By: Jake Cordell

I'm City A.M.'s economics reporter, looking at the news, stories and data that move markets in the UK, Europe and around the globe. I also cover broader developments in the business and political worlds at home and abroad.

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Germany forced to deny Deutsche Bank bailout plans

September 28, 2016

The German government has denied it is considering injecting billions of euros into beleaguered Deutsche Bank, following reports from a German newspaper it was preparing an emergency rescue package. Just hours after insisting there would be no state-backed bailout of the bank, German newspaper Die Welt has revealed the government is undertaking contingency planning to assess [...]
Yanis Varoufakis has some advice for the UK, Theresa May and Labour

September 28, 2016

Academic, EU-tormenter, former Greek finance minister and leather-jacket-wearing big thinker Yanis Varoufakis has blasted George Osborne and told the UK to get a move on with triggering Article 50. In an interview with the Today programme, Varoufakis, who resigned from the Syriza-led government last summer after he helped prime minister Alexis Tsipras take Greece to the [...]
Carney’s Bank of England ally Minouche Shafik calls for further rate cuts

September 28, 2016

A key Bank of England policymaker has said Threadneedle Street will need to loosen monetary policy again in the wake of the Brexit vote. Minouche Shafik, deputy governor of the Bank with responsibility for markets and banking, said this morning it was "likely" the rate-setting Monetary Policy Committee (MPC) would need to cut interest rates or [...]
Wells Fargo chief executive forfeits millions in wake of internal investigation into fake accounts

September 28, 2016

Two leading Wells Fargo executives have agreed to forfeit $60m (£46m) over the ongoing bank account scandal as Janet Yellen came under pressure to order a break-up of the lender. Chief executive John Stumpf will forego shares worth $41m and Carrie Tolstedt, the former head of the retail division, will miss out on $19m of shares after the company board [...]
Article 50 fears temper consumer confidence gains

September 28, 2016

Fears over job security in the wake of the EU referendum are lingering despite a string of robust economic data and no signs of a rise in unemployment. According to the latest consumer confidence monitor from YouGov and the Centre for Economics and Business Research (CEBR), optimism continues to creep back following the shock 23 [...]
The UK is the seventh most competitive economy in the world

September 27, 2016

The UK has surged to seventh place in a highly-influential ranking of the world’s most competitive economies. The World Economic Forum (WEF) said the UK had overtaken Hong Kong, Japan and Finland to climb three places in this year’s global competitiveness index, more than reversing last year’s embarrassing fall to 10th place. The WEF hailed [...]
Wells Fargo faces two more lawsuits over bank accounts scandal

September 27, 2016

Wells Fargo is facing fresh legal action from both employees and investors over the ongoing bank account scandal. The US retail bank, which agreed to pay a $185m fine for creating two million unauthorised bank accounts, is now looking at class action lawsuits from employees who were let go over the claims and investors who [...]
Liam Fox falls short of calling for hard Brexit

September 27, 2016

Liam Fox has been accused of overstepping his mark after failing to deliver any significant detail on what trading relationships the UK will pursue outside the European Union. In a speech to the World Trade Organisation (WTO) today, the international trade secretary did not address the issue of whether the UK would seek to leave [...]
Consumer spending eases back after summer splurge

September 27, 2016

UK shoppers cut back in September following a summer splurge, though it has not dented the confidence of retailers, a new survey has found. The CBI’s distributive trades survey found 38 per cent of shops said sales volumes were down on September last year, while 30 per cent reported growth. The score of minus eight [...]
US consumer confidence hits nine-year high

September 27, 2016

Consumer confidence has hit a nine-year high in the US just six weeks before the country will elect its next President. According to The Conference Board, optimism jumped to 104.1, its highest level since the recession, from 101.8 one month ago, on an index where 100 represents the long-term average. Analysts had expected the index would dip [...]

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By: Jake Cordell

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