Bank of England dove flies against the wind on interest rates October 15, 2021 A member of the Bank of England’s rate setting committee has broken ranks and taken a more dovish stance against heating inflation. Silvana Tenreyro, an external member of the Bank’s monetary policy committee, warned it would be “self-defeating” to hike interest rates to hose down temporary bout of inflation. More to follow.
FTSE 100 tops pre-pandemic high on commodity rally October 15, 2021 Soaring commodity prices boosted industrial stocks on London markets this morning, lifting the capital’s premier FTSE 100 index to its highest level since before the pandemic. The blue-chip index advanced to 7,242.73 points in early trading, before pulling back slightly. More to follow.
Labour squeeze shows no sign of cooling before Christmas October 15, 2021 Worker shortages that are threatening to throw a spanner into retailers’ Christmas operations show now signs of cooling. Over the last week, 235,000 job postings were created online, with a noticeable jump in demand for sales and retail workers, research by the Recruitment and Employment Confederation (REC) found. The uplift was partly driven by a [...]
Reserve release provides windfall for Wells Fargo October 14, 2021 The release of a wave of reserves set aside to deal with a rise in souring loans boosted third quarter profits at US bank Wells Fargo. The American consumer banking giant notched $5.1bn in profits in the last three months, up nearly $2bn from the same period last year. More to follow.
Investment banking rebound lifts Citigroup profits October 14, 2021 A rebound in investment banking and equity trading boosted third quarter profits at Wall Street giant Citigroup. The American investment bank’s profits hit $4.6bn in the last three months, up sharply from $3.1bn in the same period last year. More to follow.
Buoyant consumer banking propels Bank of America profits October 14, 2021 Buoyant consumer banking activity drove Bank of America’s profits up sharply in the third quarter. The US bank’s profits swelled nearly $3bn over the last year, climbing to around $7.7bn in the last three months. More to follow.
Morgan Stanley beats expectations on booming deal making environment October 14, 2021 Wall Street giant Morgan Stanley beat profit expectations for the third quarter, driven by a booming deal making environment. The US bank notched $3.7bn in profits over the last months, up around $1bn from the same period last year, it said today. More to follow.
Sunak deaf to industry calls to overhaul business rates October 14, 2021 Chancellor Rishi Sunak has ignored calls from industry chiefs to shake up the business rate regime at the next budget. According to The Telegraph, government plans to overhaul the business rate system have been “thrown into the long grass”. The Chancellor has not had enough time to consider the effects of wholesale changes to the [...]
US Fed to launch tapering as soon as next month October 14, 2021 The world’s most influential central bank has provided the strongest signal yet it is preparing to rein in the wave of stimulus it unleashed in response to the Covid-19 crisis. The US Federal Reserve is considering pulling back asset purchases designed to shield the American economy from the worst effects of the pandemic as soon [...]
London markets shake off Fed tightening concerns October 14, 2021 London markets this morning shook off fears that the Bank of England could follow the US Federal Reserve and begin tightening monetary policy next month. The capital’s premier FTSE 100 index climbed 0.69 per cent to 7,191.41 points during the opening session today. More to follow.