Week Ending 22nd May 2020 U.S. stocks rallied into the close of trading after whipsawing investors during a volatile week that featured optimism over the reopening of the economy and a renewal of trade tensions. The dollar strengthened and oil snapped a six-day winning streak. The S&P 500 index swung between gains and losses before […]

Government borrowing surged to £62bn in April, the highest monthly figure on record, after heavy spending to ease the coronavirus crisis. It means the deficit – the difference between spending and tax income – was larger last month than forecast for the whole year at the time of the Budget. The data from the Office […]

The coronavirus pandemic could cost the global economy between $5.8tn and $8.8tn (£4.7tn-£7.1tn), according to Asian Development Bank (ADB). That’s more than double last month’s prediction and equates to 6.4%-9.7% of the world’s economic output. It comes as measures to slow the spread of Covid-19 continue to paralyse economic activity around the world. Globally authorities […]

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The US unemployment rate has risen to 14.7%, with 20.5 million jobs lost in April, as the coronavirus pandemic devastated the economy. The rise means the jobless rate is now worse than at any time since the Great Depression of the 1930s. Since the pandemic began, the US has suffered its worst growth numbers in […]

The US Congress has passed a new Covid-19 relief package totalling $484bn (£391bn), the fourth aid bill to clear Congress in response to the pandemic. The legislation, approved 388-5 by the House of Representatives, tops up a small business aid fund, while funding hospitals and testing. President Donald Trump said he would enact the bill, […]

The EU plans to help block foreign takeovers of European companies struggling with the virus downturn. It wants to allow governments to invest in weak companies, which could include some form of ownership. While it called them “measures of last resort”, the European Commission says it is consulting member states. A focus for the regulator […]

EU finance ministers have agreed a €500bn (£430bn;$540bn) rescue package for European countries hit hard by the coronavirus pandemic. The chairman of the Eurogroup, Mário Centeno, announced the deal, reached after marathon discussions in Brussels. It comes as Spain’s prime minister said the country was close to passing the worst of its coronavirus outbreak. Spain […]

The coronavirus pandemic could trigger a global slump bigger than the Great Depression of the 1930s, a closely watched international survey suggests. Manufacturing and services sectors in key geographical areas, including the UK, US and the eurozone, saw record falls in activity during March, according to Purchasing Managers’ Index data. The UK figure, dropped from […]

Week Ending 27th March 2020 U.S. stocks weathered a late-Friday plunge to post their best week in over 10 years, buoyed by an unprecedented stimulus package meant to blunt the economic impact of the coronavirus pandemic. Treasuries gained and oil slipped. The S&P 500 Index climbed 10% this week, its biggest gain since March 2009, […]