Pound slips after touching highest level since start of year August 19, 2020 The pound slipped back after touching its highest level against the dollar since the start of January, as traders weighed up Brexit negotiations and rising inflation. Sterling hit $1.327 today, erasing its losses for 2020 as it reached its highest level since 1 January. It was helped by the continuing slide in the dollar, which [...]
FTSE 100 gives up gains despite S&P 500 hitting all-time high August 18, 2020 The US’s S&P 500 stock index hit an all-time high before slipping back along with the FTSE 100 and other global markets amid rising US-China tensions. The S&P 500 rose to 3,395 points, topping a high it hit in February, having been boosted by record levels of stimulus. But the index reversed course and slipped [...]
Trump to allow oil drilling in Arctic National Wildlife Refuge for first time in 30 years August 17, 2020 The Trump administration today finalised plans to auction off the rights to drill for oil and gas in one of the country’s most iconic wild places. The 1.6m acre coastal plain at the Arctic National Wildlife Refuge will be leased to the highest bidder in a move that sees US President Donald Trump continue to [...]
Wall Street nears record highs on retail optimism as mining stocks lift FTSE 100 August 17, 2020 Wall Street edged towards record highs this afternoon on optimism about better-than-expected retail earnings as the FTSE 100 pushed higher during a subdued start to the week’s trading. The Nasdaq rose 0.68 per cent while the S&P 500 resumed its ascent towards record highs with gains of 0.29 per cent. However, the Dow Jones slipped [...]
Market shock: how did investors react to the impact of Covid-19? August 17, 2020 | City Talk Coronavirus brought a decade-long US bull market to an end and sparked a sudden stock market collapse. A surprising proportion of investors responded by taking on more risk. Faced by of one of the biggest economic shocks in history it is little surprise that the vast majority of investors reacted by changing their portfolios. What [...]
Markets live: US stocks slip as retail sales miss target while FTSE 100 slumps August 14, 2020 Wall Street opened lower after disappointing US retail data while the FTSE 100 languished in the red as the UK’s decision to add France to its quarantine list weighed down travel stocks. The Dow Jones and S&P 500 slipped in early trading on Wall Street, but recovered to tick up 0.11 per cent and 0.01 [...]
Why investors should pay attention to sugar August 14, 2020 | City Talk Government action to promote healthy eating, especially in light of the spread of Covid-19, and ongoing changes in consumer tastes will continue to create headwinds for the food and beverage industry, and increasingly for food retailers and hospitality companies too. We’ve known for decades that obesity puts people at greater risk of serious and life-threatening [...]
Markets live: Wall Street falters and FTSE 100 sinks as US jobless claims fall August 13, 2020 Wall Street faltered and the FTSE 100 finished lower today as bullish sentiment faded and traders turned their attention to US jobless data. The blue-chip index closed down 1.30 per cent to 6,198 points, reversing gains earlier in the week that saw it smash through the 6,200 mark. Rally runs out The hesitant start marks [...]
Oil demand to contract by 8m barrels a day in 2020 August 13, 2020 The International Energy Agency (IEA) today warned that global demand for the fuel would drop 8.1m barrels per day in 2020 due to the coronavirus pandemic. According to the IEA’s monthly oil market report, demand is now set to fall to 91.9m barrels per day over the course of the year. The slump in demand [...]
Bulb to pay out £1.8m after breaking compliance rules August 13, 2020 Challenger energy brand Bulb has been ordered to pay out £1.8m after overcharging customers and blocking users from switching to its services. According to watchdog Ofgem, around 61,000 customers were affected by the compliance issues, which occurred between 2017 and 2020. The regulator said that Bulb, which has expanded rapidly in recent years to be [...]