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 [...]
Robert Jenrick ducks questioning on his role in ‘unlawful’ planning decision June 11, 2020 Housing and communities secretary Robert Jenrick has been criticised for refusing to answer questions from MPs about his part in unlwafully granting planning permission to a £1bn property development. Jenrick instead sent his deputy Chris Pincher to face parliamentary scrutiny about the planning approval, drawing claims from Labour that he was “hiding from scrutiny”. Jenrick [...]
Oil prices set for biggest fall in two weeks after Fed outlook spooks traders June 11, 2020 Oil prices are on track for their biggest daily fall in two weeks after a combination of a record build in stocks and the Federal Reserve’s economic predictions spooked traders. Worldwide benchmark Brent crude swiftly pared yesterday’s gains this morning, falling 3.4 per cent to $40.29 per barrel. US standard West Texas Intermediate followed suit, [...]
Asian shares lose grip of winning streak on Fed meeting June 11, 2020 Asian shares failed to hold on to their 10-day winning streak today, swinging lower after a glum economic outlook from the US Federal Reserve fuelled fears that it would have to provide further support to an already record high level of stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent, marking [...]