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Global stocks wobble as AI fears grow; retail sales in Great Britain fall in September as shoppers cut back - business live
Oil hits five-month high as global stocks wobble on AI fears; retail sales in Great Britain fall as shoppers cut back - as it happened
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Shareholders in Baillie Gifford trust vote against US activist Saba
The Edinburgh home side has secured victory – again – in the latest big showdown in the world of investment trusts. For the third time, shareholders in Baillie Gifford US Growth Trust, a FTSE 250 constituent famous for its big bets on US tech and AI firms, have voted against a proposal from aggress…
Oil price climbs to $115; US stocks fall at the open
Oil prices are still climbing today – with Brent crude, the international benchmark, now up 1.8% to $115.14 a barrel. Investors are sticking with their more cautious approach on Wall Street too – the Dow Jones industrial average has just fallen by 171.3 points, or 0.32%, at the open in New York. Th…
tradingkey.com
US stocks are poised to fall when the market opens later this afternoon, with futures for the S&P 500 and the Nasdaq down. Susannah Streeter, of the broker Wealth Club, adds that the prospect of higher borrowing costs will unsettle investors betting on companies that are spending huge amounts on AI…
businessinsider.com
Boom in weight-loss drugs could trigger drop in beer sales, Heineken says
Heineken has warned British bars and pubs that the boom in popularity of weight-loss drugs could lead to a fall in sales of beer and cider. The world’s second largest brewer sent a presentation to British hospitality customers earlier this month warning that GLP-1 use – led by Ozempic and Wegovy –…
theguardian.com
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Rob Wood, chief UK economist at Pantheon Macroeconomics, says the biggest news is from S&P’s PMI data is the composite employment index rising above 50 for the first time since the 2024 budget. He said: The jobs balance rose to 50.5 from 48.9 in September, consistent with a 9K month-to-month payrol…
UK business activity growth accelerates to fastest since February
Some good news amid the doom and gloom this morning – UK business activity growth has accelerated to its fastest since February, helped by rebound in new orders, according to a survey published this morning. The preliminary S&P Global UK composite purchasing managers’ index (PMI) rose to 53.1 in Oc…
reuters.com
It is red across the board in the European stock market this morning, though the falls are not steep. The UK’s blue chip FTSE 100 index is down 0.4%, while the French Cac 40 is down 0.7%. The German Dax is down by 0.6%. The Stoxx 600, which tracks the biggest companies across the continent, has fal…
While less red tape will be welcome news for small businesses, the chancellor is still facing pressure from bigger companies in the UK for more support. Earlier this month some of the UK’s biggest retailers and hospitality businesses, including Tesco, Costa Coffee and the Co-op, met John Healey to…
Government says it will 'slash red tape' to save businesses £800m
The UK government has promised it will “slash red tape” for businesses, in reforms it claims will save firms across the country £800m in administrative and tariff costs per year. The changes will make compliance guidance clearer, simplify the UK’s corporate reporting requirements and extend import…
the-independent.com
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Healey plans to slash ‘pointless paperwork’ in bid to save businesses # 800m
the-independent.com
Businesses to save # 800m on paperwork under Healey's new plan
the-independent.com
Brent crude hits $114 a barrel
And pressure continues to build this morning, with oil prices rising again. Brent crude, the international benchmark for oil, is up 1% this morning to $114 a barrel – its highest level since May. Richard Hunter, of the broker Interactive Investor, points out that oil is now up by about 60% since th…
oilprice.com
UK consumer confidence falls at fastest rate since Covid as cost of living bites
Consumer confidence in the UK has fallen at the fastest rate outside the Covid pandemic since the 2016 Brexit vote as the escalating economic damage from the war in the Middle East hits Britain. With less than a week before John Healey’s first budget, the latest barometer from the data company GfK…
theguardian.com
Gloomy picture for retailers in Christmas quarter, economists warn
Economists are warning there could be more gloom ahead for retailers as they enter into the crucial final quarter of the year – which includes Christmas. Paul Dales, chief UK economist at Capital Economics, said: October’s sharp fall in consumer confidence and the dip in retail sales volumes in Sep…
Introduction: Global stocks wobble as AI fears grow
Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy. A fresh wave of selling hit AI stocks around the world overnight, as investor grow increasingly anxious around the sustainability of AI-fuelled returns. The Japanese and South Korean stock m…
