Brexonomics: The five most insidious anti-EU myths debunked June 3, 2016 Eurosceptics peddle a raft of myths about the economic costs of EU membership. These have little, if any, empirical basis, but Brexiteers cling to them doggedly however many times they are refuted by proper academic research. Let’s take a look at the five most insidious ones: One: we keep being told that quitting the EU [...]
Tax freedom day slips into June as annual tax bill grows June 3, 2016 Today marks “tax freedom day”, the day of the year when the average UK worker stops paying tax and starts earning for themselves. The date, calculated by the Adam Smith Institute (ASI), falls four days later than in 2015 and has crept into the month of June for the first time in 15 years. With tax [...]
At the close: Opec uncertainty holds the FTSE 100 down June 2, 2016 What was a volatile day on the markets ended rather flat. Big European Central Bank (ECB) and Opec meetings in Vienna failed to move the FTSE 100 far in either direction and it ended down 0.1 per cent at 6,185.61 points. The ECB decided, as expected, to keep interest rates on hold. Though it did raise growth and [...]
Brent tumbles after Opec fails to agree an oil production ceiling June 2, 2016 Oil tumbled after the Organisation of Petroleum Exporting Countries (Opec) failed to agree a production ceiling at a widely watched meeting in Vienna today. Brent crude, the international benchmark, plunged 1.3 per cent to $49.1 per barrel. It had climbed above the $50 mark this morning, hitting its highest level in a week. West Texas [...]
Rio Tinto says it Lithium project has proven to be “an attractive investment” June 2, 2016 Rio Tinto has signalled it's increasingly interested in lithium, with future demand expected to soar due to the take up of electric vehicles. Dean Gehring, president and chief executive officer, was quoted in its in-house publication saying: "The Jadar project is strategically important for Rio Tinto Minerals and will complement our existing operations." Read more: BlackRock [...]
A vote to leave the EU could send the FTSE 100 south by 10 per cent over 12 months, bankers at UBS have warned June 2, 2016 Quitting the EU could knock the FTSE 100 back by 10 per cent over the next 12 months, to levels last recorded in February this year, UBS Wealth Management has warned. The pound would also take a hit, dropping to $1.25 and €1.20. In February the FTSE fell as low as 5536.97, 10 per cent off its current 6,185.79. The fall would [...]
Mario Draghi wants the UK to stay in the European Union as he unveils date for big bazooka June 2, 2016 Mario Draghi has explicitly called on UK voters to reject Brexit and choose to stay in the EU in the 23 June referendum. The president of the European Central Bank (ECB), speaking in Vienna this afternoon, did not hedge his bets, saying point blank: "The UK should remain in the EU. "The EU will benefit [...]
Ding dong: Europe’s IPO market is set for three big floats this month June 2, 2016 Europe is set for three large floats this month as the continent begins to recover from a slow start to the year. Three initial public offerings (IPOs) worth $1bn (£0.7bn) or more are due to price in the coming weeks. They will be the first this year in the continent, according to Dealogic. Danish company [...]
Before the bell: What you need to know before the US market open June 2, 2016 The European Central Bank (ECB) and the Organization of the Petroleum Exporting Countries (Opec) are both in Vienna today to decide on their respective policies and could add an extra kick of volatility to global markets. Here's what you need to know before the market open at 14:30 London time. US futures are struggling ahead of the opening bell. [...]
ECB will start buying corporate bonds as part of €80bn a month package next week June 2, 2016 The European Central Bank (ECB) will start buying corporate bonds as part of its quantitative easing package next week, it was confirmed today, as the Bank kept monetary policy on hold. The central bank, headed by president Mario Draghi, left its headline interest rates unmoved, with its deposit facility at minus 0.4 per cent and [...]