Decline eases in US services sector but economy stays in rut June 3, 2020 The decline in the US services sector eased somewhat in May, survey data has shown, but the dominant part of the economy remained stuck in a downturn. The closely watched purchasing managers’ index (PMI) gauge from the Institute for Supply Management (ISM) came in at 45.4 in May. That compared to the sharp plunge to [...]
BoE’s Andrew Bailey tells UK banks to up preparations for no-deal Brexit June 3, 2020 Bank of England governor Andrew Bailey has reportedly told UK banks to ramp up their preparations for a no-deal Brexit as the UK sticks to its target to strike a deal before the end of the year. Bailey told British lenders to accelerate their planning for a no-deal Brexit scenario in a call yesterday, according [...]
Eurozone unemployment creeps up in April amid Covid-19 lockdown June 3, 2020 Eurozone unemployment hit 7.3 per cent in April as the coronavirus crisis took its toll on economies across the bloc. The figure was an increase on the 7.1 per cent unemployment rate recorded in March but was below forecasts of 8.2 per cent. The EU unemployment rate was 6.6 per cent in April, up from [...]
UK services sector gauge picks up but economic gloom continues June 3, 2020 A closely watched gauge of the UK services sector picked up in May, although the dominant section of the economy remained severely depressed as coronavirus restrictions were largely held in place. The IHS Markit/Cips services purchasing managers’ index (PMI) came in at 29 in May, up from the record low of 13.4 in April. Today’s [...]
Eurozone’s economic crash eases in May but area remains depressed June 3, 2020 The Eurozone’s private sector showed some tentative signs of recovery but still remained mired in a deep downturn in May, survey data has shown. The IHS Markit composite purchasing managers’ index (PMI), a closely watched guide to the economy’s health, rose to 31.9 in May from a record low of 13.6 in April. May’s reading [...]
UK coronavirus loans top £31bn but just half of CBILs approved June 2, 2020 UK businesses have borrowed £31bn from banks through the government’s coronavirus loan scheme, but the approval rate on its flagship CBILs programme is still languishing at around 50 per cent. Figures released today showed that the three main coronavirus loan schemes have helped firms access £31.3bn. The bulk has been through the “bounce-back” loan scheme, [...]
UK mortgage approvals plunge to record low during lockdown June 2, 2020 UK household borrowing dried up at a record rate in April and mortgage approvals plunged to their lowest since 1993 as consumers drew in their horns while the economy was ravaged by coronavirus. Instead of borrowing, households repaid their debts at a record pace. They returned £7.4bn to banks in the largest net repayment since [...]
Asian stocks rise as markets pin hopes on global economic recovery June 2, 2020 Asian stocks ground out gains overnight as traders chose to focus on the prospects of a global economic recovery from coronavirus over US-China fears. Japan’s Nikkei jumped 1.3 per cent on Tuesday but Hong Kong’s Hang Seng index rose a comparatively small 0.6 per cent. President Donald Trump’s threat to bring in the military to [...]
Strong economic recovery from coronavirus pandemic predicted June 1, 2020 A strong economic recovery following the coronavirus pandemic is likely, with conditions ripe for a quick turnaround, a report published today said. The unusual nature of this recession could be a silver lining for recovery, the report by Oxford Economics said. GDP has fallen because of a planned, partial economic shutdown, so in theory activity [...]
UK manufacturing downturn continues despite signs of life June 1, 2020 The UK’s manufacturing sector showed some signs of life in May as the coronavirus lockdown was eased, but the overall picture for Britain’s factories remained highly gloomy. The final reading of the IHS Markit/Cips (PMI) manufacturing purchasing managers’ index came in at 40.7 in May. That was up from the record-low reading of 32.6 in [...]