Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

FTSE 100 hovers near two-month high; Abrdn drops on earnings miss

2022 08 09T073303Z 1 LYNXMPEI780C5 RTROPTP 4 BRITAIN SPAC - Global Banking | Finance

By Sruthi Shankar

(Reuters) -UK’s FTSE 100 was pinned near a two-month peak on Tuesday as investors awaited U.S. inflation data to gauge the pace of interest rate hikes, while shares of Abrdn fell after the asset manager posted lacklustre half-yearly numbers.

The blue-chip index added 0.1% after closing at its strongest level since June 9 on Monday.

Shares of Abrdn dropped 2.8% after reporting a lower-than-expected profit, pressured by global market turbulence amid geopolitical tensions and broadening inflationary pressures.

Global markets traded in tight ranges ahead of U.S. consumer prices data on Wednesday, with investors waiting to see if the U.S. Federal Reserve might dial down its fight against inflation and provide a better footing for the economy to grow.

“When the economy rolls over, then you might see the CPI come lower. I don’t see much optimism on the horizon,” said Keith Temperton, sales trader at Forte Securities.

While stock markets have rallied off their mid-June lows, aided by a better-than-expected earnings season and retreat in commodity prices, investors are questioning if the rally can sustain as economic conditions deteriorate.

The Bank of England will probably have to raise interest rates further from their current 14 year-high to tackle inflation pressures that are gaining a foothold in Britain’s economy, BoE Deputy Governor Dave Ramsden told Reuters.

Focus will be on Friday’s data, which is expected to show the UK economy contracted in the second quarter.

Still, the UK blue-chip index has outperformed its global peers this year, helped by its exposure to rate-sensitive bank stocks and commodity-linked shares that have benefited from a surge in oil and metal prices this year.

The FTSE 100 index is up 1.5% so far this year, compared with the nearly 15% tumble for the MSCI world equity index during the same period.

The domestically focussed FTSE 250 index, however, has shed 14.4% in 2022.

The midcap index was flat on Tuesday, with office rental firm IWG tumbling 10.8% after disappointing first-half results due to inflationary woes and COVID-related restrictions in certain markets.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips and Sriraj Kalluvila)

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post