The UK economy is struggling, but not one of the hundreds of the economists in the UK markets picked the 0.40% fall in the UK’s economic growth in the September quarter.
Bank of england
Call to break up UK banks resonates here
Yesterday, the head of the Bank of England, Mervyn King, said he wants a break-up of banks to prevent them becoming “too important to fail”. It’s a message with some echoes in Australia.
Adelaide Bank pushes interest rates higher
The return of the credit crunch and the rise in short term money market interest rates has produced the second round of non-Reserve Bank driven rate rises from a major bank, writes Glenn Dyer.
Doom and gloom wrap: More losses forecast for big banks
Just when some analysts were starting to call the bottom of the US subprime induced slump in banking and housing, along comes more gloom with some bearish forecasts on big banks, Citigroup and UBS, while the Northern Rock rescue in the UK looks to be in trouble, writes Glenn Dyer.
Northern Rock bailout runs into the tens of billions
According to London reports, the rescue of the failed mortgage bank, Northern Rock could match or surpass the amount the British Government spends on defence, writes Glenn Dyer.
Central banks in the dark on credit crunch
It’s not often you get a central banker who calls for clarity of information in markets. After all, they are supposed to know everything, aren’t they?
Fed cut to restore confidence as Northern Rock crumbles
The US Federal Reserve is now very likely to cut its key interest rate by 0.5% in an effort to show US financial markets it is alert to the spreading loss of confidence.
Here we go: Bank of England rescues lender
Just when you thought it was becoming safe to go back into a bank, whoosh, a big one bites the dust. Northern Rock, Britain’s fifth biggest mortgage lender has been rescued by the Bank of England in a dramatic late night move.
Rate pressure to test RBA independence
In t10 days time the chances of the Reserve Bank board lifting interest rates has firmed to a 70-80 per cent chance, according to interbank futures rates and polls by Reuters and Bloomberg.
