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Tesla has sued Sweden’s government in an attempt to circumvent strikes crippling its operations in the country.
The electric vehicle maker said it sued “the Swedish state through the Swedish Transport Agency” after strikes by postal workers halted the delivery of license plates.
Postal has joined a wave of sympathy movements with members of the metalworkers union, who are at odds with Tesla over wages.
Port workers at Sweden’s four largest ports have also halted deliveries of Tesla cars to put more pressure on the automaker.
Tesla CEO Elon Musk called the involvement of Swedish postal staff “crazy. “
In its complaint filed today, the Texas-based company said the denial of license plates “constitutes an unlawful discriminatory attack on Tesla. “
Tesla has a production facility in Sweden, but has several service centers in the country.
Mikael Andersson, a spokesman for the Swedish Transport Agency, told AFP that “we at the Swedish Transport Agency do not share this view” that the distribution of license plates is blocked.
He added: “Therefore Tesla has decided to have the issue tested in court, which is their right.”
Read the updates below.
That’s all for today. Chris Price will return in the morning to show what’s out there in the markets and in the business world. Here are some of the most recent stories from The Telegraph:
Germany’s Volkswagen to create thousands of jobs
Branston Pickle maker forced to make “unprecedented” price increases
Global companies “ignore any pessimistic voices that may be heard” and instead see Britain as a country with “the third-fastest expansion in the G7 since 2010 and a faster Covid recovery than Germany,” the report said. Business Secretary, Kemi. Badenoch.
Speaking over afternoon tea to the leaders of the World Investment Summit, he said:
The British are too modest about their own country. I didn’t think we were positive enough about promoting UK assets. . .
More than anything, the role of government deserves to be to step back and let you do what you do best.
We’ll have to pay attention to you, understand, to allow you to make long-term investment decisions with certainty. . .
Let’s not say that other people said that Nissan would leave the UK because of Brexit.
As we saw on Friday, they couldn’t have been more wrong. . .
Outside of the United States, we have the most reputable universities in the world. . . four of the 20 most sensible in the world.
And outside the US we have the world’s largest concentration of financial services companies.
And that gives us an opportunity to be at the hub of global innovation.
The FTSE closed down 0. 37% today. The biggest fallers were investment manager St James’s Place (2. 42%) and AstraZeneca (-2%). But it’s a very smart day for online real estate site Rightmove, which is up 4. 79%, thanks to sole traders and realtors who paid extra to spice up their presence on the site. Fresnillo, a London-listed Mexican metals mining company, rose 4. 32%.
The FTSE 250 fell 0. 11%. Ceres Power fell the most, down 3. 84%. Shaftsbury, the London owner, rose 3. 69% after reporting a 12% increase in sales between July 1 and November 15 compared to 2022.
Mountain Warehouse, the hiking and running retailer, plans to open 50 shops next year, according to the FT.
Mark Neale, Founder & CEO, said:
Despite what we read about the death of the streets, there is still a lot of life left. . .
We have more retail outlets and larger outlets. This year we opened a number of outlets that used to be Topshop, and added one that used to be Topshop in Norwich and is now one of the most sensible outlets for us.
The company had a single store in 1987 and today has more than 360 outlets in eight countries. It grossed £303 million in 2022, up from £240 million last year.
The share-backed company’s losses reached £4. 3 million in 2022, compared to a loss of £1. 6 million in 2021.
The price paid at auctions for occasional and luxury whiskeys has seen its biggest drop in a decade amid a developing slowdown in the global luxury market. Daniel Woolfson reports:
The price of fine and rare whiskeys sold at more than £1,000 a bottle fell 7% in the year to October, according to data from Scottish consultancy Noble.
Rare whiskeys are used as an alternative investment to classic assets such as stocks and real estate.
However, despite the drop in value, the number of bottles purchased increased by 10% to more than 8,500 during the period.
One of them, a 1926 Macallan Valerio Adami, which fetched a record value of £2. 1 million when it was sold at Sotheby’s earlier this month.
Duncan McFadzean, Director of Food & Beverage, Noble
“We expect this trend to continue through 2024, as the global economic environment prevails. “
Luxury goods retailers have also been affected by a slowdown in sales in China, with challenging situations reflected in sectors such as furniture, automotive and retail.
