Global oil prices hit five-month high despite demand fears August 5, 2020 Global oil prices hit their highest levels in five months today after a larger than expected decline in US crude inventories offset fears of a slowdown in fuel demand. Prices had eased back in recent days as the world braces for a second wave of the coronavirus pandemic, which could hamper demand just as oil [...]
Gold surges to new record on pandemic fears but ‘can go higher’ August 5, 2020 The gold price reached a record high of $2,030 (£1,550) as investors’ caution pushed it higher, but analysts expect it to rise even higher. A survey of more than 1,300 DIY investors conducted by BullionVault, showed they expect the price of gold to rise by 25 per cent by the end of 2020, taking it [...]
UGC owner denies trying to takeover Petropavlovsk ahead of crunch vote August 5, 2020 The Russian billionaire who owns a 22 per cent stake in FTSE 250 gold miner Petropavlovsk has denied that he is seeking to take over the firm ahead of a crunch shareholder meeting on Monday. In an interview with the FT, Konstantin Strukov, who owns rival miner UGC, insisted that he wanted to see Petropavlovsk [...]
UK businesses grow at fastest rate in five years but employment drops August 5, 2020 The UK economy’s private sector rebounded at its fastest rate in five years in July, according to the final reading of a closely watched measure, as the government eased coronavirus restrictions. The IHS Markit/Cips composite purchasing managers’ index (PMI) jumped to 57 in July from 47.7 in June. It was slightly lower than a “flash” [...]
Eurozone business activity grows at fastest pace in two years August 5, 2020 The Eurozone’s private sector grew at its fastest rate in over two years in July, according to survey data, with a key gauge of business activity improving slightly compared to an earlier estimate. The IHS Markit Eurozone composite purchasing managers’ index – which measures the health of the private economy – rose to 54.9 in [...]
The costs of lockdown can no longer be justified August 5, 2020 In an otherwise depressing week, two pieces of very good news emerged from India. In Mumbai, blood tests conducted by the city authorities on 6,936 randomly selected people found that some 40 per cent had coronavirus antibodies. Just 6,000 deaths have been reported so far in a city of 20 million. A similar exercise in [...]
BP looks to a low carbon future after coronavirus oil carnage August 4, 2020 It’s not every day that an oil giant gets a slap on the back from Greenpeace. But that’s exactly what BP achieved this morning when it slipped out plans to produce 40 per cent less oil by the end of this decade. Alongside its second quarter results – which made ugly reading for investors, as [...]
FTSE 100 flatlines as companies reveal mixed earnings August 4, 2020 The FTSE 100 closed flat on a choppy day of trading as investors mulled company earnings, the chances of more economic stimulus and rising coronavirus cases around the world. London’s blue chip index closed marginally lower at 6,027 points. The FTSE 250 index of slightly smaller, domestically focused firms ended the session up 0.73 per [...]
BoA: Bank of England to cut interest rates to zero in November August 4, 2020 The BoE is likely to pursue a package of interest rate cuts and quantitative easing in November amid the pandemic and threat of a no-deal Brexit, according to the Bank of America. The Bank will reduce the rate to zero and could go negative if necessary, Bank of America economists predicted in a report today. [...]
Oil prices sink as fears of second wave dent rising fuel demand August 4, 2020 Global oil prices slipped back today amid rising fears that a second wave of coronavirus cases will strike just as oil producers begin to bring more output back onstream. US benchmark West Texas Intermediate fell 1.6 per cent to $40.60, while global standard Brent crude dropped back 1.1 per cent to $43.66. Numbers of cases [...]