Lending through key UK coronavirus schemes tops £52bn August 18, 2020 Bank lending to struggling businesses through the government-backed coronavirus lending programmes has topped £52bn, figures today showed. The bounce back loan scheme (BBLS), under which the government backs 100 per cent of loans up to £50,000, has seen by far the most use. Treasury figures showed £35.5bn had been lent out through the programme by [...]
Trump to allow oil drilling in Arctic National Wildlife Refuge for first time in 30 years August 17, 2020 The Trump administration today finalised plans to auction off the rights to drill for oil and gas in one of the country’s most iconic wild places. The 1.6m acre coastal plain at the Arctic National Wildlife Refuge will be leased to the highest bidder in a move that sees US President Donald Trump continue to [...]
Wall Street nears record highs on retail optimism as mining stocks lift FTSE 100 August 17, 2020 Wall Street edged towards record highs this afternoon on optimism about better-than-expected retail earnings as the FTSE 100 pushed higher during a subdued start to the week’s trading. The Nasdaq rose 0.68 per cent while the S&P 500 resumed its ascent towards record highs with gains of 0.29 per cent. However, the Dow Jones slipped [...]
Market shock: how did investors react to the impact of Covid-19? August 17, 2020 | City Talk Coronavirus brought a decade-long US bull market to an end and sparked a sudden stock market collapse. A surprising proportion of investors responded by taking on more risk. Faced by of one of the biggest economic shocks in history it is little surprise that the vast majority of investors reacted by changing their portfolios. What [...]
UK wages fall steeply in August as job fears grow August 17, 2020 UK households suffered a fall in wages in August and reported increased fears about job security, a survey published today said. The IHS Markit UK Household Finance Index (HFI) – which measures households’ overall perceptions of financial wellbeing – fell from 41.5 in July to 40.8 in August, “signalling a further, slightly sharper, deterioration in [...]
Japan’s economy shrinks at record pace as coronavirus wipes out ‘Abenomics’ gains August 17, 2020 Japan was hit by its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed consumption and exports, keeping policymakers under pressure for bolder action to prevent a deeper recession. The third straight quarter of declines knocked the size of real gross domestic product (GDP) to decade-low levels, wiping out the [...]
Markets live: US stocks slip as retail sales miss target while FTSE 100 slumps August 14, 2020 Wall Street opened lower after disappointing US retail data while the FTSE 100 languished in the red as the UK’s decision to add France to its quarantine list weighed down travel stocks. The Dow Jones and S&P 500 slipped in early trading on Wall Street, but recovered to tick up 0.11 per cent and 0.01 [...]
US retail sales grow 1.2 per cent, missing July expectations August 14, 2020 US retail sales for July undershot expectations with growth of 1.2 per cent, the US Commerce Department said today. Retail sales were predicted to grow 2.1 per cent in July. Retail sales totalled $536bn in July, according to the preliminary figures. Car sales fell 1.2 per cent, sporting goods and book sales were down five [...]
Why investors should pay attention to sugar August 14, 2020 | City Talk Government action to promote healthy eating, especially in light of the spread of Covid-19, and ongoing changes in consumer tastes will continue to create headwinds for the food and beverage industry, and increasingly for food retailers and hospitality companies too. We’ve known for decades that obesity puts people at greater risk of serious and life-threatening [...]
Eurozone GDP contracts 12 per cent on coronavirus impact August 14, 2020 The Eurozone economy shrank 12.1 per cent in the second quarter following the impact of the coronavirus pandemic, according to figures released today. Year-on-year the Eurozone economy shrank 15 per cent in the second quarter, according to the figures from Eurostat, the statistical office of the European Union. Eurostat also said the economy of the [...]