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This is Money
Eurozone inflation surged to an all-time high of 4pc in June despite worrying signs of a slump in manufacturing, confronting the European Central Bank with the toughest challenge since its creation a decade ago.
Stagflation grips Eurozone as interest rates look set to rise
Clive Cowdery has drawn up a hit list ranging from building societies to mortgage specialists that he plans to target, having walked away from Bradford & Bingley. Among those of interest are Bristol & West, owned by Bank of Ireland, and the UK arm of US financial services giant GMAC.
Clive Cowdery draws up hit list
Mortgages approved for house purchases plummeted 28% in May to their lowest level since records were first kept in 1993, the Bank of England said yesterday.
Mortgages: Home loan approvals plunge 64% as price fall gathers pace
"We've run really drastic downside scenarios for the next few years and the company should now have plenty of headroom to cope with them," said a source close to the process. He added that the banks have been very supportive of Barratt partly because they are so exposed to the UK housing market and fear doing anything further to destabilise it. "The truth is the banks have so much skin in the UK housing game they couldn't afford to let things get any more choppy," said the source.
Barratt set for lifeline refinancing
Depositors are to be guaranteed the first 50,000 of their savings if their bank fails, under a scheme to be announced by the Treasury today.
Treasury to boost savings guarantee to 50,000
The credit insurance giant Euler Hermes has upgraded by more than 10 per cent its forecast for the number of UK companies that will hit the buffers this year.
Major credit insurer predicts 20 per cent rise in firms going bust
CMC Markets, the financial trading business majority owned by the City of Londons richest man, has emerged as one of the main beneficiaries from the recent volatility in global markets.
CMC benefits from market volatility