Exclusive: Brexit hit to London may top £9.5bn a year without EU financial services deal February 10, 2021 As the heart of the UK's service sector economy, London is in line to lose up to £9.9bn a year if a post-Brexit deal on financial services doesn't protect the City, new research out this morning finds.
City A.M. TV: Daily Market Snapshot (video) February 10, 2021 On the surface, risk assets appear to be bullet proof. Commodities including copper and oil, for example, keep trending higher and made new highs yesterday, while certain equity indices such as the Russell 2000 have extended their recent gains (the index is now up 16 per cent YTD). In this brief clip, though, we dig [...]
Pound sterling touches three-year high against US dollar at $1.38 on vaccine success February 10, 2021 GBP hit a three-year high against the US dollar this morning, with vaccine optimism boostong pound sterling
The pandemic is distorting forecasters’ economic data, argues chief economist February 10, 2021 The pandemic already forced economic forecasters out of their comfort zone, but the terrain is now getting even more perilous. It is no longer sufficient to make a simple assumption about ‘the virus’. According to Neil Shearing, group chief economist at economic research firm Capital Economics, forecasts now have to consider factors such as vaccine [...]
Before the Bell: Focus on Andrew Bailey speech later today February 10, 2021 It was quiet in the markets yesterday as the overall outlook did not change. The same stories were circulating: vaccine rollouts and the prospect of additional stimulus from the US. Late last week, it was revealed the Democrats decided to try and implement the proposed $1.9 trillion spending package without receiving approval from the Republicans [...]
FTSE 100 closes flat while Wall Street rally loses steam February 9, 2021 The FTSE 100 closed flat on Tuesday afternoon while Wall Street retreated on the back off a record session yesterday. London’s blue-chip index closed 0.12 per cent higher as sterling rose to a near three-month high, largely because the dollar floundered as investors eyed a large stimulus package on the horizon. The FTSE 250 closed [...]
Totally different? Oil giant to rebrand as Total Energies February 9, 2021 French oil giant Total today said it would change its name as the firm looks to reduce the share of sales it derives from oil products over the next decade. The supermajor will rebrand as Total Energies, it said today, as it seeks to expand its renewable energy presence. Central to this is a plan [...]
Oil prices hit highest levels in 13 months on back of supply cuts February 9, 2021 A seventh straight session of gains sent oil prices to their highest levels since January 2020 this morning. The rise was driven by a combination of supply cuts by major producers and optimism over a recovery in fuel demand support energy markets. Benchmark Brent crude futures picked up 0.7 per cent to stand at $60.97 [...]
London loses carbon futures trading to Amsterdam, in Brexit hit to City February 8, 2021 Intercontinental Exchange (ICE) today said it will move its trading of European carbon futures and options to its Netherlands-based exchange in Amsterdam from London during the second quarter, in the latest sign of financial activity leaving Britain for the bloc due to Brexit.
US markets surge to a record and FTSE starts the week on a high February 8, 2021 US markets surge to a record and FTSE starts the week on a high