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 [...]
World shares rise as shock US jobs increase spurs recovery hopes June 8, 2020 World share prices edged higher on Monday after a surprise recovery in US employment provided optimism that economies could quickly recover after lockdown. Oil prices erased earlier gains to stand almost flat after OPEC and its allies, including Russia, agreed to extend record oil production cuts until the end of July. U.S. S&P 500 futures [...]
FTSE 100 jumps as investors cheer surprise US jobs figures June 5, 2020 The FTSE 100 has jumped as investors go into the weekend in a joyous mood after the US economy added 2.5m jobs in May and the European Central Bank (ECB) ramped up its stimulus measures. The blue-chip index was up two per cent at 6,468 points in afternoon trading. It put the FTSE 100 on [...]
US stocks surge after employment figures smash expectations June 5, 2020 US stocks have surged after shock employment figures that showed 2.5m Americans found jobs in May in figures that raised hopes the economy will quickly rebound from coronavirus. European markets, already riding high on fresh stimulus and economies reopening, extended their greens as markets turned into a sea of green. Wall Street’s Dow Jones index [...]
A Machiavellian mastermind or a naïve kid? The story of the Flash Crash Trader June 5, 2020 On a cold morning in April 2015, half a dozen FBI agents and police officers pulled up outside a modest semi-detached house in Hounslow to arrest a man they considered to be among the most prolific and dangerous market manipulators in the world. Their target, Navinder Singh Sarao, had accumulated $70m buying and selling futures [...]
Asian stocks climb as equities head for weekly gain June 5, 2020 Asian stocks climbed overnight and US and European futures advanced as economic stimulus and the reopening of economies put global equities on track for another week of gains. Japan’s Nikkei 225 climbed 0.7 per cent and Hong Kong’s Hang Seng rose 0.6 per cent. China’s SSE composite index was 0.2 per cent higher. European stocks [...]