Diageo, the owner of Johnnie Walker and Talisker whiskies, recently suffered its steepest share price fall since 1997 after warning that sales in Latin America and the Caribbean would fall by a fifth in the first half of the year.
Other premium spirits makers, Pernod Ricard and Rémy Martin, have also expressed concerns about falling demand.
The UK economy will continue “outperforming expectations”, Downing Street insisted when quizzed about the Bank of England chief’s comments expressing concern over the growth outlook. Amy Gibbons reports:
Governor Andrew Bailey had said the UK economy’s potential to grow was lower than it had been in much of his working life.
The minister’s official spokesman told reporters: “I believe the minister and the chancellor have spoken to you about the UK’s economic outlook.
“We believe we have taken a step forward, especially given our good fortune to cut inflation in half. And we saw an autumn that was aimed at breathing up the UK economy with new policies such as total spending, something that businesses have been calling for for a long time and we are confident that we will continue to exceed expectations as a result.
Obesity drugmaker Novo Nordisk said it would offer countries “buy now, pay later” features for its treatments as it plans to treat more people who don’t currently need its vaccines. Hannah Boland reports:
Lars Fruergaard Jørgensen, chief executive of the Dutch pharmaceutical company, said Novo Nordisk was in talks to drive adoption of its weight loss systems by helping fitness spread the burden of treatments.
Speaking to the Financial Times, Jørgensen said cutting-edge pricing arrangements would allow countries to “adopt medicines early on, see the benefits and pay later. “
He added: “How can fitness systems justify a giant upfront payment that generates significant savings down the road?I think we want to percentage that threat to begin with.
Read the full article. . .
China and Britain should deepen economic and trade cooperation, the Chinese Vice Premier He Lifeng has said. According to a report by Xinhua, the Chinese state news agency, he made the comments to a delegation of business executives led by China-Britain Business Council’s chairman Sir Sherard Cowper-Coles on Monday in Beijing.
According to the report, He “said China adheres to opening its doors and tirelessly promotes high-level opening-up. “
Executives from HSBC, Standard Chartered and AstraZeneca attended.
Unbridled government spending and reasonable central bank cash are like “heroes” to the economy, warned Jamie Dimon, chief executive and chairman of JP Morgan. Tim Wallace reports:
Tax and stimulus injections are helping families and businesses “feel good,” the investment bank’s chief said at the World Investment Summit at Hampton Court Palace.
But once eliminated, they can have consequences, he added.
Dimon’s warnings come at a time when economists are worried that a prolonged recession, or even a recession, is brewing in many parts of the rich world as businesses and households adjust to higher interest rates after years of ultra-cheap borrowing.
His words echo those of the House of Lords Economic Affairs Committee, which published a report in 2021 titled: “Quantitative easing: a harmful addiction?
At the time – when the Bank of England was further stepping up its QE and had not yet started raising interest rates – Andrew Bailey, the Bank’s governor, criticized the committee for language that he said was insensitive to the real addicts.
Royal Mail is currently campaigning against plans by regulator Ofcom to cap the price of a second class stamp at 75p, as the company argues there is an “urgent need” to raise prices amid tough competition from rivals. James Warrington reports:
The efforts to water down the proposals have sparked criticism from the Greeting Card Association (GCA), which said the postal service must remain “reliable, national and affordable”.
The GCA, which represents more than 500 publishers and stores in the UK, has also taken aim at calls from Royal Mail calling for the abolition of letter deliveries on Saturdays.
Amanda Fergusson, executive leader of the GCA, drew comparisons between the Royal Mail proposals and the cuts to British rail under Richard Beeching in the 1960s.
She said: “Under Beeching we lost a lot of the railways we enjoyed because no one had the ability to think about what they could be. We will have to not allow this to happen to our Royal Mail service.
“It’s just a remarkable British certainty: we can send a card securely anywhere in the country for a very moderate price of 75p. I am sure that in the coming decades we will lose this service that unites our country and is part of what makes us British. »
In a communication to Ofcom, Royal Mail said the value of a second-class stamp was particularly lower than the European average of 94p, adding that advertising flexibility was needed for its financial viability.
