FTSE 100 and European stocks drop as Wall Street rally fizzles out June 9, 2020 The FTSE 100 sank into the red on Tuesday as Prime Minister Boris Johnson prepared to outline further measures to ease the Covid-19 lockdown. The blue-chip index was expected to make gains after the UK reported its lowest tally of coronavirus deaths since lockdown began yesterday, with London reporting no new Covid deaths, but had [...]
BoE’s Cunliffe anticipates ‘great deal of pain’ for financial sector June 9, 2020 The initial shock of the pandemic to the financial system may have passed but another abrupt repricing of risk is possible, according to the Bank of England’s (BoE) deputy governor. “The first phase – the initial shock and adjustment to a far more challenging economic outlook in the near term – has passed,” Sir Jon [...]
UK set for record two months of coal-free electricity June 9, 2020 As of midnight tonight, the UK will not have used coal-powered electricity for two months, the longest period of power generation without coal since the Industrial Revolution. On 8 April, the last of the UK’s four remaining coal power plants was switched off, with all electricity subsequently provided by a combination of gas and low-carbon [...]
Coronavirus unemployment could take seven years to rebound, says think tank June 9, 2020 Levels of unemployment could take seven years to be restored to pre-coronavirus levels, according to a leading UK think tank. Torsten Bell, chief executive at The Resolution Foundation, said today there had been “way too much talk of a v-shaped [economic] recovery” and that based on historical precedents it will take almost a decade for [...]
Eurozone economy shrank less than expected in coronavirus quarter June 9, 2020 The Eurozone economy shrank less than expected in the coronavirus-struck first quarter of 2020, data released today confirmed. The bloc’s economy shrank by 3.6 per cent since the last quarter of 2019, compared to a preliminary report in May that put the drop at 3.8 per cent. Eurozone GDP was 3.1 per cent lower than [...]
Q&A: Why do markets rise even when the outlook is bleak? June 9, 2020 | City Talk The global economy is on track for its worst recession in nearly 100 years, yet April was the market’s best monthly performance in three decades and the S&P 500 has just turned positive for 2020. Why? The first quarter of 2020 has been tough for the global economy in the midst of the coronavirus pandemic. [...]
French economy set for two-year recovery June 9, 2020 France’s economy will not rebound to pre-coronavirus levels until 2022 as it continues to suffer its worst post-war recession, the central bank said this morning. The Eurozone’s second largest economy is set to contract 10.3 per cent this year, the Bank of France said. However, it will begin to return to health next year, with [...]
Asian shares extend winning streak for ninth consecutive session June 9, 2020 Asian stocks extended their winning streak for the ninth concession session this morning as the lifting of lockdown measures across the world fuelled investor hopes of a swift global recovery from coronavirus. MSCI’s index of Asia-Pacific shares outside of Japan notched its ninth straight session of gains this morning, marking its longest winning streak since [...]
World Bank: Coronavirus to hit economic output by 5.2 per cent June 8, 2020 The coronavirus pandemic will cause global economic output to contract by 5.2 per cent in 2020, the World Bank has said, as more than 90 per cent of the world’s economies have fallen into recession. Advanced economies are expected to shrink seven per cent in 2020, the Bank said in its Global Economic Prospects report. [...]
Markets live: FTSE 100 falters after last week’s rally as US stocks inch up June 8, 2020 The FTSE 100 faltered today after a strong rally last week, coming down from highs despite more countries moving to ease lockdown measures. The blue chip index dropped as much as 0.75 per cent following the open. The FTSE 100 later pared back losses to close down 0.085 per cent lower at 6,478. Meanwhile, US [...]