Fed’s Yellen concerned by recent shock jobs report but remains “cautiously optimistic” June 6, 2016 The recent jobs report that showed a slow down in the number of jobs the US economy is adding has been called "concerning" by the Fed chair Janet Yellen. Her remarks will reinforce market expectations that the US interest rate will be held steady. Bloomberg average estimates of an interest rate hike in June fell to two [...]
Before the bell: What you need to know before the US market open June 2, 2016 The European Central Bank (ECB) and the Organization of the Petroleum Exporting Countries (Opec) are both in Vienna today to decide on their respective policies and could add an extra kick of volatility to global markets. Here's what you need to know before the market open at 14:30 London time. US futures are struggling ahead of the opening bell. [...]
Before the bell: What you need to know before the US market open June 1, 2016 The Organisation for Economic Co-operation and Development (OECD) has warned that Brexit would play havoc with the global economy and Japan's Prime Minister Shinzo Abe says the country will get fresh new stimulus in the Autumn. Here's what you need to know before the market open at 14:30 London time. US indices are pointing the wrong way in the pre-market. [...]
Chinese steel and iron ore futures post worst monthly performance on record May 31, 2016 Chinese steel and iron ore futures clocked their worst monthly slump on record, amid a deepening crisis in the global steel industry. Rebar, or reinforcing steel, clocked a 23 per cent monthly decline, its worst on record since launching in 2009. The most-traded rebar on the Shanghai futures exchange closed down 0.8 per cent at 1,978 yuan [...]
Brexit not even close to the top spot in list of investors’ top concerns May 31, 2016 Retail investors are shrugging off concerns about the EU referendum, as they turn their attention to bigger events on the horizon. More than nine in ten investors said they could think of an issue which was more worrying than the possibility of Brexit, in new research from The Share Centre. Top of investors' minds was the Chinese [...]
Australia set to auction off bitcoin stash as Chinese demand propels the price higher May 30, 2016 Australia is going to sell off £7.5m worth of bitcoin it confiscated as “proceeds of crime” during 2015. The auction will be the first of its kind outside of the US. Separately, the price of bitcoin has jumped over the last few days after a surge in demand out of China. Read more: Ethereum's value is already up 1,100 [...]
Anglo American’s diamond business De Beers names new chief exec Bruce Cleaver May 27, 2016 Anglo American's De Beers said today it had appointed Bruce Cleaver as chief executive from 1 July. Cleaver will replace Philippe Mellier who decided to step down after five years at the world's biggest diamond producer. Cleaver had been group director of strategy and business development at Anglo. Prior to this, he'd served as exec director for strategy and commercial relationships at [...]
China raises £300m in London as part of first ever overseas RMB bond May 26, 2016 China's finance ministry today issued a three billion yuan (£312m) international bond, its first ever outside China or Hong Kong. The bond, set to be listed on the London Stock Exchange, was managed by HSBC and China's finance ministry. In October last year, China's central bank debuted on London markets with the sale of its first [...]
Should you start hoarding gold? Some say China’s gold ambitions mean you should keep some stashed at home May 26, 2016 China’s decision to buy its second gold storage vault in London last week was another step towards total dominance of the market. The vault is in a secret location and was bought by Chinese state-owned bank ICBC Standard Bank from Barclays. It could store $90bn of gold at today’s prices, and follows the purchase of [...]
Tata Steel still considering bids for its UK assets May 25, 2016 Tata Steel is still considering bids for its loss-making UK business, despite hopes for a shortlist of bidders to be revealed after its board meeting today. The announcement came after Tata execs scrutinised the details of the bids, as well as discussing the British government's support for a potential sale in Mumbai. Finance director, Koushik Chatterjee, subsequently told reporters: [...]