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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UK on brink of recession as service sector slammed in July

August 3, 2016

The UK could already be in the midst of a recession according to fresh economic data out this morning. The latest purchasing managers' index (PMI) data has revealed the dominant services sector shrunk in the first full month after the EU referendum as the shock of the UK's vote to leave appears to have taken an immediate [...]
Bank shares across Europe have opened steadily after HSBC results

August 3, 2016

European banks have stopped the rot after two days of dramatic selling across the continent, as a share buyback at HSBC helped buoy investor sentiment. The UK's largest listed lender reported a steeper-than-expected 29 per cent fall in profits, but intends to snap up around $2.5bn (£1.9bn) of its own shares and maintain its dividend. [...]
MoneySupermarket.com chief executive checks out on a high with profits jump

August 3, 2016

Profits have leapt at price comparison website MoneySupermarket.com in the first half of the year, but shares dropped at the open as its chief executive announced his intention to step down from the company. The results Profits before tax came in at £47.1m in the first six months of the year for the website, up [...]
No sign of Brexit fallout at retailer Next – but prices will have to rise next year

August 3, 2016

Shares in Next have popped at the open after it said it was yet to see signs the UK's vote for Brexit was weighing on consumer spending in its stores, but warned prices look set to rise in 2017 after sterling's dramatic depreciation. The business, which is seen as a bellwether for the health of the [...]
Think tank warns of 50-50 chance of post-Brexit recession

August 3, 2016

The government will borrow an extra £47 billion between now and the end of the decade as a result of the UK's decision to leave the European Union, economists have warned. The new economic outlook from the National Institute of Economic and Social Reserach (Niesr) also said there was a 50-50 chance of the UK economy [...]
Banking shares plunge across Europe as stress test fallout rumbles on

August 2, 2016

Shares in Europe's leading banks have been dumped again today as the sector's woes pile up and questions over the rigour of recent stress test pushed sentiment down. German lenders Commerzbank and Deutsche Bank are trading at all time lows and the problems facing Italy's financial services remains top of the agenda. Commerzbank issued a profit [...]
Japan underwhelms markets with ¥28 trillion stimulus package

August 2, 2016

Markets have given a lukewarm reaction to the long-awaited details of Japanese Prime Minister Shinzo Abe's latest economic salvo. The Japanese government today signed off a stimulus package worth a headline ¥28 trillion (£207bn), though critics said this figure betrayed the fact much of the spending comes in the form of cheap loans rather than direct [...]
Construction output tumbles at fastest pace since 2009 but sterling gains ground

August 2, 2016

Activity in the construction sector is shrinking at its fastest pace in seven years, but has still managed to beat some exceptionally gloomy forecasts, helping the pound climb against the dollar. The Markit/Chartered Institute of Procurement and Supply (CIPS) survey came in at 45.9 on an index where scores below 50 signify contraction. This was only slightly down [...]
Deutsche Bank and Credit Suisse booted from top stock market index

August 2, 2016

The bad news just keeps on coming for the naughty children of the European banking sector. To top off what has been one of the finest examples of a corporate annus horribilis, both Deutsche Bank and Credit Suisse are to be kicked out of the Eurostoxx 50 after their market cap has shrunk to record lows. [...]
InterContinental Hotels banking on a weaker pound to boost profits

August 2, 2016

Worldwide hotel chain, InterContinental Hotels, which owns brands including the Holiday Inn and Crowne Plaza, said it will take a short-term hit from currency volatility but could win big if the pound stays weak following the EU referendum. The figures Profits before tax dropped 35 per cent from $458m (£347m) to $298m in the first six [...]

House of Lords warns ministers’ pension power grab ‘dangerous and unjustified’

Hundred auction: Wong and Cortneen-Coleman get 700 per cent pay rises

Mother’s Day 2026: 5 amazing ways to celebrate in London

By: Jake Cordell

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