European insurance M&A deals hit record high as investors shrugged off recession and interest rate fears March 22, 2023 The market for M&A deals involving European insurance companies surged in 2022, as private equity funds continued to drive the market forwards, despite the headwinds facing the global economy. The boom saw investors shrug off rising interest rates to complete a record 435 M&A deals in 2022, up from 285 in 2020 and 379 in [...]
Bitcoin back above $28k on important day for markets March 22, 2023 Bitcoin’s lack of robust support at $28k seems to have disappeared as the flagship crypto is trading strongly above $28,200 this morning.
UK inflation leaps to 10.4 per cent smashing Bank of England and City forecasts March 22, 2023 UK inflation has surpassed forecasts and stayed in the double digits, in a sign the Bank of England will need to keep hiking interest rates to tame prices, official figures out today reveal. The rate of price increases jumped to 10.4 per cent in February, up from 10.1 per cent in January, according to the [...]
Central banks need to steady their course despite choppy weather March 22, 2023 Much ado about nothing? Hardly. The loss of Credit Suisse, and the wipeout of Coco bond holders, will have consequences for years to come – but for now at least it appears as if the guardrails are holding. Attention will now inevitably turn to the Federal Reserve and, the day after, the Bank of England. [...]
Nearly every sector of UK economy powers away from feared recession March 22, 2023 Nearly every sector of the UK economy is powering away from a recession that was much-tipped at the turn of the year, a new survey out today shows. Some 11 of the 14 sectors monitored by Lloyds Bank are producing more than they did a month ago, the highest number in nearly a year. The [...]
First Republic’s share price jumps nearly 50 per cent after Yellen indicates more protection for depositors March 21, 2023 First Republic Bank’s future looked increasingly secure on Tuesday as the possibility of further government support sparked a dramatic share price revival. Speaking to the American Bankers Association, Treasury Secretary Janet Yellen indicated that the Federal Deposit Insurance Corporation (FDIC) could step in to guarantee all deposits, as it did with Silicon Valley Bank (SVB), [...]
Bank of England and Fed to ignore Credit Suisse chaos and hike interest rates this week March 21, 2023 The Bank of England and US Federal Reserve are this week expected to ignore the on-going financial market chaos which resulted in Credit Suisse being pawned off in a shotgun sale and hike interest rates. City analysts have tipped Fed Chair Jerome Powell and Bank Governor Andrew Bailey to prioritise fighting inflation instead of shielding [...]
Moody’s follows S&P in UBS ratings downgrade as concerns grow over Credit Suisse deal March 21, 2023 Moody’s downgraded the outlook on UBS today, following a similar move by S&P over the weekend, after the Swiss banking giant’s acquisition of Credit Suisse. The ratings agency said “the transaction poses significant financial, cultural and franchise related integration challenges” to UBS. These challenges included the difficulty of maintaining key members of staff, the need [...]
Bitcoin testing $28k as investors wait for Wednesday interest rate decision March 21, 2023 Bitcoin lacked support to sustain $28,000 in the early hours, backtracking slightly before nudging $28,200 this morning.
UK borrowed record £16.7bn for February but Jeremy Hunt handed interest bill boost March 21, 2023 The UK borrowed a higher than expected £16.7bn in February, a record for that specific month due to the government spending billions on helping families with the cost of energy bills, official figures out today reveal. Office for National Statistics (ONS) numbers indicate Chancellor Jeremy Hunt’s decision to cap typical household energy bills at £2,500 [...]