Latest news with #Ebury
Irish Examiner
2 days ago
- Business
- Irish Examiner
Irish SMEs braced for costs to rise amid ongoing trade uncertainty
Nearly three quarters of Irish SMEs are bracing for costs to rise amid global trade uncertainty, while one in three businesses expect their imports and exports to fall, new research predicts. The research based on a study of 300 senior finance decision makers at SMEs in Ireland found that sentiment among Irish SMEs has taken a hit since the onset of tariffs, with 40% of firms reporting a deterioration in business confidence. The trading sentiment tracker by global financial services firm Ebury reported that 72% of SMEs expect their business costs to increase in the next 12 months as a consequence of US tariffs, with these businesses predicting an average 22% uptick in costs. Only 16% of exporting firms expected exports to increase, while just 13% expected imports to grow. When asked what the biggest fears were, the SMEs pointed to tariffs and trade barriers (31%), currency fluctuations (23%), geopolitical risks (23%), supply chain disruptions (19%), and increased operational costs (18%). 'Our data shows that global trade tensions are clearly weighing on sentiment and trading activity. Despite a recent deescalation in the trade war, many SMEs remain uneasy, not just about tariffs but also the wider volatility in currency markets and heightened geopolitical tension,' said Ebury head of dealing in Ireland, Robert Purdue. Since the announcement of tariffs, SMEs have responded in different ways with nearly a fifth (18%) of those surveyed diversifying trading partners, 16% changing suppliers, 15% shouldering additional costs while 12% have frozen hiring and 9% have laid off staff. However, over a quarter (26%) say they haven't taken any steps since the announcement, despite the uncertainty and the expectation of greater costs. US president Donald Trump has threatened to impose 50% tariffs on imports from the EU if an agreement is not reached by July 9. On Tuesday, Mr Trump said the EU are "either going to make a good deal or they'll just pay whatever we say they have to pay" as negotiations continue. European Commission president Ursula von der Leyen said the talks were "complex but we are advancing". The EU's total exports to the United States last year totalled about €500bn, with Ireland exporting €72bn.
eNCA
13-06-2025
- Business
- eNCA
Oil prices soar, stocks slide after Israel strikes Iran
Oil prices soared and stocks sank Friday after Israel launched strikes on nuclear and military sites in Iran, stoking fears of a full-blown war. Oil futures rocketed more than 13 percent at one point, reaching the highest levels since January and reigniting worries about a renewed spike to inflation. Fears of a higher-cost environment sent share prices sliding for a majority of companies across Asia and Europe. Energy majors jumped, however, as despite a pullback heading into the Wall Street open, crude was still up by around 8.5 percent. The dollar jumped, while gold -- viewed as a safe haven investment -- was close to its record high of above $3,500 an ounce set in April. "Global markets are being rattled by an escalation of Middle East tensions," noted Richard Hunter, head of markets at trading group Interactive Investor. "Asian markets were the first to react to the news overnight, with (stock market) declines across the board." Europe followed suit, with almost all the continent's stock indices in negative territory nearing the half-way stage. Iran called Israel's wave of strikes a "declaration of war", after the Israeli military hit about 100 targets including nuclear facilities and killed senior figures, among them military chiefs and top nuclear scientists. US President Donald Trump told Fox News he had prior knowledge of the Israeli strikes, which Israel said involved 200 fighter jets. Trump also stressed that Tehran "cannot have a nuclear bomb". Iran's supreme leader Ayatollah Ali Khamenei warned Israel it faced a "bitter and painful" fate over the attacks, while the Iranian military said there were "no limits" to its response. "The big fear for investors is that an escalation to the tensions will not only raise the risk of a prolonged conflict, but it could disrupt Iranian oil production," said Matthew Ryan, head of market strategy at global financial-services firm Ebury. "We suspect that safe haven assets will be well supported in the coming days, as markets brace for additional retaliatory attacks and the possibility of a wider conflict." Ryan added in a client note that "the spike in oil prices... has broader implications, as it could both weigh on the global growth outlook and keep inflationary pressures higher for longer, which complicates the easing cycle among the world's major central banks".
