After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Safe pair of hands: The pound has jumped more than a cent against the dollar since Theresa May’s appointment July 14, 2016 It's been a pretty diabolical couple of weeks for currency traders, but as new Prime Minister Theresa May curtseyed to the Queen yesterday, something happened on the markets: things started to look up – suggesting May's reputation as a "safe pair of hands" may be more than just speculation… The pound, which yesterday traded as low as $1.3106, [...]
New chancellor Philip Hammond says no need for emergency budget July 14, 2016 The recently appointed chancellor, Philip Hammond, has assured that there was no need for an emergency Budget. His predecessor, George Osborne, had warned he would be forced to slash public spending and increase taxes to fill a £30bn "black hole" following a Brexit vote. Read more: What to expect from chancellor Philip Hammond Speaking to Sky News [...]
Brits should avoid acting German if the Bank of England cuts interest rates July 14, 2016 "Not all Germans believe in God, but they all believe in the Bundesbank.” Former European Commission president Jacques Delors’s pithy assessment of the German attitude to monetary policy appears in a long list of quotations from the great and the good on the central bank’s website. Alongside gems like “[the Bundesbank] is like cream, the [...]
Don’t look now, but Europe is the big loser from Brexit July 14, 2016 To put it mildly, the British political establishment did not cover itself in glory in the immediate aftermath of the momentous Brexit vote. I am re-reading Shakespeare’s histories to try to find the correct specific analogy that best describes what Michael Gove did to Boris Johnson, just as I am feverishly going over Kafka to [...]
With the Bank of England expected to cut interest rates, is looser monetary policy now a necessity for developed economies? July 14, 2016 Alasdair Cavalla, senior economist at the Centre for Economic and Business Research, says Yes. For central banks, today’s world looks very different to before the crisis. In a deflationary era, the trade-off between inflation and growth could hardly have moved further in the doves’ favour. China’s rise leaves unprecedented imbalances: overcapacity of supply; abundance of capital; and [...]
Brexit batters pension plans – from falling annuity rates to slashed savings, it hasn’t been good for wannabe retirees July 14, 2016 Many people have had thousands wiped off the value of their Sipps and investment portfolios in the short time since Brexit. The bad news is that markets are likely to remain uncertain. The good news is that they will probably recover and have a solid period of rises, as the general trend over history shows. [...]
Over to you, Carney – our MPC has voted to cut rates July 14, 2016 Mark Carney will reveal today whether the Bank of England will cut interest rates for the first time since March 2009, following the public’s surprise decision to vote for Brexit at the end of last month. Markets have priced in an 80 per cent chance of a cut to the main bank rate, which currently stands [...]
Economists for Brexit call for the government to unilaterally dismantle all trade tariff barriers July 13, 2016 A renegade group of pro-Brexit economists have laid out their plans for how the UK should navigate the instability caused by the UK leaving the European Union. They claim UK GDP could grow by 2.3 per cent this year and 2.7 per cent in 2017 if the government follows their advice to unilaterally dismantle all [...]
Investment banking revenues across Europe have hit a 14-year low in 2016 July 13, 2016 European investment banking (IB) revenues have plunged to a 14-year low, new figures show. In total, IB turnover has come to $8.2bn (£6.2bn) so far this year, to 12 July, according to Dealogic. This is down 22 per cent on the same period in 2015 and is at its lowest year-to-date level since 2002. The figures emerged [...]
At the close: FTSE 100 dips as pre-BoE jitters seize European markets July 13, 2016 The FTSE 100 has dialled back its earlier gains to skid at the close this evening. The blue-chip index finished down just a touch at 6,670.40, off by 10 points – or 0.15 per cent. It's the second flat close on the bounce for the FTSE 100 after ending yesterday's session unchanged. It had earlier in today's session climbed to 6,717.17. The [...]