Stocks sink as US manufacturing shrinks at ‘unprecedented rate’ May 1, 2020 US markets fell as trading opened today as manufacturing slumped at an unprecedented rate in April due to economic shutdowns caused by coronavirus. The S&P 500 fell 1.9 per cent to 2,856.14 points, the Dow Jones dropped 1.8 per cent to 23,901.77, and the Nasdaq fell 2.1 per cent to 2852.28. US factories saw output [...]
Credit card lending fell for the first time in March May 1, 2020 UK consumers’ credit card debt fell for the first time since records began in March, as lockdown measures froze spending. The annual growth rate of credit card lending fell to minus 0.3 per cent, the first negative annual growth since the Bank of England (BoE) started tracking the data. The annual growth rate of other [...]
Octopus becomes ‘unicorn’ after £300m deal with Australian firm Origin May 1, 2020 Challenger energy firm Octopus has today achieved unicorn status – a valuation of over £1bn – after agreeing a new partnership with Australian energy firm Origin. The agreement will see Origin put £300m into Octopus in return for 20 per cent of the company and license the UK firm’s Kraken technology platform to transform its [...]
UK business groups call for more help and predict a collapse in output May 1, 2020 UK manufacturing output is likely to plunge by more than 55 per cent in the second quarter as demand evaporates due to the coronavirus outbreak, an industry body has said. It added that firms are set to need more government support as the lockdown is eased. The warning came as a survey showed that the [...]
FTSE 100 ends April in a slump as coronavirus batters Shell and Lloyds April 30, 2020 The FTSE 100 fell dramatically today after oil giant Shell slashed its dividend in response to the plunge in demand for oil amid the coronavirus pandemic and Lloyds profits slumped. The sell-off gathered speed throughout the day, with the FTSE 100 index ending 3.5 per cent lower at 5,901 points. It came after a dramatic [...]
Coronavirus: US weekly jobless claims at 3.8m as unemployment skyrockets April 30, 2020 More than 3.8m Americans filed jobless claims last week as unemployment in the world’s biggest economy continues to skyrocket amid the coronavirus pandemic. The new jobless claims, down from 4.4m the week before, mean roughly 30m Americans have lost their jobs in the last six weeks as states have all but shut down their economies. [...]
European Central Bank holds rates but offers lenders cheaper credit April 30, 2020 The European Central Bank has eased the conditions on its super-cheap loans for banks and launched a new package of “pandemic” lending in its latest bid to shore up the Eurozone during the coronavirus outbreak. The central bank stopped short of cutting interest rates further into negative territory or buying “junk” bonds, however. The decision [...]
Shell chief: Economic recovery from Covid-19 could speed up energy transition April 30, 2020 Shell chief executive Ben van Beurden said that economic recovery coronavirus pandemic might accelerate the shift to a low-carbon economy as the oil major released its first quarter results amid a decimated oil and gas industry. As a result of collapsed demand for fuel, the firm has elected to cut its capital spending from $25bn [...]
Dow Jones, S&P 500 and Nasdaq drop as coronavirus ravages global economy April 30, 2020 US stocks have fallen with the Dow Jones, S&P 500, and Nasdaq all lower after dire economic data and earnings highlighted the impact of the coronavirus shutdown and subdued investors. The Dow Jones index dropped 1.3 per cent in early trading. The S&P 500 fell 0.7 per cent and the Nasdaq slipped 0.1 per cent. [...]
Coronavirus: Glencore set to cut spending as production falls April 30, 2020 Glencore said that it would cut capital spending and production guidance for the year but stressed that it was well-placed to weather the coronavirus storm. Shares in the firm fell over one per cent in the morning’s trading. The coronavirus pandemic has forced the commodities giant to halt operations in countries such as South Africa, [...]