British Gas pays out £1.7m after prepayment supplier error August 27, 2020 British Gas will pay out £1.7m after the energy supplier failed to inform hundreds of thousands of customers that it had changed prepayment supplier. On 1 January, the Centrica-owned firm changed top-up provider from Paypoint to Payzone, but failed to notify 270,000 customers. Ofgem, the energy regulator, said some British Gas customers had suffered as [...]
Staff at ETF provider Tabula call time on home working as it moves to Strand August 27, 2020 London headquartered fixed income ETF provider Tabula Investment Management is luring employees back to work with an expanded office to support social distancing. Tabula’s move to 55 Strand will double its office footprint from 1,300 square feet to more than 3,000 sq ft. The fund manager says more than 90% of London-based staff have agreed to [...]
Wall Street and FTSE 100 push higher on US inflation shift August 27, 2020 Wall Street opened higher and the FTSE 100 reversed losses this afternoon as investors digested the Jackson Hole central banking symposium, where US Federal Reserve chair Jay Powell spoke. Powell punchy update on the Fed’s monetary policy review buoyed investors and drove gains for US stocks. Read more: Jackson Hole symposium: All eyes on Fed [...]
FTSE 100 drops as investors turn to Jackson Hole August 26, 2020 The UK’s FTSE 100 stock index was flat this afternoon as investors awaited a speech by US Federal Reserve chief Jay Powell tomorrow. It was down 0.01 per cent 6,035 points mid-afternoon. The FTSE 250 index of smaller companies rose 0.6 per cent, however. Read more: Jackson Hole symposium: All eyes on Fed chair Powell [...]
‘Devastating’ Hurricane Laura makes US oil producers halt production August 26, 2020 Oil prices fluctuated around five-month highs as Hurricane Laura bore down on the Gulf of Mexico, causing US producers to stop most of their offshore output. The hurricane and hopes over US-China trade talks added upward pressure. But worries over coronavirus cases and future demand caused prices to slip back slightly in morning trading. Brent [...]
Asian stocks slip on recovery hopes amid global rally August 26, 2020 Asian stocks edged lower on Wednesday on lingering uncertainties regarding the global economic outlook, even as US stocks advanced to new highs. MSCI’s index of shares outside Japan slipped 0.1 per cent, retreating slightly from a two-year high on Thursday. Japan’s Nikkei dropped 0.12 per cent. It came after a set of mixed economic data, [...]
The corporate bond market is set for a record year — but also a dangerous and dysfunctional one August 26, 2020 2020 is going to be a record year for the corporate bonds market. New issue investment grade volume in the first half of the year exceeded $2.5 trillion. Records are also being broken in high-yield junk debt, despite a rising corporate default rate. Last week, the US primary market broke through $1.3 trillion of new [...]
The City View: CFA Institute’s Gary Baker on how markets have functioned during Covid-19 August 26, 2020 In this episode Christian talks to Gary Baker, EMEA MD of the CFA Institute, the global network of investment professionals, about how markets and investors have reacted to waves of market disruption and unprecedented central bank intervention. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Gary also talks about the role of human decision-making and judgement amid a rise [...]
Wall Street hits new highs again after US-China trade deal talks August 25, 2020 US markets continued their record run this evening, once again closing at new highs after the US and China reaffirmed their commitment to President Donald Trump’s much-touted trade deal. Although the gains were more modest than yesterday, the benchmark S&P 500 closed up 0.4 per cent at 3,443 points, while the tech-heavy Nasdaq punched up [...]
FTSE 100 swings into the red as pound surges with US stocks mixed August 25, 2020 The FTSE 100 stumbled as traders shrugged off Brexit worries to bid up the pound, while US stocks were mixed after the US and China signalled progress on trade. London’s main stock index was 0.3 per cent lower at 6,088 points in afternoon trading, having dropped back after climbing more than one per cent. The [...]
