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 [...]
Well, this is awkward: Sterling leaps as Leadsom announces she is quitting Tory leadership race July 11, 2016 Andrea Leadsom may well fancy a holiday after her short-lived campaign for the Tory top spot, and she'd get a good rate if she hurries to the Bureau De Change too. The pound surged against the dollar as the Tory leader hopeful announced that she was pulling out of the race. Read more: Theresa May set to be appointed [...]
Oil further below $50 as economic storm clouds gather over Asia July 11, 2016 Oil fell further below $50 per barrel today, amid fresh concerns that weak economies in Asia would sap demand there. Brent crude, the global benchmark, fell 1.24 per cent to $46.18 per barrel in early afternoon trading. Its US counterpart, West Texas Intermediate, slumped 1.32 per cent to $44.81. Read more: Norway union and oil [...]
Petrofac pulls plug on contract with Malaysian state-owned oil firm Petronas July 11, 2016 Petrofac shares popped today after the oilfield services provider scrapped a contract with Malaysia's state-owned oil firm. Petrofac's Malaysian subsidiary and its partners agreed an early stoppage to the development of the the Beranti gas field, located about 150km offshore Peninsular Malaysia, with Petronas. Petronas was due to pay Petrofac $357m (£275.4m) for the contract last year, which resulted in a profit of just $1m [...]
A free Scotland will need the free market July 11, 2016 Two areas have dominated debate since the EU referendum result: economics and politics. The former has been a justifiable preoccupation for many, with an undeniable uncertainty having taken hold in many corners of the City. Meanwhile, the political debate centred first on Labour's internal collapse before turning to question of the Tory leadership. But there [...]
Week ahead: Fashion retailers and builders are in the spotlight July 11, 2016 Alongside the Bank of England’s first meeting after the UK voted to quit the European Union it will be a busy week of corporate numbers. Bank of England officials announce their monetary policy decision on Thursday and many economists are expecting a loosening of interest rates. The FTSE 100 rose to its highest level in [...]
Coming To America: Osborne flies the flag for Britain on world tour as he seeks to bolster international trading relationships post-Brexit July 11, 2016 George Osborne is kicking off a post-referendum world tour with a declaration that “Britain will be a beacon for free trade…more open to the world than ever”. Writing in the Wall Street Journal ahead of visiting New York today, the chancellor says that he is determined “to build a more outward-looking, global-facing Britain, with stronger [...]
Over 1,000 barristers write to Cameron branding the Brexit outcome “not legally binding” July 11, 2016 The legal clamour against the result of the EU referendum is growing, with over 1,000 barristers branding the outcome “not legally binding” and demanding that leaving the EU be subject to an Act of Parliament. The barristers are writing to Prime Minister David Cameron this week to call for MPs to be given a free vote [...]
