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FTSE 100: Inflation worries set to propel the index into the red
The index of UK blue-chip shares is being called 33 points lower by the spread betting firms to 7,636.56

Montyfino

Bill says we’re 12 months till shovel ready at Hanc-ck, it’s looking like we’ll have another placing before the years out, it’s not looking good when the BoD only 0.5% invested

Mulberry share structure stumps City veterans

City veterans are stumped by the share structure of AIM-listed fashion play Mulberry.

The handbag firm is 93 per cent owned by its two biggest shareholders – the Singapore billionaire Ong family and (you guessed it) Mike Ashley.

Former chairman Godfrey Davis owns another 2 per cent, leaving a free float of less than £10 million.

The shares barely move from one month to the next despite volatile markets. Maybe a safe bet, even if one jaded stock picker describes it as 'another Ashley mystery'.

But surely one or other of the big investors has to make a move at some point?

Or maybe regulators should move to spirit this glacial stock off the public markets?

https://www.thisismoney.co.uk/money/share-investing/article-10703393/STOCKS-WATCH-Gemfields-set-sapphire-Madagascar.html

Parks, paddle boarding, even a concert pavilion for London's financial district, in a Green revamp to lure bankers back to their Canary Wharf offices

https://www.thisismoney.co.uk/money/markets/article-10702609/Green-revamp-lure-bankers-Canary-Wharf-offices.html

Lloyds gains a extra £200 million Net interest income for a 25bps rate increase , Come on Governor Andrew Bailey hike them rates

FTSE 100 set to claw back yesterday's losses after US stock rally
The FTSE 100 is expected to open around 33 points higher, practically wiping out all of yesterday's losses.

LONDON, April 8 (Reuters) - British companies hired permanent staff at the slowest rate in a year last month, despite raising starting salaries by a record amount, as they struggled with a lack of qualified candidates, a monthly survey of recruiters showed on Friday.

Britain's central bankers are looking out for signs that the tight job market will prolong the current surge in inflation, which hit a 30-year high in February - though they have also warned high inflation will hurt growth as the year goes on.

https://www.reuters.com/world/uk/uk-hiring-growth-slows-march-due-worker-shortages-recruiters-say-2022-04-08/

https://www.markiteconomics.com/Public/Home/PressRelease/bb026f109f4a484fba85bc45309b6c5f

Recruitment activity continues to rise sharply despite labour shortages
• Permanent placements increase at second-fastest rate on record
• Candidate availability continues to decline markedly
• Starting salary inflation accelerates to fresh series high
Recruiters across Scotland saw another robust uplift in hiring activity in March, according to the latest Royal Bank of Scotland Report on Jobs survey. Panellists noted steep and accelerated increases in both permanent placements and temp billings amid reports of greater market confidence and increased activity at clients. However, the growing imbalance between demand for staff and supply of labour resulted in further marked increases in starting pay. Notably, the latest rise in permanent starting salaries was the fastest on record.

Sebastian Burnside, Chief Economist at Royal Bank of Scotland, commented:
"Latest survey data pointed to a further marked improvement in labour market conditions in March, fuelled by robust demand for staff. Permanent placements increased at the second- fastest rate on record, and temp billings growth quickened to the sharpest for five months.
"Furthermore, as overall demand for staff continued to increase, the data suggest that there will likely be further strong rises in recruitment activity in the months ahead. However, ongoing labour shortages do raise the question of how strong future increases in permanent placements and temp billings will be, as skill shortages limit firms’ ability to fill roles. Nevertheless, the competitive and tight labour market plays in favour of job seekers, with starting salary inflation hitting a fresh survey high in March."

https://www.markiteconomics.com/Public/Home/PressRelease/95766bf091cb487c93745db608e056ae

Global aviation is expected to go back to 2019 levels by August 2023 despite the uncertainty caused by Russia’s invasion of Ukraine.
According to aviation analytics firm Cirium, traffic at the end of the year will be between 10 and 15 per cent down on pre-pandemic levels, but a steady recovery is expected to continue throughout 2022.
“We do expect our baseline scenario to be a pretty steady scenario over the rest of 2022,” Cirium’s senior consultant Richard Evans told journalists today.

https://www.cityam.com/global-aviation-recover-mid-2023-despite-uncertainty-ukraine-war/

LONDON, April 7 (Reuters) - More than one in five bankers earning at least 125,000 pounds ($164,000) a year in Britain have benefited from non-domiciled tax status, as have many high-paid workers in other sectors, a study showed on Thursday.

