ECB fires second successive jumbo rate hike in push to end Europe’s cheap money addiction October 27, 2022 The European Central Bank (ECB) today fired its second jumbo rate hike in a row in another sign that it is putting years of ultra-cheap money to the sword. The central bank that oversees the financial system of the 19 countries using the euro lifted borrowing costs 75 basis points to 1.5 per cent as [...]
FTSE 100 weighed down by banks and pound strengthens on Sunak’s second day in No 10 October 26, 2022 London’s FTSE 100 was dragged down today by investors ditching shares in the UK’s largest banks despite a strong set of results, but managed to squeeze gains thanks to a late rally. The capital’s premier index jumped 0.61 per cent to over the 7,000 mark points, while the domestically-focused mid-cap FTSE 250 index, which is [...]
Gold and silver show signs of recovery with Fed rate hikes expected to ease October 26, 2022 Gold and silver are rebounding amid growing expectations the Fed will ease its aggressive policy of hiking interest rates.
Pound surges and UK debt costs tumble on Sunak’s first day as PM October 25, 2022 Rishi Sunak on his first day as prime minister promised “hope” everyday after addressing the UK’s economic challenges, but it already seemed that way for the pound today. Sterling surged as much as 1.8 per cent against the US dollar, pushing it far above the $1.03 record it reached after former PM Liz Truss’s disastrous [...]
Backing the central bank pivot is a risky bet October 25, 2022 It is easy to criticise central banks for heaping pain on households and businesses. But, this is exactly what they are supposed to do under current economic conditions. Inflation in the UK, US and eurozone has hit 10.1 per cent, 8.2 per cent and 9.9 per cent respectively, all historic highs. The Bank of England [...]
BlackRock raises £4bn for new climate fund amid fossil fuel criticism October 25, 2022 BlackRock said it had raised $4.5bn for a new climate infrastructure fund today as it looks to ramp up investment in the net zero transition amid criticism of its decision to continue backing oil and gas firms.
London’s FTSE 100 boosted by Truss trampled stocks regaining ground after Sunak victory October 24, 2022 London’s FTSE 100 today was lifted by stocks that have suffered during the last month’s financial market turmoil regaining losses. The capital’s premier index closed 0.64 per cent higher at 7,013.99 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, rose 0.76 per cent to [...]
UK borrowing costs fall after Sunak wins race to No 10 October 24, 2022 UK borrowing costs fell sharply today after former chancellor Rishi Sunak seized the keys to Number 10 following leadership contender Penny Mordaunt’s withdrawal. Yields on the 10-year gilt fell around 30 basis points today to below four per cent. Yields and prices move inversely. They had been falling in early morning trading after Boris Johnson [...]
UK finance at the ‘front of the peloton’ on climate, says Carney October 24, 2022 UK financial firms are at the “front of the peloton” on setting rigorous climate standards and the rest of the world will follow suit, the former Bank of England governor Mark Carney said today.
Something a little different from The MWek Company this week as our capital markets guy, Aj Rakhe, talks about a change in view in the landscape for ESG data. October 24, 2022 | Sponsored “A number of years ago, I bet that I was not the only one that turned the page, scrolled past or sighed and rolled my eyes at the mention of “ESG strategy”. I was adamant in my view (as someone who has worked within fixed income for most of my adult life) that an investor [...]