Pound sinks as Boris Johnson warns of hard Brexit February 3, 2020 The pound has sunk in early trading today ahead of a Boris Johnson speech in which the Prime Minister is expected to demand a looser trade deal with the EU that could spell a hard Brexit. Sterling fell over one per cent against the dollar to $1.3069 ahead of the Prime Minister’s speech. Johnson is [...]
Oil prices waver as Opec mulls further production cuts to offset coronavirus impact February 3, 2020 Oil prices were largely steady today despite growing economic disruption from the coronavirus outbreak amid rumours that producer cartel Opec is considering even deeper cuts to oil output. Brent crude fell 0.2 per cent to $56.49, whilst West Texas Intermediate showed a small gain of 0.4 per cent to reach $51.74. Last week prices fell [...]
Coronavirus: Hong Kong closes 10 of 13 China borders February 3, 2020 Hong Kong has suspended 10 of its 13 border crossings with mainland China as the coronavirus outbreak spreads. Leader Carrie Lam stopped short of closing the entire border despite calls to do so as the city fights to curb the spread of the coronavirus, which has now claimed 361 lives. Hong Kong has now seen [...]
FTSE 100 opens higher despite market chaos in China February 3, 2020 The FTSE 100 and other European stock markets have opened slightly higher, despite China’s Shanghai index plunging almost eight per cent over the coronavirus outbreak. The UK’s blue-chip index had climbed 0.3 per cent by 8.30am, Germany’s Dax was also 0.3 per cent higher, while France’s CAC 40 had risen 0.2 per cent. Europe’s gains [...]
Chinese stocks plunge as coronavirus fears rattle markets February 3, 2020 Chinese stocks have plunged in the first day’s trading since the Lunar New Year holiday, suffering their worst opening since the financial crisis in 2007 amid growing fears about the effects of coronavirus on the economy. China’s CSI 300 index of Shanghai and Shenzhen-listed stocks had fallen 7.9 per cent by 7.15am UK time, having [...]
London retains crown as top renminbi hub as trading hits record levels February 3, 2020 London has retained its position as the leading hub for trading the renminbi outside of greater China, with cross-border trading of the Chinese currency hitting record levels. Nearly 3 trillion yuan (£328bn) was cleared by the UK’s designated renminbi clearing bank between September and November last year. This represents a year-on-year increase of almost 23 [...]
All eyes turn to China ahead of markets reopening February 2, 2020 When China’s financial markets plunged into crisis in the late summer of 2015, the authorities in Beijing were left panicking. Having encouraged tens of millions of their citizens to invest in the stock market, they were unprepared for the consequences of a mass sell-off. As millions of small investors began to offload shares, the government [...]
Coronavirus hits UK as first two cases confirmed January 31, 2020 There have been two cases of coronavirus confirmed in the UK today, Public Health England has said. Two people from the same family have tested positive for the virus, according to Professor Chris Whitty, chief medical officer for England. The Department of Health has declined to confirm the identities of the pair or where in [...]
FTSE 100 back in the red as coronavirus surpasses Sars outbreak January 30, 2020 The FTSE 100 fell sharply in early trading today as European stocks sank into the red after the number of coronavirus cases surpassed the total for the Sars outbreak in the early 2000s. Coronavirus has now killed 170 while the number of infections has risen to 7,700. There were around 5,200 cases of Sars, which [...]
Government’s Huawei 5G cap will cost BT £500m January 30, 2020 BT today warned the government’s decision to cap Huawei’s involvement in the UK’s 5G network will cost the telecoms giant £500m over the next five years. BT welcomed the “clarity” provided by Prime Minister Boris Johnson’s decision to enforce a 35 per cent cap on Huawei’s 5G involvement. But CEO Philip Jansen today warned of [...]