Monday October 10 2016

The Week Magazine: US News

Company news, markets and financial talking points, available from 8am Monday to Friday

Wall Street continues to price in Hillary win after debate

Wall Street stock index futures were little changed during Sunday’s presidential debate, suggesting markets continue to believe that Hillary Clinton is likely to beat Donald Trump in November. "I don’t think it changed people’s opinions in the investing community," said Rick Meckler, of investment firm LibertyView Capital Management. He said financial advisors "feel they need to think about a Clinton win in terms of an investment thesis for 2017".

CBI warns May she is 'closing door' on open economy

The leader of the CBI has warned Theresa May that she risks "closing the door" on an open economy with her approach to Brexit. Carolyn Fairbairn told The Times: "What we have heard over the last few days, if you add up the messages in total, are signs that the door is being closed, to an extent, on the open economy, that has helped fuel investment."

Inheritance: minister says parents should skip generation

Parents should disinherit their children and instead leave their assets and cash to their grandchildren to help young people to get on to property ladder, claims the housing minister. Gavin Barwell has encouraged pensioners to consider skipping a generation as he revealed that his mother will leave her estate and £750,000 home to his sons. He says the move would help ease the housing crisis.

Facebook paid £4.16m - but will it placate critics?

Facebook paid £4.16m in UK corporation tax last year, a significant increase on the £4,327 it paid in 2014. Although the news could placate critics of the company’s tax affairs, some will be angry to learn that the company will receive a tax credit of £11m, which can be used to offset later tax bills. The firm said it was "proud" to have grown its business in the UK.

Metropolitan Police to raid £1bn market

The Metropolitan Police force wants to go into business with the private sector to profit from training other constabularies and foreign police forces in a market that is estimated to be worth more than £1bn. The largest police force in the country hopes to monetise its brand with a commercial arm called Met Enterprise. A spokesman for The Met said that it was involved in "a market engagement exercise".

Documents show RBS squeezed struggling businesses

Royal Bank of Scotland secretly exploited struggling businesses, leaked files reveal. The confidential documents show the lender purchased assets cheaply from failing businesses it claimed to be helping. Bonuses were offered to staff who found firms which could be squeezed in a "dash for cash". RBS said it had let some small business customers down in the past but denied it deliberately caused them to fail.

Quote of the day… How hedge funds cleaned up on weak pound

"The investors who had maximum short positions will have been hedge funds. They will have done extremely well out of this." Naeem Aslam, chief market analyst at spread betting platform Think Markets, says some hedge funds shorting the pound were likely to have made millions from the recent crash.


FTSE-100: up +0.63 to 7044.39
Dow Jones: down -0.15 to 18240.49
Dax: down -0.74 to 10490.86
Cac-40: down -0.67 to 4449.91
Nikkei: down -0.23 to 16860.09
Hang Seng: down -0.42 to 23851.82
US dollar: buys €0.89450 and £0.80650
Sterling: buys $1.23920 and €1.10920
Oil: $51.72 down -1.5

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