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Fitch Upgrades Ireland To 'A+'; Outlook Stable https://t.co/2i5U1NYLL4 (5hrs ) like | retweet
Campbell Soup In Advanced Talks To Acquire Snyder's-Lance – CNBC https://t.co/IpWxAPvH7n (5hrs ) like | retweet
Fitch Upgrades Portugal To 'BBB'; Outlook Stable https://t.co/Z57HQWtZcy (6hrs ) like | retweet
DBRS Confirms Germany at AAA, Stable Trend https://t.co/Icj9DzPkYp (6hrs ) like | retweet
DBRS Confirms the United Kingdom at AAA, Stable Trend https://t.co/GbvfRdgUgP (6hrs ) like | retweet
US Total Net TIC Flows (USD) Oct: 151.2B (R prev -42.6B) -Net Long-Term TIC Flows (USD) Oct: 23.2 (prev 80.9B) (6hrs ) like | retweet
White House Weighs CFTC General Counsel For CFTC Democratic Slot – WSJ https://t.co/ZeJCJVp3rQ (6hrs ) like | retweet
Senator Collins: Waiting To See Tax Bill Before Deciding On Vote (6hrs ) like | retweet
Senator Corker Will Vote For Tax Bill After Earlier Voting No (6hrs ) like | retweet
Coalition Deal Has Been Reached Between Austrian Conservatives And Far-Right Freedom Party - Austrian News Agency APA, Citing Source (7hrs ) like | retweet
today’s featured stories
Brexit Talks Are Set To Get Messy
The first six months of Brexit negotiations were the easy part. The European Union’s 27 remaining countries surprised themselves by defying years of talking at cross purposes to hold a united front on their approach to the U.K.’s withdrawal.
Read More

The first six months of Brexit negotiations were the easy part.

 

The European Union’s 27 remaining countries surprised themselves by defying years of talking at cross purposes to hold a united front on their approach to the U.K.’s withdrawal. As a result, the EU stood firm in denying Britain the opportunity to discuss their future trading relationship until it had persuaded Prime Minister Theresa May to make commitments first, including a 39 billion pound ($52 billion) payment plan.

 

That was then. With EU leaders in Brussels set to formally agree Friday that May has complied with their conditions, there are already signs that EU unity has hit its high watermark. Diplomats are warning that the next stage could be less orderly as discussions start on what sort of relationship Britain and the EU will have after Brexit. (Bloomberg – Continue Reading)

Central Banks Want The World To Carry On While They Quietly Tighten
Central bankers are gingerly trying to take away the punch bowl without interrupting the party. Led by interest-rate increases by the Federal Reserve and the People’s Bank of China, central banks around the world shifted toward a tighter monetary stance this week.
Read More

Central bankers are gingerly trying to take away the punch bowl without interrupting the party.

Led by interest-rate increases by the Federal Reserve and the People’s Bank of China, central banks around the world shifted toward a tighter monetary stance this week. Yet the moves were either so well-telegraphed, or so tiny, and the language about future action so hedged, that there was barely a ripple in financial markets.

 

“They’re terrified of upsetting the markets,” said Paul Mortimer-Lee, chief market economist at BNP Paribas. So “they’re all exiting quite slowly from emergency settings” on monetary policy. (Bloomberg – Continue Reading)

SNB Dec 2017 Rate Decision - Reaction
The Swiss franc weakened after the Swiss National Bank (SNB) on Thursday left its policy interest rate unchanged at minus 0.75pct, as expected, but also upgraded its forecasts for inflation out to 2019 and noted that despite further CHF depreciation the overvalued currency’s development...
Read More

The Swiss franc weakened after the Swiss National Bank (SNB) on Thursday left its policy interest rate unchanged at minus 0.75pct, as expected, but also upgraded its forecasts for inflation out to 2019 and noted that despite further CHF depreciation the overvalued currency’s development remained “fragile”.

 

The Swiss central bank also maintained its three-month Libor target range at minus 1.25pct to minus 0.25pct.

 

The SNB also predicted 2017 consumer prices inflation at 0.5pct, upgraded from a previous 0.4pct forecast, 2018 CPI of 0.7pct, up from a 0.4pct, and 2019 inflation at 1.1pct, unchanged from the earlier estimate.

 

The policy deposit rate has nestled at the record low minus 0.75pct since being cut in January 2015. (LiveSquawk – Continue Reading)

Consumer spending continued to provide evidence that UK households are holding up under the burden of the squeeze on their finances last month, while Black Friday deals helped cash tills ring. Headline retail sales numbers surged above expectations in November.
Read More

Consumer spending continued to provide evidence that UK households are holding up under the burden of the squeeze on their finances last month, while Black Friday deals helped cash tills ring.

