PM’s ex-economic adviser urges govt to go ‘further’ on coronavirus loans April 24, 2020 A former chief economic adviser to Boris Johnson has urged the government to underwrite 100 per cent of coronavirus business loans. Speaking exclusively to City A.M. editor Christian May on the City View podcast, Dr Gerard Lyons called on the government to do more to funnel loans to small businesses hit by coronavirus. Lyons said [...]
‘Catastrophic’: German business sentiment crashes to new low amid coronavirus April 24, 2020 Business optimism in Germany is at “catastrophic” levels according to a closely watched gauge that has dropped to its lowest point on record as coronavirus ravages Europe’s biggest economy. The Ifo Institute think tank’s business climate index slumped to 74.3 points in April from 85.9 points in March. Never before has the index fallen so [...]
Oil prices rally loses steam after week of massive losses April 24, 2020 Global oil prices eased their rally this morning but remained on track for a huge weekly loss after unprecedented levels of volatility left producers and traders alike bruised. Worldwide standard Brent crude rose 1.9 per cent this morning to stand at $21.73, while US benchmark West Texas Intermediate (WTI) gained nearly two per cent to [...]
IG revenues grow amid sustained period of market volatility April 24, 2020 IG has reported “exceptionally high” revenues reflecting increased levels of client trading amid a sustained period of market volatility. High levels of volatility have persisted through March and into April. As such, revenue in the first 36 trading days of the fourth quarter is estimated to be around £173m. This compares to £139.8m in the [...]
Consumer confidence teeters on brink of record low during coronavirus lockdown April 24, 2020 Consumer confidence plummeted at the beginning of April but held steady for the rest of the month as the UK adjusted to life under lockdown. The latest research showed that consumer confidence stayed at minus 34 points throughout the month, just five points above the record low reported in July 2008. The measure for the [...]
Oil prices extend rally as producers begin cutting output April 23, 2020 Oil prices continued their rally this afternoon as the global market stabilised after historic levels of volatility earlier this week. By mid-afternoon, global benchmark Brent crude was trading at $22.90, meaning it has gained nearly 50 per cent after yesterday’s slide to pre-millenium levels. US standard West Texas Intermediate (WTI), which began the week by [...]
FTSE 100 rises despite awful economic data as oil rebounds April 23, 2020 The FTSE 100 recovered from a dip today to post a one per cent climb by the mid-afternoon, despite dire economic data as oil prices rebounded. Britain’s FTSE 100 stock index was down marginally by midday at 5,768 points after climbing more than two per cent yesterday. But by 3.30pm London’s index had risen 1.1 [...]
Anglo American production slips amid coronavirus lockdown April 23, 2020 Anglo American’s production volumes fell four per cent in the first quarter as coronavirus precautions limited the mining giant’s output capacity. Output fell across the group’s palladium, iron ore, platinum and diamond mining operations, with particular constraints on its assets in South Africa. Operations in the country, which accounts for roughly half of Anglo’s profits, [...]
US stocks climb despite jump in jobless claims April 23, 2020 US stocks have opened higher despite another surge in new claims for unemployment insurance as investors choose to focus on a new stimulus package from Congress. Wall Street’s Dow Jones index climbed 0.6 per cent in early trading while the S&P 500 rose 0.7 per cent. The Nasdaq was up 0.8 per cent. European stocks [...]
US jobless claims hit 26m since coronavirus lockdown began April 23, 2020 The number of Americans making jobless claims surged again last week, meaning roughly 26m people made unemployment claims in a five-week period that has seen coronavirus wipe out all of the jobs created since the financial crisis. New jobless claims hit 4.4m last week, the US Labor Department said today. This was a slight fall [...]