Non-dom status - which exempts more than 75,000 mostly foreign nationals in Britain from tax on overseas income - has raised questions about the fairness of the tax system, as it overwhelmingly benefits the very rich.

"The biggest shock might be to bankers and others working in City jobs, when they realise how many of their colleagues are benefiting from a tax regime they don't have access to," said Arun Advani, an assistant economics professor at the University of Warwick.

Non-dom status is only available to British residents who claim that their 'domicile' - the centre of their personal and financial interests - is outside the United Kingdom.

Halifax house price index

UK house prices rise steeply to reach new record high, as market maintains momentum
• Monthly house price growth of 1.4% the biggest increase for six months
• Average property price reaches another new record high of £282,753
• Two years on from the first lockdown, house prices have now risen by £43,577
• South West overtakes Wales as UK area with strongest house price inflation
• Cost of living pressure likely to slow the rate of house price growth this year

Russell Galley, Managing Director, Halifax, said:

“Average UK house prices rose again in March for the ninth month in a row. The increase of 1.4%, or £3,860 in cash terms, was the biggest jump since last September. With 2021’s strong momentum continuing into the beginning of this year, the annual rate of house price inflation (+11.0%) continues to track around its highest level since mid-2007. The new record price of £282,753 is up some £28,113 on a year ago, not far off average UK earnings over the same period (£28,860*).
“The story behind such strong house price inflation remains unchanged: limited supply and strong demand, despite the prospect of increasing pressure on households’ finances. Although there is some recent evidence of more homes coming onto the market, the fundamental issue remains that too many buyers are chasing too few properties. The effect on house

https://www.markiteconomics.com/Public/Home/PressRelease/6b9732dfee124275a35cdd80d749a096

EasyJet and British Airways cancel more flights as Easter chaos looms larger

https://www.proactiveinvestors.co.uk/companies/news/978976/easyjet-and-british-airways-cancel-more-flights-as-easter-chaos-looms-larger-978976.html

J.P.Morgan Global Composite PMI

Key findings
Rates of output expansion ease at manufacturers and service providers

Backlogs of work expand at quickest pace in 18 years, led by developed markets

Price inflationary pressures accelerate

The global economic upturn lost a little traction at the end of the first quarter, with March seeing rates of expansion in output and new orders ease and new export business contract. Rising inflationary pressures, stretched supply chains and geopolitical tensions also stymied growth and hit confidence. Business optimism dipped to a 15-month low, but the rate of job creation matched the highest registered since the end of 2007.
The J.P.Morgan Global Composite Output Index – produced by J.P.Morgan and S&P Global in association with ISM and IFPSM – posted 52.7 in March, down from 53.5 in February. The index has signalled growth in each of the past 21 months.

Olya Borichevska, Global Economist at J.P.Morgan, said:

“The March PMI surveys signaled a slight loss of growth momentum for the global economy, with the headline output index falling 0.8pts to 52.7. Beneath the headline decline, today’s surveys highlight cross-currents impacting the global economy. The end of the Omicron wave across much of the DM is allowing for activity to rebound and this is shown by the rise in the DM services PMI.Bycontrast,thevirusoutbreakinChinahasresulted in a large decline in China’s PMI index. In Russia, the PMI collapsed on domestic developments stemming from the war in Ukraine.”

https://www.markiteconomics.com/Public/Home/PressRelease/0bc262035424466a98f209c3a7e9ddae

Interest rates are the key

Rising inflation is often accompanied by interest rate hikes, as we’ve seen in the last couple of months in the UK and the US. Banks look at interest rates hikes like kids look at sweets. They generate a large portion of their revenue from the spread between the rates they charge to lend money and the rates they offer to borrow it. When rates are higher, they have more margin to widen the spread.

https://www.fool.co.uk/2022/04/06/warren-buffett-loves-investing-in-banks-could-lloyds-banking-group-shares-fit-in-his-portfolio/

British households' financial situation is now the most precarious since the depths of the COVID-19 pandemic in the second quarter of 2020, due to a surging cost of living, a survey showed on Wednesday.

