HSBC shares sink to bottom of FTSE 100 despite profits topping City forecasts October 25, 2022 HSBC’s profits slid over 40 per cent in the third quarter of the year as it was hit by rising loan losses and hefty charges relating to the sale of its French retail business.
Backing the central bank pivot is a risky bet October 25, 2022 It is easy to criticise central banks for heaping pain on households and businesses. But, this is exactly what they are supposed to do under current economic conditions. Inflation in the UK, US and eurozone has hit 10.1 per cent, 8.2 per cent and 9.9 per cent respectively, all historic highs. The Bank of England [...]
London’s FTSE 100 boosted by Truss trampled stocks regaining ground after Sunak victory October 24, 2022 London’s FTSE 100 today was lifted by stocks that have suffered during the last month’s financial market turmoil regaining losses. The capital’s premier index closed 0.64 per cent higher at 7,013.99 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, rose 0.76 per cent to [...]
UK borrowing costs fall after Sunak wins race to No 10 October 24, 2022 UK borrowing costs fell sharply today after former chancellor Rishi Sunak seized the keys to Number 10 following leadership contender Penny Mordaunt’s withdrawal. Yields on the 10-year gilt fell around 30 basis points today to below four per cent. Yields and prices move inversely. They had been falling in early morning trading after Boris Johnson [...]
This is a global, not a UK specific, economic slowdown October 24, 2022 Much attention has been devoted to the comings and goings at Number 10 Downing Street and the ailing economy in recent weeks, but the UK is not alone in wilting under the weight of soaring prices and interest rates. The eurozone economy, made up of the 19 countries that use the euro, is on course [...]
UK headed for ‘deep recession’ on political turmoil and soaring interest rates October 24, 2022 The UK could be hurtling toward a “deep recession” caused by a mixture of political turmoil and soaring prices forcing the Bank of England to hike interest rates steeply, a closely watched survey out today reveals. Britain’s private sector economy shrank sharply this month, with contraction rates returning to levels last seen in January 2021 [...]
Brits cutting spending sends profit warnings soaring October 24, 2022 Brits cutting spending in response to the cost of living crunch has driven a sharp uptick in the number of businesses warning profits will fall short of expectations, a new report out today shows. Some 86 listed companies issued a profit warning in the three months to September, up from 51 over the same period [...]
Central banks’ Covid QE splurge was a ‘mistake’, ex BoE governor King says October 23, 2022 Central banks were wrong to inject money into their respective economies through quantitative easing during the pandemic, the former governor of the Bank of England said today. Speaking to the BBC, Mervyn King, who steered the central bank through the global financial crisis, accused central banks of losing “control of inflation”. The Bank’s decision to [...]
Week ahead: Drama in Westminster to grip City, but don’t forget about ECB October 23, 2022 The City’s attention will be gripped by the race to Number 10 this week, but there are some substantial economic announcements elsewhere in the pipeline that deserve a closer look. The European Central Bank (ECB), the monetary authority of the 19 countries using the euro, is expected to hike interest rates 75 basis points for [...]
Truss mini-budget boosts Brits’ confidence as experts warn against austerity 2.0 October 21, 2022 Brits’ confidence in their finances and the economy bumped higher in the aftermath of former prime minister Liz Truss’s mini-budget, a closely watched survey published today reveals. Consumer confidence rose for the first time since last November this month, up to minus 47 from a record low minus 49, according to research firm GfK. Optimism [...]