Royal Mail has been contacted for comment.
The S-Score
According to S analysts
The skill set of the non-EU immigrants is different [from EU immigrants] and their participation in the labor market is lower. Many are students or refugees. Consequently, immigration does not necessarily help fill the gaps in industries where the workforce is lacking.
This, they say, “encourages dynamic wage increases. “
Black Friday was once known for shoppers scrambling to get the best deal (see photo below from 2014), but the excitement for this import is America’s busiest grocery shopping day this year as Brits react to inflationary pressures.
Barclays said Black Friday trading volume was down 0. 63% compared to 2022.
Marc Pettican, head of Barclaycard Payments, told Reuters:
Perhaps this year-on-year decline in sales volumes is expected given the effect of the living burden on British discretionary spending and the tendency to launch discounts in early November.
Black Friday has been busier than ever for stores, with transactions up 2. 7% compared to the same Friday in October this year. Pettican said this demonstrates “the continued popularity and importance of this advertising milestone. “
That’s all from me for today. Alex Singleton will keep giving you live updates from here.
It’s time to take a look at the most recent government figures on U. S. new home sales, which slowed in October, though the new home market remains driven by a lack of inventory.
Sales of new single-family homes posted a lower-than-expected annual rate of 679,000 last month, according to the Commerce Department.
This marks a slowdown from September’s speed of 719,000, which was revised downward.
The median sale value of new homes also dropped to $409,300, the lowest since August 2021.
The median value of a new home sold in the U. S. The U. S. economy is now down 18% from its peak in October 2022. After the housing bubble of the 2000s, the median value of new homes fell 22% at the nacional. pic. twitter. com/V9rgdhsyy4
– Charlie Bilello (@charliebilello) November 27, 2023
Investment Secretary Lord Johnson said considerations over Abu Dhabi’s acquisition of the Telegraph were “sentimental” and that classic news resources now have little influence.
Our reporter James Warrington has the news:
Lord Johnson waded into the growing row despite the announcement last week by the Culture Secretary Lucy Frazer that she is minded to trigger a regulatory investigation to protect the public interest.
A resolution of this type would give quasi-judicial force to the agreement.
Lord Johnson, who previously ran a hedge fund with Sir Jacob Rees-Mogg, nevertheless praised the UAE as a “first class and extremely well run country” and branded The Telegraph a “so-called treasured asset”.
He said it was crucial that the UK did not shut itself off from foreign investment.
Read what this colleague, who has also spent much of his career in the monetary sector in Hong Kong, has to say.
According to Tesla’s lawsuit filed with Sweden, it is not easy for the company to have the District Court impose a fine of one million kroner (£76,000) on the Swedish Transport Agency.
The document, obtained by The Associated Press, said this will “oblige” the Swedish Transport Agency to allow Tesla to “retrieve license plates” within three days from notification of the district court’s decision.
Tesla said the company has a “constitutional legal responsibility to supply license plates to vehicle owners. “
According to the figures, retailers are bracing for a disappointing Christmas as annual sales fell for the seventh month in a row.
Sales volumes in November of the year fell according to the CBI’s Distribution Trends Survey.
However, the measure used throughout the survey is -11%, which is up from -36% in October.
Retailers are forecasting negative sales in December, at a declining level, minus 6%.
The CBI said: “Retailers expect a disappointing festive period.”
He added that, overall, most of the companies’ sales would be “below seasonal norms. “
US stocks were subdued at open ahead of a key inflation reading and commentary from Federal Reserve policymakers later in the week, while retailers were in focus as holiday shopping picked up steam with Cyber Monday deals.
The Dow Jones Industrial Average fell 13. 71 points, or less than 0. 1%, at the open at 35,376. 44.
The s
Metro Bank shareholders subsidised a £925 million bailout deal at a general meeting.
The deal means the challenger bank approves a £325 million capital build-up and a £600 million debt refinancing, in a deal that will revive its strained balance sheet.
Santander’s chairman said the removal of the bonus cap for British bankers was good news for the sector, although he welcomed a similar move in the rest of Europe.
Ana Botin, chief executive of the banking giant, said it “made a lot of sense” to praise its performance.