Yahoo
06-06-2025
- Business
- Yahoo
Pound takes breather after hitting highest point against dollar since 2022
The pound pulled back slightly against the dollar on Friday in European trading hours, dipping almost 0.3% to trade around the $1.354 mark. Sterling's rally has sent it to its highest point against the greenback since 2022, but that's largely due to dollar weakness, analysts say. 'Domestic factors have also been supportive of sterling," said Matthew Ryan, head of market strategy at global financial services firm Ebury. Read more: FTSE 100 LIVE: Stocks mixed as traders weigh up Trump-Musk row and trade war developments 'This week's updated UK PMI figures provide reason for optimism, as the composite index was revised sharply higher to 50.3 in May (from the initial 49.4 estimate), i.e. back above the key level of 50 that separates growth from expansion. 'As we've been stressing for some time, Britain's economy should be well positioned to weather the tariff storm, while at the same time inflation is printing well above the Bank of England's 2% target." The dollar index ( headed 0.2% higher, meanwhile. The index tracks it against a basket of other currencies. The pound was almost flat against the euro following a Thursday interest rate cut by the European Central Bank (ECB). Read more: Average UK house price falls in May after stamp duty changes The bloc cut interest rates by a quarter of a percentage point for the eighth time in a year, as the bank attempts to support the euro economy after the turmoil caused by US president Donald Trump's trade war. The benchmark rate on the deposit facility has been reduced from 2.25% down to 2%, from a high of 4% toward the middle of 2023. Gold prices headed higher as economic uncertainty persists surrounding president Trump's trade tariffs. The yellow metal rose despite a strengthening dollar. Spot gold prices rose 0.4% to $3,364, while gold futures headed 0.3% higher to trade around $3,384. The weakness in the dollar in recent weeks has made it cheaper for buyers holding other currencies to snap up gold — a safe haven in uncertain times. "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China driving people to buy gold... and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures told Reuters on Thursday. Oil prices were on the back foot on Friday, pulling slightly lower amid concerns about oversupply and economic growth. Brent crude futures (BZ=F) fell 0.3% to $64.59 a barrel, while West Texas Intermediate futures (CL=F) declined 0.3% at $63.18 a barrel. Read more: The most popular stocks and funds investors bought in May Saudi Arabia has bee pushing for a major increase in oil production and has slashed prices for Asian buyers, signalling weaker demand, analysts said. The July price cut by Saudi Arabia, which is the world's biggest oil exporter, comes after the decision from the Organization of the Petroleum Exporting Countries and their allies — known as OPEC+ — to increase output next in to access your portfolio
Yahoo
06-06-2025
- Business
- Yahoo
Pound takes breather after hitting highest point against dollar since 2022
The pound pulled back slightly against the dollar on Friday in European trading hours, dipping almost 0.3% to trade around the $1.354 mark. Sterling's rally has sent it to its highest point against the greenback since 2022, but that's largely due to dollar weakness, analysts say. 'Domestic factors have also been supportive of sterling," said Matthew Ryan, head of market strategy at global financial services firm Ebury. Read more: FTSE 100 LIVE: Stocks mixed as traders weigh up Trump-Musk row and trade war developments 'This week's updated UK PMI figures provide reason for optimism, as the composite index was revised sharply higher to 50.3 in May (from the initial 49.4 estimate), i.e. back above the key level of 50 that separates growth from expansion. 'As we've been stressing for some time, Britain's economy should be well positioned to weather the tariff storm, while at the same time inflation is printing well above the Bank of England's 2% target." The dollar index ( headed 0.2% higher, meanwhile. The index tracks it against a basket of other currencies. The pound was almost flat against the euro following a Thursday interest rate cut by the European Central Bank (ECB). Read more: Average UK house price falls in May after stamp duty changes The bloc cut interest rates by a quarter of a percentage point for the eighth time in a year, as the bank attempts to support the euro economy after the turmoil caused by US president Donald Trump's trade war. The benchmark rate on the deposit facility has been reduced from 2.25% down to 2%, from a high of 4% toward the middle of 2023. Gold prices headed higher as economic uncertainty persists surrounding president Trump's trade tariffs. The yellow metal rose despite a strengthening dollar. Spot gold prices rose 0.4% to $3,364, while gold futures headed 0.3% higher to trade around $3,384. The weakness in the dollar in recent weeks has made it cheaper for buyers holding other currencies to snap up gold — a safe haven in uncertain times. "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China driving people to buy gold... and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures told Reuters on Thursday. Oil prices were on the back foot on Friday, pulling slightly lower amid concerns about oversupply and economic growth. Brent crude futures (BZ=F) fell 0.3% to $64.59 a barrel, while West Texas Intermediate futures (CL=F) declined 0.3% at $63.18 a barrel. Read more: The most popular stocks and funds investors bought in May Saudi Arabia has bee pushing for a major increase in oil production and has slashed prices for Asian buyers, signalling weaker demand, analysts said. The July price cut by Saudi Arabia, which is the world's biggest oil exporter, comes after the decision from the Organization of the Petroleum Exporting Countries and their allies — known as OPEC+ — to increase output next month.
Reuters
21-05-2025
- Business
- Reuters
UK's FTSE 100 inches lower as market assesses inflation data, mixed earnings
May 21 (Reuters) - Britain's FTSE 100 index edged lower on Wednesday, weighed by a mixed bag of corporate earnings, and as the country's hotter-than-expected inflation data led investors to temper expectations for the Bank of England's interest rate cuts. As of 0949 GMT, the blue-chip index (.FTSE), opens new tab was down 0.1%. Britain suffered a bigger-than-expected inflation surge in April, including in areas watched closely by the Bank of England. "Today's data should put pay to the possibility of another UK rate cut for a few months, and will likely encourage the Bank of England to maintain its hawkish policy guidance for some time yet," said Matthew Ryan, Head of Market Strategy at Ebury. The chance of a rate cut in August was cut to 40% by investors, down from 60% before the inflation data. Sterling hit its highest in three years, opens new tab against the U.S. dollar after the figures were published. The inflation data triggered a slight wobble on the more domestically-focused midcap index (.FTMC), opens new tab, which was down 0.7%. Separately, British house prices also rose at their fastest pace since the end of 2022 in the 12 months to March, according to official data published on Wednesday. Among the blue-chips, sportswear retailer JD Sports' shares (JD.L), opens new tab were the worst hit, dropping 6.5% after it warned that President Donald Trump's tariffs may force the company to hike prices in the key market. Marks & Spencer (MKS.L), opens new tab slid 2% after the retailer said "a highly sophisticated and targeted cyberattack" would cost it about 300 million pounds ($403 million) in operating profit. On the other hand, aerospace and defence sub-index (.FTNMX502010), opens new tab gained 1.3%. Utilities (.FTUB6510), opens new tab were up 1% with SSE (SSE.L), opens new tab rising 1.2% even after the renewable energy generator cut its five-year investment plans by 3 billion pounds ($4.04 billion), citing a changing macroeconomic environment across the energy sector. Currys (CURY.L), opens new tab rose 1.9% after the electricals retailer raised its annual profit forecast for the third time this year.
