OPEC cites risks to summer oil outlook, holds demand forecast April 13, 2023 OPEC has flagged downside risks to summer oil demand as part of the backdrop to shock output cuts announced by OPEC+ producers.
UK economy stalls in February but is just about on track to dodge recession in early 2023 April 13, 2023 Britain is just about on track to dodge a recession in the first half of this year, defying gloomy predictions from experts heading into 2023 that the economy would suffer the largest slump in recent memory, figures out today show. Gross domestic product (GDP) – which measures the value of all goods and services produced [...]
Jeremy Hunt tells Washington that UK predictions are ‘much better’ than IMF doomsayers April 13, 2023 Chancellor Jeremy Hunt has said he is “confident” the UK will beat the poor growth forecasts predicted by the IMF. The International Monetary Fund (IMF) said earlier this year that the UK economy will shrink by 0.3 per cent this year and grow by just one per cent in 2024. Speaking to Bloomberg in Washington [...]
Tesco hit by inflation and supermarket war with Aldi and Lidl as profit down almost seven per cent April 13, 2023 Tesco, Britain’s biggest supermarket, was hit hard by consumers tightening their belts during the cost of living crisis, as it reported its operating profit was down almost seven per cent on last year. The London-listed chain said its profit was £2,6bn for the year to the end of February which was down 6.9 per cent [...]
Supermarket price wars: Tesco slashes price of milk for first time in three years to rival Lidl and Aldi April 13, 2023 Tesco has slashed the price of milk for the first time in three years and locked the price of over 1,000 products, in the latest move by the UK’s biggest grocer to rival discounter supermarkets. As shoppers are forced to ‘shop around’ for the best-value options, Tesco has reduced the price of a pint of [...]
FTSE 100 close: US inflation boost runs out of steam as De La Rue tumbles a third April 12, 2023 A sudden boost to London’s FTSE 100 from better than expected US inflation numbers ran out of steam toward the end of today’s trading session, although the premier index still notched gains. The FTSE 100 jumped 0.5 per cent to close at 7,824.83 points, while its mid-cap counterpart, the FTSE 250, which is more responsive [...]
Deposits in focus as US banks line up to report amid banking volatility April 12, 2023 The largest banks on Wall Street will start reporting their first quarter earnings later this week with investors set to pay very close attention to banks’ deposits. So far this year, huge amounts of money have flowed into higher-yielding money market funds from bank deposits. This picked up in March after the collapse of Silicon [...]
US core inflation jumps to 5.6 per cent while CPI falls rapidly in mixed signal for Fed April 12, 2023 Underlying US inflation is putting up a strong fight against the Federal Reserve’s aggressive interest rate hike assault, while general price rises are falling quickly, sending mixed signals to chair Jerome Powell and co ahead of their interest rate decision next month. Official figures out from the US Bureau of Labor Statistics today showed the [...]
Post Brexit UK-US trade deal talks still on ice as Biden visits Northern Ireland April 12, 2023 Talks between the US and the UK on a post-Brexit free trade deal are not expected to resume until 2025, according to reports. Prime minister Rishi Sunak and US president Joe Biden are not said to have discussed the matter during a visit to Northern Ireland to mark the 25th anniversary of the Good Friday [...]
Andrew Bailey stresses Bank of England focused on inflation fight rather than Credit Suisse and SVB fallout April 12, 2023 The recent run of chaos in the global financial system that has laid waste to Credit Suisse and Silicon Valley Bank (SVB) has not distracted the Bank of England from trying to tame inflation in the UK, the monetary authority’s chief said today. Speaking at an event at the International Monetary Fund’s spring meeting, Andrew [...]