German factory orders plunge as global demand dries up June 5, 2020 German factory orders plunged in April at a much faster rate than expected as coronavirus hit the global economy and caused demand to dry up. Factory orders dropped 25.8 per cent in April compared to a month earlier, when they fell by 15 per cent. The figure was far below the 19.7 per cent contraction [...]
Asian stocks climb as equities head for weekly gain June 5, 2020 Asian stocks climbed overnight and US and European futures advanced as economic stimulus and the reopening of economies put global equities on track for another week of gains. Japan’s Nikkei 225 climbed 0.7 per cent and Hong Kong’s Hang Seng rose 0.6 per cent. China’s SSE composite index was 0.2 per cent higher. European stocks [...]
The business of running: Trainer sales and fitness apps boom in lockdown June 5, 2020 Running in the UK has been booming for years, with Parkrun events attracting hundreds of thousands each Saturday and amateur athletes comparing their fastest times on new tracking apps. That trend has only accelerated under the coronavirus lockdown, albeit in a more solitary way. As normal life has ground to a halt, huge numbers of [...]
FTSE 100 slips as investors weigh up US-China tensions June 4, 2020 The FTSE 100 is down after a strong rally as investors take stock of high levels of economic uncertainty and rising US-China tensions. The UK’s blue-chip stock index was down 0.41 per cent at 6,355 points in afternoon trading. It marked a change from the first three days of the week, when it rose to [...]
Airlines, a bakery and a football club claim BoE coronavirus cash June 4, 2020 Famous UK and foreign firms from across the economy have turned to the Bank of England for coronavirus loans, official figures have shown, with companies from John Lewis to football club Tottenham Hotspur selling the bank their bonds. German chemicals company BASF is currently the biggest borrower on the Bank’s covid corporate financing facility (CCFF), [...]
US new jobless claims: 1.9m filings take total above 42m June 4, 2020 Another 1.9m Americans made new jobless claims last week as the economy battled coronavirus, taking the total number of claims since the pandemic began to above 42m. It was the first sub-2m number since Covid-19 began to ravage the US economy, however, with some analysts predicting the worst is over for growth. A week earlier, [...]
ECB beefs up bond-buying to €1.35 trillion to boost Eurozone economy June 4, 2020 The European Central Bank (ECB) has dramatically increased its bond-buying programme in a bid to stimulate the moribund Eurozone economy, which has been battered by coronavirus. The ECB added €600bn (£540bn) to its €750bn pandemic emergency purchase programme (PEPP), which it launched in March. It kept its main deposit interest rate on hold at minus [...]
UK construction sector decline slows but industry remains gloomy June 4, 2020 The rapid decline in the UK construction sector slowed somewhat in May, but firms remained deeply pessimistic as the industry was battered by coronavirus. The IHS Markit/Cips construction purchasing managers’ index (PMI) rose to 28.9 in May from a record low of 8.2 in April. Yet a score of 50 indicates that the sector contracted [...]
UK government announces £10bn trade credit insurance scheme June 4, 2020 The UK government has said it will guarantee up to £10bn of trade credit insurance transactions as it seeks to relieve some pressure on British manufacturers and construction firms amid the coronavirus pandemic. The new scheme will be temporary, backdated to 1 April and run until 31 December this year, the Department for Business, Energy [...]
Green shoots: Four charts that suggest the worst is over for the UK economy June 4, 2020 The UK economy suffered its worst month in living memory in April, but there are tentative signs that things began improving in May as coronavirus restrictions were gradually lifted. “The government’s plans for a progressive opening up of non-essential stores in June suggest that the low point for the economy is behind us,” said Ruth [...]
