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 [...]
At the close: Sterling stable and FTSE 100 fizzes June 17, 2016 Markets ended the day on the up as the moratorium in the EU referendum campaign allowed markets to compose themselves ahead of what is certain to be one of the most volatile weeks since the financial crisis. The FTSE 100 recovered some lost ground to close above the benchmark 6,000 point mark – but only just. [...]
Oil rises for the first time in seven days as the US dollar weakens June 17, 2016 Oil snapped its biggest weekly drop in more than two months today, helped by foreign exchange rate movements. The greenback slumped 0.2 per cent to $94.407 against a basket of currencies, making the dollar-priced commodity more attractive to foreign buyers, and helping crude shrug off a sharp drop in the previous six sessions. Read more: IEA says global [...]
Gold hits highest level in nearly two years after US Federal Reserve’s dovish coos June 16, 2016 The US Federal Reserve's dovish coos helped gold smash through the $1,300 mark for the first time since early May today. Spot gold swelled 1.30 per cent to $1,308.1 per ounce this morning, having touched its highest level since August 2014 at $1,313.60 earlier. US gold added 1.80 per cent to $1,311.3, after hitting its highest rate [...]
European banking shares take a hammering as Deutsche Bank falls to its lowest ever June 16, 2016 European banking shares dropped today – with Deutsche Bank's share price falling to its lowest-ever in early trading. Deutsche shares fell as low as €12.94 , 2.5 per cent lower, while the UK's big four lenders were also hit, with HSBC dipping 1.1 per cent to 420.95p, Barclays falling 2.5 per cent to 157p, Royal [...]
Fed rates kept on hold by Brexit bugbears and May’s disappointing jobs report June 15, 2016 The US Federal Reserve has voted to keep its interest rates on hold at its monthly meeting, inline with market expectations. There had previously been expectations that the Fed would hike rates for the second time in a decade this month though recently sentiment has soured. The US central bank has held the target range for [...]
At the close: FTSE 100 back on the up as markets and sterling recover some lost ground June 15, 2016 The FTSE 100 ended a four-day losing streak and sterling recovered some of its lost ground in a reassuring day for the markets. After yesterday's routing which wiped £30bn from the UK's leading companies, the blue chip index ended up 0.7 per cent at 5,966.80. That wasn't enough, however, to offset even half of yesterday's dramatic losses, [...]
Before the bell: What you need to know before the US market open June 15, 2016 Fed day is here chair Janet Yellen is unlikely to do anything that would surprise the markets. We'll have the decision at 7pm London time and then wait to hear from the lady herself at 7:30pm. Here's what you need to know before the market open at 14:30 London time. US futures are pointing up [...]
What to look out for from the Federal Reserve’s interest rate decision this evening June 15, 2016 For a few brief hours this evening, markets will turn their attention away from next week's EU referedum. Eyes will drift across the pond, to the most powerful central banker in the world, Janet Yellen. Tonight the US Federal Reserve's rate-setting Federal Open Market Committee (FOMC) will update the market on its latest economic thinking and [...]
The Fed’s dangerous monetary experiments will continue whoever wins the US election June 14, 2016 The Federal Open Market Committee will be gathering in earnest today, but this hotly-anticipated event now looks like a damp squib after Janet Yellen all but ruled out an immediate rate rise last week. No doubt Fed watchers will revive their usual excitement and frenzy in the coming months, but a potential 0.25 per cent rise [...]