We asked 12 experts to predict what the FTSE and sterling will do the day before the EU referendum June 10, 2016 Sterling will fall against the dollar and the FTSE 100 will slip back as the UK edges closer to the EU referendum, a dozen leading economists and market analysts have told City A.M. With the pound shooting up and crashing down in response to every new piece of referendum news – especially the opinion polls – [...]
Pre-referendum bounce for construction industry in April June 10, 2016 The construction industry became the latest bit of the UK economy to shake off Brexit uncertainty as output grew at its fastest pace since January 2014 on a monthly basis. Figures released by the Office for National Statistics (ONS) this morning showed that the construction industry was 2.5 per cent larger in April than in March [...]
Business investment growth slows ahead of Brexit vote June 10, 2016 Businesses investment is set for a modest slowdown in the second quarter of the year, as the UK economy creeps towards its vote on EU membership, taking place in just 13 days, accountants have said. The Institute of Chartered Accountants (ICAEW) has predicted growth in corporate spending will dip to 4.1 per cent in the three [...]
120,000 UK jobs lost from the oil price crash June 10, 2016 Over 120,000 jobs are expected to have been lost between 2014 and the end of this year because of the severe hit inflicted on the UK oil industry from tumbling global prices. The strain of low oil prices has caused massive layoffs and cost-cutting across the sector and in related industries over the last 24 months. New employment figures released [...]
British Bankers’ Association set to merge with rival trade associations June 9, 2016 British Bankers' Association (BBA), the trade body that was heavily criticised for its role as the administrator of the Libor interest rate benchmark, is expected to be merged with its rival associations. According to Sky News, BBA members are reportedly set to vote in favour of plans to merge the banking trade bodies to form a [...]
At the close: FTSE falls as miners give up gains June 9, 2016 The FTSE 100 lost ground today as miners slumped. A fall in the oil price, as well as disappointing numbers out of China, meant the blue-chip index snapped its four-day winning streak. The FTSE finished at 6,231.89, down by 1.1 per cent. The FTSE 100 had risen in its previous four sessions. US stocks also dragged as investors worried [...]
French central banker calls for Eurozone parliament to end mistrust June 9, 2016 Mistrust between Eurozone countries has cost the single currency bloc "millions of jobs", according to France's top central banker, who called for the creation of a Eurozone parliament to help the recovery. The Eurozone economy could be up to five percentage points bigger had it been fully prepared for the economic crisis, but "deep political resistance" [...]
Before the bell: What you need to know before the US market open June 9, 2016 South Korea has unexpectedly cut its interest rates, while New Zealand's central bank remains on hold. In China consumer prices rose less than expected, muting economist hopes that the economy is stabilising earlier in the week. Here's what you need to know before the US markets open at 2:30pm London time. US futures are pointing downwards. The S&P is [...]
Magazine publisher ignores London IPO Time Out to target pre-referendum float June 9, 2016 Time Out magazine is planning to float on the alternative investment market (Aim) next week, with an initial public offering (IPO) valuing the company at £195m. The magazine publisher said it will issue 60m ordinary shares at 150p, raising £90m in gross proceeds. Liberum Capital is acting as Time Out’s nominated adviser and sole bookrunner. Read [...]
Yields on UK government debt have just hit a record low ahead of the EU referendum June 9, 2016 The price of government debt in both the UK and Germany hit record lows today, as investors rushed into safe haven assets with the EU referendum and further monetary stimulus on the horizon. The yield on the benchmark 10-year UK bonds hit 1.22 per cent this morning, the lowest since Bloomberg starting tracking the cost of debt [...]