International rumblings around regulators’ handling of digital assets May 10, 2023 Lord Holmes of Richmond takes a look at how the US is catching a cold from the UK's sneezes over the regulation of digital assets.
US regional banks slip again as PacWest leads peers lower following Fed’s lending survey May 9, 2023 US regional banks continued their slide on Tuesday with Western Alliance dragging down a number of its peers the day after the Fed’s latest lending survey. LA-based lender PacWest was trading nearly seven per cent lower while Western Alliance was nearly five per cent lower. Fellow struggling regional lender Comerica was 3.6 per cent down. [...]
Markets: Three things we learned this week May 5, 2023 This week the markets had a lot to digest, bumper energy profits, the tail end of the banking sector’s latest round of results, and a rate rise from the Federal Reserve. There was also some positive house price data, which gave the FTSE 100 a spring in its step. With Coronation weekend looming we take [...]
US unemployment figures ‘confound expectations’ with 50 year jobless low, raising spectre of more Fed rate rises May 5, 2023 US employers went on a hiring spree in April while raising wages for workers at the same time, according to the Labour Department. The news that nonfarm payrolls increased by 253,000 jobs last month immediately sparked speculation that the US central bank the Federal Reserve could maintain its current policy of keeping rates higher. The [...]
Pound Sterling rises to highest level in almost a year as US dollar set for second straight week of decline May 5, 2023 Sterling rose to its highest level in almost a year, as the dollar was broadly softer against other major currencies on Friday. The pound continues to recover, while the banking sector woes added to talk of U.S. rate cuts later this year, ahead of the much-anticipated monthly U.S. jobs report just after midday (GMT). The dollar [...]
FTSE 100: IAG, BP and Shell guide index to cheery morning May 5, 2023 The FTSE 100 put on gains in early trading today, up more than 0.6 per cent an hour into Friday morning. Big gainers were BA-owner IAG, up more than 4 per cent after posting positive first quarter results this morning. And oil majors BP and Shell were also both happily in the green, building off [...]
European Central Bank hikes interest rates for seventh time in a row and Lagarde signals more rises May 4, 2023 The European Central Bank (ECB) today hiked interest rates for the seventh time in a row and slowed the pace of its aggressive campaign to tame inflation, though its chief Christine Lagarde signalled more rises are coming. She and the rest of the governing council sent borrowing costs among the 20 countries using the euro [...]
Regional banks in US continue slide as crisis deepens May 4, 2023 Shares in regional banks fell further today as the crisis among regional banks in the US continues. Western Alliance was one of the worst hit, trading nearly 40 per cent lower. It vehemently denied a report from the Financial Times that it was considering a sale of all or parts of its business. The Arizona-based [...]
Pacwest explores potential sale as US banking turmoil looks set to roll on May 4, 2023 After its share price tanked 50 per cent yesterday, Pacwest confirmed late last night that it was exploring "all options to maximise shareholder value" following reports that it was looking at a potential sale.
Price of Bitcoin moves above $29,000 after US Federal Reserve raises interest rates May 4, 2023 Bitcoin is in the green today after recovering from a slight dip following the Federal Reserve’s announcement yesterday of another 0.25% rate hike.