Stock markets – parsian news

Tui considers moving stock exchange listing from FTSE 100 to Frankfurt

Setback for London Stock Exchange after travel company says it plans to put proposal to shareholders at AGMBusiness live – latest updatesEurope’s biggest package holiday operator, Tui, is considering moving its stock exchange listing from the FTSE 100 …

Setback for London Stock Exchange after travel company says it plans to put proposal to shareholders at AGM

Business live – latest updates

Europe’s biggest package holiday operator, Tui, is considering moving its stock exchange listing from the FTSE 100 to Frankfurt, in a further blow to London’s status as a global finance centre.

The travel company said it had been approached recently by shareholders asking whether the current listing was “optimal and advantageous”. It suggested the shift to Germany could lower costs and yield “potential benefits to European Union airline ownership and control requirements”.

Brexit car tariffs to be suspended for three years as EU protects car exports – business live

Live, rolling coverage of business, economics and financial markets as Bank of England’s Andrew Bailey calls for UK to ‘embrace AI’The Bank has said that the full effect of interest rate increases is yet to come through to the economy, suggesting there…

Live, rolling coverage of business, economics and financial markets as Bank of England’s Andrew Bailey calls for UK to ‘embrace AI’

The Bank has said that the full effect of interest rate increases is yet to come through to the economy, suggesting there may be more pain ahead.

It said:

The full effect of higher interest rates has yet to come through, posing ongoing challenges to households, businesses and governments, which could be amplified by vulnerabilities in the system of market-based finance

The full impact of higher interest rates will take time to come through. Given the impact of higher and more volatile rates, and uncertainties associated with inflation and growth, some risky asset valuations continue to appear stretched.

Conditions remain challenging, given increased geopolitical tensions and uncertainties over growth, inflation and interest rates.

The UK banking system is strong enough to support households and businesses, even if the economy does worse than expected.

China’s credit outlook cut to negative; Rupert Soames named CBI president; trading outages in London – business live

Moody’s cuts its outlook on China’s credit rating, while trading in smaller stocks in London is hit by systems problemsRupert Soames named as next president of CBI as it tries to rebrandShoppers cut back on non-essential items to add to UK retail gloom…

Moody’s cuts its outlook on China’s credit rating, while trading in smaller stocks in London is hit by systems problems

Back in the UK, car sales have risen again… but registrations of battery-powered vehicles were lower than a year ago.

There were 156,525 new car registrations last month, which is 9.5% more than in November 2022. It’s the strongest November for car sales in four years, and just 0.1% lower than in 2019, before the pandemic.

Britain’s new car market continues to recover, fuelled by fleets investing in the latest and greenest new vehicles. With car makers gearing up to meet their responsibilities under new market legislation, and COP28 currently underway, now is the time to take sensible steps that will multiply that economic growth and minimise carbon emissions.

Private EV buyers need incentives in line with those that have so successfully driven business uptake – and workable trade rules that promote rather than penalise the transition.

Israel investigates claims investors made millions short-selling before Hamas attacks

US professors detected unusual trading activity on Tel Aviv and US stock exchanges before 7 OctoberIsrael-Hamas war: live updatesIsraeli authorities are investigating claims by US researchers that some investors may have known in advance about the Hama…

US professors detected unusual trading activity on Tel Aviv and US stock exchanges before 7 October

Israel-Hamas war: live updates

Israeli authorities are investigating claims by US researchers that some investors may have known in advance about the Hamas plan to attack Israel on 7 October and used that information to earn millions of dollars by short-selling Israeli shares.

Research by law professors Robert Jackson Jr from New York University and Joshua Mitts of Columbia University found significant short-selling of shares leading up to the attacks that triggered the war.

Israel investigates claims investors made millions short-selling before Hamas attacks

US professors detected unusual trading activity on Tel Aviv and US stock exchanges before 7 October

Israel-Hamas war: live updates

Gold hits record high and bitcoin breaks $42,000; UK inflation ‘highest for households with mortgages’ – business live

Gold at all-time high, and bitcoin at 20-month peak, as traders bet on US interest rate cuts early next year, while ONS shows that mortgage holders face higher inflationJeremy Hunt blames Brexit for sparking half-decade of instabilityBritish workers mi…

Gold at all-time high, and bitcoin at 20-month peak, as traders bet on US interest rate cuts early next year, while ONS shows that mortgage holders face higher inflation

In London, the stock market has opened lower, failing to follow gold’s lead.