Pensions company Scottish Widows, part of Lloyds Banking Group, said 60% of households had been unable to save more during the pandemic, and that those households which had savings were now running them down at the fastest rate in nine years.

"Over 70% of households will need to eat into their savings in the next 12 months in order to meet their growing expenses," Emma Watkins, a managing director at Scottish Widows, said.

British consumer price inflation hit a 30-year high of 6.2% in February and the government's budget watchdog forecasts it will peak at a 40-year high of 8.7% towards the end of this year, due to surging energy costs and broader price rises.

The budget watchdog also said the fall in real incomes would be the greatest since records began in 1956 as wages failed to keep pace with prices.

Polling company Ipsos MORI surveyed 4,500 people aged 18-64 between Jan. 27 and March 8 for Scottish Widows.

Airlines are expected to pass increasing oil prices to passengers through higher fares, said former IAGA boss Willie Walsh.
According to Walsh, the war-induced spike in energy costs has worsened the industry’s overall outlook for 2022 to include industry-wide losses.
In the past oil prices would take around six months to pass onto customers but now it could happen in a shorter timeframe because of market volatility and lower booking levels following the pandemic.

Walsh, who is now at the helm of the International Air Transport Association, said the industry was working hard to tackle staff shortages after thousands of UK travellers faced massive disruption due to en masse flight cancellations.
Holidaymakers have seen their plans cancelled as airlines and airports reported high levels of Covid among their staff.
British Airways cancelled 78 flights to and from Heathrow this morning, while EasyJet axed an additional 30 from Gatwick, City A.M. reported.

Lenin

Good news for Lloyd’s investors Governor Andrew Bailey is looking to hike rates again for April, markets still expecting interest rates to be at 2% by the end of this year

CIPS UK Construction PMI

Fastest rise in construction orders since August 2021

Key findings
Construction output boosted by sustained rise in new work

Commercial construction outperforms in March

Business optimism drops to 17-month low

March data pointed to a continued rise in UK construction output, helped by the fastest increase in new work for seven months. That said, escalating inflationary pressures and concerns about the economic impact of the war in Ukraine contributed to a sharp drop in business optimism. The degree of confidence about the growth outlook was the weakest since October 2020.
The headline S&P Global / CIPS UK Construction Purchasing Managers’ Index® (PMI®) – which measures month-on-month changes in total industry activity – registered 59.1 in March, unchanged from February and well above the 50.0 mark that separates expansion from contraction. The latest reading signalled the joint-fastest rate of output growth since June 2021.

Tim Moore, Economics Director at S&P Global, which compiles the survey said:
"Commercial projects helped keep construction growth at its highest level since last summer as clients boosted spending in response to the roll back of pandemic restrictions. Civil engineering also fared well in March as work on major infrastructure contracts underpinned growth. Residential work found itself in the slow lane, however, as some firms noted that greater caution crept into spending decisions.
"The construction recovery looks set to continue in the near-term as order books improved at the fastest pace for seven months in March. Input buying and job creation in the sector also remained indicative of strong underlying momentum.

https://www.markiteconomics.com/Public/Home/PressRelease/c43a0d2bd7e1467882d64ffd17b2f1b8

Bill Brodie Good, Chief Executive Officer and Technical Director, will be participating in the Proactive One2One Investor Forum on Thursday, 7 April 2022 at the Chesterfield Mayfair Hotel, London,

https://www.eventbrite.co.uk/e/proactive-one2one-forum-7th-april-2022-tickets-293769932777