London leads Europe in follow-on fundraising with busiest period in a decade July 13, 2020 While London markets may have faced a lull in new placings, they had their busiest half for follow-on fundraising in a decade. Data from accountancy firm EY shows more than £21bn of funds were raised in the first and second quarters in London. In the six months to June, existing issuers dominated the market raising [...]
World’s biggest firms to borrow $1 trillion amid coronavirus crash July 13, 2020 The world’s biggest companies are set to borrow as much as $1 trillion (£790bn) this year as they try to weather the coronavirus crisis, according to one of the City’s biggest asset managers. The world’s 900 biggest companies borrowed an additional $384bn between January and May by issuing bonds as they scrambled to strengthen their [...]
Liberal Democrats secure coronavirus briefing with Bank of England governor Andrew Bailey July 12, 2020 Liberal Democrat MPs will get a briefing from Bank of England governor Andrew Bailey on Thursday in order to get a more “realistic” view of the British economy. The closed door meeting will give the party’s 11 MPs a chance to quiz the Bank of England boss about the UK’s economic recovery prospects and the [...]
FTSE 100 climbs but Wall Street flat as US coronavirus cases jump July 10, 2020 The FTSE 100 rose but Wall Street was mixed as investors weighed a record daily rise in new coronavirus cases in the US against the reopening of economies. The UK’s main stock index was 0.6 per cent higher in afternoon trading at 6,083 points. The FTSE 250 index of slightly smaller jumped 1.2 per cent. [...]
UK government bond yields hit record low July 10, 2020 Short-dated UK government bond yields hit new lows today as unprecedented interventions from the Bank of England combined with economic uncertainty to boost the gilt market. The yield – which moves inversely to price – on the 2-year bond or gilt dropped to minus 0.122 per cent in morning trading before rebounding slightly. The yield [...]
Moody’s: UK to suffer worst crash of any big economy July 10, 2020 The UK will suffer the worst economic crash of any major economy this year, credit ratings agency Moody’s has predicted, with Brexit acting as a drag after the coronavirus crisis. Moody’s also said government debt as a share of national income will balloon by 24 percentage points compared to its 2019 level, two days after [...]
IEA raises oil demand forecast but warns of coronavirus threat July 10, 2020 The International Energy Agency (IEA) raised its 2020 oil demand forecast today but warned the ongoing spread of coronavirus could cause more disruption. The organisation raised its oil demand forecast to 92.1m barrels per day, 400,000 higher than its prediction last month as the virus-struck second quarter suffered a smaller decline than expected. But the [...]
London house prices flatline amid coronavirus uncertainty July 10, 2020 London house prices stayed flat in the second quarter of this year as coronavirus took an uneven toll on the property market across the country, according to new figures. The Halifax house price index on Tuesday showed that UK house prices fell for the fourth month in a row in June. That meant house prices [...]
Asian stocks drop as US coronavirus cases soar July 10, 2020 Asian stocks dipped this morning as several US states recorded soaring new coronavirus cases, sparking concern about economic recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.74 per cent while Japanese stocks were down by 0.58 per cent. China’s Shanghai composite index dropped 1.5 per cent as state media discouraged retail investors from [...]
EU to maintain access to City of London clearing houses after Brexit July 9, 2020 Brussels has moved to ensure EU member states retain access to the City’s clearing houses after the end of the post-Brexit transition period on 31 December. The EU will allow its members to have access to the UK’s clearing houses, some of the largest in the world, on a “time limited” basis, according to European [...]