No sign of Brexit blues as FTSE 100 hits 12-month high and FTSE 250 back in the black July 27, 2016 Stock markets have soared again today off the back of strong economic data out this morning, reaching new post-referendum highs. The FTSE 100 has climbed to a 12-month high today after data from the Office for National Statistics (ONS) showed the UK economy expanded by 0.6 per cent in the second quarter of the year, ahead [...]
EU Commission refuses to call for fines against Spain and Portugal over budget breaches July 27, 2016 The European Commission will not fine Spain and Portugal for breaking the EU's budget rules, despite calls for the EU to take a hard line against the two countries. Spain and Portugal both ran budget deficits which exceeded Eurozone guidelines which prohibit states in the single currency area from running shortfalls of more than three per cent of [...]
Japan’s Itochu tumbles after being stung by US-based short seller Itochu July 27, 2016 Shares in Japan's Itochu hemorrhaged overnight, after the trading house was targeted by California-based short seller Glaucus. Glaucus alleged that it had inflated its profits, particularly in relation to a $1.5bn investment in a Columbian coal mining assets. It said that Itochu hadn't booked any losses on this, despite turmoil in the thermal coal industry. The company's shares tumbled more than 10 per cent in [...]
Brexit fears? Pah: GDP growth in the second quarter just beat expectations July 27, 2016 The pound briefly rose against the dollar in early trading, after figures from the Office for National Statistics (ONS) showed the UK's economy grew 0.6 per cent in the second quarter, beating expectations. Sterling edged up to $1.3134, from a session low of $1.3106, after growth rose above the 0.5 per cent economists had expected for [...]
City PM Unregulated podcast: Trading for millennials – can you get rich quick on the stock market? July 27, 2016 Millennials are the left behind generation – they can't afford property, their savings are doing nothing and they're going to work until they drop. Time to get proactive? This week we're joined by 25-year-old Aaron Fifield, the host of the Chat With Traders podcast, and Triforce Trader Matthew Owens, also 25, to discuss whether trading on [...]
How to invest in a recession – staycations and drinking at home will become trendy again if there’s a downturn July 27, 2016 One month on from the Brexit vote and the UK economy seems in a precarious state. Economic activity is slowing, and economists have warned there’s a risk of a recession this year. The out vote has, in the International Monetary Fund’s words, put a spanner in the works. The value of the pound has fallen too, [...]
Spending growth through shopping vouchers – should central bankers be trying new things? July 26, 2016 Over the last few months the term helicopter money – once only used to mock former Fed chair Helicopter Ben – has become common place. For that we can thank the Bank of Japan and its increasingly desperate attempts to kick start growth, culminating this Friday with its latest policy meeting. Many economists are expecting the Bank of Japan [...]
Brexit won’t kill the EU: It’s more likely to be a long-term blessing July 26, 2016 Britain's vote to leave the European Union has engulfed the kingdom in a political, constitutional and economic storm. But it has also plunged Europe into uncharted waters. It may not be prepared for this challenging, uncertain course. We’ve so far witnessed a striking lack of consensus among policy-makers. This is not only in regards to [...]
The World Bank has hiked its 2016 forecast for oil again July 26, 2016 The World Bank has remained upbeat on the outlook for oil prices, despite fears that the market recovery will take longer than expected. The international organisation hiked its forecast for crude this year to $43 per barrel, up from $41 in April. It cited a string of unanticipated supply outages and robust demand in the second [...]
US economy unaffected by Brexit vote, but attention turns to presidential election July 26, 2016 Fresh economic data from the US has shown the world's largest economy is feeling little fallout from the UK's vote to leave the EU. Both consumer confidence and business activity in the dominant services sector were "virtually unchanged" between June and July, figures out this afternoon revealed, although caution remained the prevailing sentiment as the US winds [...]