The decision to remove the limit on bankers’ annual payouts came last month, after the Bank of England’s regulatory arm said the cap was a factor holding back talented workers coming to the UK.
The Prudential Regulation Authority (PRA) has also said that restricting bills has the opposite effect, by increasing wages that are not linked to a company’s long-term performance.
The removal of the cap comes as part of a post-Brexit review of rules, a year after former chancellor Kwasi Kwarteng said the move would inspire global banks to create jobs, invest and pay taxes in the City.
Speaking to the Financial Times at the World Banking Summit, Ms Botín said:
It’s a task where you have to pay in a variable way, so I think that’s good news for our industry, it makes a lot of sense.
I’m sure we will adapt to that.
Israel said it had reached an agreement in principle for the use of Elon Musk’s Starlink communications in the Gaza Strip, where a pause in Hamas’ war coincided with the tech entrepreneur’s visit.
Israeli President Isaac Herzog has scheduled a meeting with Musk for the afternoon. They will be joined by relatives of hostages held by Hamas in Gaza and will also discuss “the need to act to fight the rise of anti-Semitism online,” Mr. Schulz said. Davis said. Herzog.
SpaceX CEO Musk was photographed with Benjamin Netanyahu on a stopover in the settlements of Kfar Aza in southern Israel, which was one of the sites targeted by Hamas in its deadly attacks on Oct. 7.
BT has said it is not in talks to acquire musicMagpie after the second-hand smartphone seller’s share price collapsed and efforts to expand in the US stalled.
Shares of the device refurbishment company jumped a third on Monday last week after it showed the company was contemplating deals that could lead to a potential sale.
The Sunday Telegraph revealed musicMagpie had hired Deloitte to explore a possible private sale after the company’s efforts to crack the US market with its Decluttr brand stalled and revenues fell.
However, in an update to shareholders, BT said it “intends to make an offer for musicMagpie. “
U. S. stock indexes fell in premarket trading as stores flocked to consumers with their discounted Cyber Monday deals.
Wall Street ended the week of Thanksgiving on a positive note, with primary indexes posting their fourth straight week of gains thanks to growing optimism that the Federal Reserve is most likely done raising interest rates.
The rebound in equities in November has brought the S&P 500 within 1pc of its highest intra-day level this year.
Axel Rudolph, senior market analyst at IG Group, said:
Typically after Thanksgiving, you tend to take profits because volumes are low.
But until the end of the year, from a seasonal perspective, we routinely have a bullish bias in the stock market.
In premarket trading, the Dow Jones Industrial Average and the S
It has been reported that Metro Bank has begun negotiations to sell a £3 billion loan portfolio to Barclays, as the bank prepares to announce a wider restructuring aimed at rescuing the main lender.
The challenger bank is in exclusive talks with Barclays to sell the residential loan portfolio to Sky News.
It comes hours before Metro Bank, which has 2. 7 million customers, announced to shareholders that it has subsidised a £925 million refinancing plan.
Its shares rose only about 10% in anticipation of the most likely confirmation of the recapitalization, which has already won approval from bondholders.
However, its shares are down 66% year-to-date.
Our economics editor Szu Ping Chan was watching as Blackstone chief executive Steve Schwarzman spoke with Rishi Sunak about Joe Biden’s flagship Inflation Reduction Act (IRA).
The policy which hands out subsidies to companies investing in green technology in the US. Mr Schwarzman said:
We have this law called the Inflation Reduction Act, but it has little to do with reducing inflation.
And lately we have deficits of 2 trillion dollars a year. I think that’s about 8% of GDP.
I’m not sure it’s a style that everyone needs to ponder and ponder. We are looking to solve this challenge ourselves.
I think there are some smart elements in terms of commitment to renewables and a more predictable investment environment. . . but I don’t know if I would raise this with the UK.
The Eurostar from the Netherlands to London will be suspended for six months.
The resolution was announced via Dutch railway company Nederlandse Spoorwegen (NS), which said Amsterdam Centraal would not be able to serve passengers crossing the English Channel for a primary renovation of the station.
For six months from June this year, Eurostar trains will run empty in that direction before picking up London-bound passengers in Brussels.
