FTSE 100 and oil prices gain on reports of coronavirus vaccine ‘breakthrough’ February 5, 2020 The FTSE 100 and European stocks have staged a comeback after opening in the red, following reports that scientists may have found a breakthrough in developing a possible coronavirus treatment. Europe’s abrupt about-turn followed an overnight rise in Asian markets, where traders were buoyed by the prospect of additional stimulus from the Chinese government. Britain’s [...]
Spotify boosts subscribers amid surge in podcast listening February 5, 2020 Spotify today reported a sharp growth in subscriber numbers as the music streaming giant cashed in on its recent investment in podcasts. The Swedish firm boosted its monthly active users to 271m in the four quarter, up 31 per cent year on year, with paid subscribers up 29 per cent to 124m. Total revenue for [...]
FTSE 100 extends recovery from coronavirus sell-off February 4, 2020 Britain’s FTSE 100 has risen along with European markets as global stocks extend their recovery from a difficult last week that was marred by fears over coronavirus. Europe’s equity markets were buoyed by the rise in Asian stock markets overnight, which was driven by the Chinese government’s stimulus measures and better-than-expected US manufacturing data. Beijing [...]
DEBATE: Will the coronavirus outbreak have a long-term impact on the Chinese economy? February 4, 2020 Will the coronavirus outbreak have a long-term impact on the Chinese economy? Emma Wall, head of investment analysis at Hargreaves Lansdown, says YES. Gross domestic product is split into three sectors which drive growth: agricultural, industrial, and services. Agriculture, which makes up seven per cent of China’s GDP, has already taken a significant hit in [...]
Super-rich international shoppers flock to UK department stores February 4, 2020 The UK is the second most popular shopping destination in the world for super-rich tourists, with visitors spending up to €35,000 each with luxury British retailers, according to the latest research. Britain attracts 31 per cent of international “elite shoppers”, second only to France which took a 36 per cent share last year. Super-rich visitors [...]
Angela Merkel fails to unite government over Huawei plan February 3, 2020 German Chancellor Angela Merkel is failing in her bid to unite the coalition government over a verdict on whether to allow Huawei to build the country’s 5G networks. Merkel has attempted to rule out a total ban on Huawei, but has been forced to strike a compromise with hardline ministers in her Christian Democratic Union [...]
Pound sinks as Boris Johnson warns of hard Brexit February 3, 2020 The pound has sunk in early trading today ahead of a Boris Johnson speech in which the Prime Minister is expected to demand a looser trade deal with the EU that could spell a hard Brexit. Sterling fell over one per cent against the dollar to $1.3069 ahead of the Prime Minister’s speech. Johnson is [...]
Oil prices waver as Opec mulls further production cuts to offset coronavirus impact February 3, 2020 Oil prices were largely steady today despite growing economic disruption from the coronavirus outbreak amid rumours that producer cartel Opec is considering even deeper cuts to oil output. Brent crude fell 0.2 per cent to $56.49, whilst West Texas Intermediate showed a small gain of 0.4 per cent to reach $51.74. Last week prices fell [...]
Coronavirus: Hong Kong closes 10 of 13 China borders February 3, 2020 Hong Kong has suspended 10 of its 13 border crossings with mainland China as the coronavirus outbreak spreads. Leader Carrie Lam stopped short of closing the entire border despite calls to do so as the city fights to curb the spread of the coronavirus, which has now claimed 361 lives. Hong Kong has now seen [...]
FTSE 100 opens higher despite market chaos in China February 3, 2020 The FTSE 100 and other European stock markets have opened slightly higher, despite China’s Shanghai index plunging almost eight per cent over the coronavirus outbreak. The UK’s blue-chip index had climbed 0.3 per cent by 8.30am, Germany’s Dax was also 0.3 per cent higher, while France’s CAC 40 had risen 0.2 per cent. Europe’s gains [...]