Once upon a time, investors’ biggest concern was the pandemic that doused markets in uncertainty. No longer.
What’s happening: For the first time since February 2020, Covid-19 is not the greatest fear cited by portfolio managers surveyed by Bank of America. Now, the top risk they point to is inflation.
That puts extra pressure on Federal Reserve Chair Jerome Powell as the central bank announces its latest policy decision on Wednesday. Powell will have to walk a fine line between expressing faith in the recovery, and emphasizing that the economy doesn’t look strong enough to experience a sustained rise in prices a difficult balancing act.
Photo courtesy: Daniel Leal-Olivas/AFP/Getty Images
(CNN) London is fighting to maintain its standing as the best city outside New York for bankers and traders to do business.
The British capital lost significant ground in the first Global Financial Centers Index published since the United Kingdom completed its exit from the European Union, barely holding onto its No. 2 spot in the ranking.
London s rating has declined by 23 points since the previous edition compiled by think tank Z/Yen, which was released in September. London is now just one point ahead of Shanghai, and Hong Kong and Singapore are not far behind.
New York stays top in finance as London loses ground, index shows
03/17/2021 8:09
LONDON (Reuters) - New York kept the top spot in the latest Global Financial Centres Index (GFCI), with London clinging on to second place in the face of competition from Shanghai and other Asian centres.
The index, compiled by the Z/Yen Group, a London-based think tank, and the China Development Institute, looks at 143 yardsticks provided by outside parties such as the World Bank, The Economist Intelligence Unit, the OECD and United Nations.
Based on 65,507 assessments of financial centres provided by 10,774 respondents to the GFCI online questionnaire, New York held on to the top stop with 764 points, while London dropped 23 points to 743, just one point ahead of Shanghai.
New York retains position as world’s top financial centre 18 Mar 2021 / 00:47 H. A Staten Island Ferry vessel passing the Statue of Liberty in New York City. – REUTERSPIX
LONDON: New York kept the top spot in the latest Global Financial Centres Index (GFCI), with London clinging on to second place in the face of competition from Shanghai and other Asian centres.
The index, compiled by the Z/Yen Group, a London-based think tank, and the China Development Institute, looks at 143 yardsticks provided by outside parties such as the World Bank, The Economist Intelligence Unit, the Organisation for Economic Co-operation and Development and the United Nations.