The crossing of the English Channel from Rotterdam will be affected in the same way.
Initially, it was feared that direct shipping from the Netherlands would be suspended for almost a year.
Passengers wishing to travel from Amsterdam or Rotterdam to London via train will need to take a train to Brussels and switch to a Eurostar service.
Direct Eurostar trains from London to the Netherlands will continue to run.
Lately there are four return flights between London and Amsterdam via Brussels and Rotterdam.
Joe Biden’s massive borrowing to fund investment subsidies in the United States has been criticized by the head of one of the world’s largest asset managers.
Blackstone chief executive Steve Schwarzman said the President’s flagship Inflation Reduction Act “doesn’t have much to do with inflation reduction” as he took part in a conversation with Prime Minister Rishi Sunak at the Global Investment Summit.
He warned that the US deficit would be close to $2trn a year as a result of Mr Biden’s green subsidies, adding: “I’m not sure that’s a model everyone would run out and duplicate.”
Sunak responded that the UK is looking to “bring our borrowing back to a sustainable level”, reduce taxes and attract investment.
Schwarzman described the U. K. as “business-friendly,” adding that it “varies a bit from jurisdiction to jurisdiction. “
Stephen Schwarzman, chief executive of Blackstone, says investors like him are looking for opportunities where “global expansion holds. “He adds: “I see it in the UK. “
– Szu Ping Chan (@szupingc) November 27, 2023
The pound has gained for a third day and was on track for its largest monthly rise against the dollar in a year.
The rise in sterling is largely due to investors dumping the dollar ahead of what many will be an immediate transition to US interest rate cuts in 2024.
Separately, in a potential longer-term boost for the pound, Prime Minister Rishi Sunak announced a raft of foreign investments in Britain worth nearly £30bn as he hosts the Global Investment Summit at Hampton Court Palace.
The British pound has gained around 4% against the dollar over the past month, but has fared worse against the euro or the Chinese yuan, falling in November by 0. 3% and 3. 6% respectively.
Money market investors expect the Bank of England to keep interest rates at higher levels for longer than the Federal Reserve or European Central Bank in 2024, which has recently helped give sterling an edge.
Sterling rose 0. 1% to $1. 26, near a three-month high, and was steady against the euro at just under 87 pence.
The boss of Lloyds Bank has “uncertainty in the economy” has hit investment in the UK as business leaders gather for the Global Investment Summit at Hampton Court Palace.
He told Bloomberg TV:
Investment in the UK is lower than it has been historically and given the uncertainty in the national economy, we have a relatively lower domestic investment point at the moment, so I think an occasion like this and concentrating on looking for more investment in businesses and in the UK is very important.
Revolution Beauty has shown it is negotiating with its former boss Adam Minto after learning he could pay the company £3 million to avoid a possible lawsuit.
The make-up business said it is also talking to former executive chairman Tom Allsworth about changing the terms for the acquisition of Medichem, which he owned.
The company told shareholders:
Revolution Beauty is still in negotiations on those two issues.
There is no guarantee that any agreement will be reached.
Revolution Beauty said in June that it planned to take legal action against Mr. Minto.
In September last year, Revolution Beauty’s shares were suspended after the company’s auditors refused to approve its books.
A few months later, the company revealed a series of disorders in its accounts and, despite everything, was able to publish its results for the year ending in February 2022 in May 2023.
Rishi Sunak pointed to the UK’s generous capital deduction schemes and the “most competitive visa scheme for highly professional foreign talent” as he tried to entice business leaders to invest in the UK.
The Prime Minister used his opening speech at the World Investment Summit to say that Britain is in a position to invest thanks to “our low-tax approach, our culture of innovation and our people”.
He said “make no mistake, we are cutting taxes” as he pointed to the capital allowances measures announced in the Autumn Statement.
He said that “innovation is the usual common thread of the UK economy”, adding that the UK has “one of the largest professional workforces in Europe”.
Our business editor Szu Ping Chan will be present at the summit below and tweeting updates on the day:
“Make no mistake, we’re cutting taxes,” Sunak says, celebrating the fact that total spending is permanent.
