The FTSE 100 and FTSE 250 have recovered some ground after global equities tumbled and bitcoin crashed to a six-month low yesterday, as fears of conflict in Ukraine and the prospect of higher interest rates spooked markets.
This afternoon, the FTSE 100 has closed up 1.02 per cent or 74.31 points to 7,371.46, and the FTSE 250 index has finished up 0.9 per cent or 193.21 points to 21,645.71.
The International Monetary Fund has cut its forecast for British economic growth this year due to disruption from the Omicron variant of the coronavirus, labour shortages and high energy prices, but raised its estimate for growth in 2023.
The IMF said it now expected British gross domestic product would expand by 4.7 per cent in 2022 and by 2.3 per cent in 2023, compared with its previous forecasts – made in October – of 5 per cent and 1.9 per cent.
Britain’s financial watchdog has warned firms in insolvency proceedings they could face ‘assertive action’ if their proposals ‘unfairly benefit them at the expense of their customers’.
The Financial Conduct Authority has seen an increase in the number of firms developing proposals to deal with significant liabilities to consumers, and said it would not hesitate to us its regulatory powers, including enforcement actions, when appropriate.
Embattled retailer The Hut Group shares fell again yesterday after analysts predicted its full-year profits would disappoint.
The shares are down 76 per cent from their float price of 500p in September 2020, with the latest fall seemingly prompted by a note from analysts at Citi, who said foreign exchange pressures and higher commodity prices would weigh on THG’s profits.
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Escalating tensions on the border of Ukraine contributed to falls across global stock markets on Monday
This post first appeared on Dailymail.co.uk
