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18/02/2023

The UK will avoid recession – but for up to 7 million Britons it will still feel like the economy is in reverse gear.

That at least is the headline from research by the respected National Institute of Economic and Social Research (Niesr).

Although the country may avoid a technical recession, characterised by two consecutive quarters of contraction, Niesr has warned that the rising cost of living will still make life tough for lower-income households, especially in the North East, Scotland, Wales and Northern Ireland.

18/02/2023

Powell said on Tuesday that he was expecting to see "significant" declines in inflation this year, but also acknowledged that interest rates may need to rise further amid job market strength.

Victoria Scholar, head of investment at Interactive Investor, said: "The FTSE 100 has hit a fresh record high, surpassing its all-time peak from Friday with BP (LON:BP) and Glencore (LON:GLEN) leading the charge while Smurfit Kappa is dragging on the index.

17/02/2023

British lawmakers have accused HSBC (LON:HSBA) of mistreating customers who have fled Hong Kong in the wake of China's anti-democracy crackdown, to protect the bank's profits and curry favour with the Chinese government, a report on Wednesday showed.

The All-Party Parliamentary Group on Hong Kong said the lender had blocked some overseas residents of the former British colony from withdrawing pension contributions made to the island's Mandatory Provident Fund, despite deciding to quit Hong Kong.

"Like all banks, we have to obey the law, and the instructions of the regulators, in every territory in which we operate," a spokesperson for HSBC said.

17/02/2023

LONDON (Reuters) -Shares in German web hosting company IONOS dipped below the price of its initial public offering (IPO) on Wednesday after Europe's first major stock market debut since Porsche (ETR:P911_p) in September.

Shares started trading at 18.40 euros apiece and were changing hands at around 18.00 in morning trading. Books closed on Tuesday with a final IPO price of 18.50 euros, the company said.

The listing of IONOS, whose closest peer is U.S.-based GoDaddy, was seen as a test for market sentiment after IPO activity all but ground to a halt in 2022.

16/02/2023

AMSTERDAM (Reuters) -ABN Amro shares rose to their highest level in three years on Wednesday after the Dutch lender announced a new share buyback helped by stronger-than-expected fourth-quarter earnings.

Largely state-owned ABN, one of three dominant banks in the Netherlands, said it would buy 500 million euros ($538 million) of its shares in the first half, as it reported a net profit of 354 million euros for the last three months of 2022.

16/02/2023

Iceland's central bank raised its key policy interest rate by half a percentage point to 6.5% on Wednesday, its first rate hike in 2023, and warned of further monetary tightening to bring down inflation, which has anchored itself in the economy.

The central bank's Monetary Policy Committee (MPC) estimated economic growth in 2022 of 7.1%, above its November forecast of around 5.6%, but said it expects growth in 2023 to weaken to 2.6%

15/02/2023

British consumer price inflation fell by more than expected to 10.1% in January from December's 10.5% and there were also drops in underlying measures of price growth that are being closely watched by the Bank of England, official data showed.

Economists polled by Reuters had forecast that the annual CPI rate would drop to 10.3% in January, moving further away from October's 41-year high of 11.1% but still eating into the living standards of households.

Core CPI - which excludes energy, food, alcohol and to***co - fell to 5.8% in January from December's 6.3%, the Office for National Statistics said on Wednesday.

15/02/2023

The FTSE 100 was called to open three points lower at 7,950.

Data out earlier from the Office for National Statistics showed that the annual rate of consumer price inflation fell to 10.1.% in January from 10.5% in December as fuel price inflation declined. Analysts had been expecting 10.3%.

The figures showed that fuel price inflation dropped to 7.7% in January from 11.5% the month before.

Meanwhile, core CPI came in at 5.8%, down from 6.3% in December.

13/02/2023

Sterling edged lower on Monday at the start of a data-heavy week in which investors will scan inflation prints from the UK and the U.S. to make bets on the pace of further interest rate hikes.

UK inflation likely eased further in January to 10.2% from 10.5% in December, having seemingly peaked at 11.1% in October. The data is due on Wednesday.

This is seen strengthening the case for the Bank of England to slow its pace of interest rates raises after it dropped its reference to "act forcefully" against inflation earlier in February, which markets took to signal that the central bank may be nearing the end of its rate-hiking cycle.

13/02/2023

Sharecast - At 0830 GMT, the FTSE 100 was up 0.3% at 7,905.23.

CMC Markets analyst Michael Hewson said: "As we look ahead to another week, the main focus is going to be on tomorrow’s US January CPI report, along with retail sales later in the week. Better-than-expected numbers are unlikely to be positive in the context of being near a peak for US rates.

"It’s also a big week for UK economic data after last week’s Q4 GDP numbers which showed the economy stalled. While there were some pockets of strength there is little doubt that the UK economy remains fragile and will continue to remain so as we look towards Wednesday’s CPI and tomorrow’s wages data.

10/02/2023

The U.K. economy narrowly managed to avoid entering a recession in the fourth quarter, while the race to become the new governor of the Bank of Japan takes a surprise twist. Crude prices soared after Russia announced plans to cut its output in March. Stocks are set to open lower, with Lyft slumping after a disappointing update, while the Michigan sentiment index will also be in focus. Here's what you need to know in financial markets on Friday, 10th February.

10/02/2023

Wall Street is expected to open down as the week draws to a close amid deteriorating sentiment, with investors looking ahead to next week's consumer inflation report for further direction.

Futures for the Dow Jones Industrial Average fell 0.4% in Friday pre-market trading, while those for the broader S&P 500 index declined 0.6% and contracts for the Nasdaq-100 shed 1.1%.

US stocks turned around to end weaker on Thursday, weighed down by Nasdaq heavyweight Alphabet (NASDAQ:GOOGL) following a failed demonstration by its AI chatbot Bard AI, and as more Fed officials re-emphasised the need for interest rates to go higher.

09/02/2023

Britain said on Thursday it had sanctioned seven Russians over cyber crime in co-ordinated action with the United States, as the pair seek to crack down on those they blame for ransomware attacks which have paralysed businesses, schools and hospitals.

Britain's Foreign Office said there had been 149 victims of ransomware known as Conti and Ryuk in Britain and that the cyber criminals had used the attacks to gain an estimated 27 million pounds ($32.85 million) from those targeted.

09/02/2023

US stock futures continued to point significantly higher following the latest US initial jobless claims numbers, which rose by 196,000 in the latest week, up from 183,000 a week earlier, above the consensus for 190,000, and the first increase in six weeks.

Ian Shepherdson, chief economist at Pantheon Macroeconomics commented: "The level of claims remains very low but the numbers are striking; unadjusted claims underperformed, relative to the three most recent years when Feb 4 fell on a Saturday, by the most since early November. A single observation proves nothing, but it is striking that this reading comes in the first colder-than-usual week since the polar vortex swept across the country in the week before Christmas."

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