– Szu Ping Chan (@szupingc) November 27, 2023
The Secretary of State for Enterprise, Kemi Badenoch, opened the World Investment Summit, where the Prime Minister will shortly address:
LIVE NOW: My speech at the Global Investment Summit where we’ve secured almost £30 billion of investment https://t.co/VaBQL3vDNS
— Rishi Sunak (@RishiSunak) November 27, 2023
Our Business Editor, Szu Ping Chan, is in the room for the start of the Global Investment Summit taking place at Hampton Court Palace:
A packed plenary hallway in #HamptonCourt for #GIS Andrew Bailey and Tim Davie relegated to reasonable seats (see if you can see them). JP Morgan’s Jamie Dimon and Goldman’s David Solomon also here pic. twitter. com/2VodyvrUsB
– Szu Ping Chan (@szupingc) November 27, 2023
Tesla CEO Elon Musk will meet with Israeli Prime Minister Benjamin Netanyahu in an attempt to defuse a dispute over anti-Semitism that has earned the billionaire a rebuke from the White House and caused major advertisers to abandon Twitter.
Musk and Netanyahu will talk about the security facets of synthetic intelligence and hold a live online chat on artificial intelligence, the Israeli prime minister said.
At their last meeting, in California on Sept. 18, Netanyahu suggested the billionaire strike a balance between protective, relaxed speech and fighting hate speech, after weeks of controversy over anti-Semitism on X, the former Twitter.
Musk denied being racist and defended his views after endorsing the tweet, which drew condemnation from the White House and human rights activists.
Critics have accused the world’s richest user of amplifying anti-Jewish hatred of X, whom Musk bought for $44 billion last year.
Musk will meet with President Isaac Herzog and representatives of the families of hostages held in Gaza.
Oil fell for a fourth day as Chinese data raised demand concerns and investors eagerly awaited this week’s delayed OPEC meeting.
The global benchmark, Brent crude, fell 0. 8% below $80 a barrel after falling 2. 3% in the past three sessions, while U. S. -produced West Texas Intermediate fell 0. 9% below $75.
Crude fell as figures showed profits from China’s business sector rose at a much slower pace in October, raising concerns about demand.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) had to postpone the important home policy meeting by four days, until Nov. 30, because of a dispute with its allies in Africa over quotas.
HSBC’s chief executive has apologised to consumers after the outages caused many consumers to have overdue bills on Black Friday.
Speaking at the World Investment Summit in the UK, Ian Stuart said that the factor that made mobile banking unavailable to thousands of consumers was a technical factor and not a cyberattack.
He told Bloomberg TV that the issue with a third-party vendor was already known and resolved.
He added that Black Friday sales increased year-over-year.
The commute to work was a terrible one this morning for passengers heading to Heathrow, as all three rail lines linking the airport to London broke down.
The new Elizabeth Line, as well as the Heathrow Express and Piccadilly lines have been suspended for a number of reasons.
Transport for London has apologised for the problems, which come as Rishi Sunak holds his global investment summit at Hampton Court Palace in a bid to attract money for the UK economy.
Hi Esther, thank you for your message. Currently, there is no service between the Acton Town and Heathrow terminals while we respond to a fire alarm in Northfields. SEVERE DELAYS on the rest of the line. London Underground tickets are accepted on buses. https://t. co/eLR3lLI8Nk^GR
— TfL (@TfL) November 27, 2023
Services are delayed by up to 15 minutes or are subject to cancellations due to an exercise failure. For further advice, speak to a member of staff at the station or contact our visitor service: https://t. co/2vmwVl7Zvg #hexupdates
– Heathrow Express (@HeathrowExpress) November 27, 2023
Insurance giant Aviva said it will buy a Canadian vehicle insurer for about £100m.
The acquisition of Optiom will allow the UK-based insurer to reach more customers in Canada, one of its three key spaces after years of reorienting the industry.
Optiom offers vehicle replacement insurance in the U. S. Aviva is already the company’s insurer, the company said.
The deal is expected to close in the first 3 months of 2024. Tracy Garrad, Managing Director of Aviva Canada, said:
The acquisition strengthens our offering and distribution capabilities in a highly attractive segment of the Canadian insurance market.
We know Optiom well from our existing appointments and are excited about what we can do in combination to better serve our agents and customers.
