Eurozone business activity grows at fastest pace in two years August 5, 2020 The Eurozone’s private sector grew at its fastest rate in over two years in July, according to survey data, with a key gauge of business activity improving slightly compared to an earlier estimate. The IHS Markit Eurozone composite purchasing managers’ index – which measures the health of the private economy – rose to 54.9 in [...]
Commerzbank warns of a loss in 2020 as Wirecard hits loan book August 5, 2020 German lender Commerzbank posted a 21 per cent drop in profit in the second quarter as loan loss provisions increased and warned it is set to fall to a loss in 2020. Provisions for credit losses rose to €469m as a result of the coronavirus pandemic. Around €175m of the provision was related to scandal-hit [...]
FTSE 100 flatlines as companies reveal mixed earnings August 4, 2020 The FTSE 100 closed flat on a choppy day of trading as investors mulled company earnings, the chances of more economic stimulus and rising coronavirus cases around the world. London’s blue chip index closed marginally lower at 6,027 points. The FTSE 250 index of slightly smaller, domestically focused firms ended the session up 0.73 per [...]
Argentina strikes deal with creditors over $65bn debt in major breakthrough August 4, 2020 Argentina has reached a deal with its largest creditors to restructure $65bn (£50bn) in defaulted sovereign debt, in a major step forward in long-running talks. The South American country’s government hailed the breakthrough, saying in a statement that it will “grant Argentina significant debt relief”. Argentina’s economy has been battered in recent years by high [...]
Government-backed coronavirus lending tops £50bn August 4, 2020 Banks have now lent £50.7bn to companies through the various government-backed coronavirus loan schemes, official figures showed today. By far the biggest programme is the bounce back loans scheme (BBLS), which had seen banks lend out £34.34 to small businesses as of yesterday, the Treasury said. It comes with a 100 per cent government guarantee [...]
FTSE 100 breaks 6,000 and US stocks rise amid economic optimism August 3, 2020 The FTSE 100 rose sharply, surpassing 6,000 points, as investors looked past rising coronavirus cases and cheered positive economic data. London’s blue-chip index was 2.2 per cent higher in afternoon trading at 6,028 points. The mid-cap FTSE 250 was up 1.2 per cent. Read more: HSBC profit plummets due to coronavirus pandemic On Wall Street, [...]
Non-Standard Finance shares plunge 26 per cent as FCA raises concerns August 3, 2020 Shares in sub-prime lender Non-Standard Finance (NSF) have plunged 26 per cent after the UK’s financial watchdog raised concerns about its guarantor loans division, causing the firm to put a share issue on hold. Non-Standard Finance said in a statement today that the Financial Conduct Authority (FCA) had “raised a number of concerns regarding certain [...]
Working from home costs London hospitality sector £2.3bn, economists say August 3, 2020 The coronavirus pandemic has caused £2.3bn of spending to be lost or displaced in shops, pubs and cafes near London employment hubs, according to new analysis by a think tank. The Centre for Economics and Business Research (Cebr) also estimated that the capital will lose out on roughly £178m a month of spending compared to [...]
UK manufacturing output grows at quickest pace since 2017 August 3, 2020 UK manufacturing output grew at its fastest rate in almost three years in July as the sector continued to grow after it was all but shut down due to coronavirus in April, according to survey data. The IHS Markit/Cips UK manufacturing purchasing managers’ index (PMI) – a gauge of the health of the sector – [...]
Eurozone manufacturing sector returns to growth but worries remain August 3, 2020 The Eurozone manufacturing sector performed better than expected as it returned to growth in July as the currency bloc continued to recover from the spring’s coronavirus crash, survey data showed today. The IHS Markit Eurozone manufacturing purchasing managers’ index (PMI) rose to 51.8 in July from 47.4 in June. It was above a flash estimate [...]
