Italian referendum fallout and progress in RBS's legal saga: Today's top City headlines

Comments Off on Italian referendum fallout and progress in RBS's legal saga: Today's top City headlines

The fallout from yesterday’s shock referendum result in Italy dominated headlines today. The cost of insuring against Italy going bust and reneging on its debts jumped to its highest level for three years, bank shares see-sawed, bond yields shot up and the euro plummeted.

But there was plenty to chew over elsewhere too. Here are the day’s other major headlines:

Royal Bank of Scotland shares moved up on hopes that the legal saga over its 2008 rights issue has been resolved.

Experts declared that the UK remains “resiliently robust” in the teeth of Brexit uncertainty and the shock of Donald Trump’s US election win after the largest chunk of the economy picked up the pace last month.

Pharma giant AstraZeneca cleared a popular hay-fever treatment out of its drugs cabinet. It sold a key licence to retail Rhinocort to US rival Johnson & Johnson for $330 million (£259 million).

Investors were betting on a Burberry takeover as it emerged the British brand has rebuffed several approaches from US fashion firm Coach.

Hundreds of mental health patients will transfer to a new care home operator after struggling provider Cambian sold its adult services business to an American firm for £377 million.

Moss Bros is trying to attract younger customers who want to rent suits for everyday occasions to power its next phase of growth, its chief executive said today.

Several high-profile investors in online estate agent Purplebricks were counting their winnings today after a maiden UK profit sent shares soaring more than 20%.

The City of London’s latest skyscraper — the Scalpel — could snare its third major tenant in another boost for the capital’s  post-Brexit property scene, the Standard understands.

Axa’s planned new 22 Bishopsgate skyscraper is taking a four-storey “haircut” to avoid clashing with planes flying into London’s City Airport.

OPEC is to meet rival oil-producing countries to finalise a key oil production cap. The meeting, in Vienna on December 10, follows a deal struck by Opec last week to reduce oil output by 1.2 million barrels a day from January to combat a supply glut.

New-car sales rose by 2.9% last month, industry data showed. Chief executive Mike Hawes said technological advances such as fuel-efficiency measures had attracted customers.

Comment highlights:

We’d wrong to be complacent about Italy, writes Jim Armitage. It could have real effects on markets.

“Investors may regret they didn’t sell the euro more today than they did.”

Hamish McRae weighs in on the Italian situation too. Italy is a worry for the world, he argues, because its success or otherwise will shape the future of the European Union.

“Is the country starting down a slippery path towards exiting the eurozone or the EU?”


Mayfair-based Advanced Cancer Diagnostics has secured the exclusive UK and Ireland rights to sell a pioneering cancer-screening test. The team behind the company talked to Jamie Nimmo about the business and why they believe a cure for cancer is just five years away.

Small business agony aunt Jo Malone explains how to turn an idea for a book into a viable business

Market update:

Gold showed no sign of its traditional safe haven appeal after Italy sparked political and economic uncertainty. However, equity investors shrugged off the Italian result and the FTSE 100 turned losses into gains, rising 53.17 points to 6783.89.


Losing its shine: Gold prices fell (AFP/Getty Images)

Going up: Ryanair, Wizz Air, Prudential

Going down: Randgold Resources, WANdisco

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December 6, 2016 |
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