FTSE 100 knocked by Beijing’s zero-Covid commitment November 7, 2022 London’s FTSE 100 today was weighed down by market sentiment softening after Chinese authorities committed to strict measures to contain Covid-19 breakouts over the weekend. The capital’s premier index dropped 0.48 per cent higher to 7,299.99 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Lenders need to ‘step up’ to support customers, says FCA chief November 7, 2022 The City watchdog said that lenders need to “step up” to support their customers today as they are battered by soaring mortgage rates and rising prices this year.
China trade slumps for first time since May 2020 on zero-Covid rules November 7, 2022 A combination of strict Covid-19 containment measures hobbling factories and a global economic slowdown have kneecapped China’s trade position, official figures out today revealed. Beijing’s commitment to blanket lockdowns to stop the spread of the virus has disrupted production, forcing down factory output and leaving Chinese exporters with fewer goods to ship abroad. The world’s [...]
This Week’s Financial Markets November 7, 2022 | City Talk Looking back to last week, we had a busy week on the calendar. Kicking off the Central Banks was the RBA on Tuesday morning who hiked rates for the 7th consecutive meeting, by 25bps, but sparked some speculation that they could in fact end their hiking cycle earlier than expected. However, with the YoY Trimmed [...]
Evelyn Partners assets tumble £4bn amid market volatility November 7, 2022 Wealth manager and financial services group Evelyn Partners reported a slump in its assets to £52bn today as it became the latest money manager to reveal the damage wreaked by market volatility in the third quarter of the year.
London’s investor pool too shallow to tempt growing firms, say top chairs November 7, 2022 Chairs at some of London’s top firms have slammed a dearth of investors in London and cast doubt on the appeal of the Capital as a hub for growing firms, in a new report surveying the City’s top executives.
Nervous markets scratch their heads over lockdown pain due to confusing China Covid policy November 7, 2022 Despite a big relief rally at the back end of last week, US markets still couldn’t reverse the losses of the previous three days, closing lower for the first time in three weeks, although for European markets it was a somewhat different story. The DAX finished higher for the fifth week in succession, posting its [...]
Home sellers in for a shock as house prices drop across UK and overall growth slows November 7, 2022 House prices across Britain recorded the biggest monthly fall in October since early 2021, according to an index out this a.m. The average property value fell by 0.4 per cent, marking the third month-on-month drop seen in the past four months, Halifax said. The latest month-on-month decrease follows monthly falls of 0.1 per cent in [...]
Bank of England record recession warning reinforced by fresh research November 7, 2022 A new survey out today reinforces the Bank of England’s warning last week that the UK is headed for the longest recession on record. The economy last month was functioning at the same level as during the teeth of the 2021 winter Covid-19 lockdown, according to consultancy BDO. The firm’s output index, which measures the [...]
Euro on course to stay below US dollar parity for some time, Goldman warns November 6, 2022 The euro is on course to stay below parity with the US dollar for some time if gas prices do not fall markedly, a top Wall Street bank has said. The currency used by the 19 countries that make up the eurozone is set to drop to $0.94, according to Goldman Sachs. The euro last [...]