Federal Reserve holds rates ahead of US presidential election November 2, 2016 The US Federal Reserve’s rate-setting Federal Open Market Committee (FOMC) has voted to leave interest rates on hold. But the Fed set the stage for a hike in December amid signs of the economy picking up. The Fed said: The committee judges that the case for an increase in the federal funds rate has continued [...]
Oil prices sink on massive increase in US crude oil stockpiles November 2, 2016 Oil prices have slipped today after US crude stockpiles registered their largest ever weekly increase. The rise blew expectations out of the water, with the US Energy Information Administration (IEA) saying crude-oil stockpiles rose by 14.4m barrels in the week to 28 October. Analysts had pencilled in a build of 1m barrels. Oil prices moved sharply lower, falling [...]
Wetherspoon’s Tim Martin thinks that the falling pound will impact Eurozone businesses more than British companies November 2, 2016 Many of Britain's businesses may be feeling the pinch from sterling's recent malaise but the boss of one of Britain's largest pub chains doesn't think it will cause him too much pain. "The pound has gone up and down over the years and I haven’t noticed over the years a big effect on bar sales [...]
Gold rises above $1,300 per ounce as US election polls and the coming Fed rate decision spooks investors November 2, 2016 Gold prices have hit a one month-high today. Prices topped $1,300 per ounce on the growing uncertainty surrounding the US presidential election and a last-minute rush to safe havens ahead of Fed chair Janet Yellen's interest rate announcement at 6pm London time today. With less than one week to go before the US election and polls tightening, analysts [...]
Aberdeen council launches multi-million pound bond to transform the city November 2, 2016 Aberdeen became the first local council in Scotland to successfully price an investment bond, today, as part of key a strategic push to transform the city. Proceeds from the £371m index-linked bond are equivalent to over a third of the city's annual budget and nearly three times its annual expenditure on capital projects. Bond issuances from local authorities [...]
Brexit will test the UK’s constitutional framework to the limits, a new think tank report says November 2, 2016 Brexit will test the UK's constitutional and legal frameworks to the limit as the public have unleashed "a process as complex as it is unpredictable", a think tank has said. A report out from The UK in a Changing Europe, commissioned by the Political Studies Association, says British politics is "being reshaped" and "our institutions tested" as it [...]
Sterling hits two-week high against the dollar as fears over Trump presidency take their toll November 2, 2016 Sterling rose to a two-week high against the dollar this morning pushed by uncertainty surrounding the US elections. The pound, which has fallen by around 20 per cent since the UK voted to leave the EU, has taken a slight boost today. It has risen around one per cent this week, also pushed up by the news [...]
Moody’s say it could downgrade the UK’s credit rating again if it gets a poor Brexit deal November 2, 2016 Moody's says it would downgrade the UK's credit rating again if it lost access to the Single Market in a Brexit deal. The ratings agency revealed this morning that if the UK were to get a poor Brexit deal, which would "materially weaken medium-term growth and the credibility of UK fiscal policy [would be] undermined". "We would [...]
The UK construction sector looked stronger in October November 2, 2016 Output in the UK's construction sector rose in October, thanks to another "solid" increase in the residential building sector. The Markit/CIPS purchasing managers' index for the construction sector rose to 52.6, up from 52.3 in September. Any figure above 50 denotes growth. The rise was driven by activity in the housing market, but the figures suggested [...]
Asian stocks hit seven-week lows because Donald Trump November 2, 2016 Asian stocks fell overnight, with one Chinese index hitting a seven-week low, after a poll suggested Donald Trump has edged ahead of Hillary Clinton in the race for the White House. The ABC News/Washington Post tracking poll – which was dismissed as "bad polling" – suggested Trump had a 46 per cent lead over Clinton, [...]