cityam--2020-08-24--Wall Street hits fresh highs as bull run continues apace

Wall Street once again closed at record highs this evening as stocks soared on optimism over a potential new treatment for the coronavirus disease .
Having last week reclaimed February ’ s pre-pandemic highs , neither the benchmark S & P 500 nor the Nasdaq showed any signs of slowing down , as the fastest ever recovery from a bear market continued apace today .
Read more : FTSE 100 and US stocks soar on coronavirus treatment hopes The S & P 500 closed at 3,431.28 points , one per cent higher for the day , while the Nasdaq picked @ @ @ @ @ @ @ points .
Having last week become the first publicly listed firm in the US to top a market cap of $ 2 trillion , Apple gained a further 1.2 per cent today .
Days ahead of Fridaty ; s 4-to-1 share split , the tech giant closed above $ 500 , at $ 503.43 .
The US Food & Drug Administration ’ s ( FDA ) decision to add the use of blood plasma from recovered patients to the country ’ s coronavirus treatment list .
Before the Open newsletter : Start your @ @ @ @ @ @ @ key market data Despite the World Health Organization pouring skepticism on the efficacy of the treatment , markets surged upwards on the back of the move .
In addition , reports that the White House was considering fast-tracking an experimental treatment being developed by Oxford University and Astrazeneca helped to boost sentiment among traders .
The new record comes ahead of the Federal Reserve ’ s annual symposium at Jackson Hole in Wyoming this week , where Fed chairman Jay Powell will give a highly anticipated speech about the central bank ’ s @ @ @ @ @ @ @ Wall Street ticks up as FTSE 100 sinks into red amid Covid-19 case worries Last week ’ s record highs capped a dramatic turnaround for US markets this year , with the S & P 500 now around five per cent up this year despite the economic downturn caused by coronavirus .
The Nasdaq , which is packed with the biggest tech names , has been hitting new highs for months , and is now roughly 24 per cent higher for the year .

Wall Street hits fresh highs as bull run continues apace
The rapid rise in popularity of SPACs and record stimulus spending has pushed US IPOs to a new record less than halfway through the year.
Wall Street once again closed at record highs this evening as stocks soared on optimism over a potential new treatment for the coronavirus disease.
Having last week reclaimed February’s pre-pandemic highs, neither the benchmark S&P 500 nor the Nasdaq showed any signs of slowing down, as the fastest ever recovery from a bear market continued apace today.
The S&P 500 closed at 3,431.28 points, one per cent higher for the day, while the Nasdaq picked up 0.6 per cent to hit 11,379.72 points.
Having last week become the first publicly listed firm in the US to top a market cap of $2 trillion, Apple gained a further 1.2 per cent today.
Days ahead of Fridaty;s 4-to-1 share split, the tech giant closed above $500, at $503.43.
The US Food & Drug Administration’s (FDA) decision to add the use of blood plasma from recovered patients to the country’s coronavirus treatment list.
Before the Open newsletter: Start your day with the City View podcast and key market data
Despite the World Health Organization pouring skepticism on the efficacy of the treatment, markets surged upwards on the back of the move.
In addition, reports that the White House was considering fast-tracking an experimental treatment being developed by Oxford University and Astrazeneca helped to boost sentiment among traders.
The new record comes ahead of the Federal Reserve’s annual symposium at Jackson Hole in Wyoming this week, where Fed chairman Jay Powell will give a highly anticipated speech about the central bank’s policy framework review.
Last week’s record highs capped a dramatic turnaround for US markets this year, with the S&P 500 now around five per cent up this year despite the economic downturn caused by coronavirus.
The Nasdaq, which is packed with the biggest tech names, has been hitting new highs for months, and is now roughly 24 per cent higher for the year.


cityam--2020-08-24--Hong Kong man becomes first documented case of coronavirus reinfection

