Let’s not be misled by the Celtic Tiger’s roar July 13, 2016 Behold the Celtic Tiger! Ireland’s economy grew by a whopping 26.3 per cent last year according to the country’s official stats office, which put out revised numbers yesterday – that’s over 11 times as much as the UK, and more than three times faster than India’s widely-celebrated economic expansion. Incredible, eh? There’s a reason why [...]
History shows us why the next chancellor must tighten the belt July 13, 2016 On the face of it, the Brexiteers have a bit of explaining to do. A week before the vote, Boris Johnson dismissed fears about the value of sterling, and accused the governor of the Bank of England of “talking the economy down”. Yet the economy does seem to have stalled, property funds have had to suspend [...]
Political hiatus will only exacerbate uncertainty and send a negative message to investors, says president of the Institution of Civil Engineers Sir John Armitt July 13, 2016 The political hiatus currently engulfing the country will send a negative message to investors, president of the Institution of Civil Engineers Sir John Armitt has warned, as he said the government must reassert its commitment to infrastructure. Armitt, a former chief executive of Network Rail, said the EU referendum outcome has left a cloud of uncertainty [...]
At the close: Sterling surge holds down the FTSE 100 July 12, 2016 The FTSE 100 closed flat this evening after ending yesterday's session at an 11-month high. The blue-chip index closed at 6,680.69 points, down just two points and flat in percentage terms. The end to yesterday's rally was put down to sterling being on course for its best performance against the yen in over three years after Theresa May [...]
Before the bell: What you need to know before the US market open July 12, 2016 Major US markets are on a tear hitting record highs and the UK blue-chip index is in bull market territory. Here's what you need to know before the US market open at 2:30pm London time. It seems nothing can stop the equity ball rolling now, with futures pointing yet higher ahead of the open. The [...]
The Irish economy grew by a whopping 26 per cent last year – but economists are not impressed July 12, 2016 The Irish economy grew by an impressive 26 per cent last year, soaring past estimates of 7.8 per cent gross domestic product (GDP) growth – but only after the capital stocks of a number of companies that relocated to the country were included in the state's balance sheet. Revised figures from Ireland's Central Statistics Office (CSO) show GDP was [...]
Bank of England was warned over property fund trading suspensions after Brexit July 12, 2016 The Bank of England was warned that property funds could be suspended in the aftermath of a Brexit vote. The Financial Policy Committee (FPC), which is chaired by BoE governor Mark Carney, was briefed by the Financial Conduct Authority (FCA) that the “extent of outflows from these funds and on the possibility that funds could suspend [...]
Consumer spending rises as Shoppers shrug off Brexit vote but uncertainty lingers July 12, 2016 Shoppers have so far shrugged off Britain's vote to leave the European Union, but its future impact remains mired in uncertainty. Consumer spending swelled 3.1 per cent on an annual basis in the second quarter, according to data from Barclaycard, as the last two months helped offset a less impressive performance in April. Read more: Investor confidence index drops [...]
The first item in Theresa May’s in-tray: A Brexit-induced recession July 11, 2016 Theresa May will be the next UK Prime Minister, and sterling and the FTSE 250 rose almost immediately. Markets think that May will be more pro-EU than Andrea Leadsom, the tribune of the europhobic Tory grass roots. But don’t imagine that domestic political uncertainty was the only reason for the recent falls in the currency [...]
At the close: FTSE 100 charges into bull territory as investors cheer leadership certainty and the weak pound drives up profits July 11, 2016 Well, there it is. The FTSE 100 has swung from bear market territory to a bull market in just over six months. The twists and turns of the day's political events gave a fresh boost to the global FTSE 100, while the UK focused FTSE 250 also posted strong gains. Housebuilders, such as Barrat Developments and [...]
