Lyft soars (briefly) after accidentally misstating forward revenues by, err, 10 times February 14, 2024 Lyft's stock surged over 15% in extended trading as the ride-sharing company projected achieving positive free cash flow for the year. However, enthusiasm waned after Lyft disclosed an error in its press release, injecting drama.
UK inactivity rate rises as record number out of work due to long-term sickness February 13, 2024 Rising inactivity due to ill-health has been a worrying trend with the UK the only G7 nation where employment is still below pre-pandemic levels.
US inflation comes in ahead of expectations on higher housing costs February 13, 2024 US inflation came in ahead of expectations in January due to elevated housing costs, making it more likely that the US Federal Reserve will wait until the summer to start cutting interest rates. Figures from the Bureau of Labor Statistics showed the consumer price index (CPI) picked up to 0.3 per cent month-on-month in January. Economists had [...]
UK at risk of downgrade: Hunt considers tax cuts amid ‘high debt and borrowing costs’ February 13, 2024 Fitch said that "policy choices are key to reducing UK fiscal uncertainty".
Bank of England still on course for May interest rate cut despite strong pay growth February 13, 2024 In the final quarter of last year, regular pay dropped to 6.2 per cent from 6.7 per cent, above the Bank of England's forecast of six per cent. Not a big overshoot, but an overshoot nonetheless.
Wage pressures ease again but beat Bank of England’s expectations February 13, 2024 Rate-setters at the Bank of England have argued that pay pressures need to ease before interest rates can start being cut.
Why taxpayers have to transfer the banks tens of billions February 13, 2024 The Bank of England attracted yet more unwanted attention last week when MPs described its bond selling programme, known as quantitative tightening, as a “leap into the dark”. According to the Bank’s calculation, quantitative tightening could cost the taxpayer up to £130bn over the lifetime of the scheme. MPs highlighted that it was “highly anomalous” that decisions [...]
Savers not seeing all of Bank of England’s interest rate hikes, Bailey suggests February 13, 2024 "Overall deposit rates have risen by somewhat less than Bank Rate," Andrew Bailey said in a speech at Loughborough University.
Moving markets: Five things shaping the FTSE 100 today February 13, 2024 U.S. stocks closed mixed, while Asia saw modest gains. Bitcoin hits $50,000, oil prices remain stable, and the focus shifts to UK labour market data and U.S. inflation.
Bitcoin breaks $50,000 barrier after over two years February 13, 2024 Bitcoin has surged past the $50,000 mark, marking its highest level since 2021. This surge highlights a significant shift in investor interest, largely attributed to the introduction of mainstream bitcoin investment funds.