FCA boss raises alarm over growing debt burden of young people in UK as number of insolvent 18- to 34-year-olds jumps by a third
The head of Britain’s financial regulator has warned that a growing number of young people are having to borrow to cover basic living costs.
Andrew Bailey, chief executive of the Financial Conduct Authority, told the BBC that while it had not yet reached crisis levels, it was worrying that debt among young people was growing. He talked about a shift in the generational pattern of wealth and income.
ISLAMABAD (Reuters) – Bomb blasts killed a Pakistani army officer and three soldiers searching for the kidnappers of a freed U.S.-Canadian family in a tribal region bordering Afghanistan, Pakistani and U.S. officials said.
MADRID/BARCELONA (Reuters) – Catalan leader Carles Puigdemont failed to clarify on Monday whether he had declared Catalonia’s independence from Spain last week, paving the way for the central government to take control of the region and rule it directly.
Because it’s not clear enough & because Rajoy asked for a list of measures that must be taken to restore the constitutional framework
Back with the rise in oil prices, and despite the tensions surround Iraq and Iran, crude may not go much higher, reckons Neil Wilson, senior market analyst at ETX Capital:
Oil prices pushed higher as the conflict between Iraq and Kurdistan entered a new phase with the advance of Iraqi forces on Kirkuk. However any disruption may prove temporary with neither side wanting to shut-in oil production for long. The prospect of fresh US sanctions on Iran may offer longer-term support to prices, although again any sanction regime will be limited in scope given that the US position is at odds with the rest of the international community.
Brent rose above $58 and while the late September highs above $59 are within sight it may struggle to find much momentum past $60 as this remains a fairly localised conflict that is unlikely to spark wider disruption to supplies from the Middle East.
The old pound coin may no longer be wanted by most people now it is not legal tender, but sterling itself is in demand.
It has climbed 0.11% against the dollar to around $1.33 and 0.38% against the euro to €1.1280, after a bit of positive news on the Brexit front. Connor Campbell, financial analyst at Spreadex, said:
It may be relatively quite on the economic data front today but there are some key events to come, not least UK inflation on Tuesday. Richard Partington has been looking at the prospects:
UK inflation is expected to hit a five-year high this week, outstripping growth in pay packets and putting renewed pressure on the Bank of England to raise interest rates.
City economists forecast that the consumer price index (CPI) will be shown to have risen to 3% in September, up from 2.9% a month earlier, its highest level since 2012.
The dip in the Spanish market follows a letter from Catalonia’s President Carles Puigdemont to Madrid, which appears not to be the clear yes or no decision on the region’s independence which Spanish Prime Minister Mariano Rajoy had asked for.
Ahead of Chinese third quarter GDP figures and the forthcoming Communist Party congress, the country’s inflation numbers have just been released.
The headline year on year figure for September came in at 1.6%, in line with expectations and down on the August reading of 1.8%.
With central bankers the world over scratching their heads as to how long inflationary pressures are likely to remain benign they may well be starting to see the end of this benign environment if this morning’s latest inflation data from China is anything to go by….Could this increase [in factory gate prices] be any early indicator of global inflation starting to show signs of returning?
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
The weather may be marking the anniversary of the 1987 storms which hit the UK with ex-hurricane Ophelia causing shutdowns in Ireland. But the stock market storms which accompanied the bad weather thirty years ago are far from investors’ minds. Quite the reverse, with the MSCI All Country World share index hitting a new peak of 495.37. With the Dow Jones Industrial Average at another record high on Friday and the Nikkei 225 up nearly 0.5% for its tenth day of rises, European markets are expected to open higher.
Last week saw new record closes for the MSCI World index, FTSE100, FTSE250, German DAX as well as the major US markets, while the Nikkei225 enjoyed its highest levels since 1996, as investors continue to adopt an optimistic outlook for the global economy, putting aside concerns about geopolitics in their hunt for returns.
While all the talk is of a possible easing back from the current easy monetary policy stance the fact remains that even with a moderate retreat from the US Federal Reserve, the European Central Bank and the Bank of England the fact remains that interest rates will still be nailed to the floor on a historical basis.
LUXEMBOURG (Reuters) – Britain’s Foreign Secretary Boris Johnson said it was time to begin “serious negotiations” on Brexit, hours before Prime Minister Theresa May visits Brussels in an attempt to unlock the stalled talks.
BAGHDAD (Reuters) – Iraqi forces captured several positions south of Kirkuk from Kurdish fighters on Monday in their bid to regain control of the oil-rich city, which is part of a region that declared itself independent at a referendum last month.
MANILA (Reuters) – Philippine troops killed two top commanders of a militant alliance in an operation in southern Marawi City on Monday, authorities said, a big boost to a military battling the spread of Islamic State’s radical ideology.