Sunak: no return to austerity in new spending plan
By William Schomberg and Paul Sandle LONDON (Reuters) – British finance minister Rishi Sunak said there would be no return to austerity in a spending plan he will announce on Wednesday, even as the coronavirus crisis pushes Britain’s further above 2 trillion pounds ($2.7 trillion). Sunak, who has rushed out Continue Reading
Pandemic fuels global ‘debt tsunami’
The coronavirus crisis has caused global debt to rise at an unprecedented pace. In the first nine months of the year governments and companies have embarked on a ‘debt tsunami’, according to new research. The total level of global indebtedness has increased by $15tn this year, leaving it on track Continue Reading
Hurricane Iota Erupts To Category 5, “Catastrophic” Damage Expected
Coffee C contracts via Ice for December jumped nearly 6% Monday as Iota could make landfall in northeastern Nicaragua tonight or early Tuesday morning.
Pandemic pushes EasyJet to annual loss of £1.27 billion
LONDON (Reuters) – EasyJet plunged to a 1.27 billion pound loss in the 12 months to the end of September, showing the extent of the impact of the pandemic on the British low-cost airline which had never before made an annual loss in its 25 year history. With travel at Continue Reading
RBA’s Lowe: Would rethink about negative rates if global peers went negative
The costs still outweigh the benefits of negative rates now Negative rates still extraordinarily unlikely Would consider negative rates if all the world’s major banks had negative rates This is a similar kind of rhetoric to his remarks from last week. Nothing has changed yet but as much as it Continue Reading
Deutsche Bank proposes tax on people working from home
By Associated Press White-collar staff reaping the financial benefits of working from home should be taxed to help other workers who aren’t getting the same advantages, experts at Deutsche Bank said in a new report. In its report on how to rebuild the economy after COVID-19, the bank proposed a Continue Reading
Bank of International Settlements.
BIS, say, “There is a strong conviction among Central Banks, that more needs to done to regulate and monitor the risks emerging from non-bank financial intermediation” Also, “Central Bank digital currencies could help bring in a more level playing field in payments; we should not rush in, but CBDCs have Continue Reading
Oil Drops After Jump in U.S. Stockpiles and Gloomy IEA Forecast
(Bloomberg) — Oil fell for a second day — dropping below $41 a barrel in New York — after a surprise jump in US. Crude stockpiles and a gloomy forecast from the International Energy Agency weighed on the demand outlook. American crude inventories rose by 4.28 million barrels, climbing for a second Continue Reading
Sterling stands ready to benefit from Pfizer vaccine optimism, should it deliver – Deutsche
In a note to its clients, the firm argues that “beyond the immediate impact on risky currencies, the FX market may well differentiate and single out specific beneficiaries”.Adding that even within the G-10 space, some currencies should benefit more than others with the pound set to be a “major beneficiary” Continue Reading
Pfizer vaccine study shows that it prevents 90% of coronavirus infections
Experimental vaccine found to be over 90% effective in preventing COVID-19 No serious safety concerns have been identified as of first interim analysis Plans to seek US emergency-use authorisation soon after reaching safety milestone in late November S&P 500 futures just hit a record high and are up by over Continue Reading