UK vote fails to float Europe’s IPO boat July 7, 2016 The EU referendum has been blamed for slowing flotation activity levels across Europe in a new report. Mergermarket tracked 77 initial public offerings (IPOs), with €11.6bn (£9.9bn) raised, across the continent during the first six months of the year. This was down from 115 floats, which raised €27.1bn, in the first half of 2015. Read [...]
Gold miner Centamin glistens with strong second quarter production growth July 7, 2016 Gold miner Centamin said today that second quarter gold production was significantly ahead of the last quarter and the previous year. The FTSE 250-listed firm reported quarterly gold production at its mine in Egypt jumped 12 per cent to 140,306 ounces in the three months ended 30 June. It rose 30 per cent from the same period a year ago, when output [...]
Switzerland’s banks looking to build ties with Britain ahead of EU negotiations July 7, 2016 Switzerland's banking sector hopes to build a coalition with other international financial centres, including Britain, in order to help with negotiations around access to European Union markets. Banks based in Britain have been able to sell financial services freely across the EU under the bloc's "passporting" system, but this access could be lost after the vote to [...]
Strong GDP estimates conceal signs of Brexit contraction July 7, 2016 The UK economy grew by 0.6 per cent in the second quarter of the year according to a new estimate from the National Institute of Economic and Social Research (Niesr) published today. The think tank reckons growth will have picked up from the sluggish 0.4 per cent clocked in the first three months of the year, but [...]
World on course for record number of debt downgrades July 7, 2016 This year will see more downgrades to government credit ratings than ever before, one of the top sovereign debt calculators has predicted. Fitch said 15 countries have already had their credit score slashed, and another 22 are on course for a downgrade if they do not swiftly improve their economic outlook. This puts the world on track [...]
Brexit risks means investors can’t get enough of government debt July 7, 2016 The demand for government debt was its strongest for more than three years in the second post-referendum auction of UK bonds held this morning. Investors jumped at the opportunity to get their hands on the safe haven 10-year bonds, with demand for the £2.25bn worth of coupons on offer outstripping supply by 2.3 to one. [...]
One analyst thinks sterling could reach parity against US dollar July 7, 2016 Sterling could be on course to reach its lowest ever level against the dollar if the country does not sort out the political crisis and secure a good deal with Europe, a leading economist has warned. The chief economic adviser to insurance giant Allianz, Mohamed El-Erian, said the pound is "facing a double whammy" of [...]
Asset managers close the gate on £15bn-£20bn funds July 7, 2016 Post-referendum reverberated through the City yesterday as several more property funds were forced to shut the gate on their investors, while the value of the pound languished below $1.30. Six companies’ funds, with an estimated value of £15bn to £20bn, have been frozen this week as fears over the consequences of the UK’s vote to leave [...]
Business confidence comes crashing down after Brexit vote July 7, 2016 The latest evidence of the extent to which the UK's vote to leave the EU has shaken the economy has been released today, with another survey showing a remarkable decline in business confidence. The Lloyds business barometer crashed from a score of 32 to just six on an index where positive scores indicate rising business activity. [...]
US Federal Reserve June minutes show labour market and Brexit fears July 6, 2016 The latest US Federal Reserve minutes have shown members agreed they should wait for further data on the labour market and the impact of the UK's European Union membership vote before raising rates. Most were in agreement rates should be raised if economic conditions improved, though officials said May jobs payrolls raised uncertainty. The meeting was held a week [...]