UK factories suffer biggest drop in output on record, survey shows May 21, 2020 Manufacturing output plunged at the fastest pace since at least 1975 in the three months to May, a survey has shown, as more than 80 per cent of the UK’s factories were hit by the coronavirus lockdown. The CBI’s industrial trends gauge, based on a survey of more than 800 manufacturers, plunged to minus 51 [...]
UK companies tapped capital markets for £30bn at height of coronavirus crisis May 21, 2020 UK companies raised around £30bn in the corporate bond and equity markets at the height of the coronavirus crisis, a report released today showed. From the middle of March to early April, 150 UK companies raised around £30bn on the capital markets in response to the coronavirus crisis, the report said. More than 90 per [...]
UK economic pain eases somewhat in May but deep downturn continues May 21, 2020 The UK economy thawed slightly in May from its April deep-freeze as the government eased some coronavirus restrictions, survey data has shown. Yet the economy was still in a dire state, according to a preliminary reading of the IHS Markit/Cips purchasing managers’ index (PMI), which measures the health of the private sector. The whole-economy PMI [...]
Eurozone downturn slows but output continues to plunge May 21, 2020 The rapid decline in the Eurozone economy eased up slightly in May as countries lifted coronavirus restrictions, although the single currency area “remained stuck in its deepest downturn ever recorded,” survey data has shown. IHS Markit’s composite purchasing managers’ index for the Eurozone, which gives an early indication of the health of the manufacturing and [...]
Germany’s economic crash eases as it lifts coronavirus lockdown May 21, 2020 The plunge in German business activity eased somewhat in May, survey data has shown, although Europe’s biggest economy remained in a dire position even as it eased coronavirus restrictions. IHS Markit’s composite purchasing managers’ index (PMI), which gauges the health of the private sector, rose markedly to 31.4 in May from 17.4 in April, according [...]
AJ Bell’s revenue jumps 22 per cent as investors take advantage of market volatility May 21, 2020 AJ Bell has reported a 22 per cent increase in revenue after it saw record numbers of new customers flock to the investment platform amid the market volatility. The figures Revenue increased 22 per cent to £60.9m, with profit before tax up 28 per cent to £22.7m in the six months to 31 March. Total [...]
Crispin Odey: Governments may ban private gold ownership May 20, 2020 Hedge fund tycoon Crispin Odey has warned that governments may ban private ownership of gold if they lose control of inflation in the wake of the coronavirus crisis. The price of gold has soared since the beginning of the Covid-19 pandemic as jittery investors flock to safe haven assets amid a wider recession. Odey said [...]
Markets live: FTSE 100 rises as recovery hopes boost global stocks May 20, 2020 The UK’s FTSE 100 has closed higher after a choppy day of trading as hopes of a recovery from the coronavirus downturn offset dire economic data and doubts about a new vaccine. The blue-chip index rose 1.08 per cent to 6,067 points, aided by a surge in data firm Experian, which posted strong results. European [...]
BoE’s Andrew Bailey: It would be ‘foolish’ to rule out negative interest rates May 20, 2020 Bank of England governor Andrew Bailey has said it would be “foolish” to rule out negative interest rates but said the BoE is “not ruling it in” either. The governor has previously argued against negative rates but admitted today: “I have changed my position a bit.” Chatter about negative interest rates has increased in recent [...]
UK inflation: What are people buying during coronavirus lockdown? May 20, 2020 There was further confirmation of the economic impact of the Covid-19 crisis this morning when new figures revealed a slump in inflation. The UK inflation rate tumbled to just 0.8 per cent in April, down from 1.5 per cent the previous month and marking the lowest level since August 2016, according to the Office for [...]