US factories grow at fastest pace in 19 months as recovery continues September 1, 2020 Activity in the US manufacturing sector rose at the fastest pace since the start end of 2018, a survey has shown, although factories continued to slash jobs. The Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index (PMI) rose to 56 in August from 54.2 in July. It was the highest score since November 2018 [...]
FTSE 100 reshuffle: ITV set to tumble from the big league September 1, 2020 The FTSE 100 is set for another dramatic reshuffle as the blue-chip index adapts to life during the coronavirus pandemic, with telly stalwart ITV almost certain to drop from the list and bargain retailer B&M likely to rise. FTSE Russell, which runs the index, will decide who’s up and who’s down according to prices at [...]
Germany upgrades growth forecast to reflect ‘V-shaped’ recovery September 1, 2020 The German economy will shrink by less than initially expected this year and GDP will recover its pre-coronavirus size by the start of 2022, the country’s government predicted today. Economy minister Peter Altmaier said the government now predicted the economy would shrink by 5.8 per cent this year, compared to a previous estimate of 6.3 [...]
UK factories grow at fastest pace in six years but continue to slash jobs September 1, 2020 The UK manufacturing sector’s output grew at the fastest pace in more than six years in August as factories continued to recover from the coronavirus lockdown, a survey has shown. However, the sector was far from its pre-coronavirus size and firms laid off workers at a rapid rate as they adapted to the new economic [...]
Eurozone manufacturing grows for second month running September 1, 2020 The Eurozone manufacturing sector saw “modest growth” for the second month running in August, according to a new survey, as the bloc’s economic recovery continued. However, the factory sectors in Spain and France stagnated while Greek manufacturing declined for the sixth month in a row. The IHS Markit Eurozone manufacturing purchasing managers’ index – a [...]
FTSE 100 falls but US stocks rise as markets weigh up Fed changes August 28, 2020 The FTSE 100 dropped in afternoon trading but US stocks rose as investors digested the US Federal Reserve’s decision to take a more relaxed approach to inflation, a step that supported Wall Street stocks last night. London’s main stock index fell 0.4 per cent to 5,977 points. The FTSE 250 of mid-sized firms climbed 0.1 [...]
Andrew Bailey says Bank of England ‘not out of firepower’ August 28, 2020 Bank of England governor Andrew Bailey has said the central bank is “not out of firepower” with which to tackle the coronavirus downturn “by any means”. In fact it seemed like the Bank underestimated the amount of firepower it had left before coronavirus hit, the governor told the online Jackson Hole economic policy symposium. Yet [...]
Eurozone business confidence picks up as bloc stages recovery August 28, 2020 Eurozone businesses became more confident about the economy in August as the bloc gradually recovered from the fallout of the coronavirus pandemic, according to new survey data. The closely watched Eurozone economic sentiment indicator rose 5.3 points to 87.7 in August, the European Commission said today. However, sentiment remained well below its long term average, [...]
Norwegian Air says it needs more cash as losses mount August 28, 2020 Norwegian Air was battered by the coronavirus pandemic in the first half, with its pre-tax loss amounting to $544m (4.79bn Norwegian krone or £409m). The airline said it faced “challenging times ahead” as it released its results, and said it needs more cash to see it through Covid-19. The figures Norwegian Air’s fell to a [...]
Fed to tolerate higher inflation in major policy shift August 27, 2020 The US Federal Reserve has announced a new approach to monetary policy that will tolerate periods of higher inflation, paving the way for it to leave interest rates near record lows for the foreseeable future. Fed chair Jay Powell announced the central bank would try to achieve inflation averaging two per cent over the longer [...]
