Bank of England calls for tighter rules on LDI market after mini-budget chaos December 13, 2022 Tighter oversight of the pensions industry is needed to ensure it can “withstand severe but plausible market moves” similar in size to those seen in the aftermath of Liz Truss’s disastrous mini-budget in September, the Bank of England said today. The recommendation from the Bank’s financial policy committee (FPC) has been sparked by concerns over [...]
US inflation falls quicker than expected nailing on slow down from Federal Reserve December 13, 2022 US inflation fell again last month to its lowest level since the end of 2021 in another sign this year’s price surge in the world’s biggest economy has passed its peak, official figures out today reveal. Consumer prices climbed 7.1 per cent over the last year to November across the pond, down from a rate [...]
As cyber-threats mount, the race is on to define and protect the corporate attack surface December 13, 2022 Cybersecurity has historically been a difficult sell to the board. Banking leaders, like their counterparts across other sectors, tended to regard IT security as the domain of the techies—something adjacent to rather than at the core of their business. But things have changed considerably since the start of the pandemic. Today the challenge is not [...]
Investors take risk off approach to open busy data and rates week December 12, 2022 Investors ditched risky assets yesterday ahead of a bumper week of global economic announcements before the Christmas break, weighing on London’s FTSE 100. The capital’s premier index shed 0.41 per cent to close at 7,445.97 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell [...]
Kwarteng was warned by Treasury boffins about market reaction to mini-Budget December 12, 2022 Kwasi Kwarteng was warned by senior civil servants about a potential adverse market reaction to measures announced in the catastrophic mini-Budget, it has been revealed. Beth Russell, second permanent secretary at the Treasury, today said she told the former chancellor that financing £50bn of tax cuts through borrowing could spook the markets. Financial markets reacted [...]
UK economic bounce back a false dawn as recession still looms December 12, 2022 The UK economy is bouncing back, latest figures show, but economists still expect the country to tip into a record long recession. Gross domestic product (GDP) climbed 0.5 per cent in October, swinging back from a contraction over the summer, the Office for National Statistics (ONS) said today. The figures beat the City’s expectations. London’s [...]
London economy contracts as rampant inflation chills spending December 12, 2022 London’s economy contracted last month as it is squeezed by roaring inflation and swelling business costs, a new survey out today shows. Rampant price rises prompting a spending slowdown from consumers sent a chill through businesses in November, according to NatWest’s purchasing managers’ index (PMI). The high street bank’s PMI dropped to a 22-month low [...]
UK factories on course to sink into recession next year December 12, 2022 UK factories are on course to sink into recession next year driven by the wider economic slowdown and swelling costs cooling activity, a new survey out today shows. Manufacturing output will shrink 3.2 per cent in 2023, according to Make UK and BDO. The pair have been consistently slashing their forecasts for industrial output throughout [...]
City braces for final economic figures before Christmas break December 11, 2022 The City is bracing for a string of big economic announcements in what will be the final busy week of news before the Christmas break. Tomorrow, fresh gross domestic product (GDP) figures from the Office for National Statistics (ONS) are expected to show the UK economy recovered in October. But, the 0.4 per cent growth [...]
Regime shift: investing into the new era December 9, 2022 | City Talk As this economic cycle ends, we shouldn’t expect to see the patterns of the past decade repeated. A new regime in policy and market behaviour is unfolding which investors need to understand if they are to find the best opportunities and safeguard their portfolios. The re-opening of economies after Covid sparked a phenomenon investors have [...]
