Three from CityAM:
UK headed for stagnation on worst inflation crisis in G7, IMF warns
A historic hit to Brits’ living standards from roaring inflation and rising interest rates has thrown the UK economy on course to stagnation, the world’s lender of last resort warned today.
The UK economy will grow a better than expected 3.6 per cent this year, according to the International Monetary Fund’s (IMF) latest World Economic Outlook (WEO) out today.
But, growth will stall next year as households bear the brunt of rising prices and higher borrowing costs....
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Fire sale UK plc: Goldman Sachs to snap up British assets on the cheap as panicky UK pension funds flee
In a near-unprecedented rush by British pension funds to raise their cash holdings, Goldman Sachs and a range of other investment giants are planning to snap up UK assets at discounts of up to 30 per cent.
Since Kwasi Kwarteng’s disastrously received mini-budget at the end of September, UK pension funds are rushing to improve their cash holdings by selling liquid assets.
Kwarteng’s mini-budget caused outright panic in the gilts market, which forced the Bank of England to step in.
Despite the Old Lady’s intervention, pension giants are now planning to put a range of illiquid assets on sale, including private credit, property and stakes in buyout vehicles, according to various reports, including the Financial Times....
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Fine wine investors toast Kwarteng as sterling crash boosts market
Fine wine investors have been toasting the tumbling pound in the past weeks as they capitalise on depressed sterling prices to snap up premium tipples at cut-prices.
The Liv-ex Fine Wine 100, which tracks the 100 most valuable wines on the market, rose 1.9 per cent last month, closing September at 424.35.
The benchmark index has dipped just once this year in July as investors look to wine as an inflationary hedge amid extreme turbulence on equity markets....
....Wines across Europe have been delivered a boost by the volatility, with Château Figeac from St-Emilion in France surging fastest.....
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