FTSE 100 dragged down by Persimmon tumbling after property market warning November 8, 2022 London’s FTSE 100 today was pulled down by house builder Persimmon tumbling after it warned rising rates will hit its bottom line. The capital’s premier index edged 0.08 per cent higher to 7,306.14 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0,75 per [...]
Qatar World Cup could cost Brits £34 more than 2018 summer comp due to rising energy bills November 8, 2022 The winter World Cup in Qatar will cost Brits £34 more than watching the previous one from Summer 2018 in Russia. Rising energy bills and increased prices of a a pint, means it’s likely England fans will watch the tournament at home, increasing the use of energy and electricity. New figures from Saxo claims that [...]
UK economy to emerge from recession 10 per cent smaller than pre-Covid path November 8, 2022 The UK economy will be 10 per cent smaller compared to its pre-Covid growth path after the Bank of England’s forecasted two year recession, a top Wall Street bank has warned. JP Morgan said in a note to clients Britain is on course to miss out on a large chunk of much needed economic growth [...]
Bank of England not to blame for looming record recession, chief economist stresses November 8, 2022 The Bank of England is not to blame for the UK fumbling into the longest recession since records began and rate setters are not “inflation nutters,” its chief economist said today. Huw Pill, who replaced Andy Haldane last year as Threadneedle Street’s top wonk, said the UK’s slowdown is being “driven by other forces” beyond [...]
Siemens bids £3.5bn for troubled wind unit as it combats Chinese imports November 8, 2022 Siemens Energy has tabled a £3.5bn bid to snap up the remaining third of shares it does not own in its troubled wind energy unit.
Shoppers continue turning to own label groceries as yearly food bill to leap by £682 November 8, 2022 Sales of own-brand groceries shot up last month while fewer consumers forked out for a Halloween pumpkin this year, as households seek to trim down costs. Shoppers are increasingly switching to cheaper alternatives of food essentials, as historically high levels of inflation amp up the pressure on Brits this winter, according to data from insights [...]
Direct Line’s premiums slump amid challenging market backdrop November 8, 2022 Direct Line’s adjusted gross premiums have slumped slightly against a challenging market backdrop. In the nine months ended 30 September, the insurer’s total group premiums were £2.3bn – down 3.5 per cent on last year’s levels. Its Motor and Home markets went down 8.9 per cent and 10.1 per cent respectively, while Direct Line delivered [...]
All eyes on Biden vs Trump today: US midterms to usher in two years of gridlock November 8, 2022 The sharp decline in the US dollar markets saw on Friday continued yesterday as the greenback lost ground across the board, with the pound benefiting the most, pushing above the 1.1500 area, as markets looked ahead to this week’s Q3 GDP number, and next week’s autumn budget. The weakness in the US dollar came despite [...]
Primark owner takes £1bn extra inflation hit amid ‘most challenging’ economy for many years November 8, 2022 Primark owner Associated British Foods (ABF) saw inflationary costs leap by £1bn this year alone, as it weathers “highly volatile” economic conditions and hopes to retain shoppers with its low prices. The chairman of the fashion and food business, Michael McLintock, said ABF had “encountered the most challenging economic conditions for many years with sharply [...]
Scorching inflation raises fears of Christmas spending slump November 8, 2022 Scorching inflation hobbling Brits’ finances has triggered a spending squeeze that could bleed into Christmas, research out today reveals. Surveys out from Barclaycard and the British Retail Consortium (BRC) show retail sales volumes likely fell in October. While the organisations measured a jump in consumer spending of 3.5 per cent and 1.6 per cent respectively, [...]