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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Sunday newspaper round-up: OPEC, Bank of England, M&S

(Sharecast News) - A group of oil producers led by Saudi Arabia will slash their combined production by 1.0m barrels a day. The move by the Organisation of Petroleum Exporting Countries was expected to trigger a $10 a barrel jump in oil prices when financial markets reopened on Monday. It was also seen risking a fresh clash with Washington, which had already threatened consequences following previous output reductions in October. Moscow on the other hand was expected to be a beneficiary. Dan Pickering at Pickering Energy said the decision was likely in response worries about demand and the US banking crisis. - The Sunday Telegraph

Former Bank of England chief economist, Andy Haldane, believes his former colleagues should pause in their rate hiking campaign in order to assess the situation. Haldane also described the economy as still being on "relatively unsteady legs". He was also of the opinion that inflation would fall as energy prices declined relative to the levels seen in 2022. Nevertheless, the rate of core inflation, including wages, was likely to remain "pretty punchy". "I think given the extent of tightening we had during the course of last year, and the early part of this, and given the economy is still on relatively unsteady legs, now might be a time to pause and take stock for a bit." - The Sunday Times

M&S was set to begin a fresh round of job cut at its head office with hundreds of positions likely to go, sources said. However, a spokeswoman for the company said that figure was "simply inaccurate". The retailer was also pondering whether to leave the current building that houses its headquarters in London when the lease next came up for renewal in 2028. M&S had also identified more than £150m of cost savings for its forthcoming fiscal year. - The Sunday Times

Authorities in Switzerland launched an investigation into the £2.6bn takeover of Credit Suisse by rival UBS. The federal prosecutor was analysing whether government officials, regulators and executives from both lenders might have breached criminal law during the rushed rescue deal. A survey among Swiss economists found that a state takeover of Credit Suisse followed by a possile sale later on was favoured by 48% of respondents. Only 19% believed that the tie-up with UBS was the best alternative. - The Financial Mail on Sunday

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Thursday newspaper round-up: Border controls, McKinsey, KPMG
(Sharecast News) - New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result. With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson's Brexit deal could add 10% to import costs over the first year. - Guardian
Wednesday newspaper round-up: Shoplifting, EnQuest, Klarna
(Sharecast News) - The government is investing more than £55m in expanding facial recognition systems - including vans that will scan crowded high streets - as part of a renewed crackdown on shoplifting. The scheme was announced alongside plans for tougher punishments for serial or abusive shoplifters in England and Wales, including being forced to wear a tag to ensure they do not revisit the scene of their crime, under a new standalone criminal offence of assaulting a retail worker. - Guardian
Tuesday newspaper round-up: Pharma companies, Puig, Thames Water
(Sharecast News) - Rachel Reeves has said an incoming Labour government would launch a £5bn crackdown on tax avoiders to close a gap in its spending plans exposed by Jeremy Hunt scrapping the non-dom regime to finance tax cuts. Warning households and businesses that Labour was prepared to adopt tough measures to tackle tax fraud and non-compliance, Reeves said the funding would be used to pay for free school breakfast clubs and additional NHS appointments. - Guardian
Monday newspaper round-up: Boeing, rent rises, e-scooters, Santander UK
(Sharecast News) - US airline regulators have launched an investigation after an engine cowling on a Boeing plane fell off during takeoff and struck the wing flap. The Southwest Airlines flight 3695 rose to about 10,300ft (3,140 metres) before returning safely 25 minutes after takeoff to Denver international airport at about 8.15am local time on Sunday. It was towed to the gate after landing. The Boeing aircraft with 135 passengers and six crew members aboard had been headed to Houston. No one was injured. - Guardian

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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