Tiered lockdowns spread gloom over UK services sector November 27, 2020 Firms in the UK services sector became much more gloomy in the third quarter of the year as the Covid “second wave crashed”, after optimism picked up in the summer when cases were falling, the latest CBI survey has shown. The consumer services sector was particularly downbeat, with the pandemic hitting business harder than in [...]
Before the bell: Volatility remains low post-Thanksgiving November 27, 2020 It was a subdued session yesterday as the US celebrated Thanksgiving and in turn the US stock market was closed. Dealers in the rest of the world largely sat on their hands while their US-based counterparts enjoyed their turkey. It was a quiet day in terms of news flow and there was little appetite for [...]
Bitcoin and cryptocurrencies plunge after nearing record highs November 26, 2020 Bitcoin has plunged after coming within touching distance of a new all-time high yesterday, with investors second-guessing the cryptocurrency’s recent surge and profit-taking towards the end of a volatile week. The biggest cryptocurrency was last down around 11.6 per cent to $16,921. It had fallen as much as 13 per cent earlier in the day. [...]
FTSE 100 declines after Tier 2 announcements and dismal economic data from Sunak November 26, 2020 The FTSE 100 slipped as investors digested the dire economic outlook offered by chancellor Rishi Sunak yesterday and the new Tier 2 restrictions for London, putting an end to the recent vaccine-driven rally. London’s main stock index fell 0.46 per cent, taking it down to 6,361 points. It followed a fall of around 0.6 per [...]
Coronavirus set to be ‘way less’ damaging than 2008 crash: IFS November 26, 2020 The hit to the UK economy from the coronavirus pandemic is likely to be “way less” than the impact of the financial crisis should the budget watchdog’s predictions come true, the Institute for Fiscal Studies (IFS) think tank has said. The Office for Budget Responsibility (OBR) yesterday said the economy would likely end up three [...]
BoE boss says Rishi Sunak right to spend big on Covid November 26, 2020 Bank of England governor Andrew Bailey backed chancellor Rishi Sunak’s approach to the public finances, saying he is right to throw the might of the state behind the coronavirus suppression effort. “It is absolutely sensible that public resources, resources of the state, are being used to cushion the huge impact of this absolutely unprecedented shock,” [...]
Evergrande Property ‘prices at lower end’ in $1.8bn Hong Kong IPO November 26, 2020 Evergrande Property Services Group – part of China’s second-biggest property developer – reportedly achieved the lower end of expectations to raise $1.8bn in its major Hong Kong IPO. The public offering priced at HK$8.80 (85p) per share, according to sources who spoke to Reuters. The marketed range was HK$8.50 to HK$9.75. It comes with Evergrande [...]
Before the bell: Calm day expected as US celebrates Thanksgiving November 26, 2020 Equity markets were relatively quiet yesterday as some dealers banked their profits from the ground that was gained earlier in the week. “The mood in the markets was assisted by the growing feeling that there will be a smooth had over of power from President Trump to President-elect, Joe Biden,” David Madden, market analyst at [...]
Wall Street edges back from record highs on grim jobless claims November 25, 2020 Wall Street edged back from record highs this evening after a surprise increase in jobless claims dimmed hopes of a swift economic recovery. The S&P 500 slipped back 0.2 per cent to 3,629.65 points, while the Dow Jones fell 0.6 per cent to 29,872.47 points. However, the tech heavy Nasdaq continued to rise, climbing 0.5 [...]
IFS says Sunak likely to end up spending more than planned November 25, 2020 Chancellor Rishi Sunak is likely to end up spending more than he said he plans to in his spending review today amid “lasting damage” to the economy, the leading Institute for Fiscal Studies (IFS) think tank and other experts have said. Sunak today said he would ramp up public spending to tackle coronavirus next year [...]