US inflation slumps to lowest level in more than two years and is now well below UK July 12, 2023 Inflation in the US has slumped to its lowest level in more than two years and is now far below the UK’s rate, official figures out today reveal. American inflation fell to three per cent in June on an annual basis, down from four per cent in the previous month, according to the US Labour [...]
Winkworth shares tumble as estate agent issues profit warning amid mortgage slump July 12, 2023 Winkworth shares tumbled 14 per cent this morning after the estate chain issued a profit warning due to soaring interest rates and a fresh slump in mortgage approvals. The company which has over 90 branches across the UK said that the sales market proved more challenging in the second quarter of the year, as rate [...]
Nearly one million UK homeowners to have £500 a month eaten up by higher mortgage payments July 12, 2023 UK homeowners are poised to hand over a bigger chunk of their income to their lenders every month after they roll on to a new mortgage with a much higher interest rate, the Bank of England has warned today. By the end of 2026, around 1m families will be paying an at least additional £500 [...]
Bitcoin and Ethereum continue to hold the line ahead of today’s CPI figures July 12, 2023 Bitcoin and most other cryptocurrencies continue to march steadily sideways with the market leader trading around $30,700.
Corporate debt swells to record £6tn as interest rates begin to cool borrowing appetite July 12, 2023 The debt pile sitting under global corporates has swelled to record levels in the past year despite rate hikes beginning to cool firms’ appetite for borrowing, new research has revealed.
Oil markets await US inflation data as IEA maintains tight supply predictions July 12, 2023 Oil prices are flat in this morning trading session, as investors await the latest US inflation data for signs of future rate-hikes.
Loungers: Cafe and Bar operator looks for further expansion as cooling inflation for hospitality boosts revenue July 12, 2023 Cafe and bar operator Loungers revenues jumped 19 per cent during the year, as the owner of the Lounger and Cosy Club was bolstered by 29 new site openings. The London-listed hospitality chain recorded earnings of £47.3m which represents growth of 66 per cent since it first listed on the stock exchange in April 2019. [...]
Hostelworld has record revenues thanks to ‘bed price inflation’ and return of Aussie holidays July 12, 2023 Hostelworld reported record revenues of €51.5m (£43.3m), on the back of resurgent demand for big trips to Asia and Australia and “bed price inflation” helped prop up its margins. The travel platform saw revenue growth of 57 per cent year on year, on the back of 3.4 million bookings across Europe, Asia and Australian markets [...]
Bank of England says UK’s big banks passed stress test and are ‘resilient’ to rising rates July 12, 2023 The UK’s largest lenders passed the Bank of England’s stress tests with flying colours, even as concerns grow around the health of the mortgage market. In its latest stress test, the Bank of England concluded that banks were “resilient”, enabling them to withstand persistently higher inflation and a deep global recession. “The UK banking system [...]
J D Wetherspoon: ‘Misrepresentation’ to claim boozers sell-off was for ‘money-raising’ alone July 12, 2023 JD Wetherspoon hit back at critics over its decision to sell off a flurry of pubs, telling investors it is a “misinterpretation” to claim it was a purely “money-raising” move. The budget boozer sold, closed or surrendered to the landlord 28 pubs, however said that while the move raised a small bit of capital, it [...]