Before the Bell: Firm focus on UK GDP numbers this morning February 12, 2021 It was another uneventful day in the markets yesterday as fresh news stories were thin on the ground. The same old headlines about vaccines being distributed and optimism with respect to President Biden getting his $1.9 trillion stimulus plan approved in the next few weeks continued to be the main focus of traders’ attention. Both [...]
UK GDP suffers largest contraction on record in 2020 February 12, 2021 UK gross domestic product (GDP) contracted 9.9 per cent last year, marking the largest annual fall on record. Data from the Office for National Statistics showed UK GDP grew one per cent in the fourth quarter of the year due to recovery in government consumption and business investment as Covid restrictions eased. That followed 16.1 [...]
EU faces surge in bankruptcies as states start to withdraw pandemic support February 11, 2021 A leaked document from the European Union has revealed that a spike in bankruptcies and bad loans awaits the European Commission during the bloc’s post-pandemic economic recovery, as states begin to withdraw public support schemes. The note, seen by Reuters, said that it has taken nearly €2.3 trillion in national liquidity support to prevent a [...]
Before the Bell: Quiet start expected for Europe, dealers eye US jobs data February 11, 2021 Stock markets in Europe posted modest losses yesterday as a drop off in confidence towards the end of the session more than wiped out the gains that were registered earlier. For most of the day, equity benchmarks were in positive territory, upbeat sentiment circulated as it was believed the Biden administration will sign off on [...]
Federal Reserve chair calls for national drive to full employment February 10, 2021 Invoking post-World War II efforts to reach full employment and pledging continued loose monetary policy to help the process, Federal Reserve Chair Jerome Powell made a broad call Wednesday for a “society-wide commitment” to get Americans back to work, particularly minorities and those ousted from lower-paying jobs during the pandemic. “Given the number of people who have [...]
FTSE 100 bounds ahead despite housebuilders taking a tax hit while US stocks soar February 10, 2021 FTSE 100 bounds ahead despite housebuilders taking a tax hit
Exclusive: Brexit hit to London may top £9.5bn a year without EU financial services deal February 10, 2021 As the heart of the UK's service sector economy, London is in line to lose up to £9.9bn a year if a post-Brexit deal on financial services doesn't protect the City, new research out this morning finds.
Morning Wire TV: Daily Market Snapshot (video) February 10, 2021 On the surface, risk assets appear to be bullet proof. Commodities including copper and oil, for example, keep trending higher and made new highs yesterday, while certain equity indices such as the Russell 2000 have extended their recent gains (the index is now up 16 per cent YTD). In this brief clip, though, we dig [...]
Pound sterling touches three-year high against US dollar at $1.38 on vaccine success February 10, 2021 GBP hit a three-year high against the US dollar this morning, with vaccine optimism boostong pound sterling
The pandemic is distorting forecasters’ economic data, argues chief economist February 10, 2021 The pandemic already forced economic forecasters out of their comfort zone, but the terrain is now getting even more perilous. It is no longer sufficient to make a simple assumption about ‘the virus’. According to Neil Shearing, group chief economist at economic research firm Capital Economics, forecasts now have to consider factors such as vaccine [...]