Wall Street: Bulls run again as S&P 500 climbs 20 per cent above October low June 9, 2023 Stocks rose just enough for Wall Street to barrel into a new bull market on Thursday as the S&P 500 keeps rallying off its low from last autumn. The index rose 0.6 per cent to carry it 20 per cent above a bottom hit in October. That means Wall Street’s main measure of health has [...]
MPs pile pressure on banks as savings offers lag interest rate hikes June 8, 2023 MPs said that lenders must “up their game” and pass on higher rates to savers as bank bosses responded to an inquiry on the “measly” rates on offer. The influential Treasury Committee pointed to low rates on offer for easy access accounts across the UK’s ‘scale challengers’, Nationwide, TSB, Virgin Money and Santander. According to [...]
FTSE 100 close: London indexes close lower over fears of further rate hikes and fragile housing market June 8, 2023 London’s main indexes closed lower on Thursday as investors feared further rate hikes and yet another report pointed to a gloomy future for the UKs’ housing market. The capital’s premier index fell 0.32 per cent to 7,599.74 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
House prices: London and south east falling faster than rest of the country June 7, 2023 London house prices have fallen by more than the national average, according to new data, with the south east also hit hard
Mortgage rates rocket but savings rates barely move after May’s inflation shock June 6, 2023 Mortgage rates have skyrocketed in recent weeks after the UK’s most recent inflation reading sent rate expectations soaring, but savings rates have lagged behind. According to data from Moneyfacts, rates on a two-year fixed rate have jumped from 5.34 per cent on 24 May to 5.75 today. Similarly, interest rates on a five-year fixed rate [...]
Investment slump amid higher interest rates risks finally sparking UK recession June 6, 2023 A mix of factors are buffeting the UK economy right now. Spending power is being crushed by high inflation eroding family finances. House prices are coming off their heady heights as sellers drop prices to source buyers amid higher mortgage rates. External demand is thinning in response to weak consumer confidence amid a global cost [...]
Families splashing cash despite high inflation and interest rates fuels services growth June 5, 2023 Families splashing the cash despite high inflation and interest rates crimping their budgets is keeping Britain’s services economy motoring along, a closely watched survey out today shows. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) final purchasing managers’ index (PMI) for the services sector, which generates about £2 in every £3 in [...]
House prices to stutter after Bank of England interest rate hikes June 4, 2023 House price growth is poised to stutter, new figures out this week are expected to show, as prospective homeowners are gradually priced out of the market by the Bank of England’s successive interest rate rises.
Wall Street leaps after strong US jobs report June 3, 2023 Stocks moved higher on Friday after a strong report on the US job market suggested a recession may not be as close as Wall Street had feared. The S&P 500 leaped 1.5 per cent for the latest surge in a rally that has vaulted it nearly 20 per cent since mid-October. That put Wall Street’s [...]
Wall Street rises on hopes the Fed may take it easier on rate hikes June 2, 2023 Wall Street rose on Thursday with hopes that the Federal Reserve may soon take it easier on its hikes to interest rates. The S&P 500 rallied 1 per cent after a suite of reports painted a picture of a split US economy. The job market remains solid, but manufacturing is weakening and retailers are seeing [...]