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  1. #1
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    British Pound

    The pound fell for a fifth day versus the euro, reaching the weakest in almost 11 months, as a report showed Britain’s budget deficit widened in December, adding to concern that the economy will struggle to grow.

    Sterling has depreciated the most this year of the 10 major currencies tracked by Bloomberg Correlation-Weighted Indexes as improving sentiment in the euro area damped demand for safer assets. The pound snapped a seven-day decline versus the dollar. U.K. government bonds were little changed as the Debt Management Office sold 10-year gilts.

    source_http://www.bloomberg.com/news/2013-01-22/pound-gains-versus-dollar-before-u-k-budget-deficit-data.html

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  2. #121
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    Five former finance professionals, including a one-time Deutsche Bank AG manager, will go on trial next week for insider trading, almost six years after the U.K. markets regulator sent shock waves through London with a series of dawn raids and arrests.
    The five defendants, who include former bankers, accountants and day traders, are charged with conspiring to trade securities with inside information between November 2006 and March 2010. Jury selection in the case, which has been dubbed Operation Tabernula, will begin Monday at Southwark Crown Court.
    The U.K. markets regulator started the probe amid criticism from politicians over its handling of the 2008 financial crisis and failure to prosecute anyone for insider trading. Seven men were arrested in early morning raids in 2010 and three more were apprehended later, making Operation Tabernula -- "litt

    source_http://www.bloomberg.com/news/articles/2016-01-08/five-stand-trial-in-climax-to-record-u-k-insider-trading-case

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  3. #122
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    Stocks fell on renewed concern over the strength of the Chinese economy. The yen rallied, while the pound declined and crude slumped.
    European stocks dropped from a three-week high, while U.S. index futures retreated. The yuan weakened after the People’s Bank of China lowered its daily reference rate by the most in six weeks. Sterling extended Monday’s slump on concern over Britain’s possible exit from the European Union. The yen climbed against all 16 major peers. New York oil tumbled after surging above $33 a barrel on Monday, while nickel and zinc led industrial metals lower.
    The first indicators for Asia’s biggest economy this month showed private gauges of manufacturing and services falling to new lows, while a reading of business confidence slipped. The impact of China’s slowdown and the commodity-price collapse was in focus Tuesday as BHP Billiton Ltd. made a larger-than-expected cut to its dividend, lowering the payout for the first time in 15 years. Britain’s referendum on its EU membership in the European Union is raising currency-market risks across the continent, with the cost of options protecting against losses on the euro jumping.
    “China’s slowdown is yet to fully play out and markets are watching what policies will be rolled out to address that," said Nescyn Presinede, a trader at Manila-based Rizal Commercial Banking Corp., which manages $1.8 billion in trust assets. “The environment remains volatile with investors focused on oil prices.”

    source_http://www.bloomberg.com/news/articles/2016-02-22/asian-futures-tip-more-stock-gains-amid-crude-rally-weaker-yen

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  4. #123
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    29 of 34 economists see drop to $1.35 or below on leave vote
    Sterling already at seven-year low as EU campaign heats up
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    A British exit from the European Union would be so devastating for the pound that 29 out of 34 economists in a Bloomberg survey see it sinking to $1.35 or below within a week of a vote to leave -- levels last seen in 1985.
    Twenty-three of the economists say sterling wouldn’t recover from that rate within three months of the June 23 referendum. Seven see the U.K. currency falling below $1.20 immediately after a “Brexit” vote. And just one sees it above $1.40, which is stronger than the almost seven-year low reached Wednesday.

    source_http://www.bloomberg.com/news/articles/2016-02-24/how-low-could-pound-fall-in-a-brexit-economists-say-try-1985

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  5. #124
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    OBR predicts economic growth of 2% in 2016, 2.2% in 2017
    Chancellor says forecasts predicated on Britain staying in EU

    Chancellor of the Exchequer George Osborne said the U.K. economy will grow less quickly in each of the next five years than previously forecast, and blamed global turbulence as he prepared to set out where 4 billion pounds ($5.6 billion) will be cut from spending.
    The forecast of 2 percent growth this year, by the Office for Budget Responsibility, compares with a prediction of 2.4 percent announced by Osborne in November. The economy will grow by 2.2 percent in 2017 and 2.1 percent in 2018, compared with forecasts of 2.5 and 2.4 four months ago, he said, while arguing that his stewardship for the past six years has put Britain in a good position to deal with global headwinds.

    source_http://www.bloomberg.com/news/articles/2016-03-16/u-k-growth-forecasts-cut-amid-more-austerity-osborne-says

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  6. #125
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    Surveys could move price swings considerably: Mizuho's Jones
    Sterling is the worst performer this year among G-10 peers

    Next Wednesday marks exactly three months until Britain’s referendum on its European Union membership. That gives another opportunity for an insight into how concerned pound traders are about the outcome.
    The benchmark three-month gauge of volatility in sterling versus the dollar will cover the June 23 vote for the first time next week, giving traders another instrument to protect themselves against price swings. With surveys still pointing to the ‘remain’ and ‘leave’ camps running neck and neck, a six-month measure is about 1 percentage point from a five-year high reached last month.

    source_http://www.bloomberg.com/news/articles/2016-03-19/traders-get-new-gauge-of-brexit-risk-with-vote-3-months-away

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  7. #126
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    Carney says EU vote is biggest domestic risk to stabilty
    Stability officials may also discuss capital buffers, housing

