Market Buzz
Market buzz: Pound pops as GDP revised up, TalkTalk slides
1630:Close London stocks finished an already strong quarter - powered by gains in the oil majors - on an up note, despite a bounce in the pound on the back of a stronger-than-expected reading on first quarter gross domestic product and for services sector activity during April.
Friday newspaper round-up: Defence, tobacco, restaurants, stress tests
European Union leaders have discussed their fears that the “immense pressure” President Trump’s policies are putting on Nato could lead to its break-up. Donald Tusk, the president of the European Council, painted a bleak picture of the Trump administration at a dinner last night. - The Times .
Market buzz: FTSE erases most losses, Greene King unfairly treated?
1647: After an up and down day, the FTSE 100 finished largely sideway, down just six points at 7,615. 63, a fall of just 0. 08% in the end.
Thursday newspaper round-up: Carillion, Ticketmaster, TSB, FTSE 350 women
The City watchdog has revealed it is investigating allegations of insider trading at the building and services contractor Carillion before its spectacular collapse in January. In a letter to MPs, the Financial Conduct Authority (FCA) chief, Andrew Bailey, said he was looking into allegations that people connected to the company had traded in its shares using inside knowledge before Carillion’s huge profit warning on 10 July 2017. – Guardian.
Market buzz: Rapid retail rebound continues; EIA sparks further oil surge
1641: BoE's Jon Cunliffe has provided three broadcast interviews which will be aired later on Wednesday and on Thursday morning.
Wednesday newspaper round-up: London exodus, beer rationing, Twitter, Unaoil
London’s expensive property prices are leading to an exodus of people in their early 30s from the capital, according to a report showing the economy of Britain’s biggest city increasingly dominated by low-skill jobs. A report from the Resolution Foundation thinktank said the blow to living standards caused by high housing costs meant more people were leaving London than arriving from the rest of the UK. – Guardian.
Market buzz: BoE set for August hike?, Goldman tips England football team
1530: Rabobank sees euro/dollar at 1. 12 on a 12-month view.
Tuesday newspaper round-up: Car industry warning, Carillion, Asda
The car industry has warned Theresa May there is “no Brexit dividend” for the business, with 860,000 jobs being put at risk unless the government “rethinks” its red lines in negotiations. In the starkest warning yet from a single business sector, the car lobby has told the government that it needs “as a minimum” to remain in the customs union and a deal that delivers “single market benefits”. - Guardian.
Market buzz: FTSE falls amid trade tensions, Inmarsat rockets
1642: The FTSE 100 finishes down 2. 24% to 7509. 8, levels last seen at the end of April.
Monday newspaper round-up: Ofgem, first-time buyers, M&A, Premier Foods
A champion of price caps and a critic of suppliers’ behaviour has been chosen to lead the UK’s energy regulator, Ofgem. In an effort to toughen up the watchdog, which has been criticised for being soft on energy firms, regulatory economist Martin Cave has been selected as the regulator’s new chair just months before it is due to impose a price cap on energy bills. – Guardian.
Market buzz: Opec agrees 1.0m b/d increase, Bull-Bear signal 'moving closer to buy'
1700:Close Stocks jumped at the end of the week, with the Footsie managing to pare some of its recent losses on the back of gains in the oil patch in the wake of OPEC's latest output decision.
Friday newspaper round-up: Greece, BHS, Airbus, Sky
Eurozone nations have agreed on the final elements of a plan to get Greece out of its eight-year bailout program and make its massive debt more manageable. The finance ministers of the 19 nations reached a surprisingly hard-fought compromise after talks stretched into Friday morning. The ministers needed to finalise a deal between Greece and its international creditors that would allow it to safely emerge from its third and final bailout program on 20 August and face the markets again.
Market buzz: BofA dissents from BoE, Amazon hit by Supreme Court
1639: BofA-ML on today's MPC decision: "The minutes from today's meeting contain a number of inconsistencies we find it hard to square (which we explore in this report). While we continue to believe the data will not justify the BoE hiking rates in August, today's meeting increases the risk that they hike regardless.
Thursday newspaper round-up: Brexit, Tesla, housing market
Theresa May could once again be on a collision course with the Brexiter wing of her party over a controversial proposal to keep the UK in a single market for goods. Whitehall sources said they believed free movement of goods was “100% the direction of travel” as the prime minister’s focus shifts to the next battle over Britain’s future relationship with the EU after next week’s Brussels summit. - Guardian.
Market buzz: Govt wins on 'meaningful vote', Berkeley sparks caution
1608: The government has defeated the 'Grieve 2' amendment to a Parliamentary 'meaningful vote' on Brexit by 319 votes to 303 in the Commons, which is a majority of 16, after Dominic Grieve himself withdrew his support.
Wednesday newspaper round-up: Brexit debate, euro budget, BoE, fracking
Theresa May faces a nail-biting parliamentary clash with Conservative rebels on Wednesday as the government seeks to defeat an attempt to give MPs a “meaningful vote” before Britain could leave the EU without a deal. The EU withdrawal bill, the government’s flagship piece of Brexit legislation, returns to the House of Commons on Wednesday against a backdrop of increasing anxiety about the risk of negotiations with the EU27 failing to yield an agreement. - Guardian.
Market buzz: Has gold lost its allure as a safe-haven?
1630:Close Equities paid more attention on Tuesday to the ratcheting-up of tensions between Beijing and Washington as trading kicked-off with a sharp move lower on the Shanghai bourse.
Tuesday newspaper round-up: Trade, taxes, airline M&A, water companies
Donald Trump directed the US Trade Representative to prepare new tariffs on $200 billion in Chinese imports Monday as the two nations moved closer to a potential trade war. The tariffs, which Trump wants set at a 10% rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries. - Guardian.
Market buzz: Politics, trade tensions in focus
1700:Close A bounce in oil majors' shares after Friday's bout of selling helped pull the Footsie off its intra-day lows, with the top-flight index outperforming its peers across the Channel at the start of the week.
Monday newspaper round-up: Greece, cryptocurrencies, house prices, Go-Ahead
Debit card payments have overtaken cash as the most popular form of payment in the UK for the first time, according to banking industry figures. Consumers used their debit cards 13. 2bn times last year, up 14% compared to 2016, according to a report by UK Finance, the trade body for the UK banking and financial services sector. The number of cash transactions fell by 15% to 13. 1bn transactions in the same period. – Guardian.