Business confidence falls “off a cliff” in wake of EU vote July 5, 2016 Business confidence has been rocked in the aftermath of the EU referendum, with the number of firms feeling down about the economy doubling in the week after the vote. Almost half of all firms – 49 per cent – told YouGov and the Centre for Economics and Business Research (CEBR) they were pessimistic about short-term [...]
Big firms suffer as investment banking fees plunge 23 per cent in first half of 2016 July 4, 2016 Investment banking (IB) fees plunged by more than a quarter in the UK and Ireland in the first half of 2016, new figures show. Global fees for the six-month period were $37.1bn (£27.9bn), down 23 per cent on the same period in 2015, according to Thomson Reuters. This was the lowest first-half figure since 2012. And the [...]
At the close: FTSE 100 Brexit bounce halted on Independence Day July 4, 2016 Profit-taking ended a remarkable winning streak on the stock markets today, as the post-referendum bull run ran out of steam and the disappointing economic data began to trickle through. The FTSE 100 closed the session down 0.8 per cent at 6,522.26, despite storming through the 6,600 barrier for the first time since August 2015 in the [...]
Dividend payments outpace profits at FTSE 350 firms for the first time since the recession July 4, 2016 The UK’s top firms paid out more in dividends last year than they made in profits for the first time since the recession, as they ate into reserves, balances sheets and future earnings to protect payouts to shareholders. Despite profits at the 350 biggest UK-listed firms tumbling by more than half to £76.2bn in 2015, [...]
Investors hold the gold as risk-appetite goes cold July 4, 2016 The amount of cash invested in gold funds has jumped by one-third since the beginning of the year, as investors become more and more desperate to squirrel their money away in safe havens. Data from Bloomberg showed holdings in bullion-backed exchange-traded funds (ETFs) swelled to 1,959 tonnes at the end of June, up from 1,458 at the beginning [...]
Brace yourself… the biggest tech IPO of the year is coming – and it’s increased its pricing July 4, 2016 The Japanese messaging app Line has priced its initial public offering higher than expected in what's expected to be the biggest tech IPO so far this year, due to high demand. The WhatsApp-like app has set its target price offering at between 2,900 (£21.30) yen and 3,300 yen, higher than its previous target of between 2,700 yen and 3,200 yen ahead of [...]
Standard and Poor’s: UK will “barely escape fully-fledged recession” July 4, 2016 The UK will narrowly avoid a recession, but only if it stays in the single market for another two years and the Bank of England exhausts its policy toolbox to prop up the economy, a leading ratings agency has said. Standard and Poor's (S&P), said the UK's vote to leave the EU will knock more [...]
Construction output slumps to seven-year low on Brexit fears July 4, 2016 Construction output plummeted in June as firms held off major projects due to uncertainty ahead of the EU referendum, fresh data has shown. The closely-watched purchasing managers' index (PMI) for the sector came in at its worst level for seven years this morning, plunging from 51.2 in May to 46 on an index where scores below [...]
Supermarkets under attack from the short-sellers July 4, 2016 Traders believe the worst is far from over for the UK's embattled supermarkets, as short-sellers have piled in to bet against the sector in the next few months. More than three times as many shares are held by people hoping to profit from a near-term fall in the share price of the UK's leading supermarkets as [...]
At the open: FTSE 100 picks up where it left off with positive start to the week July 4, 2016 Stock markets are still on the up at the beginning of the second week of trading after the UK voted to leave the EU. After hitting 10-month highs at the end of last week and climbing 600 points in five days, there is little sign of profit-taking this morning, with the bluechip index jumping anther [...]