What to look out for from the Federal Reserve’s interest rate decision this evening June 15, 2016 For a few brief hours this evening, markets will turn their attention away from next week's EU referedum. Eyes will drift across the pond, to the most powerful central banker in the world, Janet Yellen. Tonight the US Federal Reserve's rate-setting Federal Open Market Committee (FOMC) will update the market on its latest economic thinking and [...]
Record employment eases pre-referendum pressure on household finances June 15, 2016 Households' confidence in their own financial situation rebounded this month in the latest sign that uncertainty around the EU referendum does not appear to be weighing on the economy too heavily. The Markit household finances index, which measures how optimistic or pessimistic UK households feel jumped up from a 22-month low of 42.3 in May [...]
How the ONS single-handedly knocked £100,000 off the average UK house price in April June 15, 2016 Eagle-eyed house price watchers may have spotted something fishy about the official house price figures for April. Yep: in the figures, published yesterday, the average UK house price was almost £100,000 lower than last month – dropping from £292,000 in March to just £209,000 in April. Are those jitters over the EU referendum really having that bad an [...]
Unemployment rate hits lowest level for 11 years and wage growth holds up June 15, 2016 The unemployment rate has fallen to its lowest level in 11 years, as EU referendum fears and the introduction of the national living wage failed to hold back UK firms. Falling from 5.1 per cent last month to five per cent, the headline unemployment rate in the three months to the end of April was the [...]
Stocks and sterling show signs of life in mini-recovery after market rout June 15, 2016 Markets jumped in the first minutes of trading this morning and the pound rose against the dollar, clawing back some of yesterday's losses. The FTSE 100 climbed 0.8 per cent at the open, but was still below 6,000 points at 5,972 following yesterday's rout. Standard Chartered, Anglo American, Antofagasta, Glencore, Burberry and Tesco were the [...]
Financial markets rocked as Leave campaign gains clout June 15, 2016 Financial markets were rocked yesterday as referendum jitters wiped around £30bn off the value of the UK’s top companies and sent investors fleeing for safe havens. The FTSE 100 crashed below the 6,000 mark, ending the day at 5,923 – its lowest finish since 24 February. The blue-chip index has now lost six per cent – [...]
IMF raises fresh alarm over Chinese debt time bomb June 14, 2016 Excessive Chinese borrowing is one of the most serious threats to the world economy, the International Monetary Fund (IMF) has declared, as it urged policymakers to press ahead with reforms. Concluding its annual health check of the world’s second biggest economy, the IMF said getting a grip of the debt problem — particularly in the [...]
At the close: £30bn wiped off FTSE 100 as Brexit fears mount June 14, 2016 Financial markets were plunged into turmoil today as the latest Brexit opinion polls sent investors running for the hills, wiping tens of billions off the value of the UK's leading companies. The FTSE 100 shed two per cent to end the day at 5,923.53 – its lowest close since 24 February – knocking roughly £30bn [...]
European Central Bank to do “whatever it takes” to limit turmoil following Brexit vote June 14, 2016 Europe's top central bankers are ready to announce they will do "whatever it takes" to contain the spillover of Brexit on the financial markets. The European Central Bank (ECB) is reportedly preparing to make a high-profile pledge on 24 June in the event that the UK votes to leave the EU to provide as much assistance as possible to [...]
The pound is feeling the pressure of the latest Brexit polls June 14, 2016 Sterling has continued its sharp decline this morning as another set of opinion polls showed the Leave side pulling ahead with just nine days to go until the EU referendum. The pound has lost 1.1 per cent against the US dollar so far today to stand at $1.4117 in early afternoon trading – a two-month low. It also fell against [...]