Central banks around the world have moved to try and calm markets in the aftermath of Brexit June 24, 2016 As financial markets adjust to a post-Brexit world, central bankers are rushing to try and restore calm. The immediate reaction to the UK vote to leave the European Union was a harsh sell-off that in which the pound plummeted and markets around Europe followed their Asian counterparts sharply lower. The Bank of England governor Mark Carney has already said he will prop [...]
Before the bell: What you need to know before the US market open June 24, 2016 The UK's vote to quit the European Union in a so-called Brexit has thrown markets around the world into meltdown and the US looks like it's heading the same way. Here's what you need to know before the US market open at 2:30pm. In the pre-market, US stocks are pointing straight down. The S&P is off by [...]
The systems of some of the UK’s biggest brokers are straining under post-Brexit demand June 24, 2016 Some of the UK's biggest brokers are struggling to keep up with demand as investors rush to sell following the vote for the UK to leave the European Union. Hargreaves Lansdown, AJ Bell and TD Direct Investing have all said they've had difficulties getting prices from market makers following the market open at 8am. Some of [...]
Aston Martin will go ahead with £200m Welsh plant but chief exec warns the company needs to make efficiency savings due to Brexit June 24, 2016 Aston Martin will go ahead with plans for a new £200m on a new plant in Wales despite the UK voting to leave the European Union. The company boss Andy Palmer said in a statement that Brexit will have no impact on the company’s plans, though warned the sports car maker would require additional "productivity and efficiency" gains. Aston is [...]
JP Morgan’s chief executive Jamie Dimon has wasted no time in telling staff what will happen at the bank now the UK has voted for Brexit June 24, 2016 Jamie Dimon, chairman and chief executive of JP Morgan, is wasting no time in reassuring staff and investors that the bank isn't about to abandon its UK operations in a post-Brexit world. In a memo sent to staff this morning following the UK's unexpected vote to leave the European Union, Dimon said the US-based bank "will maintain a large presence in London, Bournemouth and [...]
FTSE 250 suffers its sharpest ever drop as London-listed shares take a hammering from the Brexit vote June 24, 2016 The FTSE 250 index opened down 11.4 per cent this morning, its worse ever fall, after the UK voted unexpectedly to leave the European Union. It has recovered somewhat in the 30 minutes of trading so far, moving to just 9.7 per cent lower. Unlike the FTSE 100, the 250 index is largely made up of domestic [...]
Banking stocks have fallen sharply at the open in London June 24, 2016 Banking shares have tanked in London following the 8am market open. A vote for the UK to leave the European Union last night, largely catching the financial markets off-guard, has led to panic selling across Europe. Lloyds shares opened down 29 per cent, while Barclays is 30 per cent lower, RBS has lost 34 per [...]
Deutsche Bank’s chief executive isn’t happy about the Brexit vote June 24, 2016 Deutsche Bank’s chief executive, John Cryan, is being as candid as usual with his views on the UK's vote to leave the European Union. The outspoken bank boss, who has the unenviable task of trying to reform the lumbering giant that is Deutsche, posted a statement on its website saying this is "not such a good day [...]
Vodafone is gearing up to list its Indian business before the end of 2016 June 23, 2016 Vodafone Group could list its Indian arm earlier than previously expected. The deal, which is expected to value to the business at as much as at $13bn (£8.7bn), could be completed before the end of the year after reports that Vodafone is likely to file a draft prospectus in August. Vodafone's India business is the country's largest mobile operator after Bharti [...]
General Electric has offloaded its French consumer-credit unit to private equity firm Cerberus June 23, 2016 US conglomerate General Electric has moved a step further away from financial services after finding a buyer for its French consumer-credit unit. Private equity firm Cerberus Capital Management has made a binding offer for the business. The sale would represent ending net investment of approximately $4.6bn (£3.1bn) as of the end of the first quarter of 2016. It excludes the platform’s $2bn prime [...]
