This was due to a 1.6% drop in prices charged for ‘final demand goods’, such as energy, while services prices rose 0.2% in the month. The Producer Price Index for final demand fell by 0.3 percent in May, data just released shows. Just in: The price rises charged by goods makers and services providers in the US has slowed, a sign that America’s inflation problem is easing. Odey, 64, claimed last week the FT report was a “rehash” of previous reporting, and said the allegations within it were either untrue, or that his relations with women had at the time been “consensual”.ħd ago 13.39 BST US PPI inflation falls as squeeze eases Do you recognise that report? To what extent does the FCA take into account the litigiousness of the subject of an investigation in determining its approach? Were further resources required by any FCA investigation in the face of that threat? The FT today reported that Mr Odey threatened to sue the FCA over its investigation. Given the very serious conduct allegations raised by the FT, has the FCA expanded any ongoing work into this matter? Have any attempts been made to seek further evidence from Mr Odey, Odey Asset Management or persons who have worked with Mr Odey? What has been the nature and intensity of your supervision and engagement with Odey Asset Management over the last five years? To what extent has that engagement been driven by the allegations such as those in the Financial Times article? MPs have sent the Financial Conduct Authority 13 questions, following allegations against founder Crispin Odey of sexual misconduct against junior female members of staff. Parliament’s Treasury Commitee are quizzing the UK’s financial regulator, over its supervision of Odey Asset Management. WE Soda’s plan to float in the UK had been hailed as a boost to the City, so this is obviously a blow to London. Notwithstanding this decision, our strategic priorities remain the same - our relentless focus on sustainability and safety, delivering on our growth projects in Turkey and the US.” “As a result, we have decided to cancel our IPO on the London Stock Exchange. “Despite this, the reality is that investors, particularly in the UK, remain extremely cautious about the IPO market and this extreme investor caution in London meant that we were unable to arrive at a valuation that we believe reflects our unique financial and operating characteristics. We are a leader within our industry, not only in terms of scale, but also in terms of innovation and sustainability. WE Soda is the largest and fastest growing producer of natural soda ash and one of the lowest cost producers of soda ash in the world. “Since our intention to float announcement some weeks ago, we had been encouraged by the breadth of investor engagement globally and the subsequent interest from prospective investors in our IPO. WE Soda has just announced it has decided to cancel its proposed IPO on the London Stock Exchange, which had been expected to value the company at up to $8bn. Newsflash: The world’s largest natural soda-ash producer has abandoned plans to float in London, and blamed extreme caution among City investors.
Indeed, markets are pricing a two-thirds chance of a 50bp rise at some point between now and September.Īt next week’s meeting we would not be surprised to see a three-way split in the voting – two for no change, six for +25bp and one member for +50bp.ħd ago 15.25 BST WE Soda cancels London float plans This week’s strong labour market report reduces the likelihood of the Bank doing nothing in June, and raises the risk of 50bp. We expect the BoE to raise rates by 25bp at next week’s meeting, then again in August and September. This morning’s GDP report, showing the UK returned to growth, could embolden the BoE to keep hiking UK borrowing costs when its Monetary Policy Committee meets next week.Īnalysts at Nomura predict the Bank will lift UK rates by a quarter-point, to 4.75%, at the June meeting, in a split decison.
Today’s US PPI data, showing easing prices pressures, has weakened the dollar, with traders betting the Fed will pause its rate increases tonight. The US Federal Reserve, though, could be close to pausing its rate hikes after inflation fell to 4% in May – just half as fast as the UK’s 8.7% inflation rate in April. Traders are betting that the Bank of England will continue to raise UK interest rates, from 4.5% today to perhaps 5.75% by the end of this year.
The pound hits a one-year high, powered by Bank of England rate bets /y819xH6qWF- Bloomberg UK June 14, 2023
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