A man from Hong Kong has today become the first documented case of someone being reinfected with coronavirus after recovering from the virus , researchers at the University of Hong Kong have confirmed .
In April , the man was discharged from hospital having been cleared of the disease , but tested positive again after returning to Hong Kong from Spain on 15 August .
Read more : Moderna set to provide EU with 80m doses of coronavirus vaccine According to researchers , the man contracted a different form of the virus to that which he originally caught , but @ @ @ @ @ @ @ the virus may continue to spread in mutated form even when a majority of people have gained immunity to it .
However , the World Health Organization ( WHO ) urged people not to jump to conclusions on the basis of a single case .
Before the Open newsletter : Start your day with the City View podcast and key market data And one of the scientists who studied the patient said that the findings did not mean that vaccines would not be effective against the new disease .
Dr Kai-Wang To told @ @ @ @ @ @ @ mean taking vaccines will be useless .
Immunity induced by vaccination can be different from those induced by natural infection .
“ We will need to wait for the results of the vaccine trials to see how effective vaccines are ” , he added .
Read more : Italy begins coronavirus vaccine trials as WHO chief urges global cooperation There have been a number of reports of patients in China being reinfected with the virus , but it is unclear whether , like the man in Hong Kong , they had made a @ @ @ @ @ @ @ Thus far the virus has killed more than 800,000 people around the world , with a recent surge in cases leading to fears of a second wave of infections .

Hong Kong man becomes first documented case of coronavirus reinfection
Hong Kong government reiterated that the legislative amendments only concern vicious doxxing acts.
A man from Hong Kong has today become the first documented case of someone being reinfected with coronavirus after recovering from the virus, researchers at the University of Hong Kong have confirmed.
In April, the man was discharged from hospital having been cleared of the disease, but tested positive again after returning to Hong Kong from Spain on 15 August.
According to researchers, the man contracted a different form of the virus to that which he originally caught, but remained asymptomatic.
The findings suggest that the virus may continue to spread in mutated form even when a majority of people have gained immunity to it.
However, the World Health Organization (WHO) urged people not to jump to conclusions on the basis of a single case.
Before the Open newsletter: Start your day with the City View podcast and key market data
And one of the scientists who studied the patient said that the findings did not mean that vaccines would not be effective against the new disease.
Dr Kai-Wang To told Reuters: “The finding does not mean taking vaccines will be useless. Immunity induced by vaccination can be different from those induced by natural infection.
“We will need to wait for the results of the vaccine trials to see how effective vaccines are”, he added.
There have been a number of reports of patients in China being reinfected with the virus, but it is unclear whether, like the man in Hong Kong, they had made a full recovery before testing positive again.
Thus far the virus has killed more than 800,000 people around the world, with a recent surge in cases leading to fears of a second wave of infections.


cityam--2020-08-24--Tiktok sues Donald Trump over executive order banning video app

Tiktok and parent company Bytedance have today sued US President Donald Trump over his decision to sign an executive order banning the short-form video app .
In a blog post earlier today , the firm said that it had been left with “ no choice ” but to sue the president , adding that it strongly disagreed with the White House ’ s position that it presented a national security threat .
Read more : Trump backs Oracle bid for Tiktok ’ s US business It also accused Trump of using the executive order as a campaigning ploy to ramp @ @ @ @ @ @ @ rhetoric ” ahead of November ’ s US presidential election .
Court records from a federal court in Los Angeles showed that the firm had filed for legal action against Trump , commerce secretary Wilbur Ross and the department of commerce .
Tiktok added that it had taken “ taken extraordinary measures to protect the privacy and security of Tiktok ’ s US user data.
” “ We do not take suing the government lightly .
But with the executive order threatening to bring a ban on our U.S. operations , we simply @ @ @ @ @ @ @ seeking an injunction to block Trump from enforcing the order , Reuters reported .
Before the Open newsletter : Start your day with the City View podcast and key market data The firm explicitly rejected the President ’ s security concerns , saying the move was “ a gross misappropriation of International Emergency Economic Powers Act authority and a pretext for furthering the President ’ s broader campaign of anti-China rhetoric in the run-up to the U.S. election.
” The two sides were engaged in nearly a year of talks to find a @ @ @ @ @ @ @ but the video app said the White House had ignored the “ extensive efforts ” it had undertaken to address them .
Earlier this month , Tiktok said the administration had “ paid no attention to facts , dictated terms of an agreement without going through standard legal processes , and tried to insert itself into negotiations between private businesses ” .
With tensions increasing between the US and China , the President had been a vocal critic of Chinese-owned apps such as Tiktok and Wechat , saying that they might share information @ @ @ @ @ @ @ Eventually , on 6 August , Trump signed an executive order banning any transactions with the two companies from 20 September .
Read more : Oracle ‘ in talks ’ over Tiktok takeover as US ban looms The two apps must be removed from Apple and Google ’ s app stores and all business ceased with US companies by the deadline .
Bytedance is currently in negotiations over a sale of its US operations with Microsoft , which the President has permitted to continue but ruled must conclude by 15 September .

