Rising UK recession risk frightens businesses October 4, 2019 The spectre of recession is looming over the British economy with the country’s huge services sector having contracted in September, according to closely-watched survey data from yesterday. Read more: UK recession alarm bells ring as UK service sector contracts The sector – which makes up about 80 per cent of the UK economy – saw [...]
Market shock: how did investors react to the impact of Covid-19? August 17, 2020 Coronavirus brought a decade-long US bull market to an end and sparked a sudden stock market collapse. A surprising proportion of investors responded by taking on more risk. Faced by of one of the biggest economic shocks in history it is little surprise that the vast majority of investors reacted by changing their portfolios. What [...]
Chinese government gives nod for SDIC plans to float in London August 11, 2019 A Chinese state-backed energy group is pressing ahead with an initial public offering (IPO) in London after being given the green light by its goverment. China’s State Development and Investment Corp (SDIC) is set to issue 10 per cent of its share capital as Global Depositary Receipts (GDRs) on the London Stock Exchange, giving the [...]
Coronavirus: Sterling plunges as investors flock to dollar safe haven March 12, 2020 Sterling has plunged to its lowest level against the US dollar (GBP/USD) since October last year on the back of global coronavirus-related uncertainty. The pound crashed as low as 2.36 per cent against the dollar today to fall to just $1.2517, as traders flocked to the greenback. By 5.35pm it stood 1.63 per cent down [...]
Uncertainty mounts over Hong Kong stock exchange’s bid for LSE September 12, 2019 Speculation over the London Stock Exchange’s future reached fever pitch today as a £32bn offer from its Hong Kong rival came under fierce scrutiny over regulatory concerns and the possibility of alternative bids. More than $1bn was wiped from the Hong Kong Exchanges and Clearing (HKEX) during trading as investors reacted to the firm’s proposed [...]
Cryin’ King: Disney investors tearful despite box office hits August 6, 2019 Record $8bn (£6.6bn) box office takings did not spare Disney investors from taking a hit last night as the company missed expectations. Shares dropped five per cent in after-hours trading as operating losses widened to $553m from $168 a year ago. It comes as the firm increased spending on ESPN Plus and built Disney Plus, [...]
Alphabet shares dip as profit fails to meet expectations October 28, 2019 Google parent Alphabet missed Wall Street estimates on its third-quarter results tonight, having failed to live up to expectations on profit takings. Alphabet reported earnings per share of $10.12 for the three months to the end of September and net income of $7.07bn, versus expectations of $12.44 per share according to consensus estimates polled by Refinitiv. [...]
Moody’s downgrades Hong Kong’s outlook to negative September 16, 2019 Moody’s has downgraded Hong Kong’s rating outlook to negative, saying that ongoing political protests in the financial hub “reveal an erosion in the strength” of its institutions. Despite the changed outlook, Moody’s maintained Hong Kong’s overall Aa2 rating. Read more: Protesters throw petrol bombs as Hong Kong violence persists Rival ratings agency Fitch Ratings downgraded [...]
Eddie Stobart issues profit warning amid takeover interest September 16, 2019 Eddie Stobart has warned its underlying profits for 2019 will be “significantly below” expectations as it confirmed it had received a takeover offer from one of its shareholders. Last month the truck firm suspended shares and announced its chief executive Alex Laffey was standing down with immediate effect after it discovered a multi-million pound accounting [...]
Sajid Javid could block Hong Kong bid for London Stock Exchange September 13, 2019 Chancellor Sajid Javid is set to decide on whether or not to block a £32bn bid from Hong Kong for the London Stock Exchange as a government intervention appears imminent. Javid is reportedly mulling whether to step in on public interest grounds, citing national security and financial stability risks after the Hong Kong Stock Exchange [...]