London is no longer the clear leader among global financial centres after New York rose from second place to level peg with the capital as more companies list in the United States.
The City of London Corporation, which administers London’s financial district, said in its annual survey that benchmarks on the performance of global financial centres gave London an overall competitiveness score of 60, up from 59 in 2022, but New York increased its score to 60.
Singapore was third with 51, Frankfurt 46, Paris 43, and Tokyo 35.
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1) Britain poised to sign Indo-Pacific trade deal in Brexit victory | UK will join forces with 11 other CPTPP countries with access to $10 trillion market
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5) Prices for ‘pretty much everything’ have stopped rising, says Next chief | UK bellwether expects price rises to slow by autumn
What happened overnight
Asian shares were mixed Thursday following a rally on Wall Street as worries over banks following the collapses of several lenders in recent weeks eased further.
Forceful actions by regulators have helped to calm markets as investors have turned their focus to how central banks might adjust their interest rate policies to reflect persisting worries over how higher rates might affect lenders.
Japan’s benchmark Nikkei 225 shed 0.8pc to 27,662.54. Australia’s S&P/ASX 200 added 0.9pc to 7,110.20.
South Korea’s Kospi rose 0.2pc to 2,449.45. Hong Kong’s Hang Seng lost 0.7pc to 20,048.99, while the Shanghai Composite declined 0.2pc to 3,232.39.
Wall Street stocks rallied on Wednesday as investor risk appetites recover amid easing banking crisis concerns.
The Dow Jones Industrial Average rose 1pc to close at 32,717.60, while the broad-based S&P 500 finished 1.4pc higher at 4,027.81. The tech-rich Nasdaq Composite increased 1.8pc to 11,926.24.
US government bonds were little changed as investors await new data from the Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation measure.
The yield on 10-year Treasuries declined two basis points to 3.55pc, while the policy sensitive two-year yield nudged up two basis points to 4.1pc.
