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 [...]
Not all is doom and gloom: a recession is not the only possible scenario facing Britain November 2, 2022 The prime minister and the Chancellor are struggling to “balance the books”. Around £50bn might be needed from a combination of cuts to spending plans and increases in taxation. This has led to a chorus of voices squealing about austerity creating a major economic recession. The argument goes back to Keynes, writing in the aftermath [...]
BP’s profit bonanza reignites calls for tougher windfall tax November 1, 2022 BP has unveiled another bumper round of monster profits powered by soaring gas prices, reigniting calls for a windfall tax.
Bank of England successfully kicks off QT with over subscribed £750m bond sale November 1, 2022 The Bank of England today successfully sold hundreds of millions pounds of government debt in the first stage of winding down stimulus that has propped up the economy in the aftermath of the financial crisis and during the pandemic. Some £750m bonds ran off the Bank’s balance sheet today, with the auction heavily over subscribed [...]
UK in Recession: an Overview of What Could Happen & How You Can Take Advantage November 1, 2022 Recently, the Bank of England has issued a warning about a slowdown in economic growth towards the end of 2022, with similar worries persisting into 2023. Overall, the upcoming emergence of a recession has been fuelled by a mix of several detrimental dynamics for the UK. Uncovering the Dynamics that Lead to Recession The United [...]