FTSE 100 climbs as London markets shake off inflation fears September 29, 2021 London’s FTSE 100 jumped during opening exchanges today driven by investors in the capital shaking off inflation concerns that rattled global markets yesterday. The capital’s premier index added 0.74 per cent to reach 7,079.97 points in the first hour of trading today. Global markets sold off yesterday as investors rejigged their portfolios in preparation for [...]
UK housing market still steaming despite looming stamp duty break cut off September 29, 2021 The looming end of a watered down tax break on house purchases has not cooled the UK’s rampant housing market, according to official figures released today. Brits took on £21.5bn in mortgage debt last month, up sharply from July’s figure of £16.6bn, shows Bank of England data. A record low interest rate environment has propped [...]
Ongoing worker shortages loom over UK economy September 29, 2021 Endemic worker shortages putting the UK economy in a vice are set to persist for months to come. Businesses’ demand for workers jumped three percentage points to 25 per cent, according to data from the Recruitment and Employment Confederation (REC). Hiring intentions over the next four to 12 months also strengthened to 30 per cent. [...]
Messages from central bankers suggest persistent inflation concerns are rising September 29, 2021 European markets had a poor day yesterday, all of them down over 2 per cent, with the notable exception of the FTSE100 which was helped in no small part by its hefty energy component, and a sinking pound, which helped to keep it above the 7,000 level. “Once again it is fears about surging energy [...]
Bonus and pay cap drives Bank of Ireland executive to pastures new September 28, 2021 Restrictions on executives’ pay has driven a top dog at one of Europe’s largest retail banks to quit his job. Myles O’Grady has left his role as chief financial officer at the Bank of Ireland, citing limits on bankers’ pay and bonuses as the main reason for leaving. O’Grady quit to capitalise on a better-paid [...]
Bailey’s hawkish tilt drags FTSE 100 down September 28, 2021 London’s FTSE 100 dipped during the moring session today driven by investors sentiment souring on governor of the Bank of England Andrew Bailey signalling rate hikes will come sooner than expected. The capital’s premier index lost 0.40 per cent to fall to 7,035.23 points during the first hour of exchanges. In a speech last night, [...]
This A.M.: Tide is turning at the Bank of England while markets await Powell remarks September 28, 2021 Having started the day in positive fashion yesterday, European markets saw the majority of the early gains slowly disappear, and though most did finish higher, it was a somewhat half-hearted affair. The result of the German election went entirely as expected, with little prospect of a new government this side of Christmas. US markets were [...]
Andrew Bailey: Interest rate rise needed to slow inflation but economy not strong enough September 28, 2021 Andrew Bailey said in a speech last night to the Society of Professional Economists that rate of recovery from the pandemic had slowed over recent months, adding: “And that slowing is continuing.” The Bank of England governor jokingly asked “when is the plague of locusts due” as he warned the economy faces “hard yards” ahead. [...]
City of London Corporation calls on Labour to support growth of UK financial services September 28, 2021 The City of London’s local authority has called on Labour to give more vocal support to the financial services sectors post-Covid. The City of London Corporation urged Labour “to support and promote the growth of financial and professional services across the UK” to drive the economic recovery. Shadow chancellor Rachel Reeves did not mention financial [...]
Bailey: Worsening inflation makes rate rise more likely September 27, 2021 Bank of England Governor Andrew Bailey has said inflation has “strengthened (the) case” for a rate rise. The Bank’s Monetary Policy Committee (MPC) has repeatedly voted to keep the base rate at 0.25 per cent despite signs of growing inflation. But last Thursday the MPC raised inflation forecasts to north of 4 per cent by [...]