Construction industry stumbles but don’t blame Brexit yet August 12, 2016 The stumble in UK construction in the run-up to the referendum was worse than economists first feared, as housebuilding and property development fell back in the second quarter of the year. Construction output dropped by 0.9 per cent in June, according to figures released by the Office for National Statistics (ONS) this morning. The decline [...]
China’s slowdown intensifies with weak summer spending August 12, 2016 China's economic rebalancing hit another speed bump this morning as fresh data came in below expectations. Growth in both the mighty industrial sector and consumer industries slipped back in July, highlighting the extent of China's struggle to maintain its breakneck expansion while also implementing structural reforms. This morning the National Bureau of Statistics said investment in fixed [...]
UK front of the queue for US foreign direct investment August 12, 2016 British investment into the United States underpins more than one million jobs on the other side of the Atlantic, research has shown, highlighting the importance of the economic special relationship. Business group the CBI said the UK has retained its position as the single largest investor into the US, accounting for $449bn (£346bn) – or 15 per cent [...]
FTSE 100 soars to 14-month high as pound falls further against the euro August 11, 2016 The FTSE 100 soared to above 6,900 for the first time this year on Thursday. At 6,914.71, the bluechip index closed up 0.7 per cent, its highest level in more than 14 months. Read more: FTSE 100 charges towards 14-month high as miners gains The market had been lingering at less than 6,850 earlier in the [...]
Ready, Aim – float: IPO activity on London’s junior market is booming this year August 11, 2016 Time Out, Joules, Hotel Chocolat and a northern discount loo roll business called Accrol are among the 27 companies to have floated on London’s junior market so far this year. While the London Stock Exchange’s main market, in common with other big exchanges, has experienced a slowdown in initial public offerings (IPOs) this year, the alternative [...]
Oil shakes off losses after Saudis hint at action to stabilise crude market August 11, 2016 Oil prices jumped today after Saudi Arabia said Opec could take action to stabilise crude markets. Saudi energy minister Khalid al-Falih said the Organisation of Petroleum Exporting Countries and non-Opec members would discuss the current situation, and whether there was a need to stabilise prices, at an informal meeting on 26-28 September. Fears that the market [...]
Commodities trader Noble swings to second quarter loss August 11, 2016 Embattled commodities trader Noble swung to a loss in the second quarter, as it continued with a turnaround plan to regain investor confidence. The Hong-Kong based group said today that it had initiated the sale of its power marketing business Noble Americas Energy Solutions, with the proceeds due to be ploughed into its turnaround plan. "Interest in [...]
One chart showing what would happen to the UK’s GDP if you stripped out London August 11, 2016 Since the Brexit vote and the ensuing realisation of a divide in national political priorities, an increasing amount of noise has been made about turning London into its own state. Admittedly, that's pretty unlikely – but figures put together for City A.M. by Statista using research from German think tank Institut der deutschen Wirtschaft suggests what might happen [...]
Before the bell: What you need to know before the US market open August 11, 2016 Oil is falling and Australia's government is taking steps to stop Chinese firms from taking a controlling stake in its largest energy network: here's what you need to know before the market open at 2:30pm. US futures are pointing to a strong open. The S&P is up by 0.21 per cent, the Nasdaq is 0.24 per [...]
London’s night-time economy could be worth £43bn and an extra 115,000 jobs August 11, 2016 Unlocking London’s night-time economy will deliver a £3bn boost to the capital and help protect London from the economic shock of Brexit, a new report has argued. Research published today said the introduction of the Night Tube, along with a relaxation of licensing laws and other tweaks to help Londoners make the most of the capital [...]