Brokers predict ‘mortgage price war’ as lenders including HSBC and Nationwide cut rates again August 9, 2023 Brokers have suggested there could be a “mortgage price war” as lenders continue to reduce rates amid hopes inflation is finally on the way down. Nationwide reduced prices on some of its fixed products by up to 0.55 percentage points while HSBC reduced rates by up to 0.2 percentage points. TSB also lowered rates by [...]
China’s economy slips into deflation as recovery from pandemic continues to falter August 9, 2023 China’s already “tortuous” recovery from the Covid pandemic continued to stall today as fresh data indicated that domestic demand remained depressed. Figures out this morning showed that the world’s second largest economy slid into deflation in July for the first time since February 2021, with the consumer price index (CPI) falling 0.3 per cent year-on-year. [...]
FTSE 100 close: London markets rise despite Chinese deflation August 9, 2023 London’s markets closed higher on Wednesday as a toning down of Italy’s windfall tax on banks calmed investors despite more negative news from China. The FTSE 100 closed 0.80 per cent higher at 7,587.30 while the midcap FTSE 250, which is more aligned with the health of the domestic economy, ended 0.51 per cent higher [...]
Bellway ‘taking steps to reduce headcount’ as rate hikes continue mortgage slowdown August 9, 2023 British housebuilder Bellway’s underlying operating margin will contract from 18.5 per cent to 16 per cent as mortgage rates continue to slow down demand in the sector. The home construction company completed the build of 10,945 homes in the year ended 31 July falling from 11,198 in the same period last year. As the central [...]
Inflation to remain above Bank of England’s target until 2025, think tank warns August 9, 2023 Inflation may remain above the Bank of England’s two per cent target for the next few years as price increases have increasingly spilled over into the wider economy, a think tank warned today. According to forecasts from the National Institute of Economic and Social Research (NIESR), inflation is forecast to fall to 5.2 per cent [...]
A damp start for EMEA M&A, but bright spots emerging for dealmakers August 8, 2023 The EMEA M&A market is being impacted by market pressures. High inflation, dampening economic demand, and the ongoing Russia-Ukraine war mean that dealmakers are operating in a period of uncertainty. What does this mean for dealmakers? A material impact on M&A activity in the region. Challenges persist for dealmakers Per Mergermarket data, the aggregate value [...]
UK competitiveness as base for big airlines key to unlocking £111bn by 2050, report says August 8, 2023 The UK could benefit to the tune of £111bn and create over 629,000 local jobs by 2050 if it stays competitive as a hub for airlines to be based. Transport consultancy Steer’s report, commissioned by industry body Airlines UK, said propping up British-based carriers boosts local employment and supply chains, whilst financing public services through [...]
Abrdn share price tumbles 10 per cent as £4.4bn pulled by clients so far this year August 8, 2023 The share price of FTSE 100 firm abrdn slumped after the fund manager reported a major fall in assets under management and administration (AuMA) in the first half of the year. AuMA dropped to £495.7bn, down from £500bn at the beginning of this year as it reported net outflows of £4.4bn in the first six [...]
Shapps warns fuel retailers he will ‘call out any foot-dragging’ on price transparency August 8, 2023 Energy Secretary Grant Shapps has warned fuel retailers he will “call out any foot-dragging” over the sharing of pump price data. He made the comment as drivers were hit by the largest weekly rise in petrol prices for more than a year. The Competition and Markets Authority (CMA) is planning to launch an interim voluntary [...]
Beyond Meat: Pricey vegan alternative’s revenue falls 30 per cent as forecast slashed August 8, 2023 Beyond Meat slashed its annual forecast for the year as its revenues plummeted 30 per cent in the second quarter due to customers becoming more reluctant to buy into pricey fake meat alternatives amid the cost of living crisis. The US company, which supplies its vegan plant based burger patties to the likes of McDonald’s, [...]