Tag Archives: biggest

California’s economy passes UK’s to become world’s fifth biggest

People visit Santa Monica beach in Los Angeles county. Photograph: Greg Balfour Evans / Alamy/Alamy California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to new federal data made public on Friday. Despite having a population of only 40 million compared with the UK’s 65 million people, California’s gross domestic product of $2.7tn ... Read More »

Flooding from Harvey the biggest risk to U.S. energy sector

 Refinery problems tied to the flooding from Tropical Storm Harvey and pipeline outages pose the biggest source of sector disruptions, Goldman Sachs said. Tropical Storm Harvey picked up pace and strength as it moved out of southern Texas overnight. The storm is on track to move east toward Louisiana and the Lower Mississippi Valley through Friday. The threat of flooding for the Houston metropolitan ... Read More »

China slowdown is global economy’s biggest threat, Rogoff says

The former chief economist of the International Monetary Fund has told the BBC a slowdown in China is the greatest threat to the global economy. Ken Rogoff said a calamitous “hard landing” for one of the main engines of global growth could not be ruled out. “China is going through a big political revolution,” he said. “And I think the ... Read More »

FTSE poised for biggest drop since June

UK shares fell at the open, set for their biggest drop since June 27 as stocks and bonds were sold off across the world on nervousness about central bank policies. Equities dropped as bond yields rose in the U.S. and Asia on the back of a possible September U.S. rate hike and questions about whether central banks had reached the ... Read More »

China’s PSBC launches biggest share sale of the year

Postal Savings Bank of China (PSBC) is looking to raise $8bn (£6bn) by listing its shares in Hong Kong, making it the world’s biggest share sale this year. It is the largest stock market listing since Chinese online retailer Alibaba raised $25bn in New York in 2014. PSBC is China’s fifth largest lender, but the biggest by number of branches. ... Read More »

London traders brace for biggest night since ‘Black Wednesday’

The world’s biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain’s referendum on EU membership, set to be among the most volatile 24 hours for markets in a quarter of a century. A vote to leave the European Union on June 23 would spook investors by undermining post-World War Two ... Read More »

‘Brump’ or ‘Trexit’? Markets may conflate year’s biggest risks

Even though market myopia is often used to explain why investors appear to be ignoring November’s U.S. presidential election while trading furiously around this month’s vote on Britain leaving the EU, the two events may end up being conflated. Fund managers and economists, including Harvard professor and Democrat grandee Lawrence Summers, puzzle endlessly as to why UK and European markets ... Read More »

Yen posts biggest weekly gain since 2008, stocks slip

The yen hit an 18-month high on Friday as investors bet the Bank of Japan might be done adding stimulus to the economy, while stocks in Europe and on Wall Street headed lower as earnings disappointed. Major European stock indexes closed down more than 2 percent, but U.S. equities pared some losses by the close after being down as much ... Read More »