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LONDON — European stocks closed higher on Friday as global equity markets looked to rebuild from the recent sell-off. Global markets have been volatile this week as they have tried to shake off Monday's rout. The initial sell-off was in part triggered by separate U.S. jobs data last week coming in weaker than expected. Both moves have led analysts to caution that markets may have outsize reactions to data releases and central bank commentary through August — typically a volatile month for stocks. Asia-Pacific markets were mostly higher on Friday.

Persons: — Organizations: City of, LONDON Locations: City, City of London, U.S, Asia, Pacific

☆ Bank of England to make knife-edge call on interest rates as markets favor cut: Live updates
▼ + stars: | 2024-08-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Blurred buses pass the Bank of England in the City of London on 7th February 2024 in London, United Kingdom. LONDON — Several analysts expect the Bank of England to announce an interest rate cut on Thursday, but a lack of clear signaling from the central bank has shrouded the decision in uncertainty. The Bank Rate has been held at a 16-year high of 5.25% since August 2023. The decision will be announced at midday U.K. time and will be followed by a press conference. Thursday will also see the release of the quarterly Monetary Policy Report, which will contain economic growth and inflation projections.

Persons: BOE Organizations: Bank of England Locations: City of London, London, United Kingdom

☆ Bank of England's rate cut is on a knife-edge even with inflation on target
▼ + stars: | 2024-07-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Market pricing on Wednesday morning suggested a 60% probability of a rate cut at the BOE's Aug. 1 meeting. That is far less conviction than traders had before the European Central Bank enacted its own rate cut at the start of June; while pricing for the U.S. Federal Reserve to cut for the first time in this cycle in September has hit 100%. watch nowIn both May and June, seven MPC members voted to hold, as two voted to cut by 25 basis points. Headline U.K. inflation spiked higher than in the U.S. and euro zone over the last two years, but has also cooled more quickly. "I would rather hold rates until there is more certainty that underlying inflationary pressures have subsided sustainably," Haskel said.

Persons: Mike Kemp, BOE, Jonathan Haskel —, —, Haskel Organizations: of England, Bank of England's, European Central Bank, U.S . Federal Reserve, MPC Locations: City of London, U.S, BOE, U.K

☆ Deutsche Bank snaps 15-quarter profit streak on Postbank lawsuit provision
▼ + stars: | 2024-07-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt. Deutsche Bank on Wednesday snapped a 15-quarter profit streak with a narrower-than-expected loss, as it made a provision for an ongoing lawsuit over its Postbank division. The long-running lawsuit by investors alleges Deutsche Bank underpaid to take over the retail banking giant in 2010. Other highlights included:Profit before tax excluding the Postbank provision was 1.7 billion euros, up from 1.4 billion euros in the second quarter of 2023. Provision for credit losses was 476 million euros, up from 401 million euros a year ago.

Persons: Deutsche Bank CEO Christian Sewing, James von Moltke, CNBC's Caroline Roth, that's, Von Moltke, we'd, Italy's Organizations: Deutsche Bank, United Kingdom . Deutsche Bank AG, Deutsche Bank CEO Christian, Spain's Santander Locations: City of London, London, United Kingdom, German, Frankfurt

☆ European markets open lower as investors digest ECB decision
▼ + stars: | 2024-07-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

LONDON — European markets opened lower on Friday as investors considered the latest ECB interest rate decision. All sectors were lower, with travel and leisure stocks tumbling 2.66%, and mining stocks declining 1.93%. European markets have retreated throughout the week with the Stoxx 600 closing lower for the last four consecutive days. The picture was similar across the world, with Asia-Pacific markets declining on Friday as they followed Wall Street lower. U.S. markets closed lower on Thursday, with the Dow Jones Industrial Average snapping a six-day winning streak.

Organizations: Bank of England, LONDON, Dow Jones, European Central Bank, ECB Locations: City of London, London, United Kingdom, Asia, Pacific, U.S

☆ Bank of England reports problems with CHAPS payments system
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: 1 min

Blurred buses pass the Bank of England in the City of London on 7th February 2024 in London, United Kingdom. The Bank of England said on Thursday that a "global payments issue" was affecting the interbank payments service CHAPS, delaying some high-value and time-sensitive payments including some house purchases. "We are mindful of the impact this is likely to have and are working closely with a third-party supplier, industry and other authorities to resolve the issue as promptly as possible," it said in a statement. Retail payment systems and cash machines were unaffected, the BoE added. The CHAPS system - which is operated by the BoE - has suffered technical problems before, including in August last year and in 2014 when the Real-Time Gross Settlement system, which underpins CHAPS, did not work normally for several hours.

