US second quarter economic growth revision undershoots expectations August 26, 2021 The US economy grew at a slower pace than expected in the second quarter of this year as Americans reined in spending despite Covid restrictions easing in many states over the period, according to official figures published today. The Bureau of Economic Analysis revised the US economy second quarter annualised growth rate up to 6.6 [...]
Pound retreats after hitting three-year high amid variant concerns June 1, 2021 The pound retreated this morning after reaching a fresh three-year high versus the dollar amid economic recovery hopes. Well into the London session after the bank holiday weekend, sterling reversed its course to fall 0.2 per cent to $1.4183. The pound edged lower as concerns over a new coronavirus strain outweighed increasing investor optimism on [...]
Taylor Wimpey sees strong housing demand as market continues recovery April 22, 2021 Housebuilder Taylor Wimpey today said that the housing market has remained healthy in 2021 after a surge in customer demand. Speaking in a trading update, Taylor Wimpey reported a net private sales rate for the year to 18 April of 1.00, compared to 0.90 in 2020. Its total order book value stood at around £2.81bn, [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
Exclusive: City commuters lives in Walton-on-Thames at risk as fourth Grenfell anniversary nears May 21, 2021 City commuters lives may be at risk nearly four years on from the Grenfell disaster after an official dossier uncovered a major housing association failing to carry out key remedial works. Official documents seen by City A.M. reveal that PA Housing Association in Walton-on-Thames, Surrey, a commuter hotbed for brokers, bankers and consultants, has so [...]
Weaker economic backdrop presents fresh headaches for Fed July 28, 2021 Today’s Federal Open Market Committee announcements come amid mounting concerns that the rapid rise in Covid cases could dampen the global economic recovery. This backdrop presents a different set of problems for Fed Chair Jerome Powell to when he last spoke in June. Recovery prospects are still good, but have tempered. Investors around the world [...]
Powell confirms Fed may start winding down stimulus measures this year August 27, 2021 The chair of the US Federal Reserve has confirmed the central bank could start winding down the wave of stimulus measures it unleashed to dampen the economic impact of the Covid crisis this year. Jerome Powell said the US economy has reached a point where it no longer needs the same scale of monetary policy [...]
House prices rise but annual growth slows to 7.6 per cent as ‘steadier period’ predicted August 6, 2021 Houses prices rose again in July but slower annual growth suggests the market may be ‘cooling’, according to Halifax House Price Index data published today. The average cost of a property in the UK is now £261,221, up 0.4 per cent from June, adding £1,122 to the price of an average house. Annual growth fell [...]
House price boom continues in March as buyer demand hits record levels March 15, 2021 Record levels of buyer demand pushed the average price of new properties coming to market up 0.8 per cent last month, new research shows. According to Rightmove, the current excess of demand is the highest it has been for a decade, pushing prices up £2,484 in March. The number of potential buyers enquiring about each [...]
Perpetual debt is already here October 12, 2021 “Be still indebted to somebody or other, that there may be somebody always to pray for you, [. . .] fearing, if fortune should deal crossly with you, that it might be his chance to come short of being paid by you.” François Rabelais, Gargantua and Pantagruel, Book III Pundits worldwide are debating what to do with [...]