Goldman Sachs and Citi slash UK GDP forecasts on news of second lockdown November 2, 2020 Goldman Sachs and Citi have sharply cut its economic forecasts for the UK in the fourth quarter following news of a fresh national lockdown in England to curb the second wave of coronavirus infections. In a client note, Goldman analysts said the US investment bank now expects UK GDP to shrink 2.4 per cent in [...]
Serco shares crash as outsourcer loses role on nuclear weapons consortium November 2, 2020 Shares in Serco plummeted this morning after the outsourcing giant confirmed that the government had taken back management of its atomic weapons development facility. Shares dropped nearly 12 per cent as markets opened as traders digested the news. Yesterday Sky News reported that the government was due to announce that it would take over the [...]
UK factories expand but lose momentum amid second wave November 2, 2020 The UK manufacturing continued its recovery in October as output and new orders climbed, but the rate of expansion slowed as the economy headed into a tough winter, a survey has shown. The IHS Markit/Cips manufacturing purchasing managers’ index (PMI) – a gauge of the sector’s health – slipped to 53.7 in October from 54.1 [...]
Biden vs Trump: what are markets telling us? November 2, 2020 With less than a week to go until the US presidential election, will Biden’s lead in the polls be enough to convince investors that Trump is poised for defeat? Many think not. After all, the polls notoriously got it wrong four years ago when Trump beat Hillary Clinton. For this reason, there has been heightened [...]
Ocado to make $300m in acquisitions as digital grocer bumps forecasts November 2, 2020 Digital grocer Ocado has announced two acquisitions worth nearly $300m (£232m) and bumped up its full year earnings forecast, it announced this morning. The retail darling said that it had continued to see strong sales growth during the third quarter as people stuck to digital shopping amid to the coronavirus pandemic. Shares in Ocado rose [...]
Watchdog extends loan payment holidays ahead of second lockdown November 2, 2020 The UK’s financial watchdog will extend payment holidays on credit cards, car finance, personal loans and pawnbroking ahead of a second coronavirus lockdown in England. The Financial Conduct Authority (FCA) said that consumers who had not yet had a payment deferral under guidance issued in July would be able to request a payment holiday lasting [...]
Rishi Sunak: Financial support for self-employed people to increase November 2, 2020 Chancellor Rishi Sunak this morning said that self-employed people would be given extra support due to the onset of a new national lockdown. Speaking to the BBC, he said that the cap on current grant of 40 per cent of trading profits would be increased. The grant is paid out in a single instalment covering [...]
Eurozone manufacturing sector’s recovery continues despite restrictions November 2, 2020 The Eurozone manufacturing sector’s rapid expansion continued in October, driven by a boom in demand for German goods as economies reopened, a survey has shown. However, the manufacturing growth comes against a backdrop of a slowdown in the services sector as coronavirus cases rise and governments impose new restrictions. The IHS Markit manufacturing purchasing managers’ [...]
CBI deputy: A no-deal Brexit on top of coronavirus is ‘very, very worrying’ November 2, 2020 For a while in the summer it looked as though the CBI’s annual conference – a highlight of the business calendar which kicks off today – could be celebrating an economy on its way back to health. But a surge in coronavirus restrictions and new lockdowns across the country mean it is likely to be [...]
Nigel Farage to relaunch Brexit Party as anti-lockdown Reform UK November 2, 2020 Nigel Farage is set to relaunch the Brexit Party as a new anti-lockdown party called Reform UK as he rails against the government’s “woeful” response to the coronavirus crisis. The party, which was launched 21 months ago to put pressure on the government’s Brexit strategy, has applied to the Electoral Commission to change its name. [...]
