Italian and French economies crash in first quarter as coronavirus bites May 29, 2020 The Italian and French economies shrank by more than five per cent in the first quarter of the year as normal life was halted to try to tackle coronavirus, data has confirmed. France’s statistics body today said its economy shrank by 5.3 per cent, slightly less than originally thought. But it was still the worst [...]
Daniel Hannan: Slash taxes and ramp up spending to boost economy May 28, 2020 Influential free-marketeer Daniel Hannan has told City A.M.’s The City View podcast that the government should both cut taxes and increase spending to help Britain recover from the coronavirus crash. The former Tory MEP also said Britain should be exiting its lockdown much quicker, given that other European states are doing so without suffering a [...]
Eurozone economic sentiment edges up but doubts remain May 28, 2020 Business sentiment in the Eurozone recovered slightly in May, although the rise undershot expectations as countries reopen their economies. The European Commission’s economic sentiment indicator edged up to 67.5 in May from its record low of 63.8 in April. For comparison, the gauge stood at 102.5 in January. Analysts had expected a rise to 70.3, [...]
Two-fifths of UK SMEs at risk of permanent closure, survey finds May 28, 2020 The coronavirus crisis will cost the UK’s small and medium sized businesses an average of around £12,000, according to a survey which shows that two fifths of such firms are at risk of closing permanently. A poll of 3,700 small and medium-sized enterprises (SMEs) by business insurer Simply Business showed that firms reckon the cost [...]
FTSE 100 and US stocks rise as investors bet on recovery May 28, 2020 US stocks have joined the FTSE 100 in the green as investors continue to bet on a relatively swift economic recovery from coronavirus, with spirits high as countries reopen their economies. London’s main stock index was up one per cent in afternoon trading at 6,205 points. It had risen more than one per cent yesterday. [...]
Markets live: FTSE 100 and US stocks slip on rising Hong Kong tensions May 22, 2020 The FTSE 100 closed in the red and US stocks fell as investors weighed up rising US-China tensions in the wake of Beijing’s move to assert its authority in Hong Kong. The UK’s blue-chip index fell around two per cent this morning but pared some of its losses throughout the day. It finished 0.3 per [...]
What are negative interest rates and will the UK turn to them? May 22, 2020 Bank of England governor Andrew Bailey this week said he has changed his mind on negative interest rates, saying the BoE is keeping them under “active review”. President Donald Trump has repeatedly made clear that he is a fan of negative rates, and wants the US to have them as it deals with the coronavirus [...]
Oil prices tumble as US-China tensions rise over Hong Kong May 22, 2020 Oil prices have fallen after a rise in US-China tensions that was spurred by Beijing moving to impose security laws on Hong Kong and as fresh doubts set in about demand amid the coronavirus recovery. Brent crude oil, the main global price, fell 4.9 per cent to $34.40 per barrel. Meanwhile US benchmark WTI crude [...]
Austerity architect George Osborne: UK faces ‘hard choices’ after borrowing surge May 22, 2020 Former chancellor George Osborne has said the government will in the next “two or three years” need to lay out a plan to “bring balance” to the budget, after data showed that borrowing soared in April. Osborne sharply divided opinion in the UK as the primary architect of post-2008 austerity, which slashed spending in an [...]
Bank of England deputy warns of risks to BoE’s upbeat forecast May 22, 2020 Bank of England deputy governor Dave Ramsden has warned that there could be some “scarring” to the economy after coronavirus as he stressed that the path to recovery is hugely uncertain. Ramsden also said that the Bank still has “quite a lot of headroom” to buy more bonds and echoed governor Andrew Bailey in saying [...]
