Oil prices push higher despite unexpected surge in crude stocks May 28, 2020 Oil prices pushed upwards today despite a larger than expected build in US crude stockpiles, holding on to the gains of the last few weeks. Global standard Brent crude rose 1.5 per cent to $35.29, whilst US benchmark West Texas Intermediate picked up 1.9 per cent to reach $33.43. The rise came despite US crude [...]
Daniel Hannan: Slash taxes and ramp up spending to boost economy May 28, 2020 Influential free-marketeer Daniel Hannan has told City A.M.’s The City View podcast that the government should both cut taxes and increase spending to help Britain recover from the coronavirus crash. The former Tory MEP also said Britain should be exiting its lockdown much quicker, given that other European states are doing so without suffering a [...]
Eurozone economic sentiment edges up but doubts remain May 28, 2020 Business sentiment in the Eurozone recovered slightly in May, although the rise undershot expectations as countries reopen their economies. The European Commission’s economic sentiment indicator edged up to 67.5 in May from its record low of 63.8 in April. For comparison, the gauge stood at 102.5 in January. Analysts had expected a rise to 70.3, [...]
Two-fifths of UK SMEs at risk of permanent closure, survey finds May 28, 2020 The coronavirus crisis will cost the UK’s small and medium sized businesses an average of around £12,000, according to a survey which shows that two fifths of such firms are at risk of closing permanently. A poll of 3,700 small and medium-sized enterprises (SMEs) by business insurer Simply Business showed that firms reckon the cost [...]
FTSE 100 and US stocks rise as investors bet on recovery May 28, 2020 US stocks have joined the FTSE 100 in the green as investors continue to bet on a relatively swift economic recovery from coronavirus, with spirits high as countries reopen their economies. London’s main stock index was up one per cent in afternoon trading at 6,205 points. It had risen more than one per cent yesterday. [...]
Oil giant Chevron to cut up to 7,000 jobs due to coronavirus May 27, 2020 US oil giant Chevron is set to cut up to 7,000 jobs as it seeks to restructure after the coronavirus pandemic hammered global oil prices and squeezed demand around the world. The firm, which is the US’ second largest producer of oil, had already said that it would reduce its budget for the year by [...]
Boris Johnson: Post-coronavirus jobs programme ‘very likely’ May 27, 2020 Boris Johnson has said it is “very likely” the UK will embark on a post-coronavirus jobs programme, similar to the Future Jobs Fund brought in after the 2008 financial crash. The Prime Minister said the scheme would likely be implemented in order to create “high class jobs, good jobs, for the country”. Unemployment is expected [...]
FTSE 100 rallies as reopening optimism takes hold May 27, 2020 The FTSE 100 extended gains made yesterday as investors focused on the phased reopening of the economy. London’s blue-chip index closed up 1.26 per cent at 6,144 points as investors took comfort in increased hopes of a recovery. The Prime Minister set out plans to reopen parts of the economy from next week, as the [...]
US stocks open higher as recovery hopes outweigh tension with China May 27, 2020 US stocks extended gains as hopes of an economic recovery and vaccine developments outweighed growing tensions with China. The Dow Jones index was up 1.33 per cent. The S&P 500 rose 0.97 per cent to 3,015 while the Nasdaq was nudged down 0.29 per cent. The gradual easing of lockdown restrictions, paired with optimism about [...]
Global energy investment set to slump by record $400bn in 2020 May 27, 2020 Global energy investment is expected to suffer its greatest annual fall on record this year due to the coronavirus crisis. Investment is set to crash by $400bn (£325bn) — or 20 per cent — in 2020, according to the International Energy Agency (IEA). At the start of the year, funding was on track for a [...]