What you need to know before the open – 21/01 January 21, 2014 With German and European ZEW surveys for January out this morning, Europe is set to open up. A positive number will most likely push markets higher. The International Monetary Fund is expected to revise up its growth forecasts for the UK. #FTSE100 called +20pts at 6855 as 2014 optimism gets fillip from PBOC interventing to [...]
Public credits private firms far more than government for the UK’s recovery January 20, 2014 Business: 1 Politics: 0 MORE than half of the UK public credit British business with leading the country’s return to growth – while just a quarter think the government was responsible. In a blow to politicians of all parties but especially the coalition, a major new survey released by Edelman today finds that 52 per [...]
Slump in debt trading sends shockwaves across City firms January 20, 2014 BANK shares fell yesterday as fears mounted that global bond trading is facing a prolonged decline, after Deutsche Bank swung to a surprise loss in the final quarter of 2013. The German lender joined Goldman Sachs and Citigroup, who last week reported weak fixed income trading revenues. Deutsche Bank’s shares dived another 5.4 per cent, [...]
IMF to upgrade Britain’s GDP growth forecast January 20, 2014 THE BRITISH economy will grow by 2.4 per cent this year, the International Monetary Fund (IMF) is expected to say today, giving the UK a bigger upgrade than any other economy. The strong forecast is up from the previous forecast from October of 1.9 per cent growth and reflects the scale of the recovery. The [...]
Upbeat investors drive down Euro bond yields January 20, 2014 BORROWING costs hit new lows in Spain yesterday as investors regained faith in the economy’s stability. Troubled countries across the Eurozone’s periphery have all seen surges in investment flows drive down their borrowing costs, with Italy, Ireland and even Greece seeing bond yields plunge. Spanish 10-year borrowing costs fell to 3.69 per cent yesterday, their [...]
What the other papers say this morning – 21 January 2014 January 20, 2014 FINANCIAL TIMES Retailers join IPO shopping list Bankers are preparing to list a swelling number of high street retailers on the London Stock Exchange as their private equity backers rush to cash in on a recovery in the IPO market. Discount retailer Poundland and Pets at Home are poised to kick off the slew of [...]
Lord Rennard is suspended from Lib Dems January 20, 2014 LIBERAL Democrat peer and strategist Lord Rennard has been suspended from his party, after he refused to apologise to female activists who accused him of inappropriate behaviour. A party spokesman announced yesterday that Rennard would be investigated for bringing the party into disrepute, after he said he would not apologise in case it was taken [...]
Boost as price of petrol hits three-year low January 20, 2014 THE AVERAGE price of unleaded petrol in the UK has fallen below 130p per litre for the first time in three years and is likely to drop further in the coming weeks. Data from analysis firm Experian Catalist showed the average price fell to 129.82p on Sunday, in a boost for motorists and the Bank [...]
Longest serving banker retires from JP Morgan January 20, 2014 JP MORGAN’S longest serving investment banker in London yesterday announced his retirement after 34 years. Klaus Diederichs helped found the bank’s investment banking arm and his most recent role was chairman of investment banking in Europe, the Middle East and Africa. According to a memo seen by City A.M. he is stepping down in April but will [...]
West eases economic sanctions on Iran over nuclear agreement January 20, 2014 SANCTIONS were eased yesterday as part of a groundbreaking nuclear agreement between Iran and western nations. Iran has agreed to curb its uranium enrichment to calm fears over its plans, a deal the International Atomic Energy Agency believes Iran is keeping to. The interim arrangements will see some assets unfrozen as well as an opening [...]