Bank of England in last-ditch Brexit warning as it holds interest rates June 16, 2016 Brexit is not only the most serious threat to the UK economy, but it is potentially the biggest risk to global financial stability, the Bank of England said today in another warning ahead of next week’s In/Out vote. Amid signs referendum nerves have shaken markets to their core, the Bank said volatility looks set only [...]
Mark Carney and Vote Leave trade blows over Bank of England’s referendum interventions June 16, 2016 Mark Carney has clashed with a top Brexit campaigner over the Bank of England's role in the referendum campaign in a tense exchange of letters, revealed this morning. Bernard Jenkin, a director at the official campaign group Vote Leave, wrote to the governor of the Bank of England earlier this week raising concerns he would make [...]
Gold hits highest level in nearly two years after US Federal Reserve’s dovish coos June 16, 2016 The US Federal Reserve's dovish coos helped gold smash through the $1,300 mark for the first time since early May today. Spot gold swelled 1.30 per cent to $1,308.1 per ounce this morning, having touched its highest level since August 2014 at $1,313.60 earlier. US gold added 1.80 per cent to $1,311.3, after hitting its highest rate [...]
FTSE 100 firms pay billions to shareholders as pension deficits balloon June 16, 2016 Fresh research has shown that 35 of Britain’s biggest companies paid out more in dividends than their ballooning pension deficits. And 54 FTSE 100 firms paid out a total of $48bn to their shareholders annually for the past two years, almost equal to their combined pension scheme deficit of $52bn. Read more: Show us the money: [...]
European banking shares take a hammering as Deutsche Bank falls to its lowest ever June 16, 2016 European banking shares dropped today – with Deutsche Bank's share price falling to its lowest-ever in early trading. Deutsche shares fell as low as €12.94 , 2.5 per cent lower, while the UK's big four lenders were also hit, with HSBC dipping 1.1 per cent to 420.95p, Barclays falling 2.5 per cent to 157p, Royal [...]
EU referendum: Conservative chancellors and leaders attack Bank of England and George Osborne for dishonesty June 16, 2016 Four Conservative grandees, including two former chancellors and a pair of ex-leaders, have accused the Bank of England of "peddling phoney forecasts and scare stories", as they lashed out at George Osborne's plans for an emergency Brexit budget. Writing in The Telegraph this morning, the group – chancellors Norman Lamont and Nigel Lawson, and former leaders Iain Duncan-Smith and [...]
City PM Shadow MPC votes 9-0 to hold rates before EU vote June 16, 2016 The Bank of England has no option but to keep interest rates on hold until after the EU referendum, leading city economists and experts have said. The Bank’s rate-setting monetary policy committee (MPC) meets today, just one week before the 23 June vote, with all eyes on governor Mark Carney who warned last month that a [...]
Fed rates kept on hold by Brexit bugbears and May’s disappointing jobs report June 15, 2016 The US Federal Reserve has voted to keep its interest rates on hold at its monthly meeting, inline with market expectations. There had previously been expectations that the Fed would hike rates for the second time in a decade this month though recently sentiment has soured. The US central bank has held the target range for [...]
Wood Mackenzie: Oil industry to cut $1 trillion spending as North Sea hits “critical phase” June 15, 2016 The global oil industry will spend $1 trillion (£704bn) less on development and exploration in 2015-20, just as the UK's North Sea sector hits a critical phase. Development investment will be around 22 per cent less than what was anticipated before the oil price rout started in the middle of 2014. And an additional $300bn will be cut [...]
At the close: FTSE 100 back on the up as markets and sterling recover some lost ground June 15, 2016 The FTSE 100 ended a four-day losing streak and sterling recovered some of its lost ground in a reassuring day for the markets. After yesterday's routing which wiped £30bn from the UK's leading companies, the blue chip index ended up 0.7 per cent at 5,966.80. That wasn't enough, however, to offset even half of yesterday's dramatic losses, [...]