Aviva has been downsizing its business for years. Its plan, under the leadership of Amanda Blanc, focuses on three key markets: the United Kingdom, Ireland and Canada.
In September, the company announced the sale of around £800 million of its stake in a Singapore-based joint venture.
Rishi Sunak said there is “very positive momentum behind the UK economy” as leading investors gathered at Hampton Court Palace.
Upon his arrival at the World Investment Summit, the Prime Minister reports:
My sole aim is to drive expansion and create jobs across the UK. I am very pleased to have secured investments worth around £30 billion, which is three times the amount achieved the last time this summit was held a short time ago.
And that comes on the back of a very positive Autumn Statement where we cut taxes for those businesses that are investing in our future growth, and also the great announcements from Nissan last week, securing the future of that plant in Sunderland, building three new lines of the next generation of electric vehicles.
This is a very positive dynamic for the UK economy.
Gold costs hit a six-month high as investors bet that interest rates have peaked.
The safe-haven asset rose to $2,009 an ounce and hit a six-month high of $2,017. 82.
It comes as money markets expect that interest rates will not move higher in the US, where the Federal Reserve has put borrowing costs between 5.25pc and 5.5pc.
Traders will also not surpass the 15-year highs of 5. 25% in the UK or the record high of 4% in the eurozone.
Gold also comes as the dollar has weakened, guiding investors towards safe-haven assets that will retain their value.
The world’s reserve currency has fallen 3. 8% against the British pound over the past month against the penny.
Business Secretary Kemi Badenoch said £29. 5 billion had been pledged through investors in the UK, triple the amount raised at the last World Investment Summit in 2021.
As the leaders’ meeting takes place at Hampton Court Palace, she told LBC:
It’s a wonderful growth story. This shows that, despite a lot of criticism, other people are really interested in making an investment in the UK.
They in this country. They believe there are a lot of opportunities.
They are convinced that this is where they can put their money and that they will make smart investments while helping us grow our economy and create jobs at the wages that other people in the UK demand.
The FTSE 100 fell in early trading as cautious investors braced for a flurry of economic information during the week.
The blue-chip index has fallen 0.1pc, while the more domestically-focused FTSE 250 midcap index has gained 0.3pc.
Energy heavyweights fell 1. 1% on falling crude oil prices, while commercial metals miners lost as much as 0. 9%.
Investors now await the UK lending information and Eurozone and US inflation figures due later this week.
Among individual stocks, Entain fell 2. 5% to the back of the FTSE 100 after Goldman Sachs downgraded the Ladbrokes owner’s share rating from “Sell” to “Buy”.
Drugmaker AstraZeneca dipped 0.8pc after brokerage Jefferies lowered its price target on the stock.
Rightmove jumped as much as 6.5pc to the top of the FTSE 100 after UK’s largest property portal lifted its forecast for annual average revenue per advertiser.
Here’s a look at this silver price surge from Ole Hansen, head of commodity strategy at Saxo Bank:
A sharp rally in the #argenta since Friday has not only given gold further momentum but also led to #XAG near the key resistance above $25. The XAUXAG ratio at 81. 5 is trading in two months, still well above the channel around 79 pic. twitter. com/outmsYMfQL
— Ole S Hansen (@Ole_S_Hansen) November 27, 2023
The Governor of the Bank of England has said interest rates will not come down “in anything like the foreseeable future” as he continued to push against money markets.
Bailey said it’s “too early” to talk about cutting interest rates, which stand at 5. 25%, their highest point in 15 years.
Until the middle of last week, markets expected an interest rate cut by June at the latest.
Traders have reduced those bets since the Autumn Statement last Wednesday and now expect rates to be cut by August.
Mr Bailey told the Newcastle Chronicle: “I’m well aware of the underdog scenario, but we want to bring it down to 2% and that’s why I’ve recently pushed back against the hypothesis that we’re talking about cutting interest rates, otherwise we’ll cut interest rates in the near future, because it’s too early to have that discussion.
He added that the second half of the inflation battle, reducing prices from 4pc at the end of the next quarter to 2pc would be “hard work”.
UK markets got off to a slow start after a sluggish consultation in Asia following the US holiday late last week.
