Market Buzz
Friday newspaper round-up: US tariffs, UK recruitment, Monzo, various frauds
The Trump administration is exploring a deal to delay further tariffs on Chinese imports in exchange for decisive talks about overhauling Beijing’s economic policy, it was reported last night. Officials in Washington and Beijing have spoken for several weeks about setting up talks that could delay the tariffs until at least the end of the spring, as they seek to avert escalation of their trade war. - The Times/Wall Street Journal.
Thursday newspaper round-up: UK banks, outsourcers, Microsoft, debt
UK banks are strong enough to survive a disorderly Brexit that could leave the country worse off than the 2008 financial crisis, according to the Bank of England. For a second straight year, none of the high street lenders have been told to raise billions of pounds in capital to strengthen their finances, under the Bank’s latest financial sector health check. – Guardian.
Wednesday newspaper round-up: Amazon, Facebook, Euro Disney, Google
Britain is running out of food warehousing facilities needed by retailers and manufacturers to stockpile goods before a possible no-deal Brexit – and the shortage may be the result of Amazon booking the space, MPs have been told. Ian Wright, the director general of the Food and Drink Federation, told the business, Energy and industrial strategy committee (BEIS) on Tuesday that a shortage of space had driven up the cost of chilled warehouse space, even though the shelves may be empty.
Tuesday newspaper round-up: Brexit, Trump, Drax, City broker
President Donald Trump has warned Britain “may not be able to trade with the US” because of Theresa May’s Brexit deal in comments that could torpedo her hopes of winning Parliament’s backing. Mr Trump said the agreement Mrs May reached with Brussels on Sunday “sounds like a great deal for the EU” as he urged the Prime Minister to think again. - Telegraph.
Monday newspaper round-up: Brexit deal, Restaurant Group, Asos
Theresa May launches a frantic two-week campaign today to save her Brexit deal and premiership by telling MPs to do their duty and support her or face going “back to square one”. In a high-risk strategy to turn the tide of opposition in Westminster, the prime minister will then embark on a nationwide tour designed to sell her plan directly to the electorate. - The Times.
Friday newspaper round-up: Brexit, BoE, Flybe, Berkeley, water companies
Theresa May warned MPs that the public wanted Brexit “settled” as she faced bitter opposition from her own party to her EU exit deal yesterday. The prime minister presented the draft agreement on a future relationship with Europe to a largely hostile Commons after closing a 17-month negotiation earlier than expected. - The Times.
Thursday newspaper round-up: Berkeley Group, Amazon, Brexit, pensions, WTO
Bosses at the housebuilding firm Berkeley Group were accused of engaging in years of bribery with a partner at a major estate agent, according to papers filed in a pair of lawsuits brought against Berkeley by a former finance director in 2014 and 2015. The claim was among numerous “whistleblowing” allegations by Nicolas Simpkin, 49, who served on the board of the £2. 7bn turnover company from 2009 until he was fired in 2014. – Guardian.
Wednesday newspaper round-up: Brexit, Amazon, Stobart, Renault
The US-China trade standoff will continue to weaken confidence in the global economy into next year, economists have warned, as the increasingly gloomy outlook for growth dragged on share markets across the world. Plunging oil prices and intensifying concerns about technology stocks in the US spread contagion to Asia Pacific markets on Wednesday after renewed losses on Wall Street. – Guardian.
Tuesday newspaper round-up: Retailers, misbehaving banks, Ghosn, Apple
Online shopping and food retailers are forecast to be the winners this Christmas as consumers keep a tight rein on spending on clothing, homewares and other non-food items. Total retail spending is expected to rise 4% in December, compared with the same month in 2017, to reach nearly £48bn excluding VAT, according to data from the market research firm Mintel. – Guardian.
Monday newspaper round-up: Brexit, Barclays, retailers, restaurants
Theresa May will move to seize back the initiative from mutinous Tory MPs on Monday by promoting her Brexit deal with a defiant speech to business leaders, even as critics in Westminster scramble to trigger a no-confidence vote in her leadership. As she enters perhaps the most perilous week of her premiership, May will insist at the CBI annual conference in London that her deal delivers on the central demand of voters in the 2016 referendum, by allowing the UK to control immigration.
