Could gold return as a safe haven with Chinese fears depressing the markets? January 13, 2016 The volatile start to 2016 has panicked bankers and left investors despairing, but it may offer a ray of hope for gold miners. Gold miners have not been immune to the commodities rout, and the price is hovering around a six-year low of $1,045 an ounce, although today the spot price is nearer $1,087. However, turmoil in markets [...]
CMC confirms it will float on the London stock market earlier than expected in February 2016 and hopes to raise more than £240m, despite market swings January 13, 2016 Spread-betting company CMC Markets today confirmed it was proceeding with plans to float on the London stock market. The long-awaited announcement followed weeks of speculation in the City that financier and former Conservative treasurer Peter Cruddas was looking to take his company public with help from Goldman Sachs and Morgan Stanley, who have been advising CMC on the [...]
FTSE 100 index rises over 6,000 mark as it opens sharply higher on oil companies as share price of BP and Shell rise with pharmaceuticals including Shire and AstraZeneca January 13, 2016 The FTSE 100 climbed back over the 6,000-point mark in the first hour of trading today, as the index rose after positive trade data from China helped abate fears of a possible slowdown in the world's second largest economy. Improvements in Chinese export data appear to suggest that while the economy is slowing, things may not be nearly [...]
Bank of England’s monetary policy committee: Why rate-setters could surprise on January 2016 risks January 13, 2016 A lot can happen in a month. Since the last monetary policy committee (MPC) meeting, oil prices have fallen to new lows, UK gross domestic product has been revised down and concerns about China have entered another acute phase. Given the dovish MPC has a reputation for caution, how will it deal with the latest curve balls? [...]
Finally some good news: Chinese exports unexpectedly rise as concerns over a slowdown in the world’s second largest economy linger January 13, 2016 While fears over the state of the Chinese economy persist, some good news was delivered this morning, after Chinese exports defied expectations in December to rise. Chinese exports rose 2.3 per cent in December from a year ago in yuan-denominated terms, against forecasts of a 4.1 per cent fall. A weakening currency is thought to have [...]
George stands by his yuan: Osborne to press ahead with plans to connect British and Chinese stock exchanges January 13, 2016 Chancellor George Osborne is pressing ahead with plans to connect the British and Chinese stock exchanges despite heightened market fears over volatility in the Chinese markets. Osborne used a speech in Shanghai last September to announce a new “feasibility study” into connecting the UK and Chinese markets, writing at the time in City A.M. that [...]
Shareholders expect banking giant HSBC to keep its headquarters in London January 12, 2016 Major investors in HSBC think the bank is more likely to remain headquartered in London following changes to the political and regulatory landscape since the bank announced a review nine months ago. Richard Buxton, chief executive of HSBC shareholder Old Mutual Global Investors, told City A.M.: “I do think the mood music changed materially after the [...]
Comeback currency of the year: Bitcoin beat the dollar by nearly 40 per cent last year to become the best performer of 2015 January 12, 2016 Bitcoin was the world’s best-performing currency in 2015, beating out the US dollar by nearly 40 per cent. The cryptocurrency has been on a roll lately, boosted to hit a 2016 high of $450 by recent turmoil on Chinese stock markets. In afternoon trading, the currency was at $446.31. “Bitcoin is living up to its [...]
Grindr snapped up by Beijing Kunlun Tech and Dalian Wanda buys a slice of Hollywood with Legendary Entertainment studios in Chinese shopping spree January 12, 2016 It takes the January sales to a new level. Today two Chinese giants went shopping: Beijing Kunlun Tech bought a controlling stake in Grindr, and Dalian Wanda bought Hollywood film studio Legendary Entertainment. Dalian Wanda Group announced today it had bought a stake in the studio, which produced the Batman trilogy, Inception, The Hangover and Jurassic World, for $3.5bn (£2.43bn). The [...]
China’s weakened yuan: Experts warn the country is heading for a second Asian currency crisis as pressure on renminbi continues January 12, 2016 China's weakened yuan sent Asian share prices to their lowest level in four years yesterday, as investors panicked over the currency’s future direction. Ripples of bearish sentiment also hit the South African rand, which suffered its biggest one-day drop in seven years to reach a record low against the dollar. The sell-off continued a difficult start [...]