BoE: Furlough means UK faces record labour market inactivity June 8, 2020 The UK is facing what appears to be a record level of inactivity in its labour market as huge numbers of people are on furlough or facing unemployment due to Covid-19, the Bank of England’s chief economist has warned. “We’ve seen activity across the economy collapse, and we’ve seen a rapid rise in inactivity among [...]
Eurozone investor morale improves as bloc ‘wakes from deep sleep’ June 8, 2020 Investor sentiment in the eurozone has risen this month and an assessment of investor expectations hit its highest level since November 2017, according to a new survey. Sentix’s index for the euro zone rose to -24.8 from -41.8 in May, compared with the Reuters consensus forecast for a reading of -22.5. The research firm’s current [...]
BP set to axe 10,000 jobs due to coronavirus June 8, 2020 Oil giant BP will cut 10,000 jobs as a result of the coronavirus crisis, chief executive Bernard Looney announced today. Reuters first reported that Looney told employees of the cuts, which account for 15 per cent of BP’s workforce, in a global conference call this morning. In a company-wide email seen by City A.M., Looney [...]
Plus 500 shares fall as lucky customers dent coronavirus revenue June 8, 2020 Online trading platform Plus 500 has reported record levels of customer activity in the second quarter and welcomed more than 100,000 new traders amid market volatility caused by the coronavirus crisis. The spreadbetting platform, which allows customers to bet on whether a share price will rise or fall, today announced record revenue from customer income [...]
Ifo: German industry predicts summer-long production slump June 8, 2020 German factories’ coronavirus slump is set to continue throughout summer, though the drop in production will not be as steep, according to a key Ifo survey out today. The Ifo index of production survey showed Germany’s manufacturers believe their severe coronavirus downturn will continue until at least September. They predict a hit of minus 20.4 [...]
World shares rise as shock US jobs increase spurs recovery hopes June 8, 2020 World share prices edged higher on Monday after a surprise recovery in US employment provided optimism that economies could quickly recover after lockdown. Oil prices erased earlier gains to stand almost flat after OPEC and its allies, including Russia, agreed to extend record oil production cuts until the end of July. U.S. S&P 500 futures [...]
Coronavirus is a ‘devastating blow’ to the economy, says World Bank chief June 7, 2020 Coronavirus is a ‘devastating blow’ for the global economy, according to the president of the World Bank. David Malpass, an economist who has run the bank since last year, also said the fallout from the pandemic could last for a decade. Last month he warned that the coronavirus crisis could push 60m people into “extreme [...]
FTSE 100 jumps as investors cheer surprise US jobs figures June 5, 2020 The FTSE 100 has jumped as investors go into the weekend in a joyous mood after the US economy added 2.5m jobs in May and the European Central Bank (ECB) ramped up its stimulus measures. The blue-chip index was up two per cent at 6,468 points in afternoon trading. It put the FTSE 100 on [...]
US stocks surge after employment figures smash expectations June 5, 2020 US stocks have surged after shock employment figures that showed 2.5m Americans found jobs in May in figures that raised hopes the economy will quickly rebound from coronavirus. European markets, already riding high on fresh stimulus and economies reopening, extended their greens as markets turned into a sea of green. Wall Street’s Dow Jones index [...]
‘Mind-blowing’: US economy adds 2.5m jobs as states reopen June 5, 2020 The US unemployment rate has fallen significantly even as coronavirus ravages the economy, shocking economists who were expecting it to surge. The unemployment rate dropped to 13.3 per cent – still extremely high by historical standards – in May from 14.7 per cent in April. This confounded analysts who had predicted it would surge to [...]