Saudi Arabia to raise $17.5bn in record-breaking bond auction October 19, 2016 Saudi Arabia is on course to break records with its first ever government bond sale on the open markets. The oil giant will raise $17.5bn as it seeks to accelerate its diversification away from oil in the largest dollar-denominated deal of its kind from an emerging market economy, according to reports on Wednesday. Appetite for [...]
Unite urges government to beef up its industrial strategy after GKN job losses October 19, 2016 Britain's biggest trade union warned that the government needs to bring in its new industrial strategy urgently, as 221 jobs at the Yeovil GKN plant, which makes airframes for Royal Navy helicopters are set to be cut. Unite said that Theresa May's "much-trumpeted" industrial strategy needed "flesh put on the bones double quick", otherwise thousands of skilled [...]
Before the bell: What you need to know before the US market open October 19, 2016 The global economic picture is looking rosier as the UK labour market holds up in the face of the shock vote to quit the European Union and the Chinese economy is showing signs of stabilising. Here's what you need to know before the US market open at 2:30pm London time. US futures are mixed ahead of the [...]
Used car supermarket’s share price skids down 20 per cent after Brexit warning October 19, 2016 Used car supermarket Motorpoint’s shares skidded 20 per cent this morning as the company warned it was being hit by Brexit uncertainty. The company, which floated on the London Stock Exchange in May, reported 11 per cent revenue growth in the six months to September in a trading update today. But, at the time of writing, [...]
Investors suddenly think that we’ve seen the worst of the oil price slump October 19, 2016 Oil speculators and a few major investment banks have suddenly turned bullish on crude prices, betting that the rally above $50 per barrel has more room to run. "Global oil inventories (industry and government) increased by 17 million barrels to 5.618 billion barrels in 3Q16. This is the smallest build since 4Q14, confirming that inventory [...]
Jobs market holds up as experts await Brexit hit October 19, 2016 The UK labour market is holding up well in the face of the shock vote to leave the EU, though experts say it is just a matter of time before wages come under pressure and jobs stutter. Employment and pay growth managed to beat expectations in figures published by the Office for National Statistics (ONS) [...]
The pound’s doing what the pound does best October 19, 2016 Of course it was too good to be true. Yesterday, the FTSE 100 rose and the pound was up by more than one per cent against the dollar and the euro. But those who said such a mighty jump to the giddy highs of $1.23 and €1.12 (compared to $1.48 and €1.30 back in June), [...]
Leaked government documents reveal £75bn cost of hard Brexit October 19, 2016 Theresa May has come under fire for regurgitating pre-referendum economic warnings to claim leaving the EU Customs Union would cost the UK £75bn and inflict travel chaos across the country. According to The Guardian, the Prime Minister has circulated papers to top cabinet colleagues on her Brexit planning committee outlining the potential mutli-billion pound cost of a [...]
Cocoa floats well: Hotel Chocolat reports rising revenue and profits after IPO October 19, 2016 Hotel Chocolat has reported growing revenue and profits in its preliminary results after listing on the London Stock Exchange this year. The figures Revenue for the period to 26 June came in at £91.1m, up 12 per cent from £81.1m in 2015. Pre-tax profit, meanwhile, was up from £2.9m to £8.2m, and earnings before interest, [...]
China reports “better than expected” economic growth October 19, 2016 China’s economy is showing signs of stability after the nation’s government reported growth at an annual rate of 6.7 per cent in the last quarter. The growth figure for the three months to September was in line with forecasts and at the same rate as the previous two quarters. Read more: Chinese trade tumbles amid [...]