Sugar price rally continues as Thailand warns production could take hit as a result of El Niño weather phenomenon June 1, 2016 The recent raw sugar price rally continued today as the sweet commodity traded at around 17.30 cents per per pound, according to Nasdaq data. Prices have reached a two-year high over the past week in a positive swing that contrasts with many other commodities, particularly metals such as copper and iron ore, whose rally at [...]
EU referendum: The industries that will – and won’t – feel the Brexit hit June 1, 2016 Big UK and European businesses could see investment dry up if the UK votes to leave the European Union on 23 June, according to Standard and Poor’s (S&P). The ratings agency warned Brexit would “paralyse capital investment”, leave companies across the continent struggling to secure funds for “years to come” and “erode the competitive position” [...]
Commodities hedge funds shrug off money manager woes amid metals boom and oil price uptick June 1, 2016 Commodities hedge funds shrugged off the problems plaguing other money managers at the start of this year, as investors piled into the long-suffering sector. Following more than three years of negative sentiment, investors returned to the commodities sector in the middle of last year and have since allocated $5.4bn (£3.7bn), according to data tracker eVestment. It comes during a torrid [...]
At the close: Stocks and sterling on the slide June 1, 2016 The FTSE 100 picked up where yesterday left off, shedding yet more points as a package of opinion polls, weak economic data, and a miserable start to meteorological summer dented traders' spirits. The London index dropped 0.6 per cent to fall below the 6,200 mark, after it missed out on stumbling to four consecutive months of gains [...]
Graduates expect to earn £28,362 in their first job after university June 1, 2016 As the class of 2016 polish off finals and prepare for graduation, eyes will turn to the prize – that lucrative and hard-earned first foray into the world of work. And this year's graduates – the second cohort to have paid £9,000 a year in tuition fees – are expecting some rather handsome pay packets to [...]
Before the bell: What you need to know before the US market open June 1, 2016 The Organisation for Economic Co-operation and Development (OECD) has warned that Brexit would play havoc with the global economy and Japan's Prime Minister Shinzo Abe says the country will get fresh new stimulus in the Autumn. Here's what you need to know before the market open at 14:30 London time. US indices are pointing the wrong way in the pre-market. [...]
Sterling has plunged against the dollar after opinion polls show the EU referendum sides are neck-and-neck June 1, 2016 Sterling has crashed against the dollar over the last 48 hours after a smattering of opinion polls raised the chances of the UK voting to leave the EU. The pound was trading at $1.4428 this lunchtime, down more than three cents on the highs of $1.4739 reached last week as traders said volatility was going to increase [...]
There are 2m barrels of oil stuck in the Caribbean sea because Venezuela can’t afford to pay BP June 1, 2016 Four oil tankers carrying more than 2m barrels of oil are stuck in the Caribbean sea because of cash-strapped Venezuela. The cargo of US crude oil cannot discharge at a terminal there until it’s been paid for by Venezuela's state-owned oil company, PDVSA. The firm initially offered to pay for the imports with Venezuelan oil, but negotiations [...]
John McDonnell attacks George Osborne’s economic policy as an “absolute failure” June 1, 2016 The shadow chancellor John McDonnell has launched a stinging attack on George Osborne’s economic policy after the Organisation for Economic Co-operation and Development (OECD) slashed its growth forecasts for the UK economy. The OECD said it now expects the UK to grow by 1.7 per cent this year, down from a prediction of 2.1 per cent [...]
Manufacturing industry set for further slowdown as PMI figures remain weak June 1, 2016 The manufacturing industry is still in the doldrums, according to the new data out today which points to a marked decline in output in the run-up to the EU referendum. The sector clocked a score of 50.1 on the Markit/Chartered Institute of Procurement and Supply (Cips) purchasing managers’ index (PMI) for May, where scores above 50 indicate [...]