US stocks open higher as Wall Street eyes more records August 19, 2020 Wall Street opened higher on Wednesday and looks to be heading for another day of new all-time records. The S&P 500 closed at an all-time high yesterday after recovering all of the losses suffered during the coronavirus crash and was up once again on Wednesday morning by a further 0.28 per cent to 3,399 points. [...]
Pound slips after touching highest level since start of year August 19, 2020 The pound slipped back after touching its highest level against the dollar since the start of January, as traders weighed up Brexit negotiations and rising inflation. Sterling hit $1.327 today, erasing its losses for 2020 as it reached its highest level since 1 January. It was helped by the continuing slide in the dollar, which [...]
HSBC warns UK economy to shrink 10.3 per cent in 2020 August 19, 2020 The UK’s biggest bank HSBC has sharply downgraded its forecast for the UK economy, predicting it to shrink by 10.3 per cent this year and only grow six per cent in 2021. The latest figures are markedly more pessimistic than its previous prediction of a 7.8 per cent contraction in 2020 followed by growth of [...]
UK rail fares set to increase by 1.6 per cent in January despite pandemic August 19, 2020 UK rail fares are set to increase by 1.6 per cent in January, adding more than £100 to many annual season tickets to London, after an unexpected rise in a controversial measure of inflation. Official figures published today showed that retail price index (PRI) inflation rose by 1.6 per cent in July year on year. [...]
BCC: UK businesses face tough outlook after furlough ends August 19, 2020 More than one in three UK businesses have emerged from a bruising lockdown with less than three months’ worth of cash reserves, according to a British business body that warned firms remain “in the eye of the storm”. A survey conducted by the British Chambers of Commerce (BCC) found that business conditions have only slightly [...]
UK inflation unexpectedly rises on oil prices and clothes shopping August 19, 2020 UK inflation jumped unexpectedly to one per cent in July from 0.6 per cent in June amid a surge in global energy prices and increased retail activity, the Office for National Statistics (ONS) has said. The consumer price index inflation reading was the highest since March and markedly higher than the 0.6 per cent analysts [...]
Busting the myth of the selfless bureaucrat August 19, 2020 There seems to be a fundamental problem with quangos. Hardly a day seems to go by without some new story of incompetence and mismanagement emerging. Public Health England (PHE) is at least going to be put out of its misery by health secretary Matt Hancock, and replaced with a new agency specifically focused on pandemics. [...]
What role will cash play in the post-Covid recession? August 19, 2020 With the UK plunging into what the chancellor has called an “unprecedented” recession, what can we learn from the downturn in 2008 about the role of cash and its importance to people and businesses under economic pressure? Cash underpinned the economy and consumer spending habits after the 2008 recession. Will 2020 be significantly different? I’d [...]
UK job vacancies rise 50 per cent in July but sectors still suffering August 19, 2020 The number of job vacancies in the UK rose markedly in July and August, suggesting some areas and sectors have seen an economic rebound, although the number of openings is still far below its pre-crisis levels, new analysis has shown. New vacancies rose more than 50 per cent in July, according to the think tank [...]
FTSE 100 gives up gains despite S&P 500 hitting all-time high August 18, 2020 The US’s S&P 500 stock index hit an all-time high before slipping back along with the FTSE 100 and other global markets amid rising US-China tensions. The S&P 500 rose to 3,395 points, topping a high it hit in February, having been boosted by record levels of stimulus. But the index reversed course and slipped [...]