 

Headline retail sales numbers surged above expectations in November. Office for National Statistics (ONS) data on Thursday showed the m/m measure including fuel rose by 1.1pct, outstripping the median forecast of 0.4pct, while the y/y figure printed 1.6pct - again way ahead of expectations for 0.3pct.

 

For the ex-fuel numbers, the same was seen, as the m/m printed up 1.2pct and the y/y increased by 1.5pct. Adding to the positivity, last month's numbers were all revised higher as late data collected from food stores painted a brighter picture at the start of Q4 2017. (LiveSquawk – Continue Reading)

US assets reacted positively, with the dollar rising on Thursday, after the release of buoyant numbers spanning retail sales, jobs and trade. Black Friday retail concessions boosted high street and online sales last month, according to official data. US Advance November retail sales shot up...
Read More

US assets reacted positively, with the dollar rising on Thursday, after the release of buoyant numbers spanning retail sales, jobs and trade.

 

Black Friday retail concessions boosted high street and online sales last month, according to official data.

 

US Advance November retail sales shot up by 0.8pct m/m versus an expected 0.3pct rise and ahead of an upwardly revised 0.5pct recorded in October. Annual retail sales in November jumped by 5.8pct, from 4.6pct in October – scaling their highest clip since early 2012.

 

Core retail sales, excluding autos, rose 1.0pct m/m, outstripping expectations for 0.6pct and above a revised 0.4pct rise in October. Core retail sales further excluding energy rose 0.8pct m/m, above a 0.4pct forecast at a revised 0.4pct print in October. (LiveSquawk – Continue Reading)

BoE Dec 2017 MonPol Decision - Reaction
As expected, the Bank of England's Monetary Policy Committee unanimously voted to leave interest rates on hold at 0.5pct and the UK government bond purchases and its stock of non-financial investment grade corporate bond purchases unchanged at GBP435B and GBP10B respectively. The minutes...
Read More

As expected, the Bank of England's Monetary Policy Committee unanimously voted to leave interest rates on hold at 0.5pct and the UK government bond purchases and its stock of non-financial investment grade corporate bond purchases unchanged at GBP435B and GBP10B respectively.

 

The minutes generally reflected the view of the market that it was too soon after the November Inflation Report and 25bps hike to expect any further action or a material change in language.

 

The committee was encouraged by the early evidence that the general public accepted the case for the hike, and were prepared to see rates rise again in the future.

 

Despite limited domestic data available to the MPC, there is some early evidence suggesting activity in Q4 2017 may come in softer than expected, with weakness seen in the Bank's near-term assumptions. With higher than expected household consumption offset by a drag from trade. (LiveSquawk – Continue Reading)

ECB Dec 2017 Rate Decision - Reaction
The European Central Bank may have attempted on Thursday to keep markets calm ahead of the year-end by confirming its interest rate strategy and forward guidance from its previous meeting, but President Mario Draghi still spiced up the yuletide season with new projections and details about council...
Read More

The European Central Bank may have attempted on Thursday to keep markets calm ahead of the year-end by confirming its interest rate strategy and forward guidance from its previous meeting, but President Mario Draghi still spiced up the yuletide season with new projections and details about council meetings – as well as iffy bond purchases.

 

In October, the bank unveiled plans to start reducing its monthly asset purchases to EUR 30 billion in January from its current EUR 60 bln. The plan can extend past its September-end date, the ECB has said repeatedly, but what happens in October 2018 has piqued investor interest.

 

Draghi refused to delve into the matter, saying that the governing council has discussed neither an “abrupt end” to the purchases nor possible changes required to its own policy for further asset buys beyond September 2018. (LiveSquawk – Continue Reading)

LiveSquawk Reaction: BoE Dec 2017 MonPol Decision
As expected, the Bank of England's Monetary Policy Committee unanimously voted to leave interest rates on hold at 0.5pct and the UK government bond purchases and its stock of non-financial investment grade corporate bond purchases unchanged at GBP435B and GBP10B respectively. The minutes...
Read More

As expected, the Bank of England's Monetary Policy Committee unanimously voted to leave interest rates on hold at 0.5pct and the UK government bond purchases and its stock of non-financial investment grade corporate bond purchases unchanged at GBP435B and GBP10B respectively.

 

The minutes generally reflected the view of the market that it was too soon after the November Inflation Report and 25bps hike to expect any further action or a material change in language.

 

The committee was encouraged by the early evidence that the general public accepted the case for the hike, and were prepared to see rates rise again in the future. (LiveSquawk – Continue Reading)

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