Stocks close out tough quarter on economic fears

LONDON ― European markets nudged higher on Friday, gaining some respite from a torrid week as the third quarter drew to a close. The pan-European Stoxx 600 added 0.8% in early trade, with oil and gas stocks climbing 1.9% to lead gains as most sectors and major bourses entered positive territory. Household goods dropped 0.3%. … Read more

Is the UK now a buy? Analysts weigh in after market meltdown

A security guard stands outside the London Stock Exchange building on December 29, 2020. Tolga Akmen | AFP via Getty Images U.K. bond markets and the pound went into freefall this week as investors balked at the new government’s fiscal policy announcements, and some analysts believe opportunities are arising. The Bank of England on Wednesday … Read more

UK PM Liz Truss defends tax cuts, vows to press on

U.K. Prime Minister Liz Truss announces a financial package to support people with energy bills. Dan Kitwood / Staff / Getty Images LONDON — British Prime Minister Liz Truss on Thursday defended the fiscal policies announced last week which sparked chaos in U.K. markets, saying the country had been put on a “better trajectory.” Speaking … Read more

IMF gives damning verdict on Britain’s tax cuts

The new economic measures laid out by the U.K. government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund. Yuri Gripas | Reuters LONDON — The new economic measures laid out by the U.K. government “will likely increase inequality,” the International Monetary Fund said in a rare statement. While the fiscal … Read more

Stocks trade higher after negative start to the week

Visitors stands in front of an electronic ticker at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Nov. 30, 2020. Toru Hanai | Bloomberg via Getty Images Shares in the Asia-Pacific were mixed on Tuesday after sharp falls on Monday. The Nikkei 225 in Japan rose … Read more

Bank of England monitoring markets ‘very closely’ after pound falls

Analysts expect the Bank of England may need to raise interest rates more aggressively following market turbulence on Monday morning. Sopa Images | Lightrocket | Getty Images LONDON — The Bank of England on Monday said it is monitoring financial market developments “very closely” after a dramatic morning of turmoil saw the British pound fall to an … Read more

European markets open to close; sterling slumps against the dollar

Brent crude slides below $85 a barrel as dollar surges Brent crude fell below $85 a barrel Monday, as recession fears mount and the U.S. dollar surged. Brent futures for November settlement were trading down over 1% around $84.92 at 8 a.m. London time. West Texas Intermediate futures also fell to trade around $77.93. Central … Read more

Britain’s lurch to Reaganomics gets thumbs down from markets

Truss has now put the country on an economic road completely at odds with most, if not all, major global economies. Hannah Mckay | Reuters LONDON — New U.K. Prime Minister Liz Truss may have talked big on “trickle-down economics” during her campaign trail this summer, but no-one could have predicted the swathe of tax … Read more

Citi says sterling-dollar parity is possible as UK risks currency crisis

A trader, center, wears a Citigroup jacket while working on the floor of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images LONDON — The U.K. risks a currency crisis that could see sterling reach parity with the dollar, according to analysts at Citi. The U.K. government announced the most significant program … Read more

European stocks slide 2.8% after weak euro zone data, new UK economic plan

European stocks were sharply lower on Friday, as investors digested a raft of central bank decisions and a new economic plan from the U.K. The Stoxx 600 was down 2.8% in early afternoon trading, with all sectors and major bourses trading in the red. Oil and gas stocks and basic resources were the biggest fallers, … Read more