US services PMI grows at fastest pace since October 2015, pushing the Dow to fresh record highs December 5, 2016 The rise in new business growth drove US services to expand at the fastest rate since October 2015, according to a closely watched measure of business activity, adding to the weight of data supporting the case for a rise in US interest rates and pushing the Dow Jones Industrial Average to fresh all-time intraday highs. [...]
Italian government bond yields jump as investors react to Matteo Renzi’s resignation after Italian referendum defeat December 5, 2016 Italian 10-year bond yields rose above two per cent on Monday as markets pushed down the country’s banks further in reaction to the larger than expected rejection of Matteo Renzi's constitutional reform in Sunday’s referendum. Yields, which move inversely to prices, had moved to 2.024 per cent in the early afternoon, a climb of more [...]
The euro makes back losses from pound and dollar as markets react to Italian Prime Minister Matteo Renzi’s resignation December 5, 2016 The euro regained its steep losses against the pound and the dollar as the week started with the defeat of Italian Prime Minister Matteo Renzi in his flagship constitutional reform and his immediate resignation. The pound rose above €1.20 in the early hours of Monday morning before falling back to €1.1899 at the time of publication. [...]
British households taking on more debt as almost half struggle to pay credit card bills on time December 5, 2016 Almost half of British consumers struggle to pay off their credit card bill each month, while the proportion taking on more debt over the last five years has risen sharply. Borrowing has continued to rise to record highs in the wake of the vote to leave the European Union. The proportion of borrowers who have [...]
Over 5,500 UK restaurants face risk of going bust as pound’s fall makes food prices more expensive December 5, 2016 Thousands of UK restaurants could be at risk of going out of business in the next three years, as the fall in the value of sterling raises costs for imported food and threatens to squeeze consumer spending. Over 5,500 restaurant companies have a 30 per cent chance of going bust by the end of 2019, [...]
Venezuela introduces new higher-value notes in response to the world’s highest rate of inflation December 4, 2016 Venezuela’s central bank has announced that it will introduce a new set of coins and notes as the country with the world’s highest inflation struggles to make its currency usable. Six new bills will enter circulation from 15 December, ranging in value from 500 Venezuelan bolivars up to 20,000 bolivars. This means the highest-value note [...]
TUI Group shifts its tourist destinations focus to match changing demand after terrorist attacks hit Eastern Mediterranean December 4, 2016 Flexibility on destinations has been vital to strategy for the world’s biggest tourism operator TUI Group ahead of its full-year results, as customer demand changes in the wake of terrorist attacks and instability in formerly popular destinations. Recent terrorist attacks and a deteriorating security situation have dampened demand in the eastern Mediterranean, which includes countries [...]
Now two of the government’s most senior figures have hinted the UK will continue EU contributions after Brexit December 1, 2016 Signs are increasing that the UK may continue making contributions to the EU after Brexit, after two of the government's most senior figures refused to rule it out. Brexit secretary David Davis said the UK “would consider” contributions aiding the UK in securing the best possible Single Market access. His comments were later echoed by chancellor [...]
UK immigration reached 650,000, its highest levels ever, in the year before the Brexit vote, but cuts to immigration could harm the public finances December 1, 2016 Immigration to the UK reached 650,000, the highest level estimate ever recorded, in the year before the Brexit vote, but influential economists have warned that attempts to reduce net migration could harm Britain’s public finances and even result in higher taxes. European Union immigration also reached its highest ever level, at 284,000, an increase of [...]