The FTSE 100 index down 39 points or 0.5% at 7490 points, having ended at a six-week high on Friday.

The M&A speculation has skyrocketed shares in William Hill’s parent company today which is trading up by around 13%. 888 currently has a market cap or around £355 million, sharpy below the reported offer price from Playtech.

Shares in 888 have had a tough time this year, shedding over 20% year-on-year even after today’s surge and 50% in the past five years, highlighting the potential for an opportunistic takeover. Playtech is not the only party reported to be interested - in November, the Financial Times reported that US betting group DraftKings was also eyeing up a bid for 888 over the summer.

Gold has hit new record dollar levels – reflecting not just current uncertainty, but also the de-dollarisation narrative and it’s attractions as an inflation and market hedge, and long-term value.

Let’s get the “desirability” and emotional aspects out the way. I am told a significant influence on the price of gold is the weather – a good monsoon in India means farmers buy more bangles for their daughters’ weddings from the gold souks. It is beautiful. It is lustrous. It is unblemished. It is Gold. Always believe in… Gold! There will always be demand for gold for personal adornment – which is pretty much irrelevant when it comes to its proposition as an investment asset.

As an investment in its own right gold performs well; over the last 50 years Gold prices have risen over 3000%, compared to a 3500% gain in the S&P 500. However, in periods of financial instability gold outperforms stocks – notably over the past 20-years even though the prices of financial assets were artificially juiced by the effects of zero interest rates! In terms of risk, companies come and go, but Gold is forever. If the world remains unstable – and no reason to think it won’t – then gold should be front and centre on your radar – no matter how archaic you consider it.

UK house prices rose for third month in November as interest rate expectations shift – business live

Nationwide reports house prices only fell 2% in year to November, and rose during the month, as mortgage rates fallNationwide has also provided this chart, showing how UK interest rate expectations in the financial markets have eased back, after surgin…

Nationwide reports house prices only fell 2% in year to November, and rose during the month, as mortgage rates fall

Nationwide has also provided this chart, showing how UK interest rate expectations in the financial markets have eased back, after surging earlier this year:

Robert Gardner, Nationwide’s chief economist, explains:

These shifts are important as they have led to a decline in the longer-term interest rates (swap rates) that underpin fixed rate mortgage pricing, as shown below.

If sustained, this will help to ease the affordability pressures that have been stifling housing market activity in recent quarters, where the number of mortgage approvals for house purchases has been running at c.30% below pre-pandemic levels.

UK house prices rise for third month; factory downturn eases – business live

Nationwide reports house prices only fell 2% in year to November, and rose during the month, as mortgage rates fall

Nationwide has also provided this chart, showing how UK interest rate expectations in the financial markets have eased back, after surging earlier this year:

Robert Gardner, Nationwide’s chief economist, explains:

These shifts are important as they have led to a decline in the longer-term interest rates (swap rates) that underpin fixed rate mortgage pricing, as shown below.

A lesson for London in Flutter’s transatlantic drift

FTSE 100 gambling firm continues to drop hints that it could move its primary listing to New YorkThe tease continues at Flutter, the FTSE 100 gambling firm that used to call itself Paddy Power Betfair. Having won backing from shareholders in April for …

FTSE 100 gambling firm continues to drop hints that it could move its primary listing to New York

The tease continues at Flutter, the FTSE 100 gambling firm that used to call itself Paddy Power Betfair. Having won backing from shareholders in April for a secondary listing for its shares in the US, it has now picked a venue – the New York Stock Exchange – but continues to drop hints that London shouldn’t count on retaining the primary (and more important) listing forever. “The group may pursue a primary listing in the US in due course,” said Thursday’s update.

Few would dispute that it makes sense for Flutter to get itself hooked up to the US in some form. From next to nothing a few years ago, the liberalising US market will contribute £3.8bn out of £9.7bn of group revenues this year, according to City consensus forecasts, and the proportion will only increase. A US listing is also useful when it comes to dishing out incentives to local employees. Most FTSE 100 companies of Flutter’s size have one, and it is the 22nd largest company in the index even after the 10% fall in the share price as last quarter’s trading disappointed on the non-US front.

A lesson for London in Flutter’s transatlantic drift

FTSE 100 gambling firm continues to drop hints that it could move its primary listing to New York