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 [...]
UK government is shifting its attitude over crypto – Westminster is backing this horse! November 3, 2022 There's growing movement in both the Houses of Commons and Lords that is slowly but surely embracing a future with cryptocurrency.
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 [...]
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 [...]
Exclusive: Confidence in Bank of England hits rock bottom as investors call Bailey’s hiking cycle ‘wrong’ November 2, 2022 Investor confidence in the Bank of England is close to rock bottom as the country braces itself for an eighth successive hike in interest rates tomorrow. Nearly three in four investors feel the Bank had gotten its hiking cycle “wrong”, though respondents were sharply divided over whether rises had come too fast or too slow, [...]
All market eyes on the Fed today as interest rates are set to rise by another 75bps November 2, 2022 While European markets started the month on a positive note, and look set to continue that vibe this morning, US markets lost their early momentum, finishing the session lower, after the latest job openings numbers, and ISM manufacturing report, showed that the US economy remained in decent shape, despite concerns over an economic slowdown. “We [...]
London’s FTSE 100 kicked higher by Ocado skyrocketing 38 per cent November 1, 2022 London’s FTSE 100 kicked higher today, driven by middle class favourite and online supermarket Ocado being goosed after it said it was partnering with a South Korean retailer. The capital’s premier index climbed 1.29 per cent to 7,186.16 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the UK economy, added [...]
UK startups bag £4.2bn as VCs shrug off recessionary fears November 1, 2022 Venture capital investors in the UK and Ireland shrugged off recessionary fears in the third quarter of the year as they pumped £4.2bn into start-up firms, new research has revealed.
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 [...]