 per cent in 2018. You [...]
Bank shares tanked on Donald Trump’s triumph November 9, 2016 Banks' shareholders were clearly less than thrilled about who won the race to the White House this morning, but are learning to live with it this afternoon. After dipping initially this morning, shares for the big banks listed in London have now recovered. Shares in HSBC are currently up 0.1 per cent at 620.6p, Lloyds Banking Group [...]
Hired raises another $30m to recruit tech talent for Facebook, Uber and top tech companies November 9, 2016 Recruitment startup Hired has landed a new round of funding just months after it last raised cash, City A.M. can exclusively reveal. The Ontario Pension Board and wealth advisory firm Glenmede Trust, both of which already have a stake in the firm via venture capital (VC) investments, are among new investors to put $30m (£24.2m) into the startup, [...]