Net migration at highest level ever
Former government advisor tweets dire Black Monday warnings
Advice on the looming crash, No.1: get hard cash in a safe place now; don't assume banks & cashpoints will be open, or bank cards will work.
— Damian McBride (@DPMcBride) August 24, 2015
Crash advice No.2: do you have enough bottled water, tinned goods & other essentials at home to live a month indoors? If not, get shopping.
— Damian McBride (@DPMcBride) August 24, 2015
I'm presuming the Central Banks will intervene to stop this market slide but that will just make the eventual, inescapable crash even worse.
— Damian McBride (@DPMcBride) August 24, 2015
For 18 months, the first thing I've done waking up on a weekday is search 'Shanghai Composite' on Twitter. This has been coming a long time.
— Damian McBride (@DPMcBride) August 24, 2015
He then calls the Fed’s handling of the markets “madness”, insinuating stabilizing measures are the equivalent of “putting a dummy in.” Mr McBride was special adviser to Gordon Brown and head of communications at the Treasury for a period during the last Labour government Chinese shares dropped further on Wednesday, totalling a total market fall of 16 percent over the past three days. The FTSE rallied somewhat this morning, but dropped down 0.8 percent in afternoon trade.Today is just the stock market catching up with the terror over defaults that's been gripping the bond market for months.
— Damian McBride (@DPMcBride) August 24, 2015
Miranda Wadham on 26/08/2015
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Miranda Wadham on 26/08/2015
Dow Jones set for a strong open after sell off, begins to build a base
Mortgage approvals shoot up in July
Source: Reuters
Betfair soar on £5 billion Paddy Power merger
Shares in online gambling giant Betfair (LON:BET) soared nearly 18 percent this morning, after a merger was announced between Betfair and Paddy Power.
The £5 billion deal is the latest in a series of gambling mergers, and will create one of the world’s biggest online betting and gaming companies.
The agreement is not yet final, but in a statement the companies said that the deal had “compelling strategic logic”, and would and enhance their their market position. The combined business would have annual revenues of some £1.1bn. Paddy Power shareholders will own 52% of the combined business, with Betfair investors owning the remaining 48%. Betfair Chief Executive Breon Corcoran told Reuters: “We fundamentally believe this industry is all about scale. “By putting together two distinct but phenomenally strong brands, we’ll have a market leading position in the UK, Ireland, Australia and in the United States.”Chinese shares show no sign of recovery
Complaints rising for mis-sold package accounts
Chinese central bank announce rate cut
China’s central bank have announced that it will cut interest rates and relaxed reserve requirements in a further attempt to bring the economy under control.
The People’s Bank of China will lower the benchmark bank lending rate by 25 basis points, to 4.6 percent, effective tomorrow.
The move has boosted European share prices further, with the FTSE 100 in London jumping 3.3 percent after the move. Germany’s DAV is also up nearly 5 percent on the news, with the NYSe up 2.6 percent.
This is the latest in a series of moves by the Chinese authorities who have made continual efforts to prop up the markets over the past few weeks. Yesterday, after the Chinese markets caused volatility around the world the government took no further action, prompting speculation that it would stop further intervention and adopt a more laissez-faire approach.
However, this appears not to be the case. The People’s Bank of China has also announced that it will ower the reserve requirement ration by 50 basis points to 18 percent.
Shares in China plunged 7 percent overnight, on top of their 8 percent drop on Monday.