Eurozone’s economic crash eases in May but area remains depressed June 3, 2020 The Eurozone’s private sector showed some tentative signs of recovery but still remained mired in a deep downturn in May, survey data has shown. The IHS Markit composite purchasing managers’ index (PMI), a closely watched guide to the economy’s health, rose to 31.9 in May from a record low of 13.6 in April. May’s reading [...]
UK coronavirus loans top £31bn but just half of CBILs approved June 2, 2020 UK businesses have borrowed £31bn from banks through the government’s coronavirus loan scheme, but the approval rate on its flagship CBILs programme is still languishing at around 50 per cent. Figures released today showed that the three main coronavirus loan schemes have helped firms access £31.3bn. The bulk has been through the “bounce-back” loan scheme, [...]
UK mortgage approvals plunge to record low during lockdown June 2, 2020 UK household borrowing dried up at a record rate in April and mortgage approvals plunged to their lowest since 1993 as consumers drew in their horns while the economy was ravaged by coronavirus. Instead of borrowing, households repaid their debts at a record pace. They returned £7.4bn to banks in the largest net repayment since [...]
Asian stocks rise as markets pin hopes on global economic recovery June 2, 2020 Asian stocks ground out gains overnight as traders chose to focus on the prospects of a global economic recovery from coronavirus over US-China fears. Japan’s Nikkei jumped 1.3 per cent on Tuesday but Hong Kong’s Hang Seng index rose a comparatively small 0.6 per cent. President Donald Trump’s threat to bring in the military to [...]
Strong economic recovery from coronavirus pandemic predicted June 1, 2020 A strong economic recovery following the coronavirus pandemic is likely, with conditions ripe for a quick turnaround, a report published today said. The unusual nature of this recession could be a silver lining for recovery, the report by Oxford Economics said. GDP has fallen because of a planned, partial economic shutdown, so in theory activity [...]
UK manufacturing downturn continues despite signs of life June 1, 2020 The UK’s manufacturing sector showed some signs of life in May as the coronavirus lockdown was eased, but the overall picture for Britain’s factories remained highly gloomy. The final reading of the IHS Markit/Cips (PMI) manufacturing purchasing managers’ index came in at 40.7 in May. That was up from the record-low reading of 32.6 in [...]
Eurozone manufacturing shows tentative signs of recovery in May June 1, 2020 Conditions in the Eurozone manufacturing sector picked up somewhat in May as countries in the currency bloc lifted coronavirus restrictions, but the zone’s factories were still far from healthy. The IHS Markit manufacturing purchasing managers’ index (PMI) – a gauge of the sector’s health – rose to a final reading of 39.4 in May after [...]
UK and Italy seek to further ease lockdowns as scientists urge caution June 1, 2020 European countries like the UK and Italy are readying themselves to ease lockdown measures further despite scientists urging caution as coronavirus cases continue to rise. The UK is still seeing a steady rise in coronavirus infections but governments face pressure to restart their economies after Europe’s lockdowns triggered the biggest peacetime downturn on record. The [...]
London business confidence rises but gloom remains as lockdown eased May 29, 2020 London business confidence picked up slightly in May as the government lifted coronavirus restrictions, but firms grew gloomier across the country as a whole. The business barometer from Lloyds showed that London business confidence rose eight points on its gauge to minus 20. This was nonetheless close to a record low after sentiment plunged in [...]
Eurozone on brink of deflation as price growth slows to 0.1 per cent May 29, 2020 Eurozone inflation dropped to a four-year low of just 0.1 per cent in May, data has shown, as the coronavirus pandemic put the single-currency bloc perilously close to deflationary territory. In an early estimate, the European Union’s statistics body said Eurozone month-on-month inflation was just 0.1 per cent as energy prices plunged. Core inflation, which [...]