Market correction pushes up oil prices after Trump tariffs sparked rout August 6, 2019 Brent crude regained some of its losses today after taking a battering on international markets since last Wednesday. The price of the international standard had risen nearly one per cent by the mid afternoon London time, trading at $60.32. Read more: Iran seizes another tanker over fuel smuggling, state media reports It comes as the [...]
China hits back after US labels rival a currency manipulator August 6, 2019 China’s central bank has condemned Washington’s decision to officially call Beijing a currency manipulator, saying it would “severely damage international financial order and cause chaos in financial markets”. Read more: European stock markets tentatively rise as China stems currency fall The People’s Bank of China (PBoC) said it “has not used and will not use [...]
Rare respite for Germany as factory orders pick up August 6, 2019 German factory orders beat expectations in June, official statistics showed today, providing a rare piece of good news for the country’s struggling economy. Read more: Eurozone construction sector held back by Germany in July New orders for manufacturers grew 2.5 per cent on the previous month, far exceeding the 0.5 per cent rise predicted by [...]
European stock markets tentatively rise as China stems currency fall August 6, 2019 European stock markets have broadly risen this morning on signs that the People’s Bank of China has stemmed the fall of the renminbi after the US officially labelled China a currency manipulator. Read more: Tumbling Chinese currency drags down stock markets on trade war fears China’s currency fell to the seven-per-dollar level not seen since [...]
Sirius Minerals shares plummet 25 per cent as it suspends £411m bond sale for Yorkshire mine August 6, 2019 Sirius Minerals shares plummeted 25 per cent this morning as the FTSE 250 firm announced it had suspended a planned $500m (£411m) bond sale intended to finance a mine on the North York Moors. The offering was an important part of the company’s financing package for the Polyhalite mining project. Read more: Sirius Minerals on [...]
Eurozone construction sector held back by Germany in July August 6, 2019 The Eurozone construction sector grew marginally in July despite activity falling in Germany for the first time in nine months. Read more: Investor confidence in Eurozone hits five-year low The construction purchasing managers’ index (PMI), a gauge of the sector’s health from data firm IHS Markit, rose slightly to 50.8 in July from 50.6 in [...]
Free ports could turn Brexit to our economic advantage August 6, 2019 One of the most exciting shifts in policy under the new government has been its whole-hearted embrace of free ports. But many people are still puzzled by what they are. In a nutshell, free ports are areas which are within the UK, but outside its customs borders. So you can bring your goods into the [...]
Debate: Are professional traders becoming obsolete? August 6, 2019 Debate: Are professional traders becoming obsolete? Yes – Mike Read is chief executive and co-founder of Pelican Trading. Trading as we know it is certainly becoming obsolete. Financial instruments will always be traded, but the traditional isolated trading model we know today will soon be consigned to the past. Platforms that connect individuals wanting to [...]
FTSE 100 takes battering as trade worries shake global markets August 5, 2019 The FTSE 100 took its second battering in as many sessions today as trade tensions and the prospect of a no-deal Brexit put the fear of God into investors. The blue-chip index lost 183.21 points, or 2.47 per cent, to end the day at 7,407.06, after dropping more than 177 points on Friday. Only miner [...]
Cuadrilla seeks permission to keep fracking until 2021 August 5, 2019 Cuadrilla will apply for permission to continue work at the UK’s most advanced fracking site as the industry seeks a way forward despite regulation it claims is stifling business. Chief executive Francis Egan will ask Lancashire County Council to let the firm continue for another 18 months on top of the current period. Read more: [...]