UK services sector gauge picks up but economic gloom continues June 3, 2020 A closely watched gauge of the UK services sector picked up in May, although the dominant section of the economy remained severely depressed as coronavirus restrictions were largely held in place. The IHS Markit/Cips services purchasing managers’ index (PMI) came in at 29 in May, up from the record low of 13.4 in April. Today’s [...]
Eurozone’s economic crash eases in May but area remains depressed June 3, 2020 The Eurozone’s private sector showed some tentative signs of recovery but still remained mired in a deep downturn in May, survey data has shown. The IHS Markit composite purchasing managers’ index (PMI), a closely watched guide to the economy’s health, rose to 31.9 in May from a record low of 13.6 in April. May’s reading [...]
Asian stocks hit three-month high as China’s services sector grows June 3, 2020 Asian stock markets rose for the third straight session as investors cheered countries’ moves to reopen their economies and China’s services sector returned to growth. Japan’s Nikkei 225 climbed 1.2 per cent while Hong Kong’s Hang Seng moved 1.2 per cent higher. China’s CSI 300 index rose 0.5 per cent as Asian stock markets approached [...]
Easyjet and Carnival poised to drop out of FTSE 100 June 2, 2020 Easyjet and cruise operator Carnival are set to lose their positions in the FTSE 100 after the coronavirus crisis sent the value of their shares crashing. The travel restrictions have hit the budget airline hard as it lost as much of two thirds of its market value during the peak of the crisis. There will [...]
Oil prices at three-month highs ahead of Opec meeting June 2, 2020 Oil prices closed in on three-month highs this afternoon amid expectations that major producers would agree to extend record production cuts at this week’s Opec meeting. The oil producer cartel and allies including Russia are now set to meet on 4 June to discuss maintaining the curbs, which amount to 9.7m barrels per day. As [...]
FTSE 100 rises as countries emerge from coronavirus lockdowns June 2, 2020 The FTSE 100 and global stocks have risen for the second day this week as investors cheer the reopening of economies around the world. London’s blue-chip index was up 0.9 per cent in early-afternoon trading at 6,220. It rose 1.4 per cent yesterday after US President Donald Trump stopped short of reigniting his trade war [...]
Ofgem unveils £350m scheme to support struggling energy suppliers June 2, 2020 Ofgem has today unveiled a £350m scheme to support struggling energy suppliers which do not possess an investment grade credit rating. As a result of the coronavirus crisis, many households have defaulted on the payment of energy bills, which has heaped pressure of electricity and gas suppliers. In an open letter, Ofgem chief executive Jonathan [...]
UK coronavirus loans top £31bn but just half of CBILs approved June 2, 2020 UK businesses have borrowed £31bn from banks through the government’s coronavirus loan scheme, but the approval rate on its flagship CBILs programme is still languishing at around 50 per cent. Figures released today showed that the three main coronavirus loan schemes have helped firms access £31.3bn. The bulk has been through the “bounce-back” loan scheme, [...]
UK mortgage approvals plunge to record low during lockdown June 2, 2020 UK household borrowing dried up at a record rate in April and mortgage approvals plunged to their lowest since 1993 as consumers drew in their horns while the economy was ravaged by coronavirus. Instead of borrowing, households repaid their debts at a record pace. They returned £7.4bn to banks in the largest net repayment since [...]
Oil prices rise ahead of OPEC meeting on further production cuts June 2, 2020 Oil prices rose today ahead of a meeting of major oil producers that could lead to further output cuts to shore up prices. Brent crude LCOc1 futures rose 0.94 per cent, or 36 cents, to $38.68 a barrel this morning. West Texas Intermediate (WTI) crude CLc1 futures rose 0.73 per cent, or 26 cents, to [...]