FTSE 100 Live: “2024 Looks Increasingly Troubling”; US stocks rose

[ad_1]

1685111463 US stocks rose amid hopes of a debt deal

US stocks rose after markets opened on Wall Street, amid greater optimism that the White House and Congress could strike a deal that would prevent a default.

The S&P 500 rose 1% to 4194, while the Dow Jones rose 1.1% to 33112. The Nasdaq rose 1.4% to 12875, having now gained nearly 400 points since the markets opened yesterday.

AI hopes stocks will rally, with tech companies Adobe, Broadcom and Micron Technologies among the upsides

Half term holiday hits as cancellation of British Airways Flight 175 hits

Half-term holiday plans for thousands of families have been thrown into disarray after British Airways flight cancellations due to IT failure reached 175.

Most of the affected flights were on short-haul routes to and from Heathrow.

British Airways said the “technical issue” was resolved Thursday evening, but the disruption continued into Friday due to aircraft and crew being disembarked.

Read more here

1685107206 US stocks open slightly higher amid cautious hopes for the debt deal

US stocks are set to open slightly higher as investors are cautiously optimistic that the country’s politicians will be able to strike a deal that will prevent a default.

Dow Jones futures rose 0.2% to 32866 S&P 500 futures rose 0.2% to 4168. Nasdaq futures rose 0.4% to 14025 after big gains yesterday.

The deadline for a deal on the country’s debt ceiling is getting closer than ever with the Treasury’s cash balance dropping below $50 billion, but investors are hopeful that progress will be made.

But Richard Hunter, head of markets at Interactive Investor, cautioned that the deadline for a deal would be before the Treasury used up its remaining funds.

“Time is running out even to move any such reform forward in the required time frame,” he said.

1685106204 The highest British bond yield in the G7

UK 10-year bond yields are the highest in the G7, as markets continue to worry about how much higher interest rates will be necessary to get inflation under control again.

Worryingly, the UK 10-year sovereign bond yield is now the highest in the G7. This didn’t even happen during #minibudget in late 2022. On one level, it reinforces Sunak/Hunt’s concerns at the time about inflation and juice demand, but it happening on their watch is embarrassing pic.twitter.com/SHQa6jj1m2

— Simon French (@shjfrench) May 26, 2023 1685105926 Prime office rents in central London get a big boost from Elizabeth Line

Rents for prime offices along the central London section of the Elizabethan line have jumped, in some cases by 20% since before the pandemic, as research shows businesses look for locations more convenient for commuters.

The data comes the same week that TfL said 150 million trips had been carried on the Elizabeth Line in its first year since it opened in May 2022.

Read more here

1685105398 ‘2024 looks increasingly worrying’

The UK’s Oxford Economics team has warned that although the economy appears resilient in the short term, there could be trouble on the way in 2024.

“The near-term outlook for activity continues to look reasonably good,” Andrew Goodwin and Edward Allenby said. April saw a rebound in retail sales, while there was another good composite PMI result in May.

But the outlook for the latter part of this year and into 2024 looks increasingly worrisome.

“Our models indicate that this is the period when the maximum impact of previous monetary tightening will affect activity. With more interest rate increases and a slower decline in inflation adding headwinds to growth, we plan to significantly revise our outlook for 2024 when we publish our next update.”

1685104450 Standard Presentation: Hunt talks about the inconvenient truth about inflation

It’s not something you hear the chancellor say every single day, at least 12 to 18 months after the general election. Asked if he was “comfortable with the Bank of England doing whatever it takes to bring down inflation, even if it might trigger a recession”, Jeremy Hunt replied: “Yes”.

This is remarkable given that recent economic forecasts from the World Bank and International Monetary Fund have indicated that Britain will avoid deflation. However, that was before this week’s inflation figures

Read more here

1685103961 Supercar tycoon denies withholding information from rental car company fraud investigation

A supercar tycoon is alleged to have withheld information on a fraud investigation into a car rental business that has collapsed with £28m in debt.

Featured on the Sunday Times Rich List, millionaire Tom Hartley is described on his website as “the definitive name in luxury, performance and classic cars”.

Read more here

1685103031 “Domestic inflation will not fall while economic activity is rising”

After Jeremy Hunt said today that he would be comfortable with a recession if that was what was needed to bring down inflation, UK chief economist Paul Dales said he still expected a recession because it was hard to see how prices could be brought down. control without falling GDP.

“It’s becoming clear that domestic inflation is not going to decline while economic activity is consolidating,” Diels said. As such, we now believe that the Bank of England will have to raise interest rates further, from the current rate of 4.50% to 5.25%, to generate the economic weakness needed to crush inflation.

“So unlike the Bank, the OBR, the IMF and most other forecasters, we don’t exclude a recession from our forecasts.”

The Mormon Church bought the Wembley Amazon warehouse for £74 million

The investment arm of the Mormon Church has bought an 186,455-square-foot Amazon warehouse in Wembley for £74 million.

The property, which was purchased from UKCommercial Property REIT (UKCM), will become part of The Church of Jesus Christ and Latter Day Saints investment portfolio, which will be valued at $44.8 billion at the end of 2022.

The property, Wembley180, was purchased by Covent Garden IP, registered as a charitable company with the aim of “promoting and promoting the religious and other charitable works of The Church of Jesus Christ of Latter-day Saints in the United Kingdom”.

Read more here

[ad_2]