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The International Monetary Fund has warned that a surge in oil prices caused by war in the Middle East could hobble the already ‘limping’ global economic recovery. The president of the World Bank, Ajay Banga, said the conflict was ‘an economic shock we don’t need’. Israel’s war with Hamas adds to turbulence on financial markets already convulsed by worries about ‘higher for longer’ interest rates. - Daily Mail.
Rishi Sunak is facing a fresh setback to his target of halving inflation as oil prices hit $95 for the first time this year. The price of Brent crude closed in on $96 per barrel on Tuesday, the highest level since November 2022 as Russia and Saudi Arabia conspire to limit production and push up global costs. Inflation figures published on Wednesday [today] are expected to show the first acceleration in consumer prices since February. Analysts have forecast a 7. 1pc rise for August on the year, up from July when consumer price inflation came in at 6.
Residential rents across Britain are rising at their fastest on record as high interest rates shut would-be buyers out of the property market. Monthly rental costs are on average 12 per cent higher than they were this time last year, up £140 to breach £1,300 for the first time, according to the estate agent Hamptons. Separate research from the property website Rightmove suggests that more than a third of homes for sale have had their asking prices reduced as vendors try to drum up demand.
Analysts at Barclays stood by their 1,000. 0p target price for shares of BP ahead of the oil major's next capital markets day.
Stocks were mixed on Friday in New York as ongoing concerns about a growing debt crisis in China hit sentiment and dampened risk appetite.
Just eight stocks on the FTSE 100 were in positive territory on Friday afternoon, as concerns about an escalating financial crisis in China prevented investors from taking on any risk ahead of the weekend.
Stocks on Wall Street were set to open lower on Friday, on the back of fears of an overflowing financial crisis in China and further monetary tightening in the US.
Macroeconomic concerns meant UK stocks were registering heavy losses on Friday morning, with the FTSE 100 dropping to its lowest level in over ten months.
Shore Capital has reiterated its ‘buy’ ratings on six UK-listed banking stocks, saying the market is currently pricing in a “far worse outlook”.
The FTSE 100 was in the red again on Friday, hitting a fresh six-week low as fears about the financial crisis in China worsened overnight.
UK stocks were expected to fall for the sixth straight session on Friday on signs that the ongoing real estate crisis in China is far from over.
Evergrande, the heavily indebted Chinese property group and once the country's second developer, on Thursday filed for chapter 15 bankruptcy in New York – indicating the ongoing real estate crisis in China is far from over.
US stocks edged higher on Thursday morning, though gains were limited as 10-year Treasury yields reached their highest since the financial crisis.
Friday is set to be another quiet day for corporate earnings and economic data, with UK retail sales for July likely to steal the focus as markets continue to look for hints at how the Bank of England may react to recent economic activity.
BAE Systems was trading with heavy losses on the news that it is buying Ball Corporation's aerospace business for $5. 55bn in cash.
US weekly jobless claims declined more or less as expected last week, according to statistics released Thursday by the Department of Labor.
Fresh concerns about US inflation and the Chinese debt crisis were weighing on market sentiment on Thursday, though the FTSE 100 was trading flat by lunchtime after bouncing off five-week lows in morning trade.
US stock futures were showing small gains on Thursday, with the S&P 500 bouncing off a six-week low, on a quiet day for corporate earnings and economic data.
BAE Systems was trading with heavy losses on Thursday after the news that it has acquired Ball Aerospace – a move which broker Shore Capital viewed as a vote of confidence for the wider defence industry.
UK stocks slipped on Thursday, following US and Asian markets lower overnight, as investors reacted to the possibility of further interest-rate hikes by the Federal Reserve.