UK house sales plummet in June, held back by Brexit ‘ball and chain’ July 23, 2019 House sales crashed 16.5 per cent in June, as the property market took a “wait-and-see” attitude to transactions amid Brexit uncertainty. Monthly HM Revenue and Customs (HMRC) figures showed British residential property sales fell to 84,490, more than one-sixth down on the same period last year. Read more: London house prices suffer worst plunge in [...]
Odey hedge fund backs Barrick Gold takeover of Acacia Mining July 22, 2019 London-based hedge fund Odey Asset Management said today that it will accept Barrick Gold’s final offer to buy Acacia Mining after months of opposition to the deal. Read more: Acacia accept increased takeover bid from Barrick The news came three days after Canadian gold miner Barrick reached an agreement to buy the remaining shares in [...]
Sterling falls as risk of no-deal Brexit rises ahead of new PM July 22, 2019 Sterling has fallen today as ministers announced their resignations from government rather than serve under Boris Johnson, who could force a no-deal Brexit on 31 October. Traders see a no-deal outcome as increasingly likely, leading them to raise their bets against the pound, which had fallen by 0.2 per cent against the dollar to $1.248 [...]
Up in smoke: Tobacco firms feel burn of disruption July 22, 2019 | City Talk Disruption, whether as a result of new technology, stricter regulations or changing consumer habits, is affecting all sectors of the global economy, as we discussed here. It’s the new normal and the question is no longer which areas are affected; the question now is to what extent they are affected. Read more: Stranger Things vs Mickey Mouse: How the media [...]
NIESR: One in four chance UK might already be in recession July 22, 2019 Britain might have already fallen into a technical recession, an influential think tank has warned this morning, as it forecasts growth of one per cent even if a no-deal Brexit is avoided. The National Institute of Economic and Social Research (NIESR) has said there is a one-in-four chance that the UK economy has already slipped [...]
UK households’ financial optimism hits six-month high July 22, 2019 UK households have struck an optimistic note on their future finances for the second month in a row, to mark a six-month high in their outlook. Financial health expectations moved up a gear in July after households recorded their first positive outlook since the start of 2019 in June. Read more: UK households turn positive [...]
May to chair Cobra meeting over Iran tanker crisis as oil prices rise July 22, 2019 The price of oil rose this morning ahead of a meeting of the government’s emergency Cobra committee, as markets react to tensions caused by Iran’s seizure of a British tanker in the Gulf. Read more: Iranian seizure of tanker constitutes illegal interference, UK tells UN Brent crude rose 1.3 per cent to $63.28 a barrel, [...]
China’s Nasdaq rival Star Market see shares surge on first day of trading July 22, 2019 Shares shot up on the launch of China’s new Nasdaq rival – the Star Market – today. Shanghai Stock Exchange’s tech-focused stock market aims to use Shanghai’s credentials as a global financial hub as a springboard to success, with 25 firms listed on it already. Read more: Google terminates Project Dragonfly, its censored Chinese search [...]
UK households remain cautious on economic outlook, discretionary income and debt levels July 22, 2019 UK households remain concerned about their economic outlook, disposable incomes and debt levels, survey data out today shows. Deloitte’s consumer confidence index for the UK in the second three months to 30 June remained at a minus eight per cent – unchanged from the first quarter – but down four percentage points from the same [...]
Mortgages with terms over 40 years jump 20-fold July 22, 2019 The number of approved UK home mortgages with a term of more than 40 years rocketed in 2018, rising over 20-fold to 3,483 from just 162 the previous year, according to analysis by London estate agent Ludlow Thompson. Read more: Mortgage approvals dip in May but remain above average The figures are the latest sign [...]