Week Ending 15th January 2021 U.S. stocks fell by the most in more than a week after Wells Fargo & Co.dragged down the banking sector in the wake of disappointing fourth-quarter results. Crude oil declined from a 10-month high as the dollar strengthened. The energy and financial sectors led the S&P 500 into the red […]
View PostCOVID-19: Joe Biden unveils $1.9trn plan to help US fight coronavirus
President-elect Joe Biden has revealed a $1.9trn stimulus package to help the US get through the coronavirus pandemic. The package includes $415bn for the virus response, around $1trn for households, and roughly $440bn for small businesses and hard-hit communities. Mr Biden said: “A crisis of deep human suffering is in plain sight, and there’s no […]
View PostUS job numbers fall unexpectedly for the first time in eight months
US employers shed jobs last month for the first time since April, a sign that the economy is struggling under the weight of the coronavirus pandemic. The world’s biggest economy saw non farm payrolls decrease by 140,000 jobs in December, meaning the US has recovered just over half of the 22.2 million jobs that were […]
View PostFTSE 100 suffers worst year since 2008 – but Wall Street rebounds
The FTSE 100 has clocked up its worst year since the 2008 financial crisis – underperforming against global rivals that have bounced back following a coronavirus sell-off earlier in the year. London’s leading share index closed at 6460.5 in a shortened closing session on New Year’s Eve, 14.3% down over the course of 2020. It […]
View PostBrexit: EU nations unanimously approve deal
On Monday, EU ambassadors met to unanimously approve the post-Brexit trade agreement as part of Brussels’ own ratification process. It means the deal, covering £660bn of trade, can now move on to formal ratification by the European Parliament – although this is set to come after the deal is already in place in the New […]
View PostCOVID response to help China become world’s biggest economy five years early
China is set to overtake the US to become the world’s biggest economy five years earlier than previously thought, thanks in part to its handling of the coronavirus pandemic, according to a think tank. The Centre for Economics and Business Research (CEBR) says China will become the world’s major economic force in 2028. In an […]
View PostPound under pressure as deadline looms on post-Brexit trade talks
Sterling claws back some losses, but remains down against the dollar and euro amid gloomy predictions of a deal being struck. The pound came under pressure and UK banking stocks were sold off in volatile trading on Friday as fears of a no-deal Brexit intensified. Sterling dipped by nearly two cents to just above $1.31 […]
View PostChina ramps up squeeze on Australia with 212% tax on wine
Strained relations have already seen Beijing halt or impose curbs on other imports including beef, barley, sugar and timber. China has slapped taxes of up to 212% on Australian wine amid continued wrangling with the Canberra government, including its backing for an inquiry into the source of the coronavirus pandemic. Beijing argued the punitive anti-dumping […]
View PostEU ‘thinks Brexit deal 95% agreed’ but anxiety remains, secret notes reveal
The legal text of a trade agreement is said to be “finalised” in almost all areas, “covering almost all subjects”. Confidential notes seen by Sky News reveal European Union officials think a Brexit deal is 95% agreed – but show the extent of anxiety over the potential impact if negotiations break down. The notes come […]
View PostBank of England says UK economy facing a “historically unprecedented” hit
The governor of the Bank of England (BoE) has said the UK economy is facing a “historically unprecedented” hit this year, hours after it ramped up virus crisis support by £150bn. Andrew Bailey spoke about twin threats to growth from renewed coronavirus lockdowns and Brexit disruption after the latest meeting of the Bank’s Monetary Policy […]
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