US jobless claims fall to seven-month low but pace of decline slows November 12, 2020 The number of Americans filing new claims for unemployment benefits dropped to a seven-month low last week, official figures showed, but the rate of decline in jobless claims slowed. Initial claims for state unemployment benefits hit a seasonally adjusted total of 709,000 for the week to 7 November, the US Department of Labor said. This [...]
Disappointing GDP figures show UK recovery lost momentum ahead of second lockdown November 12, 2020 UK GDP grew by a record quarterly amount in the three months to September, but failed to make up for its historic slump the previous quarter as Covid-19 brought large swathes of the economy to a halt. The UK economy grew by a record 15.5 per cent in the third quarter, the Office for National [...]
Brexit news could change outcome of BoE’s December meeting, says Bailey November 12, 2020 Developments in the ongoing trade talks between the UK and EU could affect the chance of the Bank of England’s monetary policy committee (MPC) taking action at its December meeting, governor Andrew Bailey said. Asked if Brexit developments could make the MPC’s next meeting “live”, Bailey said: “I’m sure we will have more information, so [...]
Premier Oil production to fall as Chrysaor merger nears November 12, 2020 Premier Oil reduced its production guidance this morning as the oil explorer prepares for its merger with fellow North Sea firm Chrysaor. The London-listed firm said output for the full year would now be 61,000 – 64,000 barrels per day for the year, down from previous forecasts of 65,000 – 70,000 barrels. Recent problems at [...]
Government advisory body tells Rishi Sunak to hike capital gains tax November 11, 2020 Rishi Sunak should double capital gains tax rates in order to reel in an extra £14bn, according to the government’s tax advisory body. The Office for Tax Simplification today released its findings on a review ordered by Sunak, telling the chancellor he should increase the rate of capital gains tax and slash exemptions to take [...]
Embattled Turkish lira rallies after Erdogan pledges stability and lower inflation November 11, 2020 The Turkish lira jumped today after President Tayyip Erdogan promised new economic stabilit, low inflation and a pro-investment environment
Tech rally drives US shares higher as FTSE 100 continues to climb November 11, 2020 US shares opened higher today as signs of a possible vaccine for Covid-19 raised investor hopes of a faster-than-expected recovery from the pandemic-induced economic crisis. Wall Street’s main indices opened higher, with technology stocks recovered from heavy losses earlier in the week. The tech-heavy Nasdaq rose 1.27 per cent shortly after the open, while the [...]
ECB to focus on bond buying and bank liquidity to keep eurozone afloat, says Lagarde November 11, 2020 The European Central Bank (ECB) will focus on emergency bond purchases and cheap loans for banks when it puts together its new stimulus package for the coronavirus-hit eurozone economy, president Christine Lagarde said. Lagarde told the ECB’s annual central banking conference that inflation in the eurozone was now likely to remain negative for longer than [...]
‘Positive evidence’ on negative interest rates, says BoE policymaker Tenreyro November 11, 2020 Bank of England policymaker Silvana Tenreyro said there was “positive evidence” that negative interest rates could help banks and the wider economy amid the downturn caused by Covid-19. “The positive evidence related to negative interest rate policy comes from Europe, where it has worked fairly well,” Tenreyro said in an interview with the Yorkshire Post. [...]
Oil prices continue rally as vaccine hope buoys traders November 11, 2020 Oil prices continued to surge today as the discovery of an effective vaccine for the coronavirus disease buoyed traders. Both Brent crude and West Texas Intermediate rose around 3.5 per cent this morning, continuing a rally which has seen prices rise over 10 per cent since Monday. Global standard Brent crude is now trading around [...]