Citywire for Financial Professionals

View the article online at http://citywire.co.uk/money/article/a887349

Monday Papers: Global fears as markets lose faith in banks

And Npower is expected to announce up to 2,500 job cuts in the UK and overseas this week.

 
Monday Papers: Global fears as markets lose faith in banks

Top stories

  • The Times: The global economy is heading for a storm as faith in policymakers dwindles, according to a stark warning from one of the world’s most respected financial institutions.
  • The Guardian: Npower, one of Britain’s largest energy companies, is expected to announce up to 2,500 job cuts in the UK and overseas this week after being blighted by an exodus of customers, turbulent world energy markets and embarrassing customer billing problems.
  • The Daily Telegraph: Thomas Piquemal, the finance director of French energy giant EDF, has resigned over the company's plan to build two nuclear reactors in Hinkley Point.
  • Financial Times: Brussels will propose centralising control of asylum claims in the EU as part of a radical overhaul of refugee policy in response to Europe’s biggest migration crisis since the second world war.
  • Financial Times: A surge in commercial property has fuelled the fastest annual expansion of US banks’ loan books since 2007, a sign of greater confidence that also raises concerns that lenders are taking on too much risk.
  • Financial Times: The global steel industry is poised for a recovery, says the head of the world’s biggest steelmaker, who believes market conditions will pick up as China starts to shut factories.
  • Financial Times: Hedge funds that made big profits betting against mining stocks in 2015 have seen the trade turn sour, as commodity prices have bounced off multiyear lows and triggered a huge rally in the natural resource sector.

Business and economics

  • Financial Times: China's official foreign exchange reserves only include highly liquid assets, a top central banker said, seeking to reassure investors that authorities have enough ammunition to prevent a sharp fall in the renminbi.
  • Financial Times: An investigation into the high-profile hack on TalkTalk has revealed the need for systemic changes to the organisation of the telecoms group, and highlighted that other companies are in similar danger.
  • The Guardian: The City’s top regulator has said a new system designed to hold bank executives to account is “not about trying to get heads on sticks”.
  • Financial Times: Rosneft will this week drill its first international offshore well as sole operator off the south coast of Vietnam - helping the Russian state-controlled oil group gain experience that it could put to use at other projects, including some that are under western sanctions.
  • Financial Times: Fears over systemic risk have been fuelled by some of the world’s largest asset managers securing billions of dollars in additional credit to help prevent a run on their funds.
  • The Guardian: John Longworth quit as the director general of the British Chambers of Commerce (BCC) following the controversy over his suggestion that the UK could have a “brighter” future outside the EU.
  • Financial Times: The Pension Protection Fund is in talks with Sir Philip Green and British Home Stores that could see the lossmaking department store chain offload responsibility for 20,000 pensioners on to the government-backed rescue agency.
  • Financial Times: Nissan will make its first mass-market autonomous car in the UK at its Sunderland plant.
  • Financial Times: Commerzbank has chosen its private banking boss to take over from Martin Blessing, who is stepping down as chief executive six months earlier than originally planned.
  • The Guardian: UK manufacturers are hopeful they can eke out some growth this year after the 2015 slump, but worries about the world economy will continue to weigh on hiring and investment plans, a survey of the sector found.
  • The Daily Telegraph: The number of physical stores selling music, films and games has surged to a record high as non-specialist vendors such as supermarkets, beauty shops and clothing retailers stock up on entertainment products.

Share tips, comment and bids

  • Daily Mail: The battle for the London Stock Exchange has heated up as Chicago’s exchange becomes the latest to try to gatecrash the deal.
  • Financial Times: PwC, the world’s biggest professional services firm, has launched an online market place matching freelancers with internal projects, as its new global chairman seeks to ride a global trend towards a “gig economy”.
  • Financial Times: North Sea oil producers are in talks to put aside their commercial rivalries and collaborate on an unprecedented scale as they look to slash costs amid some of the toughest market conditions the sector has ever faced.
  • The Daily Telegraph: Water utilities in England are braced for a market shakeup, with analysts expecting a wave of mergers, acquisitions and new entrants within the next three months to tap the increasingly competitive business supply market.
  • Financial Times (Comment): Exchanges merger will settle London versus Frankfurt fight.
  • Financial Times (Comment): Prisoner’s Dilemma reveals bond fund risks.
  • The Daily Telegraph (Comment): Exactly why is big business so in favour of the EU?
  • The Daily Telegraph (Comment): What if Britain left the EU and could be more like Norway?
  • The Daily Telegraph (Comment): Downfall of Brazil’s Lula marks end of Brics fantasy.
  • Financial Times (Lex): US high yield: from ‘junk’ back to ‘high yield’ again all in three months.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Understanding the value in commodity investing


Here at BlackRock, we help investors make more out of commodities with a range of innovative, flexible and resilient investment strategies.

Watch Now

New Economies - Frontiers and Latam Exciting markets, unrealised investment opportunities


From Brazil and Mexico, to Vietnam and Nigeria, the rapidly developing economies of Latin American and frontier markets, which are some of the smaller, less developed economies in the world, provides investors with a wealth of potential opportunities. Discover why BlackRock's investment trust range is well placed to help you make more of these exciting regions.

Watch Now

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

Buy, sell, hold: two top trusts for equity income

by Gavin Lumsden on Sep 29, 2016 at 00:01

Sorry, this link is not
quite ready yet