‘Recession warnings flashing red’: HSBC Asset Management warns investors to batten down the hatches June 27, 2023 Stock markets are “out of sync” with blaring recession warnings flashing across Western economies and investors should brace for a turbulent period ahead, HSBC Asset Management has warned today.
Supermarkets behaving badly: Asda and Morrisons bosses back ‘transparent’ fuel pricing model June 27, 2023 Supermarkets bosses have been grilled by MPs on prices at the pump and agreed to consider entering into a fuel model which would give more transparency. The government has been mulling a scheme whereby petrol stations would have to share live prices in efforts to bring more price transparency for drivers – a similar system [...]
Bank of England’s Tenreyro warns more interest rate hikes risks pushing inflation below target June 27, 2023 A Bank of England official has said raising interest rates too aggressively could push inflation below the central bank’s target over the coming years. Departing monetary policy committee (MPC) member and professor at the London School of Economics Silvana Tenreyro today said tightening borrowing costs in an economy that is undergoing a severe external energy [...]
Post Brexit tariffs and EV delays could cost UK car industry over £100bn June 27, 2023 Failure to bolster the supply chains for electric cars, coupled with looming post-Brexit tariffs, could cost the UK’s car industry over £100bn in growth, a leading industry group has warned. A potential 10-fold increase in the production of electric cars worth £106 billion is as it stake, according to a new report from the Society [...]
Wise shares surge after interest rates push profits up 234 per cent June 27, 2023 Shares in money transfer Wise have rocketed this morning as the firm posted a 234 per cent boost in profits over the past year on the back of rising interest rates. In its full year results today, the London-listed fintech firm said profits had surged from £43.9m in 2022 year to £146.5m in 2023. Wise [...]
Venture capital investors brace for ‘real toughy’ of a year as interest rate pain looms June 27, 2023 Venture capital investors brace for 'real toughy' as interest rate pain looms
Stock and bond prices fall for first time since 2008 financial crisis but only to $255 TRILLION June 27, 2023 The value of stocks, bonds and other financial assets across the world have fallen for the first time since the 2008 financial crisis as central banks globally have jacked up interest rates aggressively to tame stubbornly high inflation. Global financial wealth slimmed four per cent last year to $255 trillion, the first drop in 15 [...]
Let’s all hand our cash over to the Treasury to pay off UK’s £2.5 trillion debt pile (not) June 27, 2023 Here’s a fun fact. If everyone in the UK worked for a year and gave all their earnings to the Treasury, the government could nearly repay the country’s more than £2.5 trillion debt pile. Alright, that’s oversimplifying the equation. But it does illustrate a principle in economics that often gets lost in the deluge of [...]
Bank of England and Rishi Sunak fail to win over investors on inflation fight June 27, 2023 Investors are sweating over Britain’s inflation problem running out of control and the Bank of England being unable to solve it any time soon, exclusive research for City A.M. has revealed. More than a year of raging prices has eroded confidence in policymakers’ ability to ease the cost of living crisis. Some 56 per cent [...]
Pressure on supermarkets to lower prices sends food inflation to new low June 27, 2023 Supermarkets slashing the prices of kitchen staples such as bread, milk and cheese has helped ease food inflation in a welcome boost for shoppers. Food inflation fell to 14.6 per cent in June, down from 15.4 per cent in May, according to figures from the British Retail Consortium (BRC). The decline marks the second consecutive monthly [...]