Before the Bell: DAX set for a record open as margin call concerns subside March 30, 2021 If markets were worried about the spill over effects from Friday’s $20bn block trade margin call, and the potential spill overs from the Ever Given container ship getting stuck in the Suez Canal, then yesterday’s price action suggested the fallout was fairly contained. European markets finished yesterday’s session broadly higher, while US markets finished the [...]
BoE calls on lenders to seek regulatory approval before relocating to EU March 29, 2021 The Bank of England is calling on lenders to seek its approval before relocating to the EU after concerns European regulators are demanding more to move than necessary. The central bank is concerned the European Central Bank’s requests are excessive, the Financial Times reported, and Governor Andrew Bailey has reportedly taken a personal interest in [...]
Tory peer Lord Marland ‘in the running’ to chair competition watchdog March 29, 2021 Tory grandee Lord Marland is said to be in the running to become the next chairman of the Competition and Markets Authority (CMA) in what could be the latest political appointment by Boris Johnson. Lord Marland, a former Conservative minister, is one of several names being circulated at the Department for Business, Energy and Industrial [...]
Survey: SMEs eye post-pandemic investment boost March 29, 2021 UK SMEs are eyeing long-term growth as over a quarter plan to invest more in their businesses this year than before the pandemic, according to a survey by Virgin Money. The focus on growth has never been clearer as businesses have had to close their doors, furlough workers and cut their costs. After a [...]
City A.M. TV: Daily Market Snapshot (video) March 29, 2021 It’s been a fascinating two weeks, initially building up to the Fed meeting (with the statement and updated ‘dot plots’ released on 17 March), and then dealing with the aftermath last week. As is typical of forward looking markets, they rallied into the dovish Fed announcement, peaking just after the Q&A in the press conference. Since [...]
Tory MPs urge Boris Johnson to scrap work from home guidance next month March 29, 2021 Conservative MPs have called on Boris Johnson to lift work from home guidance next month to speed up an economic rebound. They argue that with more than half the adult population having received a Covid jab, those who want to return to the office should be allowed to do so. Clarity is yet to emerge [...]
BoE demands lenders seek its approval before relocating jobs to the EU March 29, 2021 The Bank of England is demanding that lenders seek its approval before relocating UK jobs or operations to the EU. The move comes after the BoE became concerned that European regulators are asking for more to move than is necessary for financial stability post-Brexit, the Financial Times first reported. The BoE reportedly heard of several [...]
Markets A.M. – Attention shifts to credit data with UK-EU vaccine row set to continue March 29, 2021 US markets once again finished a rather choppy week on a high, with the S&P500 setting another new record, and both the Nasdaq and Russell 200 also posting strong gains in the last hour of trading, in a broad-based uplift across the board. In a week that saw optimism and pessimism in equal measure, stock [...]
Brexit: One in four small UK exporters halt EU sales March 29, 2021 More than one in four small British exporters have stopped sending goods to the EU since the end of the Brexit transition period on 1 January over frustrations about the amount of new red tape, according to a new survey. A Federation of Small Businesses survey out today showed that 23 per cent of small [...]
UK to remind Brussels that British taxpayers paid for AstraZeneca vaccine March 29, 2021 The UK will tell the EU next week that it must consider the millions of pounds British taxpayers spent on the creation of the Oxford University/AstraZeneca jab as the two sides look to resolve an ongoing row over vaccine exports. The UK and EU are set to resume talks from tomorrow over Brussels’ threats to [...]