Markets live: US stocks and FTSE 100 gain despite virus cases passing 10m June 29, 2020 The FTSE 100 closed higher on Monday following a mixed session amid investor fears over a second round of coronavirus lockdowns, with global Covid-19 cases exceeding 10 million. The blue-chip index fell sharply in morning trading before flipping positive, and rebounded to gain 1.08 per cent by the close. The FTSE’s European peers also edged [...]
US pending home sales post record jump in May June 29, 2020 Contracts to buy previously-owned homes in the US rose dramatically in May, posting the biggest rebound on record as the American housing market began to recover from the Covid-19 hit. The National Association of Realtors (NAR) said that its Pending Home Sales Index, based on contracts signed last month, surged 44.3 per cent in May [...]
UK mortgage approvals plunge to record low as coronavirus hammers economy June 29, 2020 UK mortgage approvals fell further to hit a record low in May as the coronavirus pandemic continued to hit the housing market, according to the latest Bank of England figures. Some 9,300 new loans for houses were approved last month, down from April’s 15,900. Economists polled by Bloomberg had been expecting 25,000 approvals for May. [...]
Covid consolidation bears low-hanging fruit for traders June 29, 2020 | Sponsored No understatement is truer than the one about how “nothing will ever be the same again” following the coronavirus pandemic. Businesses in the hundreds of thousands will not reopen. Millions of jobs have been lost. Billions of dollars have been wiped off the valuations of household brands and City darlings. Past worries about Brexit seem [...]
Deutsche Boerse looks at revising Dax membership rules after Wirecard scandal June 29, 2020 The Wirecard scandal has prompted the German stock exchange operator to look at revisions to membership rules for Germany’s premier stock market index. Last week, the embattled German firm filed for insolvency after disclosing a €1.9bn blackhole in its accounts. It is the first sitting member of Germany’s blue-chip share index to go out of [...]
BP to sell aromatics and acetyls arms to Ineos for $5bn June 29, 2020 Oil giant BP has today agreed to sell its petrochemicals business to Sir Jim Ratcliffe’s Ineos for $5bn (£4.05bn). Under the deal, Ineos will acquire the supermajor’s aromatics and acetyls operations, which produce a combined 9.7bn of petrochemical products per year at 14 facilities around the world. Ineos will pay a $400m deposit for the [...]
German inflation beats expectations for June as services costs rise June 29, 2020 Inflation in Germany rose more than expected in June, partly due to higher prices charged by services having to enforce strict hygiene standards as the country eased its coronavirus lockdown. EU-harmonised German consumer prices rose 0.8 per cent this month compared to a year earlier, and 0.7 per cent compared to May’s figure. Economists had [...]
Greta is wrong, environmentalists need markets to protect the planet June 29, 2020 Free market advocates have too often vacated the environmental battlefield. And they have been scared off for good reasons. At best, climate politics is dominated by those who see little to no role at all for markets. At worst, environmentalism is a thinly disguised excuse for advocating far-left economic and social policies. Some have labelled [...]
Sterling slips against euro and dollar amid worries over UK spending plan June 29, 2020 Sterling fell against the euro and dollar on Monday amid concerns from investors over how the British government will finance its planned infrastructure programme, with Brexit-related risks helping to keep pressure on the pound. Prime Minister Boris Johnson said this morning that he would ramp up government spending in a bid to mitigate the economic [...]
Eurozone economic confidence continues recovery in June June 29, 2020 Economic sentiment in the eurozone continued to recover in June following a modest pick-up in May, with improvements recorded across all sectors. Overall sentiment rose to 75.7 points in June from 67.5 in May, still short of market expectations of 80.0 and well below the average of 100 since 2000, new European Commission data showed. [...]