Moody’s downgrades outlook for European banks amid slowdown December 11, 2019 Credit ratings agency Moody’s has downgraded its outlook for European banks to negative, predicting that weak economic growth will cause loan quality and profitability to suffer over the coming year. The agency has already downgraded its outlook for the UK, German and global banking systems, again citing weak growth and a highly uncertain 2020. Read [...]
Institute of Directors members criticise Labour nationalisation plans December 11, 2019 Members of the Institute of Directors business body have criticised Labour’s plans to nationalise broadband, with 75 per cent of members calling the policy a bad idea in a poll. In a survey of over 1,000 of its members, the IoD also found that Labour’s broader plans to nationalise swaths of the economy would result [...]
Business groups call on next government to boost lacklustre growth December 10, 2019 Business groups have called on the next government to tackle the slowing UK economy after data today showed British GDP stagnated in October. The economy’s performance was below expectations of a 0.1 per cent expansion, but marked an improvement from the 0.1 per cent drop witnessed a month earlier, figures from the Office for National [...]
London Stock Exchange launches consultation on shorter trading hours December 10, 2019 The London Stock Exchange (LSE) has launched a consultation on shortening its trading hours following calls by industry bodies who said such a change would improve workplace culture and liquidity. The stock exchange has asked its members – mainly banks and brokers – for its views on a series of options for shortening the current [...]
Chinese property firms in plans to upgrade eastern end of City December 10, 2019 Chinese firms that own swathes of the City are leading a drive to transform the area into a 24/7 leisure destination while maintaining its status as a leading global financial centre. The owners of the skyscrapers known commonly as the Cheesegrater and the Walkie Talkie are working with other landlords in an initiative to create [...]
German investor morale unexpectedly climbs December 10, 2019 German investors were much more upbeat than expected in December, a survey has shown, with recent economic data fuelling hopes for an uptick in Europe’s biggest economy. The index of economic morale from research institute ZEW picked up to 10.7 this month from minus 2.1 in November. The score was well above expectations of a [...]
FTSE 100 falls with European investors nervous over trade tensions December 10, 2019 The FTSE 100 has shed one per cent on a bad day for European shares ahead of a major tariff deadline that could exacerbate trade tensions between the US and China. Germany’s Dax index fell 1.46 per cent, France’s CAC 40 dropped 0.89 per cent, and the pan-European Eurostoxx 600 fell 1.07 per cent. Read [...]
UK GDP: Economy stagnates in run up to General Election December 10, 2019 The UK economy stagnated in October under the weight of yet more political uncertainty and a global slowdown, official figures showed this morning. British GDP’s failure to grow was worse than the 0.1 per cent expansion economists had expected. It marked an improvement from the 0.1 per cent fall seen in September, however. Read more: [...]
Swine flu helps push Chinese inflation to eight-year high December 10, 2019 Chinese consumer inflation climbed to close to an eight-year high in November, driven by a doubling of pork prices as African Swine Fever ravaged the country’s pig farms, official data showed today. Nonetheless, factory-gate prices fell for the fifth month in a row, highlighting the malaise in the country’s manufacturing sector brought about by the [...]
Former Federal Reserve chairman Paul Volcker dies aged 92 December 9, 2019 Paul Volcker, the Federal Reserve chairman who slayed rampant US inflation in the 1970s and 1980s, has died aged 92. The towering figure of international finance passed away on Monday, his daughter told the New York Times. He had reportedly been suffering from prostate cancer. Read more: The economy is slowing – can central bankers [...]
