Homeowners worried house prices are falling – but dip may prove temporary July 22, 2016 Homeowners across the country think the value of their houses fell over the last month for the first time in more than three years. With talk of a slowdown in transactions and pre-referendum warnings about a house price crash, the house price sentiment index (HPSI) compiled by IHS Markit and estate agents Knight Frank, published [...]
The housing market was buoyed by mortgage momentum on the eve of the EU referendum July 21, 2016 Mortgage lending rocketed to an eight-year high before last month's EU referendum as the housing market showed few signs of pre-vote jitters Figures released by the Council of Mortgage Lenders (CML) showed £20.7bn was dished out to homebuyers and re-mortgagers in June – 16 per cent more than in May. The figure was an eight-year [...]
North Sea oil firms urged to revisit contingency plans after Brexit vote July 21, 2016 Companies operating in the North Sea are being urged to revisit contingency plans drawn up amid fears of a sustained oil price rout, following the Brexit vote. Crude fell as low as $27 per barrel in January, nearly 80 per cent below its peak in June 2014. This forced firms in the basin to think about [...]
Mario Draghi hints at stimulus measures to come but says post-Brexit market too uncertain to make decision at the moment July 21, 2016 ECB president Mario Draghi said Eurozone markets had weathered the post-Brexit market volatility spike with "admirable resilience". Draghi was speaking at a press conference after the ECB decided to maintain rates at its first meeting since the UK's Brexit vote in June. While he praised central banks and "robust" regulation for keeping market stress constrained after the [...]
Mario Draghi maintains rates in first ECB meeting since Brexit vote July 21, 2016 The European Central Bank (ECB) has left rates unchanged across the Eurozone, in line with analysts' expectations. The rates were decided at the first meeting of Europe's central bank since the UK voted in favour of a Brexit last month. Economists were expecting no change to current rates, with the headline deposit rate remaining at [...]
FCA emerges from dark pool dip with conflict of interest calls July 21, 2016 Anonymous share trading platforms known as dark pools must improve their handling of conflicts of interest, the Financial Conduct Authority (FCA) has said. Dark pools are trading venues which have no pre-trade transparency, hiding and anonymising price and volume of orders. Read more: Barclays and Credit Suisse set to settle over dark pools Dark pools [...]
Cairn Energy at centre of HSBC rate-rigging allegations July 21, 2016 Cairn Energy is the client at the centre of a US investigation into rate-rigging, currency fixing and market manipulation, City A.M understands. US prosecutors allege two senior HSBC employees artificially boosted sterling ahead of a $3.5bn deal (£2.7bn in today's prices), netting the bank around $8m in profit. Bloomberg reported that the oil explorer had hired HSBC in 2011 to convert the sales proceeds of [...]
Draghi to hold fire as Eurozone prepares for difficult summer season July 21, 2016 The European Central Bank (ECB) will edge closer towards extending its unprecedented stimulus package today as it enters a crucial period for the future of the single currency in the wake of the UK's Brexit vote. President Mario Draghi is expected to issue yet another last ditch call for national governments to help join him in the battle [...]
Nobody wins from a house price crash July 21, 2016 The full effects of the referendum on Britain’s economy are still unknown. Stocks are faring relatively well, with the FTSE 100 bursting over 6,700 and the FTSE 250 hitting a post-vote high. The pound remains slumped below $1.32, however, while consumer confidence appears to have taken a tangible knock. Many business leaders are worried, and some [...]
Brexit: How to make Britain’s EU retreat a treat for trade deals July 20, 2016 With Britain gearing up to leave the European Union, Westminster is in the midst of a trade frenzy. New departments are being formed, ministers appointed, and the search for trade negotiators is set to span hemispheres. The trio of Leave campaigners that will play a leading role in untangling the UK from Europe – Boris [...]