FTSE 100 opens lower as inflation worries weigh March 10, 2021 The FTSE 100 opened lower this morning as market momentum slowed following a tech-fuelled rally on Wall Street last night and inflation worries weighed on investors. London’s blue-chip index dipped 0.21 per cent to 6,715 points shortly after markets opened. The domestically focused FTSE 250 was marginally down. It came on the back of a [...]
British Business Bank boss calls for more ‘risk-sharing’ in recovery loan scheme March 10, 2021 The head of Britain’s state-owned business bank has called for more risk-sharing in SME lending as she looks at combatting fraud in a new loan scheme. Catherine Lewis La Torre, who took over as chief executive of the British Business Bank (BBB) in September, told City A.M. there is a need for the market to [...]
FTSE 100 and Wall Street push higher on economic recovery hopes March 9, 2021 Wall Street pushed higher and the FTSE 100 reversed early loses to post modest gains today as investors were buoyed by optimism about global economic recovery and more US stimulus. All three major US indices pushed higher, with the tech-heavy Nasdaq rebounding after a steep decline in yesterday’s trading. As the end of trading neared, [...]
George Osborne hits out at Sunak’s ‘unenterprising’ corporation tax hike March 9, 2021 Former chancellor George Osborne has slammed Rishi Sunak for his £45bn plans to raise corporation tax, saying they will send a message to other countries that “Britain isn’t a very enterprising place”. Osborne said today that he would have preferred to raise VAT to raise government revenues instead of Sunak’s plan to hike corporation tax [...]
City A.M. TV – Daily Market Snapshot (video) March 9, 2021 City A.M. TV - Daily Market Snapshot (video)
OECD: Success of vaccine rollout boosts UK GDP forecast March 9, 2021 The Organisation for Economic Cooperation and Development (OECD) has upgraded its forecasts for the UK economy pointing to the success of its vaccine rollout. UK GDP is now forecast to grow 5.1 per cent this year and 4.7 per cent in 2022. It is a marked improvement on the OECD’s December projections which predicted 4.2 [...]
Higher yields not necessarily bad news for stocks, argues City-based investment veteran March 9, 2021 The spike in yields of late has sent shivers through stock markets, which recently reached an all-time high and whose valuations have been labelled as ‘stretched’ by more than one analyst. But this rise in yields, if contained, is not necessarily bad news for stocks. In fact, it suggests that the rotation into reflation-driven cyclical [...]
Impact-Weighted Accounting: the missing ingredient? March 9, 2021 | City Talk Sustainable investment capital increasingly demands evidence that positive impact is produced alongside positive financial return. Once adopted by investors, transparent impact metrics will initiate a rotation in portfolios that moves them away from ‘impact negative’ and toward ‘impact positive’ investments. This impact-driven rotation should produce environmental, social and governance (ESG) Alpha for investors. Impact is [...]
Before the Bell: Who does not love a $120bn auction? March 9, 2021 Starting today, tomorrow and Thursday, the US Treasury will hold a total of $120bn auctions of government bonds in the 3-year, 10-year, and 30-year tenors. All eyes will be on the bid-to-cover ratios after a recent 7-year auction saw that ratio slump. If markets’ appetite for US government debt at these levels disappoints, Jeffrey Halley, [...]
Gamestop phenomenon pushes millennials towards DIY investing March 9, 2021 From bitcoin to the growing interest in day trading and the most recent Gamestop debacle a new generation of younger investors has emerged from the pandemic. There has been a general increased interest in personal finance and savings in large part because younger generations have had the opportunity to save during lockdown. Just under half [...]