Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

European stocks move higher as UK overhauls banking rules

European stocks move higher as UK overhauls banking rules

UK banking giants, insurers and asset managers were among the companies that lifted to the top of the FTSE 100 on Friday.
UK stocks have made modest gains on the day that Chancellor Jeremy Hunt unveiled plans to overhaul post-2008 financial services regulations.

The so-called “Edinburgh reforms” will implement 30 changes that are expected to “turbocharge” growth in the UK and encourage investment into the City.

Faced with the argument that the move could destabilise post-financial crisis protections, Mr Hunt assured the UK that the Treasury was prioritising both growth and stability in loosening rules.

UK banking giants, insurers and asset managers were among the companies that lifted to the top of the FTSE 100 on Friday, helping to lift it out of negative territory from previous days.

It closed 4.46 points higher, or 0.06%, at 7,476.63.

Emma Mogford, a fund manager at Premier Miton Investors, said: “I see this as the beginning of a more positive regulatory environment for banks in the UK.

“Years of increasing capital requirements drove banks to reduce the riskier parts of their lending and the knock on effect of lower lending had been negative for economic growth.

“Friday’s announcement, combined with the reduction in the extra tax that banks pay, marks a swing in the pendulum towards more supportive regulation and recognises that the banks can now play an important part in reviving the UK economy.”

Meanwhile, European and US stocks were also moving higher at the end of the day. The German Dax was up 0.74% and the French Cac closed 0.73% higher.

The S&P 500 was up by 0.21% and Dow Jones was edging up by 0.05% when European markets closed.

The pound also rallied against the US dollar, up 0.5% to 1.23 dollars, and was up 0.7% to 1.1663 against the euro.

In company news, housebuilder Berkeley Group told investors that it would be slowing down investment into new developments while the housing sector environment remains challenging.

It said that sales were down by a quarter in recent weeks compared to the previous five months, reflecting a cooling market.

Shares in the FTSE 100-listed company were up by 0.32%.

Meanwhile, shares in car dealership business Pendragon plummeted on Friday after its top shareholder withdrew its takeover pursuit.

Swedish car dealer group Hedin had previously proposed a deal that would value Pendragon at £406 million, but withdrew the offer as a result of challenging economic conditions.

Shares in Pendragon closed 28.4% lower at close.

The biggest risers on the FTSE 100 were DS Smith, up 14.7p to 327.7p, Intercontinental Hotels Group, up 194p to 4,986p, Prudential, up 32p to 1,090.5p, Rolls-Royce Holdings, up 2.66p to 94.05p, and Halma, up 56p to 2,133p.

The biggest fallers on the FTSE 100 were Frasers Group, down 32p to 782.5p, Anglo-American, down 109.5p to 3,190p, GSK, down 25.8p to 1,457.8p, Tesco, down 3p to 227.9p, Fresnillo, down 11.4p to 874p.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
×