Gold gains for second day as nervous investors rush into the safe-haven June 27, 2016 Gold surged for a second day as nervous investors sought refuge from a storm rippling through financial markets following the UK's vote to leave the European Union. Spot gold swelled 0.76 per cent to $1,325.70 an ounce this morning, while US gold added 0.55 per cent to $1,329.70. The precious metal has risen nearly 25 per cent [...]
All change at the Labour Party as resignations stack up and Corbyn announces a new cabinet June 27, 2016 The second day of chaos in the Labour Party has begun, with a string of front bench resignations and a new cabinet announced by Jeremy Corbyn. Around ten ministers and parliamentary private secretaries (PPS) have quit this morning, following yesterday's pandemonium in the party which resulted in one-third of Corbyn's shadow cabinet leaving. Corbyn responded before the [...]
Central banks around the world have moved to try and calm markets in the aftermath of Brexit June 24, 2016 As financial markets adjust to a post-Brexit world, central bankers are rushing to try and restore calm. The immediate reaction to the UK vote to leave the European Union was a harsh sell-off that in which the pound plummeted and markets around Europe followed their Asian counterparts sharply lower. The Bank of England governor Mark Carney has already said he will prop [...]
International Monetary Fund warns US over growth outlook as it slashes forecasts June 22, 2016 The International Monetary Fund (IMF) has taken a break from warning over the risks of Brexit to caution the US on the strength of its economy. The IMF has slashed its growth forecast for the US this year to 2.2 per cent, down from 2.4 per cent it predicted at the start of the year. It [...]
Before the bell: What you need to know before the US market open June 22, 2016 It's the calm before the storm as investors await a second round of testimony from Federal Reserve chair Janet Yellen and the UK Brexit referendum approaches. Here's what you need to know before the US market open at 14:30 London time. In the pre-market US futures are up, albeit barely. The S&P is up by 0.05 per cent. [...]
As German judges clear the ECB’s OMT crisis bond-buying scheme, is it a step forward for the Eurozone? June 22, 2016 Dr Holger Schmieding, chief economist at Berenberg, says Yes. The European Central Bank (ECB) is the lender of last resort for the Eurozone. By throwing out legal challenges to the ECB’s “whatever it takes” promise, Germany’s constitutional court filled the one decisive gap in the institutional setup of the Eurozone. In mid-2011, an irrational market panic [...]
US Federal Reserve chair Janet Yellen says Brexit is delaying prospects for US rate hike June 21, 2016 Janet Yellen has reiterated her view that the US Federal Reserve will move slowly and steadily when it comes to raising interest rates, citing fears over the UK’s EU referendum as one potential drag on the US economy. In her appearance before the Senate Banking Committee this afternoon, the Fed chair pointed to “considerable uncertainty about [...]
Brexit wouldn’t be an endorsement of Nigel Farage but a vote of confidence in Britain June 21, 2016 It has been an obvious tactic. Remain advocates are attempting to shame Britons into voting In. One unsubtle social media meme even implied that a vote for Brexit makes you intolerant, close-minded and unkind. The evidence? Apparently Nigel Farage stood in front of a distasteful poster about migration, and he’s in favour of leaving. So a vote [...]
US Presidential Election 2016 polls: Hillary Clinton leads Donald Trump despite slip after Orlando shooting June 20, 2016 Democrat Hillary Clinton is a clear favourite to win the US presidential election, with a series of polls putting her ahead of rival Donald Trump. While Clinton's lead took a slight hit last week with an Ipsos Mori poll after the Orlando shooting, putting her 10.7 points ahead (compared to 14.3 in the previous poll), she [...]
Now Microsoft’s UK corporate tax arrangements are under scrutiny June 19, 2016 Microsoft is the latest US tech company to come under scrutiny in the continuing row over corporation tax after it was revealed that it made a deal with UK authorities. The company, founded by Bill Gates, avoided paying £100m in corporation tax it's claimed, by revenue from Britain being recorded in Ireland where the tax rate is 12.5 [...]