Deja vu: Eurozone businesses back in decline as Covid cases jump October 23, 2020 The Eurozone’s private sector slipped back into decline in October as coronavirus ripped through the region and new restrictions hit countries’ service sectors and wider economies, according to a new survey. The preliminary IHS Markit Eurozone composite purchasing managers’ index (PMI) – which measures the health of businesses – dropped to 49.4 in October from [...]
UK retail sales smash expectations but analysts flag trouble ahead October 23, 2020 UK retail sales rose well beyond expectations in September, with Britons buying 1.5 per cent more goods than a month earlier as they stocked up on food and turned to online retailers. The 1.5 per cent growth was much better than economists had expected. It also beat the 0.6 per cent expansion in sales in [...]
The US Election countdown – don’t just brace for volatility. Trade it October 23, 2020 | City Talk If 2020 hasn’t been turbulent enough already, the US election is well and truly underway. As the future of the country’s leadership remains uncertain, financial markets are braced for further volatility. The “strength of the U.S. dollar” is a popular topic within the campaign messaging of both candidates this year. Ultimately, that strength is based [...]
Wall Street closes higher on hopes that stimulus deal is close October 22, 2020 Wall Street closed higher tonight after a day of topsy-turvy trading as investors bet on the prospect of a new stimulus deal being agreed between Congress and the White House. The Dow Jones rose 0.5 per cent to close at 28,364 points, the S&P 500 shut up the same margin at 3,453 points and the [...]
Rishi Sunak’s new business support: What does it mean for you? October 22, 2020 Chancellor Rishi Sunak has overhauled key parts of his winter economy plan to support struggling businesses as coronavirus cases rise and the government imposes new restrictions. He made the job support scheme more generous for employers and boosted support for the self-employed. But what exactly will the new changes mean for employers, employees and the [...]
Wall Street rises as investors cling to hope of stimulus package October 22, 2020 US stocks edged higher after the open today as Wall Street held out for a deal on fiscal stimulus, while the FTSE 100 dipped amid concerns over increasing coronavirus cases in Europe. The benchmark S&P 500 rose as much as 0.26 per cent in the first half an hour of trading, while the Dow gained [...]
Russian authorities launch investigation into new Petropavlovsk boss October 22, 2020 The chief executive of embattled gold miner Petropavlovsk [LON:POG] is being investigated by Russian authorities after forcing his way into the FTSE 250 company’s offices in Moscow. On 26-27 August, Maksim Meshcheryakov was prevented from entering the firm’s office in a stand-off with staff. CCTV footage which later circulated on Russian social media showed Meshcheryakov, [...]
Businesses welcome Sunak’s change of tack but say many still ‘left behind’ October 22, 2020 Business groups have praised Rishi Sunak’s change of course on his winter economic support package, which the chancellor has made more generous to employers hit by Tier 2 restrictions. Yet organisations said there was a lack of support for companies further down supply chains, for freelancers and for many self-employed people. Addressing Parliament today, Sunak [...]
CBI: Decline in UK manufacturing slowed in October but activity still weak October 22, 2020 UK manufacturing activity continued to decline in the three months October but fell at their slowest pace since March despite a resurgence in coronavirus cases, a new survey showed. Output dropped in 10 of the 17 manufacturing sub-sectors monitored by the CBI’s industrial trends survey, with the aerospace sector leading the drop as the pandemic [...]
JP Morgan strategists: Markets desperate for more stimulus at US election October 22, 2020 The markets want a decisive outcome from the 3 November US presidential election that will lead to big near-term fiscal stimulus, which the country’s economy “really needs”, strategists at JP Morgan Asset Management have said. Karen Ward, the London-based firm’s chief market strategist for Europe, said investors were now seeing the election in a “completely [...]