Royal Dutch Shell profits slide 15 per cent amid low oil prices October 31, 2019 Royal Dutch Shell became the third oil supermajor to feel the strain of low oil prices this week as profits fell 15 per cent in the third quarter. However, Shell still managed to comfortably beat analysts’ expectations, posting earnings of $4.8bn (£3.7bn), well ahead of the $3.91bn anticipated. Read more: Total latest to suffer from [...]
Tax cuts could do for our economy today what the Reformation did 502 years ago October 31, 2019 On this day in 1517, German monk Martin Luther nailed his 95 Theses to the door of All Saints’ church in Wittenberg. In so doing, Luther set in motion a series of events which would have a dramatic impact on the political landscape of Europe, transform the economy, and alter the lives of ordinary people [...]
UK consumer confidence at six-year low ahead of election October 31, 2019 Brits’ confidence in the economy fell back to its joint-lowest in six years this month, a survey showed today, as yet more Brexit uncertainty increased consumers’ gloom. Read more: Fourth time lucky as MPs back Boris Johnson for December election The consumer confidence index from market research institute GfK fell to minus 14 in October. [...]
US Federal Reserve lowers rates again but signals it is done cutting October 30, 2019 The US Federal Reserve took the axe to interest rates for the third time in a row today, just hours after data showed the US economy slowed in the third quarter. Read more: US economic growth beats expectations with Fed poised to cut rates Fed president Jay Powell struck a more cautious tone than at [...]
Russian pipeline Nord Stream 2 gets final approval October 30, 2019 The controversial Russian oil pipeline Nord Stream 2 has been approved by Denmark, removing the last obstacle in the way of the project’s completion. The Danish permit, which has been pending since April 2017, was the last needed for the 1230km pipeline from Russia to Germany to be completed. Read more: European politicians blast Gazprom [...]
US economic growth beats expectations but Fed still set to cut rates October 30, 2019 US economic growth slowed in the third quarter but beat expectations as consumer spending and higher exports offset a fall in business investment. Read more: S&P 500 hits all-time high on trade and Fed optimism The US economy grew at an annual rate of 1.9 per cent between July and September, the US Commerce Department [...]
The death of yields in six charts October 30, 2019 | City Talk There has been a relentless downward move in global bond yields since the 2008 Global Financial Crisis. This trend – underpinned by highly supportive central bank policies and stubbornly low inflation – has been a defining characteristic of the post-crisis world. Another defining trait of this period, and a landmark for financial markets, has been [...]
Severn Trent announces new chair October 30, 2019 Severn Trent announced this morning that Christine Hodgson had been appointed as the next chair of the FTSE 100 water company. Hodgson will succeed Andrew Duff in April 2020, having joined the board as a non-executive director from 1 January. Read more: Severn Trent chairman steps down as water firm implements new plan She is [...]
Total latest to suffer from low oil prices in Q3 results October 30, 2019 Oil supermajor Total’s profits slumped by 24 per cent this morning as it became the latest company to be hit by low oil and gas prices. The French company’s third quarter results showed that profit was $3bn (£2.3bn), down from $6.24 billion in the same three months in 2018. Read more: Weak oil prices push [...]
The economic impact of Brexit tariffs only tells us half the story October 30, 2019 Brexit is about much more than the economic costs and benefits, but the idea that the former dramatically outweigh the latter has become the received wisdom in much of the media. Report after report emerges which purports to show that, under any of the various trade arrangements envisaged, the UK will be worse off as [...]