The FTSE 100 has opened 0.3pc lower at 7,464.44 while the domestically-focused FTSE 250 was flat at 18,459.79.
It’s a strong morning in the metals market, with silver and aluminum also trading higher.
Silver controlled a gain of as much as 2% to more than $24 an ounce, while aluminum rose 0. 6% to $2,228. 50 a tonne on the London Metal Exchange.
Aluminum complex, as Goldman Sachs forecast a growing shortage in 2024 due to Chinese supply constraints.
Analyst Nicholas Snowdon wrote in a note to investors that the tightening outlook basically reflects “the effect of China’s source restriction, where a combination of capacity caps and Yunnan’s winter cuts means that the number one onshore production is likely to grow by only 2% next year. “
Business Secretary Kemi Badenoch said the UK economy was “doing well despite significant headwinds” ahead of Rishi Sunak’s Global Investment Summit, which gathered a slew of trade figures.
As the occasion at Hampton Court Palace kicks off today, he told Sky News:
This morning we welcome foreign investors from all over the world.
These are all people who invest in the UK because they are in the UK, in the opportunities they have to grow their businesses, but also to create jobs and help keep our economy developing and vibrant.
It’s vital actually, after the autumn where the Chancellor made some of the biggest tax cuts we’ve seen in a long time, it’s vital that we communicate about the UK economy. . .
The UK economy is doing well despite significant headwinds. We are dealing with the same problems that many other countries around the world are dealing with.
The investors I won at a reception told me about their considerations in the United States, France, etc.
Rightmove increases its profits for the advertiser as the development of new homes boosts its listings amid a market slowdown.
The asset portal said the move would range from £112 to £116 for the full year, beating previous forecasts of £103 to £105.
It expects cash inflows of 8% to 10% and underlying operating profit of 7% to 8%, reassuring shareholders ahead of an investor day on the London Stock Exchange.
CEO Johan Svanström said:
The momentum we announced in July continued through the third quarter and beyond.
The strength of our performance against an uncertain market backdrop demonstrates the strength of the UK consumer affinity to our platform, the value of the established network effect of our business model, the depth and richness of our consumer data, and the value that our customers place in our products to build their businesses.
It also illustrates the resilience of our style at all stages of the real estate market cycle.
Thanks for joining me. Gold trades this week hitting a six-month high following a fall in the price of the dollar.
The safe-haven asset rose to $2,017. 82 an ounce as the price of the dollar continues to fall as spot markets bet that the U. S. Federal Reserve will raise interest rates again.
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Asian markets plunged on Monday as investors eagerly awaited this week’s release of key U. S. inflation data that could serve as a consultant for the Federal Reserve’s interest rate plans for the new year.
While Wall Street saw little action at the end of last week due to the Thanksgiving holiday, investors had few catalysts to breathe life into the stock, even though analysts were positive about the end of the year.
The pullback in stocks comes after a recent rally in global markets fueled by bets that the U. S. central bank raised interest rates as inflation fell and the labor market failed.
The highlight this week is Thursday’s release of the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s favorite inflation gauge.
In Asian trading, Tokyo stocks shed earlier gains and ended lower, with the benchmark Nikkei 225 index down 0.5pc, or 177.86 points, to 33,447.67, while the broader Topix index fell 0.4pc, or 9.18 points, to 2,381.76.
After a half-day of lukewarmness in New York on Friday, Asia fell.
Hong Kong’s Hang Seng dropped 1pc to 17,382.28, while the Shanghai Composite lost 0.8pc to 3,017.79.
Australia’s S&P/ASX 200 edged down 0.4pc to 7,009.50. South Korea’s Kospi shed 0.2pc to 2,491.20.
Still, observers were positive about the outlook, with the most recent weakness attributed to investors taking a break after a month.
Eyes are also on progress within OPEC, after the organization and its allies belatedly scheduled an assembly to agree on production quotas, with some African countries resisting calls from Saudi Arabia for further cuts.
The organization is reportedly close to striking a deal that could see the Saudis and Russia make further production cuts in the new year.
Crude oil costs have fallen in recent weeks as demand appears to be declining due to slowing economies, China’s, and the crisis in the Middle East appears to be contained.
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