Eurozone economy’s recovery stumbles as coronavirus cases rise August 21, 2020 The Eurozone economy’s recovery from coronavirus lost steam in August, according to new survey data, as demand in the bloc’s all-important services sectors slowed. The IHS Markit composite purchasing managers’ index (PMI) – a closely watched gauge of economic health – dropped to a two-month low of 51.6 in August from 54.9 in July, according [...]
UK’s public debt pile tops £2 trillion for first time ever August 21, 2020 The UK government’s debt exceeded £2 trillion for the first time in July and is expected to go higher as the Treasury pours unprecedented amounts of stimulus into the economy amid the coronavirus pandemic. The debt – the total amount that the government has borrowed and owes – jumped by an enormous £228bn in the [...]
FTSE 100 and US stocks slide amid fears over global economy August 20, 2020 The FTSE 100 and US stocks fell after the US Federal Reserve gave a pessimistic view of the economy and the number of Americans claiming new jobless benefits unexpectedly rose. Investors are also concerned about rising coronavirus cases. France reported its biggest increase in cases since May and Spain is struggling to deal with its [...]
New US jobless claims back above 1m after surprise jump August 20, 2020 The number of Americans making new jobless claims jumped unexpectedly back above the 1m mark last week, in a worrying sign for the US economy. The total claims of 1.11m in the week ending 8 August were 135,000 higher than the previous week’s total of 971,000, the Department of Labor said. And the figure was [...]
London’s grip on clearing continues as Frankfurt’s progress slows August 20, 2020 Deutsche Boerse’s Eurex Clearing said its euro clearing division had grown less quickly than expected, demonstrating that London will remain the centre of the industry for some time after Brexit. Eurex said it accounted for €19 trillion (£17 trillion) of the enormous €100 trillion notional outstanding value in euro interest rate derivatives and forward contracts. [...]
UK economy: Footfall at highest level since March but job postings fall August 20, 2020 The number of Britons venturing out to shops and restaurants rose to its highest level since March, with footfall running at two-thirds of the level seen a year ago, new figures have shown. However, the Office for National Statistics’ (ONS) said one in ten UK businesses reported they were at “moderate” risk of insolvency, indicating [...]
Frasers shares jump 16 per cent on growth forecast despite profit hit August 20, 2020 Shares in Mike Ashley’s Frasers Group jumped 16 per cent this morning after it said it expected growth of up to 30 per cent this year, despite profit falling one-fifth in the year to April. Frasers, which was formerly called Sports Direct, released its preliminary results today, a week after they were scheduled to come [...]
US stocks open higher as Wall Street eyes more records August 19, 2020 Wall Street opened higher on Wednesday and looks to be heading for another day of new all-time records. The S&P 500 closed at an all-time high yesterday after recovering all of the losses suffered during the coronavirus crash and was up once again on Wednesday morning by a further 0.28 per cent to 3,399 points. [...]
Pound slips after touching highest level since start of year August 19, 2020 The pound slipped back after touching its highest level against the dollar since the start of January, as traders weighed up Brexit negotiations and rising inflation. Sterling hit $1.327 today, erasing its losses for 2020 as it reached its highest level since 1 January. It was helped by the continuing slide in the dollar, which [...]
HSBC warns UK economy to shrink 10.3 per cent in 2020 August 19, 2020 The UK’s biggest bank HSBC has sharply downgraded its forecast for the UK economy, predicting it to shrink by 10.3 per cent this year and only grow six per cent in 2021. The latest figures are markedly more pessimistic than its previous prediction of a 7.8 per cent contraction in 2020 followed by growth of [...]