Persons: BoE, underpins CHAPS Organizations: Bank of England Locations: City of London, London, United Kingdom

☆ European stocks head for higher open as markets look ahead to U.S. inflation data
▼ + stars: | 2024-07-11 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

The UK economy has reportedly seen faster growth than initially estimated in early 2024. LONDON — European stocks are expected to open higher Thursday as global markets look ahead to the next U.S. inflation reading. Thursday's inflation report could cement expectations that the U.S. Federal Reserve will cut interest rates in the coming months. Recent economic releases have suggested that inflation and economic growth are both cooling, including last week's report that unemployment in June ticked up to 4.1%. The consumer price index report for June will be released at 8:30 a.m.

Persons: Germany's DAX Organizations: City of, LONDON, CAC, IG, U.S . Federal Locations: Bishopsgate, City, City of London

☆ UK launches new rules for listings in bid to boost growth for London's stock exchange
▼ + stars: | 2024-07-11 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The U.K.'s Financial Conduct Authority announced Thursday new rules for the country's stock market listings in a bid to boost growth following a slow down in IPOs. "They aim to support a wider range of companies to issue their shares on a UK exchange, increasing opportunities for investors," the regulator added. One key change is the removal of the 'premium' and 'standard' listing segments. Shareholder approval for key events, like reverse takeovers and decisions to take the company's shares off an exchange, is still required," the FCA said. Some rules around eligibility for listings will also change, such as the removal of a requirement for companies to provide track records of their revenue.

Organizations: Bank of England Locations: London, IPOs

☆ UK economy returns to growth in May, beating expectations as British pound hits four-month high
▼ + stars: | 2024-07-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. LONDON — The U.K. economy grew by 0.4% in May, flash figures published by the Office for National Statistics showed on Thursday, with the British pound jumping to a four-month high against the U.S. dollar after the announcement. The British economy exited a shallow recession in the first quarter of the year, then flatlined in April. Goldman Sachs last week upgraded its growth forecast for the U.K. following left-of-center Labour's thumping victory in the country's general election.

Persons: Sterling, Keir Starmer, Goldman Sachs, Ashley Webb, Price, BOE Organizations: Office, National Statistics, U.S, Gross, Labour Party, Capital, Bank of England's, Bank of England, European Central Bank Locations: London, United Kingdom, The City, British, U.K

☆ European markets head for positive open as political worries subside
▼ + stars: | 2024-07-10 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Liverpool Street train station beneath the new skyline of skyscrapers in the City of London financial district on 14th February 2022 in London, United Kingdom. LONDON — European stocks are expected to open higher Wednesday as concerns over the political outlook in France subside. France's CAC 40 index closed 1.81% lower Tuesday as traders assessed the implications of a hung parliament and a period of political uncertainty in France. Asia-Pacific markets were mixed overnight, even as key Wall Street benchmarks rose following dovish comments from U.S. Federal Reserve Chairman Jerome Powell Tuesday. U.S. stock futures were little changed in overnight trading Tuesday after the S&P 500 notched a fresh record close.

Persons: Germany's DAX, Emmanuel Macron, Jerome Powell, Powell Organizations: Liverpool, LONDON, CAC, IG, Front, NFP, U.S . Federal, National Grid Locations: City, London, United Kingdom, France, Asia, Pacific, U.S, Wetherspoons

☆ Stocks, property, bonds, the pound: Here’s what a new Labour government means for investing in the UK
▼ + stars: | 2024-07-05 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +7 min

The Labour party's pledge, for example, to increase taxes on the compensation that private equity fund managers received raised a few eyebrows, and led to questions on what this could mean more broadly. In a note Friday, analysts at Jefferies said, despite concerns raised by a strong showing for the right-wing Reform UK Party, the Labour Party's U.K. election win would help make the U.K. appear "relatively stable." "A widely predicted Labour win in the UK could usher in an era of greater stability for the UK … which should help bolster investor sentiment towards the UK," she said. "U.K. bank stocks in the end are one of the biggest proxies for U.K. economic growth," he said. If results are as expected, attention will shift away from the U.K. election quickly, Shreyas Gopal, strategist, and Sanjay Raja, senior economist at Deutsche Bank, said in a note published Wednesday.

