Lloyds loses mortgage market share as HSBC and RBS rise July 18, 2018 Lloyds lost market share in UK mortgages last year as Royal Bank of Scotland (RBS), HSBC and a host of challengers gained, according to new data published today. Competitors to Lloyds bit off almost one per cent of their market share, which fell from 22.1 per cent to 21.2 per cent of mortgage balances outstanding [...]
Market outlook July 17, 2018 Trump trade war threat A continued world recovery, led by the US with good support from Chinese growth among the emerging markets, is a positive backdrop for share markets. The Trump tax cuts and spending increases could boost US demand and output with the upcoming earnings season in the US likely to be the strongest [...]
Bank of England governor Mark Carney warns of “big” impact from Brexit no deal | City A.M. July 17, 2018 Bank of England governor Mark Carney today warned of a “big economic consequences” if the UK leaves the EU without a deal. A “no deal” Brexit would be a “material event” for interest rates, he said, according to Reuters. Carney has previously said that the Bank would be prepared to use the monetary policy tools [...]
Wages on downward trend in April to cast doubt on Bank of England rate rise prospects | City A.M. July 17, 2018 Growth in Britain’s pay packets continued on a downward trend in April, new data showed today, casting doubt on Bank of England economists’ contention that rising wage pressures will require interest rates to rise. Average weekly earnings grew by 2.5 per cent in the three months to May, slower than an upwardly revised 2.6 per [...]
US President Donald Trump’s trade war to knock a fifth off US stock markets say UBS analysts | City A.M. July 15, 2018 A global trade war would knock a fifth off the value of the US stock market and drag back global growth by more than a percentage point, according to analysis from UBS. Economists at the Swiss investment bank said that the US and China would suffer the biggest growth damage, at 2.45 and 2.33 percentage [...]
Big Four firm PwC predicts London house prices will drop despite growth in rest of UK | City A.M. July 13, 2018 London house prices are set to drop as much as two per cent this year according to a report which suggests fresh evidence of a slump in the capital’s property market. Analysis from Big Four firm PwC predicts a fall in London house prices that could persist into 2019, despite an expected rise in every [...]
UK blockchain startup launches equity crowdfunding round July 12, 2018 For venture-minded investors who have yet to make any major forays into the tantalising yet potentially risky ICO world of blockchain and cryptocurrency, one equity investment opportunity live now on Crowdcube may prove to be a gateway. Introducing: the bank account based on blockchain BABB (Bank Account Based Blockchain) is a UK-based startup. It is building [...]
EU Commission and Bank of England fire latest shots in City’s Brexit contracts row July 11, 2018 The EU’s top financial services boss today contradicted warnings over a potential catastrophe involving trillions of pounds of contracts, as a Bank of England boss suggested that political concerns had affected European regulators’ stance in the latest stage of a row over Brexit preparations. EU financial services commissioner Valdis Dombrovskis today said that financial contracts [...]
Stock markets sell off as economists warn trade war is unlikely to be avoided July 11, 2018 Stock markets around the world sold off today as China hit back at Donald Trump’s White House in the latest round of tariff escalation as economists warned there is little chance of averting a full trade war. China will take countermeasures against US tariffs, it warned today. The FTSE 100 fell by one per cent [...]
UK GDP growth recovers in May boost to Bank of England hawks July 10, 2018 The British economy did not accelerate in the three months to May compared to the first quarter, according to monthly data released for the first time by the Office for National Statistics (ONS) – although a bounceback during the month of May itself will relieve Bank of England hawks hoping to raise interest rates. UK [...]