Wall Street hits record high on vaccine hopes and Biden transition November 24, 2020 US stocks pushed to record highs this afternoon as investors welcomed positive and signs that US President Donald Trump is accepting his election loss. The Dow Jones climbed 1.6 per cent to set a new record high, trading above 30,000 points for the first time. The gains mean it is on track to cement its [...]
Rishi Sunak’s spending review: Three things to look out for November 24, 2020 Chancellor Rishi Sunak is no stranger to the House of Commons despatch box, having delivered numerous mini-budgets since March. But tomorrow he will lay out comprehensive spending plans for the 2021-22 financial year in one of his biggest announcements yet. Although it will not cover a three-year period, as originally planned, it will show the [...]
UK retail sales fall in November but online shopping booms, survey shows November 24, 2020 Overall UK retail sales dropped in November but online shopping boomed as the England-wide lockdown forced customers to change their habits, a new survey has shown. The CBI’s monthly retail survey showed that sales fell in November year on year at a similar pace to the drop in October. The sales gauge came in at [...]
Goldman Sachs plans EU trading venue in Paris as Brexit nerves grow November 24, 2020 Banking giant Goldman Sachs is set to launch a European stock-trading destination in Paris in an effort to make sure transactions in EU equities can continue smoothly even if there is no post-Brexit agreement.
US stocks slip as Treasury clashes with Fed to cut loan programmes November 20, 2020 US stocks slipped in early trading while global markets were subdued as rising coronavirus cases and a rare disagreement between the Federal Reserve and Treasury worried investors. Treasury secretary Steve Mnuchin yesterday requested that the Fed wind down a series of coronavirus lending facilities put in place to support companies at the start of the [...]
Hungary says EU recovery fund spat will be resolved November 20, 2020 Hungary’s Prime Minister has said a dispute over the EU’s €750bn (£670bn) coronavirus recovery fund and budget can be solved, after his government and Poland’s blocked the package at a key meeting. Both Hungary and Poland voted against measures that would allow the €1.8 trillion 2021-2027 budget and recovery fund to become operational, even though [...]
Treasury rebuffs calls from City banks for help chasing bad debts from Covid loans November 20, 2020 Treasury rebuffs calls from City banks for help chasing bad debts from Covid loans
UK borrowing drops to £22bn in October but deficit hits new record November 20, 2020 The UK government’s borrowing dropped sharply in October as companies and individuals required less economic support, with spending on the furlough scheme almost quartering. Public sector net borrowing came in at £22.3bn last month, down sharply from a downwardly revised figure £28.6bn a month earlier, the Office for National Statistics (ONS) said. It was also [...]
MPs launch inquiry with eye to bolstering City after Brexit November 20, 2020 MPs have launched a major new inquiry aimed at strengthening the role of the City of London as a global financial hub after Britain leaves the EU’s trading arrangements in January. The Treasury Committee of MPs said it will dig into how financial services regulations should be set and scrutinised by lawmakers, and how regulators [...]
Little ‘Christmas cheer’ as UK consumer confidence falls November 20, 2020 New coronavirus restrictions and rising cases knocked UK consumer confidence in November, a survey has shown, as people became more gloomy about their future economic health. The closely watched consumer confidence index from researcher GfK fell two points to minus 33 in November, its lowest reading since June. Britain’s economy has been hit particularly hard [...]
