How are the banks battling coronavirus? March 18, 2020 As countries ramp up efforts to control the pandemic, the economic impact of Covid-19 is having an impact on currency values by creating a significant amount of market volatility. Typically when businesses are faced with large-scale uncertainty, the pound is volatile and the current situation with Covid-19 is adding pressure to currencies, including sterling. The [...]
Coronavirus: Prime Minister pledges legislative protection for Britain’s renters March 18, 2020 The Prime Minister has said private renters will receive legislative support to protect them from evictions as a result of the coronavirus outbreak during a sober and subdued PMQs. With just a handful of MPs in the Chamber, the leader of the opposition Jeremy Corbyn took a less adversarial tone in his questioning, which focused [...]
Global stocks set to spiral despite coronavirus stimulus measures March 18, 2020 Global stocks looked set to slump yet again today as investor panic over the escalating coronavirus outbreak clouded the impact of major government stimulus policies. Hong Kong’s Hang Seng index slumped 3.5 per cent while Japan’s Nikkei dropped 1.7 per cent overnight, failing to follow a rally in US stocks yesterday. Wall Street rebounded yesterday [...]
Crown court trials to be suspended after lawyers push back on health fears March 17, 2020 Crown court trials expected to last longer than three days have been put on hold due to the coronavirus outbreak after sustained pressure from lawyers. Tonight, the Lord Chief Justice released a statement announcing the adjournment of all cases of this length expected to begin in April. The move came after the head of the [...]
US stock markets rebound after new Fed coronavirus action March 17, 2020 US stock markets today clawed back around half of yesterday’s losses after their worst session since 1987’s Black Monday crash as the Fed’s move to buy companies’ short-term debt cooled fears. The S&P 500 closed six per cent higher, the Dow Jones finished 5.2 per cent, up and the Nasdaq climbed 6.2 per cent. The [...]
Donald Trump weighing up sending Americans cheques amid coronavirus March 17, 2020 The US government is weighing up sending cheques to American citizens as it tries to negotiate a $850bn (£700bn) stimulus package with Congress to deal with the economic consequences of coronavirus. US Treasury secretary Steve Mnuchin said the government could send cheques – which could be worth $1000 – to Americans in the next two [...]
Federal Reserve launches corporate debt purchases to tackle coronavirus fallout March 17, 2020 The US Federal Reserve has continued its dramatic intervention in the markets with a pledge to buy short-term corporate debt to help ease the strain on companies amid the coronavirus outbreak. The Fed will relaunch the financial crisis-era system and buy up so-called commercial paper directly from firms that issue it. Companies use commercial paper [...]
Oil price goes below $30 a barrel following brief rise March 17, 2020 Oil prices have fallen below $30 a barrel due to coronavirus uncertainty and the Russia-Saudi Arabia price war. This comes after they staged a slight rise this morning as investors searched for a bargain. Brent crude fell to $29.82 a barrel having peaked earlier at $31. Stephen Innes, chief markets strategist at Axicorp told Reuters [...]
US stock markets suffer worst day since 1987 despite drastic Fed rate cut March 16, 2020 US stock markets suffered their biggest single day fall since 1987’s infamous Black Monday crash as investors shrugged off a dramatic Federal Reserve stimulus package that aimed to support the economy during the coronavirus outbreak. The US’s S&P 500 crashed 12 per cent over trading, the Dow Jones finished 12.9 per cent lower, and the [...]
Oil prices slide as coronavirus and price war roil markets March 16, 2020 Oil prices slipped below $30 a barrel in afternoon trading as an emergency interest rate cut from the US Federal Reserve failed to calm fears about a global recession caused by coronavirus. The Brent crude oil price was last down 11.1 per cent at $30.10, its lowest price since 2016. West Texas Intermediate was down [...]