Exclusive: City broker ATFX ceases retail trading activities, closes Polish office January 5, 2021 City-based broker ATFX UK has closed its Polish satellite office following the decision to cease all services for retail clients. City A.M. spoke with four former employees in the firm’s Krakow office, who said all Poland-based ATFX employees had been made redundant at the beginning of December. In addition, several positions in both Hong Kong and London have [...]
Before the Bell: Softer start expected amid tighter restrictions January 5, 2021 European stock markets closed higher yesterday as the sentiment was broadly bullish and the FTSE 100 gained the most ground by a long way. The UK market closed up 1.7 per cent, while the DAX 30 finished fractionally higher and CAC 40 posted a gain of almost 0.7 per cent. Yesterday marked the first day [...]
Volatility was the name of the game in 2020: What were the most popular sectors, funds and shares? January 4, 2021 Volatility was the name of the game in 2020 as the pandemic wreaked havoc across the globe. The spread of Covid-19 was a shock to the financial system, stock markets plunged and companies battened up the hatches. Despite the vaccine breakthroughs markets are still deep in a tunnel of uncertainty about when the global economy [...]
Investor Central: Funds to keep an eye on in 2021 January 4, 2021 Following an unpredictable 12 months, investors are turning their attention to opportunities in 2021. Square Mile-based Tom Stevenson, investment director for personal investing at Fidelity International, shared with City A.M. what his fund picks are for 2021. “None of us possesses a crystal ball. However, as I put my picks together at the end of 2020, investors [...]
This Week: PMIs, Morrisons, Next, US unemployment, Fed, M&S January 4, 2021 City A.M. looks at the first business week of 2021 with Michael Hewson, chief market analyst at CMC Markets UK. Monday: UK PMIs for December Flash numbers in the middle of December were surprisingly encouraging, with manufacturing rising to 57.3. “No doubt due to some pre-Brexit stockpiling. services also managed to rebound a touch, coming [...]
With little ado, a divided United Kingdom casts off into the Brexit unknown January 3, 2021 By Guy Faulconbridge and Kate Holton LONDON (Reuters) – The United Kingdom began the New Year outside the European Union’s orbit on Friday after ending a tempestuous 48-year liaison with the European project, its most significant geopolitical shift since the loss of empire. Brexit took effect in substance on Thursday at the strike of midnight [...]
US trade chief believes next WTO director-general should have ‘real experience’ December 18, 2020 The US trade chief Robert Lighthizer has implied that the process to find the next World Health Organisation (WTO) director-general should be re-opened. In Lighthizer’s first ever international interview, he told the BBC on Wednesday that the next WTO director-general should be ”someone with real experience in Trade.” Lighthizer goes on to say that the [...]
Before the Bell: Flash PMIs and Federal Reserve in focus December 16, 2020 The pound had a pretty good day yesterday as optimism grows that a UK/EU deal on trade could well be within reach after some positive comments from Irish PM Micheal Martin. “While we’ve been here many times before, the prospect of an imminent deadline can help concentrate minds, and despite some push back over fear [...]
Before the Bell: Deadlines come, and deadlines go December 14, 2020 Uncertainty over the prospect of a stimulus deal or economic aid package saw US markets finish last week on the back foot, as US politicians once again put party politics ahead of the people they are supposed to represent. “With a deadline fast approaching by year end US lawmakers are once again split down the [...]
UK signs free-trade deals with Vietnam and Singapore December 11, 2020 The UK has signed a continuity free-trade agreement with Vietnam the day after it penned a deal with Singapore. The Singapore deal protects trade that was worth £17.6bn last year while the Vietnam agreement protects £5.7bn of trade, the government said. Trade secretary Liz Truss, who is in south east Asia, said: “Both these agreements are [...]