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Canada Retail Sales April M/M: -1.2% (est 0.0% prev R 0.8%) Canada Retail Sales Ex Auto April M/M: -0.1% (est 0.5% prev -0.2%) (15mins) like | retweet
Canada CPI Index: 133.4 (est 133.9 prev 133.3) -CPI Core – Common Y/Y%: 1.9% (est 1.9% prev 1.9%) -CPI Core – Media… https://t.co/jHZU7VoGMV (16mins) like | retweet
Canada CPI May NSA M/M: 0.1% (est 0.4% prev 0.3%) Canada CPI May Y/Y: 2.2% (est 2.6% prev 2.2%) (17mins) like | retweet
Euro Area Ministers Sent Letter To EU’s Centeno: Wide Divergence On Need For Euro Area Budget (38mins) like | retweet
OPEC Ministers Agree Oil Output Changes Will Take Effect July 1st – OPEC Sources (42mins) like | retweet
OPEC Ministers Agree In Principle On 1 Mln BPD Nominal Output Increase For OPEC, Non-OPEC – RTRS Source (49mins) like | retweet
OPEC Deal In Principle Is Said For 1 Mln BPD Increase On Paper (55mins) like | retweet
OPEC Agreement In Principle Is Said For 600k BPD Real Increase (56mins) like | retweet
Iraqi Oil Ministry: OPEC Should Be Careful Before Altering Production Agreement So Output Does Not Exceed Market Ne… https://t.co/lkTx8F5Tdi (59mins) like | retweet
OPEC Ministers: Agree In Principle To Bring Output Compliance Back To 100%, Meeting Continues - RTRS (1hrs ) like | retweet
today’s featured stories
IFO Index To Continue Lower After Brief Respite
Economists say Germany’s managers have once again soured on the business environment in Europe’s largest economy, and this increased pessimism will be reflected in the latest results from the Ifo economic institute’s monthly survey.
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Economists say Germany’s managers have once again soured on the business environment in Europe’s largest economy, and this increased pessimism will be reflected in the latest results from the Ifo economic institute’s monthly survey. The poll findings are scheduled to be released at 0800 GMT on Monday, 25 June.

 

The June Ifo business climate indicator is expected to decline to 101.8 from the April and May readings of 102.2. Prior to last month’s sideways move, the institute’s headline indicator had fallen five straight months. (LiveSquawk - Continue Reading)

OPEC Nears Deal on Oil-Supply Boost After Saudi-Iran Talks
Iranian Oil Minister Bijan Namdar Zanganeh said he had a good meeting with his Saudi counterpart in Vienna on Friday and he wasn’t feeling pessimistic about the possibility for a compromise -- a reversal of his position on Thursday night. After a tumultuous few weeks that have whipsawed...
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Iranian Oil Minister Bijan Namdar Zanganeh said he had a good meeting with his Saudi counterpart in Vienna on Friday and he wasn’t feeling pessimistic about the possibility for a compromise -- a reversal of his position on Thursday night.

 

After a tumultuous few weeks that have whipsawed crude markets, his comments suggested oil consumers from the U.S. to India and China could soon find some relief from high prices. (Bloomberg – Continue Reading)

US Beating China in Trade Fallout, at Least in Equity Markets
Stock investors have little doubt who would come out worse from a trade war between the U.S. and China. Shanghai shares have been hammered by signs of worsening ties, and are now the cheapest ever relative to those in the U.S. The reaction to Donald Trump’s latest tariff threat this week...
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Stock investors have little doubt who would come out worse from a trade war between the U.S. and China.

 

Shanghai shares have been hammered by signs of worsening ties, and are now the cheapest ever relative to those in the U.S. The reaction to Donald Trump’s latest tariff threat this week was a $406 billion wipeout, the largest single-day loss of value in the nation’s stock market in more than two years, while the benchmark gauge is poised to enter a bear market after falling about 20 percent from its recent high. (Bloomberg – Continue Reading)

An August rate hike is still very much on the table, according to the minutes of the latest Bank of England rate announcement, Thursday's 21 May 2018.   As expected the Bank's Monetary Policy Committee (MPC) left rates on hold at 0.5pct. It also maintained the stock of UK government bond...
Read More

An August rate hike is still very much on the table, according to the minutes of the latest Bank of England rate announcement, Thursday's 21 May 2018.

 

As expected the Bank's Monetary Policy Committee (MPC) left rates on hold at 0.5pct. It also maintained the stock of UK government bond purchases, financed by the issuance of central bank reserves, at GBP435B and its Corporate debt at GBP10B. 

 

What was something of a surprise was the change to the voting pattern, with three members now dissenting, calling for rates to be lifted by 25bps. Andy Haldane, chief economist for the Bank switching sides and joining Ian McCafferty and Michael Saunders. (LiveSquawk - Continue Reading)

BoE Jun 2018 MonPol Decision - Reaction
An August rate hike is still very much on the table, according to the minutes of the latest Bank of England rate announcement, Thursday's 21 May 2018. As expected the Bank's Monetary Policy Committee (MPC) left rates on hold at 0.5pct. It also maintained the stock of UK government bond...
Read More

An August rate hike is still very much on the table, according to the minutes of the latest Bank of England rate announcement, Thursday's 21 May 2018.

 

As expected the Bank's Monetary Policy Committee (MPC) left rates on hold at 0.5pct. It also maintained the stock of UK government bond purchases, financed by the issuance of central bank reserves, at GBP435B and its Corporate debt at GBP10B. 

 

What was something of a surprise was the change to the voting pattern, with three members now dissenting, calling for rates to be lifted by 25bps. Andy Haldane, chief economist for the Bank switching sides and joining Ian McCafferty and Michael Saunders. 

 

The Bank also chose to tweak the language around its QE program, acknowledging that the effective lower bound for Bank Rate had fallen. With that rate now effectively lower than in the past, the MPC intended not to reduce the stock of purchased assets until Bank Rate reached around 1.5pct, compared to previous guidance of around 2pct. In other words, lowering the bar for the removal of QE. (LiveSquawk – Continue Reading)

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