It’s a grim day to be a challenger bank, with shares taking a nosedive following bad Brexit vote news July 5, 2016 A slew of trading suspensions for property funds along with some stern words from the Bank of England has made this a bad day to be a challenger bank. Shares in many UK challengers, including Shawbrook, OneSavings and Virgin Money, all slid after Aviva became the second property fund to suspend trading in just as many days. M&G [...]
Sterling sinks below $1.30 for the first time in over three decades July 5, 2016 Sterling has been knocked back today, tumbling against the dollar and the euro as the ramifications of the Brexit vote continue to filter through. The pound was off by two per cent against the dollar, falling to exactly $1.2997 shortly after the London market close. It bounced after falling under the psychological barrier, climbing back to dizzy highs [...]
At the close: Sterling and stocks break apart July 5, 2016 In yet more proof the stock markets and the UK economy don't always move in lock-step, the FTSE 100 jumped today, while the pound slumped, and signs of a post-referendum slowdown grew. The index of the UK's top 100 companies started the day down as it looked like the post-referendum bounce was drawing to a [...]
Aviva and M&G become the latest property funds to suspend trading as investors flee the Brexit-battered industry July 5, 2016 Two more property funds have suspended trading today as investors pull their money out of UK commercial property. M&G announced this afternoon that it was temporarily suspending trading in the shares of the M&G Property Portfolio. And earlier today Aviva suspended trading in its property fund, just after the Bank of England said this morning that it was [...]
Before the bell: What you need to know before the US market open July 5, 2016 The Bank of England has slashed its capital requirements for UK banks, the pound is at a new 31 year low, and Australia's central bank has held interest rates unchanged at 1.75 per cent. Here's what you need to know before the US open at 2.30pm London time. US futures are pointing south after coming back from [...]
Oil slips below $50 per barrel as global economic storm clouds gather July 5, 2016 The oil price has dipped below $50 per barrel as investors fret over a potential slowdown in global economic growth. It's feared that a global slowdown could result in a slackening in demand and recent supply outages in Nigeria and other exporting nations have not been enough to offset fears. At pixel time Brent crude was [...]
City Moves for 1 July 2016 | Who’s switching jobs July 1, 2016 UniCredit UniCredit, Italy's biggest bank by assets, has appointed Jean Pierre Mustier as CEO. Jean Pierre began his career at Societe Generale where he held various positions from 1987 to 2009. In 2003, he was appointed head of Societe Generale’s corporate and investment banking division and member of the bank’s executive committee. From 2011 to [...]
At the close: FTSE 100 climbs out of the Brexit bloodbath after major losses in recent sessions June 28, 2016 The FTSE 100 bounced back today, as investors bought back into a market that had been heavily sold off in previous sessions. Just nine stocks finished in negative territory, pushing the blue-chip index up by 2.6 per cent to 6,140.39 points. Falls of over five per cent in the last two sessions had wiped nearly £100bn in value of from company market capitalisations. Insurers [...]
Mary Francis joins Barclays as a non-executive director June 28, 2016 A former senior independent director of Centrica has today been appointed a non-executive director at Barclays. Mary Francis, who is currently serving on the board at Swiss Re Group and has previously held non-executive positions at Aviva, Cable & Wireless Communications, the Bank of England and Alliance & Leicester, will join the board of the bank at [...]
Old Mutual becomes the latest company to say it should be able to carry on as planned despite Brexit vote ahead of its AGM June 28, 2016 Old Mutual today became the latest in a string of companies to come forward and say the Brexit vote shouldn't affect its plans. Referring to plans announced earlier this year to split the company into four different businesses, Old Mutual chief executive Bruce Hemphill said: "Increased market volatility following the referendum decision to leave the EU does [...]