Persons: Vuk Valcic, hasn't, Jefferies, James McManus, Susannah Streeter, Hargreaves Lansdown, McManus, Liz Truss, Streeter, Richard Donnell, Nutmeg's McManus, CNBC's Silvia Amaro Friday, Mark Fielding, Fielding, Shreyas Gopal, Sanjay Raja, BoE, Francesco Pesole, Pesole Organizations: City of, Labour Party, Conservatives, U.S ., Labour, CNBC, Stock, Reform UK Party, Hargreaves, Deutsche Bank, ING, Bank of England, ECB Locations: Bishopsgate, City, City of London, London, France

☆ Britain looks to upstage France with play for world's third major AI hub after U.S., China
▼ + stars: | 2024-06-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

But key challenges face the country as it looks to become the world's third-biggest AI hub. At the London Tech Week conference in the Olympia events venue earlier this month, tech executives from around the world touted London and the U.K. as a place to invest. London vs. FranceLondon is facing heated rivalry from France for the title of European AI leader. Can the UK keep its European AI crown? Seeking regulatory clarityAnother key source of uncertainty for tech leaders is the future of AI regulation in the U.K.

Persons: Mike Kemp, Alex Kendall, — Kendall, Wayve's, Brent Hoberman, Wayve, it's, Salesforce, Janet Coyle, Coyle, Arthur Mensch, Hanno Renner, that's, Europe's, CNBC's, Philip Belamant, Zilch, Matthew Holman, Cripps, Holman Organizations: Global, London Tech, Sage, Google, London, Partners, Viva Tech, Accel, CNBC, Mistral France Paris, Alpha, Alpha Germany Heidelberg, Face France Paris, France Paris, United, United Kingdom London, Kingdom London, Tech, European Union Locations: London, United Kingdom, China, Olympia, SoftBank, San Francisco, Vancouver . U.S, France London, France, Brazil, Silicon, Europe, Paris, Berlin, Alpha Germany, Germany, Brexit, Britain

☆ Americans could be on a tight budget this summer
▼ + stars: | 2024-06-20 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Americans tend to shell out in the summer as they venture outdoors, book trips and step away from their desks. Consumers plan to spend less on away-from-home entertainment and vacations this summer, according to the 2024 KPMG Consumer Pulse Survey released Tuesday. That’s a contrast to last year when Americans shelled out on the “Barbenheimer” phenomenon, Taylor Swift and Beyoncé concert tickets and getaways. Retailers that offer Americans more bang for their buck including Ross Stores, TJ Maxx and HomeGoods-parent TJX, Dollar General and Walmart have benefitted. Americans are also feeling worse about the economy as they struggle with elevated inflation and high borrowing rates.

Persons: Taylor Swift, It’s, ”, Duleep Rodrigo, TJ Maxx, Mark Thompson, Henley, ” Hannah White, —, OpenAI’s Organizations: CNN Business, Bell, New York CNN, Pulse Survey, Commerce Department, Federal Reserve, Retailers, Ross Stores, Walmart, Abercrombie, Fitch, Williams, University, Michigan’s, Millionaires, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, Nvidia, Microsoft, Apple Locations: New York, Sonoma, Britain, United Kingdom, City of London

☆ European markets head for mixed open as UK awaits Bank of England's rate decision
▼ + stars: | 2024-06-20 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Commuters crossing a junction near the Bank of England (BOE), left, in the City of London, UK, on Wednesday, May 8, 2024. Photographer: Hollie Adams/Bloomberg via Getty ImagesLONDON — European stocks are expected to open in mixed territory Thursday, with U.K. investors looking ahead to the Bank of England's policy rate decision. The U.K.'s FTSE index is expected to open 16 points higher at 8,212, Germany's DAX up 21 points at 18,087, France's CAC 40 up 3 points at 7,568 and Italy's FTSE MIB up 10 points at 33,192, according to IG. U.K. traders will be focused on the Bank of England's rate decision Thursday, although the central bank is widely expected to hold rates steady at a 16-year high of 5.25%, with the majority of economists polled by Reuters forecasting a cut in August after the country's July 4 election. Data released Wednesday showed U.K. inflation rose by an annual 2.0% in May, hitting the BoE's inflation target.

Persons: BOE, Andrew Bailey, Hollie Adams, Germany's DAX Organizations: Bank of England, City of, Bloomberg, Getty, Bank of, CAC, IG, Reuters Locations: City, City of London

☆ UK millionaires are fleeing Britain in their thousands
▼ + stars: | 2024-06-18 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

The continuing exodus from the UK — 16,500 millionaires left between 2017 and 2023 — is part of a global mass migration of the rich that appears to be accelerating. The Henley Private Wealth Migration report found that 128,000 millionaires are set to relocate this year, beating last year’s record by 8,000. By contrast, the ranks of the wealthy have grown in the US, Canada, Australia, Germany and France over the same period. “The outflow of high-net-worth individuals already generated by the economic and political context is now being accelerated by policy decisions ahead of the election,” said White. Still, one very rich couple will apparently be staying, whatever the result on July 4.

