UK services PMI rises but activity remains in contraction

Figures released this morning from IHS Markit’s UK Services PMI showed that whilst this month’s report posted a significantly higher reading than May’s report of 29, it remained below the no-change in activity threshold of 50. This latest release is the highest that the UK Services PMI has been in four months at 47.1, although

UK GDP falls as data shows household consumption weakest since 1979

The Office for National Statistics (ONS) released Q1 GDP figures for the UK this morning showing a 2.2% decline on the prior quarter and 1.7% on the prior year, as coronavirus began to wreak havoc on the economy. The UK’s current account balance missed consensus expectations for -£15bn instead coming in at -£21.1bn. The decline

FTSE 100 rises as investors exude confidence in US containment measures

The FTSE 100 rose 1.08% as Florida and Texas rowed back reopening measures following surges in coronavirus cases. This follows recent announcements from Florida, Texas and Arizona that they would pause their reopening plans. Investors welcomed further steps taken by the US states of Florida and Texas to stem record surges in covid-19 cases, as

UK Manufacturing PMI returns to growth

IHS Markit’s manufacturing PMI released yesterday showed growth in manufacturing activity on the prior month for the first time since the pandemic began. The reading came in at 50.1 indicating a very slight expansion, but nevertheless marked improvement on May’s dire reading of 40.7. The manufacturing output index came in even higher at 50.8, which

Germany’s R number ratchets higher as second-wave fears breeds angst

The FTSE 100 closed 0.76% down today, as news emerged over the weekend that Germany’s R number had surged from 1.79 to 2.88 renewed fears over a second wave of Covid-19 infections. Statistical uncertainty means the actual reading (as per the 95% confidence intervals) could be as high as 3.73. In light of the praise

FTSE 100 slightly down as Bank of England boosts its bond-buying by £100m

The FTSE 100 fell 0.47% to 6,224.07 as news out of the Bank of England underwhelmed investors as expectations were for the central bank to be more aggressive. Risk sentiment is hardly being helped by a second wave of infections in Beijing, which has led city authorities to reimpose strict lockdown restrictions. The new cluster

The City

UK stocks down as OECD predicts its growth to be worst of G7

The FTSE 100 fell 0.1% to 6,329.13 as market participants held off on adding risk ahead of the Federal Reserve’s statement. The OECD also released its growth forecasts today predicting the UK would have the toughest road ahead as compared to its G7 peers. If the good news regarding declining Covid-19 infection rates in the

BP and Shell drag FTSE 100 lower but Aveva shines following stellar results

The FTSE 100 closed down 2.11% on Tuesday as heavily-weighted BP (Ticker:BP) and Royal Dutch Shell (Ticker:RDSA) fell 3.47% and 4.38% respectively. Aveva (Ticker: AVV) rose 4.33% as full-year profits grew 97%. Brent crude, the international oil benchmark, fell by as much as 2% from $40.81 to $40, during London’s trading hours, before trimming losses

FTSE 100 dips slightly as UK government reaffirms reopening target for pubs

The FTSE 100 eased back 0.18% to close at 6,472.59 today, following Friday’s ferocious rally after a blowout US jobs report, amid UK government affirmations that it will stick to its target to gradually reopen pubs and restaurants from 4th July, which have been closed since late-March. Although US equities saw another strong day of

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