FTSE 100 inches into green despite record plunge in UK GDP June 12, 2020 The FTSE 100 closed 0.23 per cent up on Friday, having spent most of the session inching higher despite data showing the British economy suffered the largest contraction on record in April. While the blue-chip managed to shake a four-session decline, it remained on track for its worst weekly drop in around three months. Cyclical [...]
Sterling sheds gains against dollar as Brexit fears weigh June 12, 2020 The pound shed early gains against the dollar this afternoon as concerns over Brexit coupled with dire UK economic data weighed on sterling. Sterling has been edging lower this week after rising 3.9 per cent against the dollar in last week’s rally. Having recovered briefly this morning to touch $1.2653, the pound soon flattened back [...]
US stocks and FTSE 100 plunge after Fed’s long recovery warning June 11, 2020 The FTSE 100 suffered its worst daily drop since late March, with US stocks plunging into the red after the Federal Reserve effectively crushed hopes of a quick recovery. London’s blue-chip index closed down 3.99 per cent after crashing as much as 2.66 per cent this morning. And US stocks also crashed, with the Dow [...]
CMC Markets doubles operating income as coronavirus fuels higher trading activity June 11, 2020 Online trading platform CMC Markets has nearly doubled its income, bolstered by the coronavirus-induced selloff in March. CMC’s net operating income jumped a staggering 93 per cent to £252m in the first quarter. While profit before tax grew from £6.3m in the first quarter of 2019 to £98.7m in the same period this year. The [...]
British Gas owner Centrica to cut 5,000 jobs June 11, 2020 British Gas owner Centrica has said that it will cut 5,000 jobs this year as it seeks to restructure its business model after coronavirus. More than half of the cuts, which account for 20 per cent of its workforce, come from managerial positions. Today’s announcement comes on top of 2018’s plans for 4,000 redundancies by [...]
Oil prices set for biggest fall in two weeks after Fed outlook spooks traders June 11, 2020 Oil prices are on track for their biggest daily fall in two weeks after a combination of a record build in stocks and the Federal Reserve’s economic predictions spooked traders. Worldwide benchmark Brent crude swiftly pared yesterday’s gains this morning, falling 3.4 per cent to $40.29 per barrel. US standard West Texas Intermediate followed suit, [...]
What can the Covid-19 crisis teach us about tackling climate change? June 11, 2020 | City Talk We already know how devastating climate change could be for the planet, so let’s ensure we learn the lessons from the current crisis. Covid-19 caught most of the world’s institutions and governments by surprise, leading to a global health and economic crisis unprecedented in modern times. Few people would disagree with the notion that most [...]
Asian shares lose grip of winning streak on Fed meeting June 11, 2020 Asian shares failed to hold on to their 10-day winning streak today, swinging lower after a glum economic outlook from the US Federal Reserve fuelled fears that it would have to provide further support to an already record high level of stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent, marking [...]
Oil prices slip as US crude inventories hit record highs June 10, 2020 Global oil prices slipped today after US crude stocks breached all-time highs after an unexpected surge in inventories. According to the Energy Information Administration, crude inventories rose 5.7m barrels in the week to June 5 to 538.1m barrels, the most in history. In response, worldwide standard Brent crude fell 1.2 per cent back to $40.60, [...]
Goldman Sachs generates over $1bn after oil price collapse June 10, 2020 Goldman Sachs’ commodities business reportedly generated more than $1bn in revenue this year after the collapse in oil prices in April. The unit benefited from the turbulent market and generated more than $1bn to May, its best start in a decade, according to Bloomberg. Most of the boost reportedly came from oil trading overseen by [...]