Almost a third of shoppers who use buy now, pay later credit say repayments on the loans have become “unmanageable”, with the cost of living crisis pushing them into a debt spiral, new research has found. Consumers are spending more via the controversial form of credit, with shoppers who use BNPL now paying off an average of 4. 8 purchases – almost double the 2. 6 purchases in February, the research found. The average BNPL user’s outstanding balance currently stands at £254.
Consumer confidence has fallen to an historic low, a survey showed on Friday, as soaring inflation and the weakening economic outlook weighed heavily.
Financial markets' focus at the end of the week will be on the University of Michigan's consumer sentiment survey for the early June.
European markets finished near their session lows on Thursday after the release of a spate of weaker-than-expected Purchasing Managers' Indices for euro area factory and services activity.
FTSE 350 stocks fell on Thursday as a spate of manufacturing and services sector surveys in the US and euro area printed well below economists' forecasts, feeding concerns around the outlook for the global economy.
London stocks were once again in the red by the close on Thursday, reversing their lunchtime gains as recession fears continued to weigh on sentiment and as investors sifted through a raft of UK data.
Berkeley Group was at the top of the list of director deals on Thursday afternoon, after four of its board members were linked to large purchases.
South Africa-focussed vanadium producer Bushveld Minerals has secured funding for the engineering, procurement and construction (EPC) of the Vametco hybrid mini-grid, it announced on Thursday.
The summer of industrial action looks set to grow, with British Airways workers at Heathrow voting on Thursday to walk out at the height of the summer holidays.
Citi resumed coverage of e-commerce group THG on Thursday with a 'buy' rating and 220. 0p price target.
Output from America's private sector increased in June at its slowest pace since the appearance of the Omicron variant of Covid-19 in January and was at its second-softest since July 2020, the results of two closely-followed survey revealed.
Wall Street stocks traded higher early on Thursday as market participants continued to keep a keen eye on Federal Reserve chairman Jerome Powell's testimony in Washington.
GlaxoSmithKline said on Thursday it will invest £1bn over ten years to accelerate research and development (R&D) into infectious diseases that disproportionately impact lower-income countries.
London’s FTSE 250 was 1. 1% lower in afternoon trade on Thursday at 18,679. 64.
London’s FTSE 100 was down 0. 7% at 7,042. 93 in afternoon trade on Thursday.
America's current account deficit reached a fresh record high equivalent to 4. 8% of the country's gross domestic product over the first three months of 2022.
The number of Americans filing fresh unemployment claims fell by 2,000 in the seven days ended 18 June to hit 229,000, below expectations for a print of 227,000 and pointing to an exceptionally tight labour market.
Stifel upgraded Capricorn Energy on Thursday to ‘buy’ from ‘hold’, as it said the proposed all-share deal with Tullow Oil significantly undervalues the group and a higher offer will likely be necessary for it to complete.
The recent plunges in cryptoassets have caught many investors off guard, as they now see their portfolios reduced by as much as 70% as a result of Bitcoin's correction from its November 2021 highs. In addition, over the past year, fear of contagion has spread through the cryptocurrency market and more recently on concerns that several cryptoasset lenders and a hedge fund are insolvent. The fear culminated the past weekend, when Bitcoin fell to about $17,500 and Ethereum to $880.
Analysts at Canaccord Genuity hiked their target price on software Cerillion from 950. 0p to 1,100. 0p on Thursday as they raised their estimates for the group and labelled expectations as "conservative".
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