EU must boost capital markets due to coronavirus and Brexit, say finance chiefs June 10, 2020 The European Union needs to deregulate its capital markets to help the economy recover from coronavirus and reduce its reliance on the City of London, according to a panel of industry executives. With huge amounts of debt being sold to counter the economic hit caused by Covid-19 and the bloc set to lose its major [...]
Asian shares crawl higher ahead of Fed meeting June 10, 2020 Asian shares crept higher this morning, marking a 10th session of consecutive gains, but slowed momentum on doubts of a swift global recovery from coronavirus ahead of today’s US Federal Reserve meeting. MSCI’s index of Asia-Pacific shares outside Japan climbed 0.3 per cent, while Japan’s Nikkei rose 0.1 per cent. Safe havens such as gold [...]
EXCLUSIVE: Dan Simerman talks Covid-19, Digital Assets and IOTA June 9, 2020 | City Talk Dan Simerman is an investor and technical product manager well versed in consumer psychology, digital assets and open source software development. Dan has a history of building software for Fortune 50 financial institutions, multinational media companies and strategic consulting firms. As Head of Financial Relations at the IOTA Foundation, Dan’s goal is to support technology [...]
FTSE 100 and European stocks drop as Wall Street rally fizzles out June 9, 2020 The FTSE 100 sank into the red on Tuesday as Prime Minister Boris Johnson prepared to outline further measures to ease the Covid-19 lockdown. The blue-chip index was expected to make gains after the UK reported its lowest tally of coronavirus deaths since lockdown began yesterday, with London reporting no new Covid deaths, but had [...]
UK set for record two months of coal-free electricity June 9, 2020 As of midnight tonight, the UK will not have used coal-powered electricity for two months, the longest period of power generation without coal since the Industrial Revolution. On 8 April, the last of the UK’s four remaining coal power plants was switched off, with all electricity subsequently provided by a combination of gas and low-carbon [...]
Q&A: Why do markets rise even when the outlook is bleak? June 9, 2020 | City Talk The global economy is on track for its worst recession in nearly 100 years, yet April was the market’s best monthly performance in three decades and the S&P 500 has just turned positive for 2020. Why? The first quarter of 2020 has been tough for the global economy in the midst of the coronavirus pandemic. [...]
Asian shares extend winning streak for ninth consecutive session June 9, 2020 Asian stocks extended their winning streak for the ninth concession session this morning as the lifting of lockdown measures across the world fuelled investor hopes of a swift global recovery from coronavirus. MSCI’s index of Asia-Pacific shares outside of Japan notched its ninth straight session of gains this morning, marking its longest winning streak since [...]
Markets live: FTSE 100 falters after last week’s rally as US stocks inch up June 8, 2020 The FTSE 100 faltered today after a strong rally last week, coming down from highs despite more countries moving to ease lockdown measures. The blue chip index dropped as much as 0.75 per cent following the open. The FTSE 100 later pared back losses to close down 0.085 per cent lower at 6,478. Meanwhile, US [...]
BP set to axe 10,000 jobs due to coronavirus June 8, 2020 Oil giant BP will cut 10,000 jobs as a result of the coronavirus crisis, chief executive Bernard Looney announced today. Reuters first reported that Looney told employees of the cuts, which account for 15 per cent of BP’s workforce, in a global conference call this morning. In a company-wide email seen by City A.M., Looney [...]
Plus 500 shares fall as lucky customers dent coronavirus revenue June 8, 2020 Online trading platform Plus 500 has reported record levels of customer activity in the second quarter and welcomed more than 100,000 new traders amid market volatility caused by the coronavirus crisis. The spreadbetting platform, which allows customers to bet on whether a share price will rise or fall, today announced record revenue from customer income [...]