Boom or bust: The risk of a repeat of the dot-com bubble March 19, 2020 On 10 March 2000, the US Nasdaq stock market peaked at 5,048.62. By October 2002, the index had lost 78 per cent of its value, or about $5 trillion. The Nasdaq had swelled due to the proliferation of internet-related companies aiming to make money from this nascent technology. In fact, between 1995 and 2000, the [...]
Call for government to support oil and gas industry amid triple challenge March 19, 2020 The UK’s oil and gas industry has called on the government to help the sector as it faces three separate challenges, that could see production plummet. Oil and Gas UK (OGUK) highlighted coronavirus, gas prices being halved and the sinking oil price as threats to the industry. Boss Deirdre Michie highlighted the need for key [...]
Coronavirus: New York Stock Exchange to shift fully to online trading from 23 March March 18, 2020 The New York Stock Exchange (NYSE) will temporarily close its trading floors and move fully to electronic trading from Monday, its owner Intercontinental Exchange said after an employee and a trader were tested positive for the coronavirus. They were last in the exchange building on 13 March, the company said today. The facilities to be closed [...]
Oil prices sink below $28 on Covid-19 travel bans March 18, 2020 Oil prices have fallen below $28 a barrel as coronavirus continues to batter the world economy. Worldwide travel bans as a result of the worsening Covid-19 pandemic have driven oil prices down even further after a price war between Saudi Arabia and Russia. The price of Brent crude fell four per cent to $27.64 today. [...]
Coronavirus panic wipes out FTSE 100 stimulus gains as European stocks sink March 18, 2020 Panicked investors this morning more than wiped out the gains the FTSE 100 made yesterday, as traders shrug off massive stimulus packages from governments and keep selling risk assets over fears of a coronavirus-induced recession. The FTSE 100 was last down 4.8 per cent, having shed 252 points to stand at 5,042 points. Read more: [...]
National Express plunges by third as transport stocks hammered by coronavirus home working March 18, 2020 Shares in National Express crashed by a third this morning as investors fled transport stocks over concerns the coronavirus-inspired shift to home working could hit their businesses. National Express shares fell 34 per cent to 86p today. On 28 February its shares were valued at 423p. Go Ahead and First Group have also been hit [...]
Global stocks set to spiral despite coronavirus stimulus measures March 18, 2020 Global stocks looked set to slump yet again today as investor panic over the escalating coronavirus outbreak clouded the impact of major government stimulus policies. Hong Kong’s Hang Seng index slumped 3.5 per cent while Japan’s Nikkei dropped 1.7 per cent overnight, failing to follow a rally in US stocks yesterday. Wall Street rebounded yesterday [...]
London Metal Exchange plans to suspend ring trading amid coronavirus outbreak March 17, 2020 The London Metal Exchange (LME) is planning to suspend open outcry trading and shift its business entirely on to electronic systems for the first time in its 143-year history to limit the spread of coronavirus. The LME said today that it expects to temporarily shutter Europe’s largest open-outcry trading venue next Monday to protect traders [...]
FTSE 100 slides after brief rebound following G7 coronavirus pledge March 17, 2020 The FTSE 100 has dropped back into the red, having initially recovered some of yesterday’s losses following a pledge from G7 leaders to do “whatever is necessary” to fight the coronavirus pandemic. Britain’s blue chip index gained as much as three per cent immediately after the open, but had fallen back into the red just [...]
Travelex owner Finablr planning for ‘potential insolvency’ March 17, 2020 Finablr, the owner of foreign exchange firm Travelex, has appointed advisers to prepare for a possible insolvency after the FTSE 250 company became mired in an accounting scandal. In an update to the stock exchange this morning, Finablr’s board said it had engaged an accounting firm “to undertake rapid contingency planning for a potential insolvency [...]