After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Over to you, Mark II: City A.M. Shadow MPC votes for interest rate cut August 4, 2016 City economists have called on Mark Carney to pull the trigger and cut interest rates for the first time in seven and a half years today. City A.M.’s Shadow monetary policy committee (MPC) voted five to four in favour of slashing rates to a new all-time low of 0.25 per cent. Futures markets indicate a [...]
A rate cut could wipe £1.4bn off operating profits at the UK’s top banks August 4, 2016 Profits will be decimated at the UK’s top banks if, as widely expected, the Bank of England cuts interest rates to a historic low of 0.25 per cent today. New analysis by the banking practice of consultants Simon-Kucher and Partners predicts that lower rates would wipe £1.4bn off the operating profits at the UK’s top [...]
A Bank of England interest rate cut is almost inevitable: It’s a shame it’ll prove ineffective August 3, 2016 In all likelihood, today will see the most predictable yet most ineffective policy move from the Bank of England in its 19 years of monetary policy independence. We should be concerned, especially on the second point, because at a time when the economy is slowing, the limited ability of the Bank to lend a helping hand should [...]
UK on brink of recession as service sector slammed in July August 3, 2016 The UK could already be in the midst of a recession according to fresh economic data out this morning. The latest purchasing managers' index (PMI) data has revealed the dominant services sector shrunk in the first full month after the EU referendum as the shock of the UK's vote to leave appears to have taken an immediate [...]
Bank shares across Europe have opened steadily after HSBC results August 3, 2016 European banks have stopped the rot after two days of dramatic selling across the continent, as a share buyback at HSBC helped buoy investor sentiment. The UK's largest listed lender reported a steeper-than-expected 29 per cent fall in profits, but intends to snap up around $2.5bn (£1.9bn) of its own shares and maintain its dividend. [...]
Think tank warns of 50-50 chance of post-Brexit recession August 3, 2016 The government will borrow an extra £47 billion between now and the end of the decade as a result of the UK's decision to leave the European Union, economists have warned. The new economic outlook from the National Institute of Economic and Social Reserach (Niesr) also said there was a 50-50 chance of the UK economy [...]
City braced for rate cut as construction data and banking woes unsettle markets August 3, 2016 The FTSE 100 fell to a two-week low of 6,645.40 yesterday, spooked by a double whammy of gloomy UK construction data and faltering bank stocks. Official data shows that UK construction has shrunk at its fastest pace in seven years. Markets are now bracing themselves for tomorrow’s Bank of England policy meeting, at which governor Mark [...]
Bank of England stress tests “worse than useless” according to free market think tank August 3, 2016 The Bank of England's stress-testing regime is “worse than useless” according to a new report from free market think tank the Adam Smith Institute. The tests gave the UK's banking system a clean bill of health in 2015, but the think tank argues that the regime is riven with fundamental flaws. And days after alarm bells were [...]
Drop in pound and higher fuel prices weigh on Royal Caribbean August 2, 2016 Rising fuel prices and negative currency effects – notably from the fall in the pound – have forced Royal Caribbean Cruises to cut its full-year outlook. Despite the warning Royal Caribbean reported a profit of $229.9m (£172.6m), or $1.06 a share, up from $185m a year earlier. Revenue climbed 2.3 per cent, hitting $2.11bn compared [...]
Brexit doom-mongers are wrong: London house prices aren’t going to crash August 2, 2016 On the morning of 24 June, as Britain woke up to the reality that as a nation we’d voted to leave the EU, it may have seemed like the world was turning on its head. The pound was crashing, stock markets see-sawed, and the political landscape of the UK was irrevocably changed. Just over a month [...]