Eurozone relapses as manufacturing downturn deepens July 24, 2019 Economic woes have deepened in the Eurozone as the manufacturing downturn hit a three-month low for July, according to a closely-followed measure of the industry’s health. Manufacturing output relapsed to fall to a score of 51.5 this month after two months of growth, IHS Markit’s Flash Eurozone Purchasing Managers’ Index (PMI) found today. Read more: [...]
Aston Martin share price crashes 21 per cent as it slashes sales target July 24, 2019 Aston Martin’s share price crashed 21 per cent this morning as it warned that macroeconomic challenges have “worsened” for the luxury car manufacturer. Shares slipped to 820p from an open of 841p as Aston Martin slashed its sales expectations in the face of market “softness” for the rest of 2019. Read more: Aston Martin’s biggest [...]
Tradeweb’s CEO on tech, China, and modernising bond markets July 24, 2019 While researching Lee Olesky, the co-founder and chief executive of the fixed-income market platform Tradeweb, I came across an article comparing him to Amazon’s founder Jeff Bezos. Both started their companies in the nineties. Both set out to use the internet and ecommerce to disrupt their respective industries at a time when the idea of [...]
Citizens’ assemblies would hand power to establishment experts July 24, 2019 Citizens’ assemblies have become the height of fashion. The London borough of Camden is currently holding one on how to reduce carbon emissions in the area. Last month, Nicola Sturgeon announced plans to set one up to consider constitutional issues in Scotland. The Irish government’s one on abortion featured in the 2018 referendum on the [...]
Regulators delay introduction of new tougher rules on derivatives after industry pleas July 23, 2019 Global regulators have delayed the introduction of new rules that would require smaller fund managers to set aside cash to cover their derivatives transactions. The Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO) said today the new rules would be implemented from September 2021, a delay of a year. [...]
BoE chief economist cautions against interest rate cut with employment strong July 23, 2019 Bank of England chief economist Andy Haldane has said he would be “very cautious” about cutting interest rates in the near future as the economy is stronger than it appears. Read more: Banks can cope with no-deal Brexit but risks remain, says BoE Speaking in Scunthorpe today he said low unemployment and relatively high consumer [...]
IMF warns over Brexit and trade wars as it cuts global growth forecast July 23, 2019 The International Monetary Fund (IMF) has cut its forecast for global economic growth over the next two years and said that a disorderly Brexit could damage global investment and trade. Read more: Race begins for IMF top job as Christine Lagarde submits resignation The Fund lowered its prediction for global growth by 0.1 percentage point [...]
Charging up ahead of Tesla earnings – Q3 profit target to go? July 23, 2019 | City Talk Production has improved, but can Tesla manage to stick to its guidance to return to profitability in Q3? Again we are looking at whether the company has borrowed from Peter to pay Paul by taking on additional costs in order to hit delivery targets. We also note reports that Tesla employees were pressured to take [...]
Does Boris mean bad news for cable? July 23, 2019 | City Talk Johnson and Hunt are waiting to see which of them will be the next Prime Minister of the UK. Tory members voted for the next leader yesterday, with the winner expected to be announced this morning. The outcome of the Tory leadership contest will decide who will lead the UK in its exit from the [...]
Trump’s tweets do bitcoin and Facebook a favour July 23, 2019 Donald Trump’s recent tweet about bitcoin and that Facebook’s new quasi-crypto the “libra” would get the full force of the US regulators if they “want to become a bank” has put the crypto kitty amongst the pigeons. Why now? Surely Trump doesn’t care about bitcoin? Well, it was timed just before Facebook had to testify [...]