Coronavirus: UK government borrowing could top £300bn, says think tank April 21, 2020 UK government borrowing could hit £300bn this year as tax receipts collapse and the Treasury pumps money into the economy to tackle the fallout from coronavirus, according to a new report. The £300bn figure, produced today by the Centre for Policy Studies (CPS) think tank, would be by far the biggest budget deficit since World [...]
Analysis: Can oil prices recover from the coronavirus crash? April 20, 2020 Global oil prices plunged again today amid heightened fears that some producers might have to stop pumping due to the rapid filling of the world’s storage facilities. West Texas Intermediate, the US benchmark, is in freefall, dropping 40 per cent today alone, whilst Brent crude fell over seven per cent. The collapse in prices, coupled [...]
US oil prices plummet to 21-year low as demand dries up April 20, 2020 US oil prices have plunged 40 per cent to their lowest level since 1999 as demand dries up and storage facilities struggle to cope with the surplus of oil. The price of a barrel of West Texas Intermediate (WTI) – the benchmark for US oil – dropped to $11.65 today, amid fears production might have [...]
US stocks tumble as oil price plunges and lawmakers debate lockdowns April 20, 2020 US stocks have tumbled at the open as plunging crude oil prices and debates over the timetable for lifting coronavirus lockdown measures weigh on investor sentiment. The Dow Jones index dropped 1.5 per cent in early trading. The S&P 500 fell 1.2 per cent and the Nasdaq slipped 0.8 per cent. European shares also turned [...]
FTSE 100 dragged down by coronavirus oil crash April 20, 2020 The FTSE 100 has turned lower as a slump in oil prices hits energy companies and investor sentiment sours with coronavirus battering the economy. Britain’s FTSE 100 was down 0.8 per cent at 5,743 points in early afternoon trading. It spent much of the morning in the green before plunging oil prices spread gloom over [...]
Coronavirus: UK household finances in worst state since 2011 April 20, 2020 UK households said their finances were in the worst position since 2011 in March as coronavirus battered the economy, according to a new survey. Households also reported that their income from employment plunged at the fastest rate in at least 11 years and fears about job security spiked. The household finance index from data firm [...]
City grandees demand cash calls accommodate private investors April 20, 2020 Senior City figures are calling for listed companies seeking equity capital to accommodate private investors, amid a fundraising rush. In an open letter to chief executives of UK plc, City stakeholders said they fear rules giving existing stockholders first refusal on new shares will mean private investors will lose out. The letter, first reported in [...]
Coronavirus: Bank of England says 35 per cent GDP drop ‘not unrealistic’ April 20, 2020 A Bank of England deputy governor has said the economy could shrink by 35 per cent in the second quarter if the coronavirus lockdown lasts three months, saying the scenario produced last week by the UK’s budget watchdog was not “unrealistic”. The Office for Budget Responsibility (OBR) said the UK economy could contract by 35 [...]
Italy’s borrowing costs rise as investors await key coronavirus meeting April 20, 2020 Italy’s borrowing costs have risen again today as investors nervously await an EU meeting on Thursday where countries will try to thrash out an agreement on how to tackle the coronavirus fallout. Italian bond yields, which move inversely to prices, have risen in recent weeks as the EU has struggled to find a decisive and [...]
Analysis: US crude oil price collapses as stocks near capacity April 20, 2020 This morning’s collapse in the price of West Texas crude oil has left investors speculating whether US president Donald Trump might bail out the struggling shale industry, which has been decimated by the coronavirus crisis. The US benchmark crude fell below $15 today, its lowest level in 21 years, amid fears that production would have [...]