Sunday newspaper round-up: HS2, FirstGroup, Babcock, Astra, Easyjet, Stobart
Brexit chaos is set to halt the Bank of England’s rate rise plans, investors are betting. Markets have scaled back their bets and are not pricing in the next increase in interest rates until January 2020, following sharp moves in derivatives contracts linked to future borrowing costs. - Sunday Times.
Friday newspaper round-up: Energy security, bank closures, FOBTs
A European Court ruling has thrown the UK’s energy security into disarray by ordering the immediate halt to a £1bn scheme designed to keep Britain’s lights on. The cornerstone energy security scheme has come to an abrupt standstill after the European Union’s Court of Justice ruled that the UK should not be allowed to pay power plants to stay open. - Telegraph.
Thursday newspaper round-up: Brexit deal, GVC, Facebook, vaping cigarettes
Theresa May confronted her mutinous party with the threat of “no Brexit at all” after she forced her draft deal with the EU through a divided cabinet. Esther McVey, the welfare secretary, was believed to be on the verge of quitting last night after clashes at the end of a marathon five-hour meeting. She was shouted down by the chief whip and cabinet secretary after she demanded a vote by ministers on the deal. – The Times.
Wednesday newspaper round-up: Brexit meeting, advertising, lending, Sainsbury's
Theresa May summoned her cabinet to an emergency meeting on Wednesday afternoon to sign off her long awaited final Brexit deal, prompting hard-Brexit Tories to call for senior ministers to stand up and block it. The critical meeting is the culmination of months of negotiations and will see May’s senior ministers consider whether they can personally endorse the agreement that the prime minister has been able to reach. - Guardian.
Tuesday newspaper round-up: Brexit setback, debts rise, FOBTs, Virgin Money
Theresa May’s efforts to secure a Brexit deal by the end of March have suffered a serious setback after it emerged that UK and European Union negotiators were struggling to bridge the gap over the Irish border backstop in time for a November summit. The prime minister was forced to admit that “significant” issues remained despite talks that went on until the early hours of Monday morning. Unless there is dramatic progress by the end of Wednesday, the exit timetable will become increasingly squeezed.
Monday newspaper round-up: Pay, Brexit, manufacturers, IAG, FOBTs
Millions of workers are in line for a significant pay rise as two thirds of employers expect to dish out above-inflation increases in the next 12 months. The Chartered Institute of Personnel and Development (CIPD) found 65pc of employers expect to raise pay by more than 2pc in the coming year, up from 52pc this time last year. Over a quarter expect to raise pay by more than 3pc. - Telegraph.
Sunday newspaper round-up: Brexit, Vodafone, Babcock, Barclays, PPI claims
Theresa May has been plunged into a deeper crisis after Brussels rejected her key Brexit proposal, which was intended to avoid the UK being trapped in an indefinite customs union. The prime minister had hoped to unite her cabinet and overcome the final hurdle in negotiations with the EU by offering to create an “independent mechanism” to oversee how the UK might leave a temporary customs arrangement if Brexit talks collapsed. - Sunday Times.
Friday newspaper round-up: Brexit, gig economy, Italy, high streets
A Brussels plan to put a customs border in the Irish Sea if there is no Brexit agreement will be included in a divorce deal, a leaked letter from Theresa May suggests. The prime minister was accused last night of breaking her promise to the Democratic Unionist Party that she would never sign up to a deal that could allow Northern Ireland to be divided from the rest of the United Kingdom. - The Times.
Thursday newspaper round-up: RICS, MoD, Toshiba, News Corp
The UK property market is at its weakest for six years, with prices flat or falling across half the country according to Britain’s official surveyors body, with reports that sales are “in limbo” until a Brexit deal emerges. The Royal Institution of Chartered Surveyors (Rics) said its monthly survey of members found “the weakest reading since September 2012” in October, with prices falling in London, the south-east, south-west and East Anglia. – Guardian.
Wednesday newspaper round-up: LLoyds, BHP, Barclays, bacon and sausages
Donald Trump claimed “tremendous success” despite his party losing control of the House of Representatives in midterm elections last night after mixed results saw Republicans strengthen their grip on the Senate. The results were hailed as a turning point by Democrats in elections billed as a verdict on the first two years of Mr Trump’s divisive presidency but fell short of a “blue wave” of sweeping victories. - The Times .