Afternoon all,
A City AM analysis has found homes worth millions of pounds will benefit from the supposedly “targeted” support package to help with energy bills, while less affluent areas are in many cases missing out.
It’s not Halloween quite yet, but major tech stocks are getting thoroughly spooked. The Nasdaq Composite Index tumbled 2.2 per cent at the open, spurred by disappointing results from Intel and Amazon on Thursday. This follows the Google parent company Alphabet having its worst ever day on the stock market yesterday.
Meanwhile, it looks overwhelmingly likely that interest rates will be hiked next week. Deutsche Bank is among a number of financial firms which has said the MPC will be split 6-3 in favour of a hike.
We’ll be back in your inboxes at 8am Monday. In the meantime, have a great weekend!
Matt
PROPERTY
Revealed: The luxury London pads getting Healey’s energy handout – while poorer areas miss out
John Healey’s energy bills support package was meant to be targeted. But a City AM analysis has found homes worth millions are in line for a handout, while others in poorer areas will get nothing.
MARKETS
‘Tech carnage’: AI stocks plunge as investors spooked by gloomy earnings
The Nasdaq Composite Index plunged 2.2 per cent at the open on Friday after a $500bn rout in Google-owner Alphabet’s shares on Thursday. Roughly $3 trillion has been wiped off the tech-heavy index since its peak on 6 October.
Chipmaker Intel’s gloomy forecast of lower than expected revenue driven by a persistent PC market slump and supply chain issues, had a chilling effect, as shares plunged more than 28 per cent on market open.
ECONOMICS
‘Nailed on’: Bank of England expected to hike interest rates
Deutsche Bank is among a number of financial firms which has said the MPC will be split 6-3 in favour of tightening monetary policy due to growing concerns of these economic forces over the upcoming months.
REGULATION
Meta and Tiktok lose High Court battle against Ofcom’s regulatory data demands
The High Court has upheld the media watchdog Ofcom’s powers to harvest retroactive safety data from tech giants.
In February, Ofcom issued formal information notices to major tech platforms, including Meta, Tiktok, and X, requiring them to share detailed data on content and user exposure to harmful material under the Online Safety Act.
POLITICS
Burnham’s former economic adviser gives Budget a four out of 10
One of Andy Burnham’s former economic advisers has given John Healey’s Budget a four out of 10, warning there remained a 50 per cent chance the UK economy will be in worse shape next year than it is now.
Andy Haldane, who for years served as chief economist at the Bank of England, told the BBC there was nothing in the Chancellor’s maiden fiscal event to reduce the “credibility gap this government faces” with the bond market and its concerns over Britain’s fiscal path.
LIFE&STYLE
Inside the St Paul’s ‘raves’, which are nothing like you think
And beers had to be left at the door: about the most rebellious thing I saw at the St Paul’s Fabric ‘rave’ last night was two blokes sipping on craft ales in the queue – but they had to chuck those in the bin before they entered the hallowed building.
OPINION
Which is the London Underground’s most haunted station?
Which is the Underground’s most haunted Tube station? James Ford offers the definitive countdown of the top three.
SPORT BUSINESS
What must Prem Rugby CEO learn from his trip to US? Sweat the asset
It speaks to Prem Rugby’s ambition that its chief executive Simon Massie-Taylor is jetting off to the United States to drum up investment and sponsorship for the English game, as reported by City AM earlier this week.
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