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Breaking: North-east construction group Stewart Milne goes bust

North-east housebuilder Stewart Milne Group (SMG) has collapsed into administration, with the immediate loss of 217 jobs. The firm has several partly-completed developments across Tayside. The administration means hundreds of other sub-contractor jobs are now at risk. SMG’s bank rejected two offers for the business and then pulled the plug on funding. One of these offers is believed to have come from the firm’s 73-year-old owner and founder, Stewart Milne. He said he was “devastated” by this “totally unexpected outcome” of the sale process. Mr Milne also said he was “struggling to accept it, given the profound impact it will have…

Used car prices high but expected to be stable in 2024

Used cars for sale at Lee Auto Mall on Wednesday, August 16, 2023. (Staff photo by Brianna Soukup/Portland Press Herald via Getty Images) Brianna Soukup | Portland Press Herald | Getty Images DETROIT – Used vehicle prices are expected to stabilize this year, after buyers of pre-owned cars and trucks got more relief in 2023 following a stretch of record prices. Automotive data firm Cox Automotive expects wholesale prices on its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, will end 2024 only 0.5% higher than in December 2023. Pricing will fluctuate month-to-month due to…

Don’t Ignore the Stock Market’s Early Warning in 2024

Over the past few weeks, defensive sector positioning has been stunning. We just had one of the worst starts to a year in history, and while we could be due for a relief rally, we shouldn’t ignore the potential message the first five trading days of the year are sending here. Signals are aligning and confirming we may be in the early stages of a “risk-off” set-up. Several of the risk rotation signals I’m known for have either flipped or are close to doing so. As a rule of thumb, unanimous leadership from sectors traditionally considered safe havens during economic uncertainty – such as utilities, consumer staples, and healthcare –…

Mortgage rate decline pulls buyers back into the housing market

watch now VIDEO 2:04 02:04 Housing expectations for 2024: What you need to know Squawk Box A sharp drop in mortgage interest rates in December may have kickstarted this year's spring housing market early. Rates are about a full percentage point lower than they were in October, and consumers expect they will fall even more. Optimism about mortgage rates increased sharply in December, according to a monthly consumer survey by Fannie Mae . For the first time since the survey was launched in 2010, more homeowners on net believe rates will go down rather than up, according to Mark Palim, deputy chief economist at Fannie Mae. "This…

Joe Biden will drop out of 2024 presidential race, top JPMorgan strategist…

President Biden will eventually decide to stand down and not seek re-election this year, a top JPMorgan Chase strategist predicted over the weekend. Michael Cembalest, who heads the market and investment strategy unit in the bank’s asset management division, believes that the 81-year-old Biden will drop out of the race “sometime between Super Tuesday and the November election, citing health concerns.” “Super Tuesday” refers to the March 5 presidential primaries and caucuses that will be held in more than a dozen states, including California, Texas, Massachusetts, Vermont and North Carolina. The winner of the “Super Tuesday”…