Oil prices boosted by six weeks of gains as supplies tighten worldwide August 6, 2023 Oil markets will open trading on Monday having recorded six weeks of gains across both major benchmarks, as tightening supplies bolster prices.
Persimmon under increasing pressure as rate rises crimp housing demand August 6, 2023 UK housebuilder Persimmon is expected to report a fall in revenue in its half-year update on Thursday as the sector comes under increasing pressure from higher mortgage costs. The FTSE 100 firm is expected to see revenue decline to £1.11bn, down from £1.69bn for the same period last year, according to CMC Markets. In its [...]
FTSE 100 close: London markets flat as WPP shares slide on tumbling profits August 4, 2023 FTSE 100 was flat on Friday ending the week in subdued fashion, as advertising giant WPP’s tumbling profits led to its share price sliding. London’s flagship index was hovering between being up and dipping into the red throughout the day, and finished up at the close by almost half of one per cent. Meanwhile the [...]
Reeves: Latest interest rate hike is a ‘hammer blow’ which did not need to happen August 4, 2023 Shadow chancellor Rachel Reeves has labelled the latest rise in interest rates as a “hammer blow for working people” which did not need to happen. The Bank of England raised the base rate for the 14th time in a row on Thursday, taking it to 5.25% in a bid to bring inflation under control. The [...]
Bank of England finally administers bitter medicine to treat inflation August 4, 2023 The City has been ahead of the Bank of England’s thinking for some time. Economists have for months known interest rates are set to stay higher for longer. Most expect them to peak at 5.75 per cent and stay there for, probably, at least a year. Governor Andrew Bailey and co have woken up to [...]
Bank of England lifts interest rates to fresh 15 year high in smaller than feared 14th straight hike August 3, 2023 The Bank of England today hiked the UK’s official interest rate for the 14th time in a row but by a lower degree than some had feared. Members of the nine-strong monetary policy committee (MPC) voted 6-3 in favour of a 25 basis point rise, smaller than the 50 basis point lift some in the [...]
Bank of England warns of stagnating UK economy and ‘crystallising’ inflation August 3, 2023 The UK economy is on course for a slow burning slump over the coming years and scorching inflation has started to “crystallise,” the Bank of England has warned as it lifted interest rates for the 14th time in a row. In fresh forecasts released today, the central bank said over the next three years, UK [...]
FTSE 100 close: Markets in the red as Bank of England hikes interest rates to 5.25 per cent August 3, 2023 London’s FTSE 100 stayed in the red through most of Thursday on a day which saw the Bank of England confirm a 14th consecutive interest rate hike of 25 basis points. The capital’s premier index was down 1.27 per cent by midday and closed at -0.51 per cent. The domestically-focused mid-cap FTSE 250 index, which [...]
Bank of England interest rate decision today on a knife edge, City economists predict August 3, 2023 As the City gears up for what everyone expects to be the Bank of England’s 14th straight interest rate rise at midday today, economists are split over how much more pain they think the group of rate setters will heap on the UK economy. Are the Monetary Policy Committee (MPC) poised to meet market expectations [...]
The Notebook: Victoria Scholar on Muskisms, Barbie and why there’s light at the end of the rate-rising tunnel August 3, 2023 Where the City’s movers and shakers get a few things off their chest. Today, it’s Victoria Scholar of Interactive Investor Little relief from interest rates yet, but there is light at the end of the tunnel The Bank of England is forecast to raise interest rates for the 14th time in a row today, lifting [...]