Wood Mackenzie: Oil industry to cut $1 trillion spending as North Sea hits “critical phase” June 15, 2016 The global oil industry will spend $1 trillion (£704bn) less on development and exploration in 2015-20, just as the UK's North Sea sector hits a critical phase. Development investment will be around 22 per cent less than what was anticipated before the oil price rout started in the middle of 2014. And an additional $300bn will be cut [...]
At the close: FTSE 100 back on the up as markets and sterling recover some lost ground June 15, 2016 The FTSE 100 ended a four-day losing streak and sterling recovered some of its lost ground in a reassuring day for the markets. After yesterday's routing which wiped £30bn from the UK's leading companies, the blue chip index ended up 0.7 per cent at 5,966.80. That wasn't enough, however, to offset even half of yesterday's dramatic losses, [...]
Before the bell: What you need to know before the US market open June 15, 2016 Fed day is here chair Janet Yellen is unlikely to do anything that would surprise the markets. We'll have the decision at 7pm London time and then wait to hear from the lady herself at 7:30pm. Here's what you need to know before the market open at 14:30 London time. US futures are pointing up [...]
Goldman Sachs declares end to oil price recovery June 15, 2016 Goldman Sachs has dismissed what's been described by some analysts as a recovery in the global oil markets. The uber bear said it expects a "modest" deficit in the coming months due to current prices, before the market returns to surplus early next year. Rising demand, falling US oil output as well as supply disruptions [...]
What to look out for from the Federal Reserve’s interest rate decision this evening June 15, 2016 For a few brief hours this evening, markets will turn their attention away from next week's EU referedum. Eyes will drift across the pond, to the most powerful central banker in the world, Janet Yellen. Tonight the US Federal Reserve's rate-setting Federal Open Market Committee (FOMC) will update the market on its latest economic thinking and [...]
Rarer than a unicorn? This venture capital firm just floated in London June 15, 2016 Draper Esprit, the European firm which has backed startups such as LoveFilm, Graze and Lyst has made its stock market debut in a rare move for a venture capital firm.. With a dual listing on Aim and Ireland's Enterprise Securities market (ESM), shares on London's junior market were up as much as four per cent on the [...]
Hollywood Bowl strikes for £280m London IPO June 15, 2016 Hollywood Bowl Group, the UK's largest 10-pin bowling operator, will float on the London Stock Exchange next month in a deal valuing it at around £280m. The group, which runs 54 bowling centres around the country, has been striving to modernise the popular pastime with Americana-themed diners, licensed bars and interactive scoring systems that "customers didn't even know they wanted". Steve [...]
Record employment eases pre-referendum pressure on household finances June 15, 2016 Households' confidence in their own financial situation rebounded this month in the latest sign that uncertainty around the EU referendum does not appear to be weighing on the economy too heavily. The Markit household finances index, which measures how optimistic or pessimistic UK households feel jumped up from a 22-month low of 42.3 in May [...]
How the ONS single-handedly knocked £100,000 off the average UK house price in April June 15, 2016 Eagle-eyed house price watchers may have spotted something fishy about the official house price figures for April. Yep: in the figures, published yesterday, the average UK house price was almost £100,000 lower than last month – dropping from £292,000 in March to just £209,000 in April. Are those jitters over the EU referendum really having that bad an [...]
Unemployment rate hits lowest level for 11 years and wage growth holds up June 15, 2016 The unemployment rate has fallen to its lowest level in 11 years, as EU referendum fears and the introduction of the national living wage failed to hold back UK firms. Falling from 5.1 per cent last month to five per cent, the headline unemployment rate in the three months to the end of April was the [...]