The global financial crisis 10 years on: A timeline of the global events that shaped the crash from the credit crunch to the recession and beyond August 7, 2018 Ten years ago this week the credit crunch started to bite. Take a look back at the global events that shaped one of the biggest recessions in history. Early tremors: February to June 2007 Early signs of trouble build, but are mostly missed. The giant Freddie Mac, also know as the Federal Home Loan Mortgage [...]
Halifax house price index: House prices hit new record – but activity remains ‘soft’ | City A.M. August 7, 2018 House prices rose by 3.3 per cent in the second quarter of the year, hitting a new record of £230,280 – but caution still reigns over the property market. Prices rose 1.4 per cent in July, according to the Halifax house price index, up 1.3 per cent on a quarterly basis. Russell Galley, managing director [...]
Threat of ‘no deal’ weighs on UK businesses August 6, 2018 The threat of a ‘no deal’ Brexit is weighing heavily on business optimism as the international trade secretary, Liam Fox, warns that EU “intransigence” means leaving without a trade agreement is now the most likely outcome. A survey of 1,000 senior British professionals by the Institute of Chartered Accountants (ICAEW) will today show that confidence [...]
3 reasons why the world economy is slowing August 6, 2018 Losing momentum Although near-term activity indicators remain stable, growth has been less synchronised in 2018 than it was in 2017 when major regions were all accelerating. Asia and Europe appear to be slowing, and Friday's jobs data in the US suggests that the world economy is entering a soft patch. We see three main factors [...]
Brexit latest: Pound sterling falls after government minister Liam Fox says no deal most likely outcome | City A.M. August 6, 2018 The pound has fallen to its lowest in 11 months this morning, following warnings over the weekend by international trade secretary Liam Fox that it was now more likely the UK would leave the EU without a deal. Sterling fell 0.3 per cent to $1.2954, its lowest since July 19, making it the biggest loser [...]
Threat of ‘no deal’ Brexit weighs on British business confidence | City A.M. August 6, 2018 The threat of a ‘no deal’ Brexit is weighing heavily on business optimism as the international trade secretary, Liam Fox, warns that EU “intransigence” means leaving without a trade agreement is now the most likely outcome. A survey of 1,000 senior British professionals by the Institute of Chartered Accountants (ICAEW) will today show that confidence [...]
Liam Fox: ‘No deal’ Brexit most likely outcome August 5, 2018 The most likely outcome of the Brexit process is leaving without a deal, according to international trade secretary Liam Fox, amid growing concerns of a chaotic departure from the EU. There is a three-in-five chance of a "no deal" Brexit in which UK-EU trade defaults to World Trade Organisation terms, Fox said in an interview [...]
Last Week in the City: Trade fears re-emerge August 3, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (30 July to 3 August 2018). Interest rates were raised in the UK for the second time since the financial crisis, but the move was widely expected. The earnings season continued. Growth in all regions was [...]
UK services PMI slides in July following ‘disappointing’ business growth and job creation | City A.M. August 3, 2018 The IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI), seen as a barometer of economic health, fell in July to 54.3 from June’s 54.9. The index signalled the slowest expansion of service sector output for three months, raising questions over the Bank of England’s (BoE) decision to raise interest rates yesterday from 0.5 per cent [...]
Sterling falls as Carney warns Brexit no deal odds are “uncomfortably high” | City A.M. August 3, 2018 The pound has fallen to an 11-day low against the dollar as Bank of England governor Mark Carney warned the chances of a Brexit no deal were “uncomfortably high”. Sterling fell 0.2 per cent to $1.299, as the Canadian economist told the BBC this was a “highly undesirable” scenario. “I think the possibility of a [...]