UK economy headed for record recession if rates rise sharply, BoE warns November 3, 2022 The UK economy is on course to suffer the longest recession since records began if interest rates rise sharply, triggered by a toxic mix of higher mortgage costs, prices and energy bills, the Bank of England said today. Gross domestic product (GDP) will shrink for 24 consecutive months, beginning in the early stages of next [...]
Bitcoin clings on to $20k in wake of rate hike announcement November 3, 2022 After almost touching $20,000 yesterday, Bitcoin opened at $20,312 this morning, down by less than a percentage point on the day.
Ed Warner: English football of all levels penetrating hyper-commercial US sport November 3, 2022 Does anyone in England call the Premier League the EPL? I ask because I had a random encounter at Heathrow last week with one of a group of five Crystal Palace fans headed to Selhurst Park for their “first EPL game”. The Ted Lasso effect maybe? I only hope they made it to the Clifton [...]
Federal Reserve hikes rates 75bps again and Powell signals higher peak November 2, 2022 The US Federal Reserve today hoisted the world’s most important interest rate 75 basis points for the fourth time in a row and signalled the borrowing cost peak will be higher than previously thought, scrapping any bets on a so-called “Fed pivot”. The Washington headquartered central bank hiked rates to a target range of 3.75-four [...]
London’s FTSE 100 drops as miners dig themselves into a hole November 2, 2022 London’s FTSE 100 closed the day lower today after it was pulled by investors ditching UK mining giants. The capital’s premier index fell 0.58 per cent to 7,144.14 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.12 per cent to 18,217.75 points. Mining [...]
‘Dark clouds on the horizon’ warns Maersk, as it cuts shipping forecasts November 2, 2022 Maersk has warned of "dark clouds on horizon" as it cuts its forecasts for business activity until the end of year, amid recession fears.
Eurozone manufacturing economy flashes strong recession signal November 2, 2022 The eurozone manufacturing sector has tumbled into recession, driven by customers slashing spending in response to soaring prices and higher interest rates, a closely watched survey out today suggests. S&P Global’s final manufacturing purchasing managers’ index (PMI) for the 19 countries using the euro fell to 46.4 last month, down from 48.4 in September. The [...]
Sideways movement in crypto markets continues as investors sweat over today’s interest rate announcement November 2, 2022 Most cryptocurrencies continue to trade sideways this morning, as Bitcoin remains unchanged around $20,415 and Ethereum at $1,550.
Metro Bank shares soar as lender returns to profit November 2, 2022 Metro Bank’s shares soared this morning, after the London-listed lender announced it had returned to profit in September. Investors piled into the stock, lifting shares a little over 10 per cent to 80.1p a piece. “I am really pleased to see the business return to profit in September on both an underlying and statutory basis,” [...]
Expensive bites for millions of Brits as food inflation soars to record 11.6 per cent November 2, 2022 With even basics such as tea bags, milk and sugar seeing significant price rises, food inflation has soared to a record 11.6 per cent in October. Overall shop prices are now 6.6 per cent higher than they were this time last year – also a record – but food inflation jumped well above September’s 10.6 [...]