London flotation woes, Deutsche strong and BT helped by EE: Today's City headlines

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TWO of London’s biggest flotations, expected to be worth nearly £15 billion, were scrapped today as Brexit jitters slammed the door shut on stock-market listings.

Mobile phones network O2, worth £10.25 billion, and £4.5 billion software firm Misys pulled the plug on plans to list in London after demand for public offerings of stock went south.

Fears of a fresh European banking crisis subsided today after Deutsche Bank’s Brit boss John Cryan delivered a surprise profit for the battered German lender. 

The bank eked out a €278 million (£248 million) net income for the third quarter, reversing a €6 billion loss last year. Lower costs, because of a reduction in bonuses, and a boom in debt and currency trading fuelled the performance.

BT’s takeover of mobile operator EE looked to bear fruit on Thursday, as revenue jumped by a third.

That helped offset a plunge in spending by the government and drew some attention away from an alarming leap in the pension deficit.

Hundreds of Barclays bond dealers are in line for huge bonuses this year after a boom in government and corporate securities trading.

The UK bank, in the process of being streamlined under new-ish American boss Jes Staley, joined the party on Wall Street with a jump in quarterly profits.

Currency traders backed the pound today as the UK’s economy took the shock of Brexit largely in its stride between July and September.

The surprise 0.5% growth — albeit slower than the 0.7% seen between April and June — pushed the pound up as much as half a cent against the dollar to $1.2272 at one stage, although it remains more than 15% below pre-referendum levels.


Jim Armitage tells us who is really to blame for these ditched listings

Anthony Hilton asks whether sterling is posed for a 1976 moment why we need the Bank of England on side

Market report 

The rally for Amec Foster Wheeler’s shares came to an abrupt halt today as the embattled oil services firm scrapped next month’s capital markets day, fuelling concerns about its turnaround.

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October 28, 2016 |
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