Tag: fiscal
Business’s tell the government to avoid knee-jerk tax hikes
by Greg Secker on Jun.07, 2010, under Greg's Blogs
UK Stock Market Report 7th June 2010
The FTSE 100 ended up 59.86 points, or 1.2%, to close at 5,211.18.
Today, Business organisations will call on the government to avoid knee-jerk tax rises in the emergency Budget later this month. In a report published today, City lobby group London First has warned that the UK is losing its reputation as a business-friendly location due to surprise tax rises. The British Retail Consortium will tell the government that public spending cuts alone should be used to reduce Britain’s yawning £156bn budget deficit. In a fresh blow, the FSA has been criticised for the delays to its corporate approval process. According to figures obtained under the Freedom of Information Act by City law firm Reynolds Porter Chamberlain (RPC), on average companies now wait 19.5 weeks for an FSA decision on whether to authorise financial services work. In the last year waiting times have increased by 71% and have more than doubled since the start of the credit crunch when the average wait was 7.5 weeks.
Due for release today is the USD Fed Chairman Bernanke Speaks.
UK retailers set to net £126m for each goal in the world cup
by Greg Secker on Jun.04, 2010, under Finance
UK Stock Market Report 4th June 2010
The FTSE 100 gained 1.16% to close at 5,211.18.
According to research yesterday, UK retailers may net a £126m sales boost for every goal that England scores after the group stages of the World Cup. According to a report by the Centre for Retail Research (CRR), the extra sales of sportswear, TVs and food could top £2bn if England reaches the final. Retail sales are predicted to reach £987m if the team reaches the quarter finals, with an additional boost of £110m for pubs and clubs showing the games. Approximately 50% of this rise (£459m) would come from food and drink. TVs and other electricals could make up a 1/4 (£250m), followed closely by sportswear (£200m) and then barbeques (£28m). Betting companies are expected to make an additional £1.2bn over the course of the competition, with the tournament lifting overall spending by 4%.
Due for release today is the GBP Halifax HPI m/m, CAD Employment Change, CAD Unemployment Rate, Building Permits m/m, Non-Farm Employment Change and USD Unemployment Rate and Ivey PMI.
First Queen’s speech will target banks
by Greg Secker on May.24, 2010, under Greg's Blogs
The FTSE dropped 10.20 points to close at 5,062.93.
The Financial services and economy are due to be the most important topics when the first Queen’s Speech of the new Liberal-Conservative coalition is read tomorrow. There is speculation that the government is planning to introduce a series of legislation during its first 18 months and placing at least 21 Bills on the statute books. The Queen’s first priority will be to restore economic growth and to reduce the deficit and also to accelerate the reduction of the structural budget deficit. Today, Boris Johnson will launch a £10m funding boost for small and medium-sized businesses in London. The financial advisory service; is aimed at helping around 4,500 businesses raise approximately £65m. The funding will be divided between two finance and investment services. The London Development Agency has invested £2.5m in each program and there has also been matched funding from the European Regional Development Fund.
Due for release today is the USD Existing Home Sales and the NZD Inflation Expectations q/q.
Sterling falls to a 13 month low due to debt worry
by Greg Secker on May.18, 2010, under Greg's Blogs
UK Report 18th May 2010
The FTSE 100 dropped 170.88 points, or 3.1%, to close at 5,262.85,
Yesterday, Sterling fell to a 13-month low due to fears that the incoming Lib dem / Conservative coalition has been given a fiscal crisis by its Labour predecessors. The pound fell to $1.425 against the dollar, which was its lowest level since last March. Sterling also dropped against the euro, losing 0.6% and closing at 85.51p. Yesterday, it emerged that UK factory orders delivered their strongest performance since mid-2008. The CBI’s monthly industrial trends survey displayed that the total factory order book balance increased to –18 this month, which was an increase of 18 from April and managed to beat the expected reading of –32. Export order book data showed an improvement, recording its first positive survey for more than 2 years. 27% of manufacturers said export order levels were above normal, only 24% said they were below.
Due for release today is the GBP CPI y/y, EUR German ZEW Economic Sentiment, GBP BOE Inflation Letter, USD Buildings Permits, USD PPI m/m and the NZD RBNZ Financial Stability Report.
