FTSE 100 close: ASOS and Centrica pop to crystalise strong start to 2023 January 12, 2023 London’s FTSE 100 built on gains yesterday that propelled to its highest level since 2018 after a series of British bellwether retailers posted a decent set of results this morning and the owner of British Gas skyrocketed. The capital’s premier index closed up 0.89 per cent at 7,794.04 points, while the domestically-focused, mid-cap FTSE 250 [...]
Bank of England makes £3.8bn profit from Liz Truss mini budget bond sales January 12, 2023 The Bank of England has trousered £3.8bn in profits from ditching bonds it hoovered up to stem financial chaos caused by Liz Truss’s calamitous mini-budget, the central bank told Morning Wire The Bank announced today it has ditched all the £19.3bn of gilts purchased last autumn to stabilise the UK debt market. Governor Andrew Bailey [...]
How We’re Trading US CPI This Week January 12, 2023 | City Talk Not much action to kick off the week unfortunately, but US CPI on Thursday is probably the reason for that. With markets lying in wait, hopefully that means there are some opportunities to be taken advantage of as we head into it tomorrow. Bigger Picture In the lead up to the release we need to [...]
As US inflation eases off 40-year high, Fed likely to ease off on back-to-back jumbo rate hikes January 12, 2023 US inflation is at its lowest level in 15 months, fuelling speculation the Federal Reserve will step back from further jumbo interest rate hikes in 2023, Official figures out today show the rate of price increases in the world’s largest economy fell to 6.5 per cent in December, down from 7.1 per cent in November, [...]
British Gas owner Centrica predicts eightfold profit hike after energy price surge January 12, 2023 British Gas owner Centrica has predicted a near eightfold increase in its full-year profits, powered by soaring energy prices.
Premier Inn-owner Whitbread shares rise after robust third quarter January 12, 2023 Premier Inn owner Whitbread saw sales grow 22.9 per cent in the third quarter as Brits turn to budget accommodation options amid looming recession and cost-of-living concerns. The hotel operator reported an increase in demand for sales with accommodation 37 per cent above pre-pandemic levels in the UK and 770 per cent in Germany. Total [...]
Bank of England to hike interest rates to lower peak but still to financial crisis high January 12, 2023 The Bank of England will lift interest rates to a much lower peak than expected just a matter of months ago, but is still set to send them to their steepest level since the financial crisis, City traders suspect. Markets reckon borrowing costs will peak at below 4.5 per cent, meaning investors think the Bank [...]
Exclusive: High Street queen Mary Portas says retail’s 2022 race to the bottom is finally over January 12, 2023 Morning Wire sits down with the 'Queen of retail', or Madam High Street, retail consultant and broadcaster Mary Portas.
London holding off UK recession but businesses sweat over inflation January 12, 2023 London appears to be withstanding the UK’s wider economic decline, with businesses hiring at a record pace and expecting their finances to fatten up over the coming year, a new survey out today reveals. The capital’s jobs market is running at red hot levels, according to the London Chambers of Commerce and Industry’s (LCCI) latest [...]
City Exclusive: How rising legal star Natasha Harrison is taking on London’s Magic Circle firms January 12, 2023 As 2022 has come to a close, City lawyers undoubtedly remember last year as the time the pay war among London’s biggest firms heated up in earnest, as the war for talent reached new highs. But away from the Square Mile’s biggest legal teams, 2022 will also go down as an incredibly exciting year for [...]