Live World Indices are powered by Investing.com
Friday, 19 August 2016
Brexit Just Another Non-Event
Unemployment would rocket. Tumbleweed would billow through deserted high streets. Share prices would crash. The government would struggle to find buyers for UK bonds. Financial markets would be in meltdown. Britain would be plunged instantly into another deep recession.
Remember all that? It was hard to avoid the doom and gloom, not just in the weeks leading up to the referendum, but in those immediately after it. Many of those who voted remain comforted themselves with the certain knowledge that those who had voted for Brexit would suffer a bad case of buyer’s remorse.
It hasn’t worked out that way. The 1.4% jump in retail sales in July showed that consumers have not stopped spending, and seem to be more influenced by the weather than they are by fear of the consequences of what happened on 23 June. Retailers are licking their lips in anticipation of an Olympics feelgood factor.
Mounting debt among oilfield service companies coupled with soft oil prices squeezes the sector. Oil prices hovering close to $40 per barrel is compounding the problems that dozens of struggling oilfield service and drilling companies face in a market that might not bounce back until late next year. The strained oilfield services (OFS) sector faces a debt wall of about $110 billion that will mature or expire during the next five years, according to a report from Moody’s Investors Service released Aug. 9. Sixty-seven OFS companies have more than $60 billion in bond and term loans, about half of which will mature between now and 2019. More than a third of those companies will have a debt-to-EBITDA (earnings before interest, tax, depreciation and amortization) ratio above 10 this year. That’s twice what is considered a strong ratio, and consequently, those companies have the most risk of default. “There’s so […]
- Rumors: Chinese Banks In Trouble As Bad Loans Acce...
- Banking And Finance Remain On Life Support
- EYE on the World - Global Physics: An Unsustainabl...
- Ultimately #China's Credit And Economic Expansion ...
- Brexit Just Another Non-Event
- Billionaire Ichan Warns Of #Meltdown
- Battening Down The Hatches At Deutsche Bank
- Serious Money Moving To The Sidelines
- Even Chinese Art Museums Feel Economic Woes
- EYE on the World - Old Chinese Curse...
- ALERT: George Soros Piling Into - Barrick Gold Cor...
- NO WIN: Global Pensions WILL Collapse Under Prolo...
- Contrarian Watch- As OPEC Increases Up-Talk, So Do...
- STOCKWATCH: Can Cisco Survive Another Meltdown?
- EYE on the World - Climate Encounters of a Third K...
- No End In Sight For #Eurozone Economic Gloom
- Deutsche Bank Collapse Will Spark Sharp Global #Me...
- IDEAS: Ag-Tech Offers $100 Million Start-up For Da...
- EU Economic Crisis Will Spread To #Britain
- Helicopter Money Or Blackhawk Down?
- Growing Outlook For 2017 Recession
- ▼ August (21)
- ► 2015 (91)