Coronavirus: Wine dealers cheers return of confidence in China April 17, 2020 Sales of fine wine and spirits in China recovered quickly in March after a sharp contraction due to the coronavirus epidemic, a rare sign of optimism that confidence could return to the global economy sooner rather than later. Sales through global merchant BI Wine & Spirits were up by 25 per cent in March as [...]
China’s economy shrinks for first time in decades on coronavirus hit April 17, 2020 China’s economy shrank for the first time in nearly three decades of records in the first quarter as the coronavirus pandemic hit spending and production. Gross domestic product (GDP) fell 6.8 per cent in the quarter ended March compared to the same period the previous year, official data showed today, slightly larger than the 6.5 [...]
Coronavirus: EU vows to protect weakened firms from foreign takeovers April 17, 2020 The EU is set to protect its companies against foreign takeovers from firms taking advantage of the economic fallout from coronavirus. The bloc plans to allow governments to take large stakes in weak European companies, even owning them in some cases. The European Commission has decided to step in due to the unprecedented impact of [...]
FTSE 100 jumps on hopes of coronavirus drug breakthrough April 17, 2020 The FTSE 100 surged today despite dire Chinese economic data as investors are cheered by hopes of a medical breakthrough and signs that the US is on its way to reopening parts of its economy. Britain’s FTSE 100 index finished 2.8 per cent higher at 5,786 points. It had climbed as much as 3.4 per [...]
Which stock markets sold off the most over Q1 and how do valuations look? April 15, 2020 It’s been an incredibly tough start to the year for investors, with some market veterans describing it as one of the most challenging situations they’ve ever experienced. While markets have staged a recovery since late March, it was a crushing quarter as coronavirus (Covid-19) effectively shuttered the global economy, not to forget the immeasurable human [...]
FTSE 100 finishes lower despite global coronavirus rally April 14, 2020 The FTSE 100 missed out on a global rally today after the UK government said it intends to keep lockdown measures in place for the time being and dire predictions were made about the economy. Britain’s FTSE 100 index closed 0.9 per cent lower at 5,792 points. Yet European and US markets were more cheery, [...]
US stocks rise as investors focus on Chinese trade recovery April 14, 2020 US stocks have risen sharply in early trading as investors take heart in better-than-expected Chinese economic data and as state governors weigh up easing coronavirus lockdowns. The S&P 500 index was 2.3 per cent higher roughly an hour after the bell. The Dow Jones was up two per cent and the Nasdaq had risen 3.1 [...]
Renault quits China partnership to focus on Nissan alliance April 14, 2020 French car giant Renault has scrapped its joint venture with Chinese firm Dongfeng Motor Group due to weak sales at the loss-making partnership. A general slowdown of sales in the world’s biggest auto market will be compounded by this year’s coronavirus pandemic, which has led to a widespread shuttering of factories and showrooms across the [...]
Former BT chairman Mike Rake joins Huawei UK board April 14, 2020 Sir Mike Rake, former BT chairman and president of the Confederation of British Industry (CBI), has joined the UK board of controversial Chinese tech giant Huawei. The City stalwart has served as an adviser to Huawei since January 2019, helping the firm to fend off attacks from critics over national security concerns. The government has [...]
EDF withdraws financial guidance for 2020 and 2021 as coronavirus hits power demand April 14, 2020 French energy company EDF said today it was withdrawing its financial targets for 2020 and 2021 as a result of the coronavirus crisis. EDF said it was pulling all financial targets, including the lower end of the earnings Ebitda range of €17.5bn (£15.2bn) in 2020. “The economic turmoil that follows from the current sanitary crisis [...]