Poor start of the month for global markets: April weakness rolls into May with China lockdowns not helping May 3, 2022 Asia markets got off to a poor start to the month yesterday, as did markets in Europe after the latest China PMIs showed that economic activity in April fell back by more than expected. Much was made of the slowdown in China manufacturing to 47.4 from 49.5, however non-manufacturing saw an even bigger fall, plunging [...]
Exclusive: Londoners absorb heaviest national insurance hike hit May 3, 2022 Londoners have suffered the worst blow to their finances in the UK in the first month the national insurance hike has been in effect, reveals exclusive research shared with City A.M. today. Workers in the capital have absorbed a near £300m blow to their budgets from higher national insurance bills, the biggest jump in the [...]
Investors brace for more US Federal Reserve and Bank of England rate hikes May 3, 2022 Traders in the City and Wall Street are this week bracing for their respective central banks to push on with more rate hikes in response to a historic inflation crunch on either side of the pond. The US Federal Reserve and Bank of England announce their next interest rate decision tomorrow and Thursday respectively. Both [...]
Kremlin to net $180bn tax windfall from energy price surge May 2, 2022 The Kremlin is set to receive a tax windfall from its brutal invasion of Ukraine sending energy prices soaring, reveals analysis released today. Revenue from oil and gas sales “will increase significantly to more than $180bn (£143bn)” this year, energy consultancy Rystad Energy estimates, a 45 per cent and 181 per cent surcharge compared to [...]
China zero-Covid policy and Ukraine war brings Europe factory output to ‘standstill’ May 2, 2022 China’s adherence to zero-Covid tolerance policies and Russia’s invasion of Ukraine has brought manufacturing “to a near standstill” in Europe, reveals a closely watched survey released today. Widespread shortages of raw materials used by factories on the Continent caused by Beijing plunging key trade hubs such as Shanghai into lockdown in response to a surge [...]
Week ahead: Wall Street and City eye central bank rate decisions May 2, 2022 Traders in the City and on Wall Street will be eyeing how much their respective central banks hike interest rates by in a week of key economic and corporate announcements. London’s premier FTSE 100 index posted a reasonable performance last week, adding 0.3 per cent to finish at 7,544.55 points, while the domestically-focused mid-cap FTSE [...]
Saturday Sitdown: MovePlan’s EMEA chief on rethinking ESG as working policies are being rewired April 30, 2022 Over the last few years, ESG has become integral in any business strategy, and rightly so. It’s a deal-breaker not just for investors but also for those considering new roles. In fact, City A.M. recently reported how businesses with poor ESG credentials are struggling to attract talent, a sure sign of the importance of substantive [...]
China’s reckless pursuit of zero-Covid must finally teach us resilience in supply chains April 30, 2022 China's pursuit of zero-Covid has caused pandemic-era supply chains to continue to cause repercussions across the world.
Prime London house prices skyrocket by 114 per cent as homebuyers flock back to the city April 30, 2022 While prime London property prices have remained largely flat on a year on year basis, life is starting to return to the capital’s top tier, with some postcodes seeing average sale prices climb by as much as 114 per cent. However, not everywhere has fared so well with some postcodes seeing a reduction in average [...]
Brexit from the moon: Dover lorry queue can now be seen on Google Earth April 30, 2022 As hundreds of lorries continue to queue before they can board a ferry in Dover, it has emerged that the unprecedented queue can now be seen on Google Earth. Earlier this month, a 25-mile coastbound stretch of the M20 was closed to store thousands of lorries heading for the Port of Dover or Eurotunnel as [...]