European stocks rose on Tuesday, propelled by the S&P’s highest close in more than a year, as traders prepared for the release of US inflation data and the Federal Reserve’s decision on interest rates. Europe’s region-wide Stoxx 600 climbed 0.2 per cent, while France’s Cac 40 added 0.4 per cent and Germany’s Dax advanced 0.3
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A missile strike in Ukrainian president Volodymyr Zelenskyy’s hometown killed at least 10 people, marking the latest escalation in Russia’s full-scale invasion as Ukraine’s army claimed its first gains in its south-eastern counteroffensive. “More terrorist missiles, Russian killers continue their war against residential buildings, ordinary cities and people,” Zelenskyy said on Tuesday about the overnight
Gilt yields surged to the highest since 2008, surpassing the level reached during the turmoil following Liz Truss’s mini Budget, after strong UK wage growth data on Tuesday. Wage growth accelerated in the three months to April against a backdrop of rising employment, raising the likelihood of further interest rate rises. Two-year gilt yields rose
A subsidiary of Odey Asset Management has stopped investors from withdrawing money from the Brook Developed Markets fund in the wake of sexual misconduct allegations against Crispin Odey. The board overseeing the Brook Developed Markets fund said in a letter to clients that it was gating redemptions following a higher volume of requests from investors
The annual pace of US inflation eased last month to its lowest level in more than two years, but lingering price gains will keep pressure on the Federal Reserve to consider additional interest rate increases. The consumer price index climbed 4 per cent in May compared with a year earlier, a significant step down from
The harassment and abusive behaviour played out over decades. In contrast, the unravelling of Crispin Odey has been remarkably rapid. Within hours of the publication of a Financial Times investigation last week into abuse and harassment allegations by 13 women against the hedge fund titan, Morgan Stanley had started severing its banking relationship with Odey’s
Next April, for the first time in more than three centuries, Danes will have to work on the holiday of Great Prayer after the government scrapped the religious day off partly to pay for extra defence spending. The decision, approved in March, was deeply unpopular: in one poll, 70 per cent of Danes opposed it.
Big accounting firms should increase pay for junior auditors if they want to make the sector more attractive to young recruits, according to the chair of the profession’s UK regulator. Senior partners at the Big Four — Deloitte, EY, KPMG and PwC — have claimed that criticism from politicians and regulators, including high-profile fines for
As Donald Trump flew from New Jersey to Florida on Monday to face the federal justice system, he vowed to exact political revenge for his historic indictment on charges of mishandling classified documents. In a scorching social media post, Trump said that, if elected to the White House again in 2024, he would appoint his
Bond pioneer Howard Lutnick is poised for a third attempt to break CME’s stranglehold on Treasury futures trading, taking on what he calls “one of the great monopolies in America” with a rival marketplace. The Cantor Fitzgerald chair, who first shook up US bond markets with the eSpeed electronic trading platform in the late 1990s,
Defaults in the $1.4tn US junk loan market have climbed sharply this year as the Federal Reserve’s aggressive campaign of interest rate rises increases the pressure on risky companies with “floating” borrowing costs. There were 18 debt defaults in the US loan market between January 1 and the end of May totalling $21bn — greater
The EU has pledged to almost double its financing for sustainable investments in Latin America and the Caribbean, as the bloc seeks to keep pace with China’s rapidly growing presence in the region. On a visit to Brasília on Monday, Ursula von der Leyen, the president of the European Commission, announced the EU would make
MPs will grill top executives from the UK financial watchdog next month over the regulator’s handling of misconduct allegations against the hedge fund manager Crispin Odey. The move comes after the Financial Times revealed that 13 women alleged they had been sexually harassed or assaulted by Odey over the past 25 years. The revelations have
The chief executives of Goldman Sachs and Morgan Stanley said they were seeing “green shoots” in their struggling investment banking businesses, which implemented large-scale dismissals as higher interest rates damped activity. Wall Street firms are suffering through one of the leanest periods in years even by the standards of the feast-to-famine nature of investment banking,
Boris Johnson’s resignation from parliament is nothing other than a good day for British democracy. As prime minister, Johnson besmirched and subverted his own office, and other institutions he touched. He announced his departure in a petulant statement before a parliamentary report that is expected to deliver the most damning criticism of an ex-premier in
Hedge funds do not have much of a competitive moat. They depend on the reputation of star fund managers, who can often leave at will. Odey Asset Management has its work cut out to survive the ousting of disgraced founder Crispin Odey Fellow partners ejected Odey after allegations of repeated sexual misconduct were reported in
Silvio Berlusconi, the former Italian prime minister who has died at the age of 86, was a billionaire business tycoon turned politician who exploited his personal wealth, reputation and influence over the media to acquire and wield power in a manner that defied the conventions of western democracy. Like Donald Trump and others who came
Both Britain and America flatter themselves that their political systems are admired all over the world. The UK is the home to the “mother of parliaments”. The US is the “leader of the free world”. The two countries see themselves as mature democracies; models that other nations can emulate. But the last few years have
Investors have pumped £2bn into converting unwanted London offices for new purposes as the shift to working from home reshapes the market. They snapped up £1.3bn worth of central London offices with plans to convert them to new uses since the start of last year, according to real estate adviser CBRE. Another £700mn of deals
UBS has announced the departure of five of the most senior Credit Suisse executives just hours after sealing the official takeover of its Swiss rival. Among those leaving are Dixit Joshi, chief financial officer, Markus Diethelm, general counsel, Edwin Low, head of the Asia-Pacific region, David Miller, co-head of the investment bank, and Ken Pang,
Similar to the adage about never being more than six feet away from a rat, a reader of the UK business pages is never more than six clicks away from an article about what ails London’s IPO market. And fair enough! It’s an important subject! A great many livelihoods depend on figuring out which reforms