Persons: Henley, ” Hannah White, —, ” Dominic Volek, Liz Truss, Keir Starmer’s, Rishi Sunak’s, Starmer, Rachel Reeves, ”, White, Akshata Murty, Sunday Times Rich, King Charles, Sunak Organizations: London CNN, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, European Union, Bank of England, Keir Starmer’s Labour Party, Sunday Times Locations: United Kingdom, City of London, China, Japan, Hong Kong, Canada, Australia, Germany, France, Ukraine, England

☆ Europe stocks set to open mixed as investors look ahead to Bank of England decision later this week
▼ + stars: | 2024-06-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Commuters crossing a junction near the Bank of England (BOE), left, in the City of London, UK, on Wednesday, May 8, 2024. Photographer: Hollie Adams/Bloomberg via Getty ImagesLONDON — European markets are set to open mixed as investors attempt to shake off negative sentiment from last week and look ahead to the latest interest rate decision from the Bank of England. Investors are looking ahead to the Bank of England's policy rate decision on Thursday. In Asia-Pacific, markets were mixed on Monday as the region assesses key economic data out from China. U.S. stock futures were little changed on Monday morning as traders start a holiday-shortened week.

Persons: BOE, Andrew Bailey, Hollie Adams, Emmanuel Macron's Organizations: Bank of England, City of, Bloomberg, Getty, CAC, Bank of, Reuters Locations: City, City of London, Italy, Asia, Pacific, China . U.S

☆ Barclays bank branches vandalized by pro-Palestinian, climate activists
▼ + stars: | 2024-06-10 | by ( Catherine Nicholls | Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Around 20 branches of Barclays have been vandalized by pro-Palestinian and climate activists who said they were protesting against the UK bank’s business dealings in Israel and its funding of polluting industries. “Frustration with Barclays’ limited progress towards stopping their genocidal and climate-destructive financing has helped spawn this new radical flank of activism,” Palestine Action said. “Shut the System and Palestine Action have taken radical direct action in frustration with Barclays’ paltry progress on changing their climate destroying and genocidal financing,” one post read. A number of pro-Palestinian groups have called for protests against Barclays, alleging that the bank invests billions of dollars in companies linked to Israel’s military. “The defense sector is fundamental to our national security and the UK government has been clear that supporting defense companies is compatible with (Environmental, Social and Governance) considerations.

Persons: “, Barclays “, ”, Guy Smallman, embargos Organizations: London CNN —, Barclays, CNN, BCS, Palestine Solidarity Campaign, Trade, NATO, Social, City of London Police Locations: Israel, London, Palestine, Edinburgh, Gaza, Croydon, City

☆ Britain cuts stake in NatWest via £1.24 billion share sale
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +1 min

A NatWest Group Plc bank branch in the City of London, UK, on Thursday, Feb. 15, 2024. The British government has sold 1.24 billion pounds ($1.58 billion) worth of shares in NatWest Group back to the lender, it said on Friday, decreasing its stake to about 22.5% from nearly 26% previously. The London-listed bank bought back 392.4 million shares from the government in an off-market purchase at 316.2 pence a share, as part of its existing contract with the state. The heavily anticipated stock sale is a key milestone in the bank's full privatization. The settlement of the off-market purchase will occur on June 4, the government said in a statement.

Organizations: NatWest Group, City of, NatWest, Royal Bank of Scotland Locations: City, City of London, London

☆ Lord Mayor of London: Brexit wasn't what we wanted but the city is doing 'quite well'
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLord Mayor of London: Brexit wasn't what we wanted but the city is doing 'quite well'Michael Mainelli, lord mayor of the city of London, discusses how the city is doing after Brexit and the "fundamental problem" of EU artificial intelligence legislation.

Persons: Michael Mainelli Locations: London

☆ US law firms ramp up London talent war with huge junior lawyer salaries and high-profile hires
▼ + stars: | 2024-05-27 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

US law firms are increasingly poaching top UK lawyers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS law firms are pushing ahead with their bid to dominate the City of London's legal scene. Latham & Watkins, the world's second-largest law firm by revenue, is just one such firm targeting the UK market. Last year, Latham poached top capital markets lawyer Mark Austin from Freshfields Bruckhaus Deringer, a member of the "magic circle" — a term used to describe five elite UK law firms.

