Sterling hits two-week high against the dollar as fears over Trump presidency take their toll November 2, 2016 Sterling rose to a two-week high against the dollar this morning pushed by uncertainty surrounding the US elections. The pound, which has fallen by around 20 per cent since the UK voted to leave the EU, has taken a slight boost today. It has risen around one per cent this week, also pushed up by the news [...]
Housebuilder Persimmon shrugs off Brexit vote but says it’s staying cautious November 2, 2016 Housebuilders' shares were among the hardest hit after the Brexit vote – but it seems investors may have been over-cautious, after Persimmon reported a 19 per cent jump in sales. The figures In a trading statement this morning Persimmon, the UK's biggest housebuilder, said since it reported its half-year results at the end of August, sales have [...]
Inflation to hit four per cent by end of 2017 November 2, 2016 UK inflation is set to rise from 0.7 per cent to four per cent by the end of next year, thanks to the falling pound. That's what the National Institute for Economic and Social Research (NIESR) is forecasting anyway; the think tank says inflation will peak in the latter half of 2017 with a weak sterling [...]
Working Lunch review: Coq d’Argent has created a tasting menu using truffles and posh French mustard November 1, 2016 Coq d’Argent No. 1 Poultry, EC2R WHAT? This brasserie has become a stalwart of boozy business lunches in the heart of the banking district. Famed for a menu and wine list that’s positively croaking with French classics, it’s just launched a truffle-themed tasting menu in partnership with upmarket mustard brand Maille until 30 November. WHERE? [...]
London’s house prices won’t rebound until 2020, according to JLL November 1, 2016 London's housing market won't recover from the hit of the referendum until 2020, property experts have predicted. According to research by JLL, the UK housing market will be "more subdued" over the next few years, and London house prices will recover in 2020 "assuming Brexit negotiations are not too detrimental". Read more: This is how the third [...]
HSBC calling? Dame Clara Furse steps down from Bank of England’s Financial Policy Committee November 1, 2016 Dame Clara Furse has stepped down from the Bank of England's Financial Policy Committee (FPC), fuelling speculation that she's being lined up for a top job at HSBC. “It’s been an enormous privilege to work with the governor, other FPC colleagues and Bank staff on developing the UK’s macro-prudential policy in its early years," said Furse. "I [...]
Lending leaps at Virgin Money but it’s cautious over Brexit November 1, 2016 Challenger bank Virgin Money shrugged off post-Brexit vote volatility, increasing mortgage and credit card lending – although it warned it was exercising caution. The figures Gross mortgage lending rose 19 per cent to £6.5bn in the nine months to the end of September, putting its total mortgage balances at £28.9bn. That pushed Virgin's share of total mortgage lending up to 3.6 [...]
As inflation rises, central banks have their eyes on economic growth, not prices: Here’s what’s causing the bond sell-off November 1, 2016 Inflation is back, it would seem. After years of deflation and disinflation, recent data shows that price levels have been rising in the US, the UK and in the Eurozone. After a peak in bond prices in July, holders of debt are now concerned that the yield on long-dated securities could be eroded over the coming [...]
Super Mario Draghi marks five years at the top of the European Central Bank November 1, 2016 FELICE anniversario! Today marks five years since “Super Mario” Draghi took the reins at the European Central Bank, tasked with bringing monetary stability to the Eurozone while helping the bloc recover from a severe economic slump – hardly child’s play. It has been an eventful half-decade. Highlights include the now-famous speech in the summer of [...]
The best political reactions to Mark Carney’s decision to stay at the Bank of England to 2019 October 31, 2016 Mark Carney today revealed that he would remain as governor of the Bank of England until 2019, adding an extra year to his original plan of a five year stay. It means his tenure still falls short of the original offer of an eight year role, but still adds to Carney's long held plan to [...]