Global bonds rallied while stocks retreated as slowing growth in China and the rapid spread of the Delta variant of coronavirus fueled fears about the health of the global economy.
The FTSE 100 lost 1.6% over the week. Shares were pressured by a continued sharp growth in the COVID-19 infection rate which undermined hopes of economic recovery with thousands of people told to self-isolate after being pinged by the NHS Covid app. England is due to lift all remaining restrictions on Monday 19 July, with the responsibility for measures such as masks and social distancing shifting to individuals and companies.
UK inflation, as measured by the consumer prices index, rose 2.5% in the 12 months to June. This is above the official target and puts pressure on the Bank of England to reduce its debt purchases, with two policymakers already backing such a move and one MPC member hinting that interest rates may have to rise earlier than expected.
The Bank of England removed restrictions on bank dividends and share buybacks imposed during the pandemic, judging the sector to be resilient enough to absorb any further pandemic-related shocks.
Revolut, the London-based digital banking start-up, raised $800m in a funding round that makes it the UK’s most valuable private tech company at $33bn. [READ MORE…]
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Let’s mix up the font and use itals to bring it to life. Property picture if we have one or use iStock.
Strategy Manager, RSA.
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Leading global proptech CEO
(“Chesnara” or the “Company”)
13 September 2021
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