    With Britain’s referendum on the European Union exactly three months away, Bank of England officials are agonizing over the dangers from a vote to leave.
    On Wednesday, Mark Carney will chair the Financial Policy Committee’s first formal meeting of the year -- and its last before Britain’s June 23 referendum. Just two weeks after the governor declared an exit vote as the biggest domestic risk to financial stability, officials can now ratify contingency planning for a threat that has rattled investors enough to force a plunge in the pound and a spike in sterling volatility.
    Carney’s concerns -- dragged out of him by lawmakers at a Parliament hearing -- have since become a weapon in the highly charged political battle on EU membership, despite the governor’s attempt to remain above the fray. They suggest how the issue may dominate this week’s discussion, overshadowing topics such as bank capital, housing and a potential lack of liquidity.

    source_http://www.bloomberg.com/news/articles/2016-03-23/-brexit-fretting-at-bank-of-england-may-be-about-to-intensify

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  8. #127
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    FPC increases countercyclical buffer rate to 0.5% of RWAs
    `Brexit' vote poses risk to financial stability, FPC says

    The Bank of England said banks should begin building up capital earmarked to support lending when the economy turns down, as the outlook for U.K. financial stability worsens.
    The BOE’s Financial Policy Committee raised the countercyclical capital buffer rate for U.K. exposures to 0.5 percent of risk-weighted assets from zero, becoming binding from March 29 next year. The buffer applies to U.K. banks and building societies, as well as to branches of other European Union banks that lend into the country.
    “Risks associated with domestic credit are no longer subdued,” and global risks “which can also affect U.K. exposures indirectly, are heightened,” the FPC said on Tuesday in explaining its decision. The June 23 referendum on the U.K.’s membership of the EU is the source of “the most significant near-term domestic risks to financial stability,” the regulator said in a statement.
    The BOE said it intends to set the countercyclical capital buffer at about 1 percent in a “standard risk environment.” The aim of the measure is to push against banks’ tendency to boost lending in boom times only to slash it in a bust, exacerbating damage to the economy.
    The central bank also wants to use the buffer to help simplify its capital requirements and make them more transparent.

    source_http://www.bloomberg.com/news/articles/2016-03-29/bank-of-england-raises-buffer-rate-as-brexit-referendum-looms

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  9. #128
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    Trade-weighted measure of sterling has dropped 5.4% this year
    BOE slow to raise rates even if inflation picks up: Rabobank
    The pound is heading for its worst quarter since 2009 as traders brace for the U.K.’s referendum on membership to the European Union, preparing for the risk that investment inflows will dwindle.
    A trade-weighted measure of sterling has dropped 5.4 percent this year amid concern that Britain will vote to leave the world’s biggest single market on June 23, in a so-called Brexit. Options markets indicate traders see the pound falling further against all of its Group-of-10 counterparts in the next three months. Even as the Bank of England damped speculation that officials would cut interest rates, forward contracts project no increase in 2016, and that’s weighing on the currency.

    source_http://www.bloomberg.com/news/articles/2016-03-29/pound-has-worst-quarter-since-2009-as-brexit-risk-takes-hold

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  10. #129
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    Economy grows 0.6% in 4Q rather than previously estimated 0.5%
    Current-account deficit widened to a record 7% of GDP in 4Q
    The British economy ended 2015 with more momentum than previously estimated.
    Gross domestic product rose 0.6 percent in the fourth quarter instead of the 0.5 percent reported last month, the Office for National Statistics in London said on Thursday. There were upward revisions to services, industrial output and construction. GDP rose 0.4 percent in the third quarter.
    The figures paint a picture of an economy continuing to be driven by consumers at a time of deepening troubles in the world economy. Recent surveys suggest optimism may be fading amid concern that the U.K. might vote to quit the European Union in the June 23 referendum.
    Household spending rose 0.6 percent, helping to counter a 2 percent slump in business investment and near stagnant exports. Net trade knocked 0.3 percentage point off output.
    The divergence was also reflected in the output measures, with services -- the largest part of the economy -- growing 0.8 percent and industrial output falling 0.4 percent. In January alone, services grew 0.2 percent.

    source_http://www.bloomberg.com/news/articles/2016-03-31/u-k-gdp-grows-more-than-estimated-current-account-gap-widens

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  11. #130
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    Nationwide says values increased 0.8% on month in March
    Annual rate of growth is 5.7%, strongest since Feb. 2015
    U.K. house prices increased for a ninth month in March as rental investors rushed to purchase property before a tax increase, Nationwide Building Society said.
    The average price of a home rose 0.8 percent from February to 200,251 pounds ($287,280), the lender said in a statement on Friday. The annual rate of growth surged to 5.7 percent, the strongest in more than a year.
    A shortage of homes for sale is being aggravated by landlords trying to buy investment properties before a tax change on second homes takes effect this month. With demand also being boosted by low borrowing costs, the Bank of England has warned that risks in the property market are rising.
    “The pace of house-price growth may moderate again once the stamp duty changes take effect in April,” Nationwide Chief Economist Robert Gardner said in a statement. “However, it is possible that the recent pattern of strong employment growth, rising real earnings, low borrowing costs and constrained supply will keep the demand/supply balance tilted in favor of sellers and maintain pressure on price growth.”

    source_http://www.bloomberg.com/news/articles/2016-04-01/u-k-house-prices-surge-as-investors-rush-to-beat-tax-changes

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