Brexit deal and EU trade policy in the spotlight as EU-Canada deal falters October 18, 2016 The EU’s entire trade policy was brought into question today after political squabbling looked set to cast another delay to the landmark EU-Canada free trade agreement. Following a regional parliament in Belgium voting against the deal last week, trade ministers from the other 27 EU countries were forced to issue an ultimatum to the Belgian [...]
Sterling and FTSE 100 jump as inflation hits two-year high October 18, 2016 Sterling recovered some poise today, soaring higher after inflation jumped to a two-year high. The FTSE 100 also jumped back above 7,000 in early morning trading, fading only slightly to end the day up 0.7 per cent at 6,994 as traders and investors digested the news that prices rose by one per cent in the year to [...]
Autumn Statement 2016: Infrastructure boom to provide Brexit boost for construction sector October 18, 2016 The construction industry looks set to be the shining light of the UK’s post-Brexit economy as the industry benefits from an infrastructure spending spree over the next decade. Researchers at BMI Research, part of the Fitch Group, which also owns the powerful ratings agency, said the construction sector will grow at a rate of 2.8 [...]
The UK’s biggest banks are bracing themselves for another £2bn on their PPI bill October 18, 2016 Britain's largest banks are set to add billions to their collective bill for payment protection insurance (PPI) mis-selling in the next two weeks. According to Sky News, executives at Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays are in the process of finalising top-up provisions, amounting to around £2bn in total – due to be [...]
PwC sounds alarm over sluggish economic recovery October 18, 2016 PwC has become the latest big name to raise concerns about the implications of the technological revolution on inequality, economic growth and unemployment. In a new report, the accountants point out that while the developed world has bounced back from the financial crisis in terms of the size of individual economies, consumer spending is still down [...]
Before the bell: What you need to know before the US market open October 18, 2016 Inflation in the UK has jumped, and new loans in China grew by more than expected. Here's what you need to know before the US market open at 2:30pm. US futures are pointing higher ahead of the open. The S&P is up by 0.54 per cent, while the Nasdaq is 0.62 per cent higher. The Dow [...]
Banks blame Draghi for their dwindling profits October 18, 2016 There is no end in sight for Europe's squeezed banking sector as the continent's top lenders prepare to feel the pain of negative interest rates for at least the next six months. Nearly every bank in the Eurozone said their profits had been hit as a result of the European Central Bank (ECB)'s historically low [...]
Inflation surges to two-year high as economists warn of huge price hikes October 18, 2016 Prices are rising at their fastest pace in nearly two years as sterling's dramatic post-referendum demise looks set to bite consumers over the coming months. Inflation came in at one per cent in September on the consumer prices index (CPI), the Office for National Statistics (ONS) declared this morning – a big leap from the 0.6 per [...]
Ryanair warns sterling decline will hit full year profits October 18, 2016 Shares in budget airline Ryanair dipped today after it warned its full year profits are likely to be hit by the recent declines in sterling following June's Brexit vote. The pound plunged to record lows in the wake of the EU referendum result, and has struggled to recoup its losses since. The carrier reduced its full year [...]
Nick Clegg attacked for claiming Brexit will cause food prices to rise October 18, 2016 Nick Clegg faced a furious backlash yesterday evening as he was rounded on for claiming food prices would jump after the UK leaves the EU. As a new report reveals the creeping cost of the EU customs union and inflation figures due this morning are set to show price rises running at their highest level [...]