Persons: Watkins, —, Latham, Mark Austin, Bruckhaus Organizations: Latham, London, Service, Business

☆ Bank of England set to hold rates as Europe's central banks diverge from Fed
▼ + stars: | 2024-05-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Variegated tulips planted in flower beds opposite the Bank of England in the City of London on 7th May 2024 in London, United Kingdom. =LONDON — The Bank of England is set to hold interest rates steady at its Thursday meeting, with traders expected to pore over the details of Governor Andrew Bailey's statement as anticipation builds for a potential summer rate cut. The BOE's Monetary Policy Committee is widely expected to keep the Bank Rate at 5.25%, with an announcement due at midday. The latest March meeting saw eight votes to keep rates steady and one to cut. It's going to reach target pretty soon, and that will put the Bank under a lot of pressure to start normalizing policy."

Persons: Andrew Bailey's, Bailey, Francesco Garzarelli, Garzarelli, CNBC's, There's Organizations: Bank of England, Eisler Capital, Bank Locations: City of London, London, United Kingdom

☆ 2 bankers leave firm after investigation into their conduct with a cleaning contractor
▼ + stars: | 2024-05-06 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Two Stifel employees have left following an investigation into their conduct. Stifel told The Times of London it had "investigated and have taken appropriate action." AdvertisementTwo employees of Stifel have left the investment bank following an investigation into their conduct with a cleaning contractor. The Times of London first reported the story involving workers at the US bank's offices in the City of London, near St Paul's Cathedral. Stifel opened an investigation following allegations about improper relationships between employees and a "member of the external cleaning contractor," a Stifel representative told Bloomberg.

Persons: Stifel, — Organizations: St, Times, Service, Stifel, City of, Bloomberg, Business Locations: London, Louis, City, City of London, St Paul's Cathedral, Stifel

☆ BHP Anglo American bid: The clean energy race could trigger the biggest mining deal in decades
▼ + stars: | 2024-04-25 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Mining giant BHP has made a near-$40 billion bid to take over its UK rival Anglo American in what would be the largest mining deal on record. BHP said in a statement Thursday that it valued Anglo American shares at £25.08 ($31.40) apiece, or £31.1 billion ($38.9 billion) in total. The potential deal would have a higher value than the $38.3 billion acquisition of Switzerland’s Xstrata by commodities company Glencore in 2012, according to Dealogic data. It would also be the biggest merger or acquisition in the mining industry by value since Dealogic began collecting the data in 2004. Shares in Anglo American soared as much as 13.8% on the news.

Persons: BHP, Dealogic, “, Mike Henry, ” Susannah Streeter, Hargreaves Lansdown, Rob North Organizations: London CNN — Mining, BHP, London Metals, Oz Minerals, United Kingdom’s, London Stock Exchange, City of, Hargreaves Locations: Australia, City, City of London

☆ Riderless horses recovered after running loose through London; ‘a number’ of people injured
▼ + stars: | 2024-04-24 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Two horses on the loose bolt through the streets of London near Aldwych. LONDON — The U.K. army on Wednesday said they had recovered "a number" of military working horses after the animals broke free during a routine exercise and ran riderless through central London. "A number of military working horses become loose during routine exercise this morning. "A number of personnel and horses have been injured and are receiving the appropriate medical attention." The City of London Police said earlier on Wednesday that they had contained two horses near Limehouse in east London.

Organizations: LONDON, Horse Guards, The City of London Police Locations: London, Aldwych, The City, Limehouse

☆ Horses running loose in central London, police say
▼ + stars: | 2024-04-24 | by ( Story Reuters | ) edition.cnn.com time to read: +1 min

Reuters —A number of horses are loose in central London, with the army called in to help locate them, police in the British capital said on Wednesday. Footage posted by social media users showed a saddled white horse covered in blood running through the street alongside a black one. “We are aware of a number of horses that are currently loose in central London and are working with colleagues, including the Army, to locate them,” the Westminster branch of London’s police said on X. ET) to reports of a person being thrown from a horse on Buckingham Palace Road in central London, a spokesperson for the service said. The Telegraph newspaper reported that five cavalry horses had run loose while exercising at Horse Guards Parade, the ceremonial parade ground in Westminster, close to Buckingham Palace and the Whitehall government district.

Organizations: Reuters, Army, London Ambulance Service, City of London Police, Telegraph, Horse Guards Locations: London, Westminster, Buckingham, City, Whitehall

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