Oil prices begin slide over coronavirus second wave fears June 17, 2020 Global oil prices slipped back this morning on rising fears over a second wave of coronavirus infections after an outbreak in Beijing. Worldwide benchmark Brent crude fell 1.5 per cent over the morning’s trading, slipping back to $40.34. Meanwhile US standard West Texas Intermediate, which was recently trading close to $40 levels, dropped 1.8 per [...]
FTSE 100 closes higher on new coronavirus drug hopes June 16, 2020 The FTSE 100 extended its gains this afternoon closing up nearly three per cent after a major development in an Oxford University clinical trial. London’s blue-chip index climbed to highs of 3.53 per cent in the afternoon, before closing up 2.96 per cent. It erased Monday’s losses when traders were jittery on second wave fears. [...]
Fed chair Powell: US economic recovery hinges on coronavirus being under control June 16, 2020 The US economy will not fully recover from the coronavirus pandemic until the American people are sure that the outbreak has been brought under control, Federal Reserve chair Jerome Powell said. “Until the public is confident that the disease is contained, a full recovery is unlikely,” Powell told US lawmakers. In the first of two [...]
BP to write off up to $17.5bn after oil price crash June 15, 2020 BP is set to write off up to $17.5bn (£13.9bn) from the value of its assets after the oil price crash earlier this year, as the oil major revises its long-term energy price forecasts. The London-headquartered firm said it would incur writedowns of around $13bn to $17.5bn in the second quarter of 2020. BP said [...]
Watch out for too much money — and the return of boom and bust cycles June 15, 2020 Money is growing at record rates in peace time the US, at least by modern standards. The quantity of money in the US (as measured by M3) rose by 7.5 per cent in April 2020. With further strong money growth in May, the annual rate of growth of money has shot up to a shocking [...]
US stocks and FTSE 100 tumble as fears of second wave intensify June 15, 2020 The FTSE 100 faltered in afternoon trading, while US stocks sunk into the red as traders remained wary of a second spike in coronavirus infections. London’s blue-chip index opened down 2.05 per cent to 5,980 points, even as retailers began to open their doors for the first time in three months. US stocks dropped sharply [...]
How global markets will cope with a second wave June 13, 2020 Fears of a second wave of coronavirus have stubbed out hopes of swift economic recovery around the world, as the possibility of further lockdowns hangs heavy on global markets. While many countries seem to have a grip on the coronavirus crisis, the prospect of new infections in the US hinted in Wednesday’s Federal Reserve meeting [...]
US stocks and FTSE 100 plunge after Fed’s long recovery warning June 11, 2020 The FTSE 100 suffered its worst daily drop since late March, with US stocks plunging into the red after the Federal Reserve effectively crushed hopes of a quick recovery. London’s blue-chip index closed down 3.99 per cent after crashing as much as 2.66 per cent this morning. And US stocks also crashed, with the Dow [...]
IMF says $10 trillion has been spent battling coronavirus but more is needed June 11, 2020 The global response to the coronavirus pandemic has cost governments around $10 trillion, but further efforts are needed to battle the outbreak, according to the head of the IMF. New estimates suggest that up to 100m could fall into extreme poverty as a result of the pandemic, IMF managing director Kristalina Georgieva has said. She [...]
US jobless claims: A further 1.5m Americans file for unemployment benefits June 11, 2020 A further 1.5m Americans have filed new unemployment claims in the last week, bringing the total to 44m. The number of first-time unemployment claims was 1.54m last week, the lowest level in 12 weeks, according to data released by the US Labor Department. It brings the 12-week total to 44m, meaning more than a quarter [...]