Tiktok sues Donald Trump over executive order banning video app
Tiktok and parent company Bytedance have today sued US President Donald Trump over his decision to sign an executive order banning the short-form video app.
In a blog post earlier today, the firm said that it had been left with “no choice” but to sue the president, adding that it strongly disagreed with the White House’s position that it presented a national security threat.
It also accused Trump of using the executive order as a campaigning ploy to ramp up a “broader campaign of anti-China rhetoric” ahead of November’s US presidential election.
Court records from a federal court in Los Angeles showed that the firm had filed for legal action against Trump, commerce secretary Wilbur Ross and the department of commerce.
Tiktok added that it had taken “taken extraordinary measures to protect the privacy and security of Tiktok’s US user data.”
“We do not take suing the government lightly. But with the executive order threatening to bring a ban on our U.S. operations, we simply have no choice.”
The firms are seeking an injunction to block Trump from enforcing the order, Reuters reported.
Before the Open newsletter: Start your day with the City View podcast and key market data
The firm explicitly rejected the President’s security concerns, saying the move was “a gross misappropriation of International Emergency Economic Powers Act authority and a pretext for furthering the President’s broader campaign of anti-China rhetoric in the run-up to the U.S. election.”
The two sides were engaged in nearly a year of talks to find a solution to Trump’s concerns, but the video app said the White House had ignored the “extensive efforts” it had undertaken to address them.
Earlier this month, Tiktok said the administration had “paid no attention to facts, dictated terms of an agreement without going through standard legal processes, and tried to insert itself into negotiations between private businesses”.
With tensions increasing between the US and China, the President had been a vocal critic of Chinese-owned apps such as Tiktok and Wechat, saying that they might share information about users with the Chinese government.
Eventually, on 6 August, Trump signed an executive order banning any transactions with the two companies from 20 September.
The two apps must be removed from Apple and Google’s app stores and all business ceased with US companies by the deadline.
Bytedance is currently in negotiations over a sale of its US operations with Microsoft, which the President has permitted to continue but ruled must conclude by 15 September.


cityam--2020-08-24--UK looks at curbing use of products made from illegal deforestation

A new law that would fine UK companies for using products in their supply chains that have been grown through illegal deforestation is being considered by the government .
The proposed new legislation , which will soon be put through a consultation phase , would see companies forced to show that products in their supply chain – like cocoa , rubber , soy and palm oil – had been produced in line with local laws .
Read more : UK-Japan trade deal to be completed by next week Prime Minister Boris Johnson , who is due to host the United @ @ @ @ @ @ @ , has promised to “ build back greener ” from the coronavirus pandemic which caused its economy to shrink by a fifth in the second quarter .
Environment minister Zac Goldsmith said the new law would help halt the destruction of rainforests and ensure agricultural products are instead produced elsewhere .
Before the Open newsletter : Start your day with the City View podcast and key market data It has not been revealed what fines companies would face for non compliance with the law .
“ There is a hugely important connection between @ @ @ @ @ @ @ environmental footprint , which is why the government is consulting today on new measures , ” Goldsmith said .
Goldsmith spoke last month at a World Wildlife Foundation ( WWF ) event where he said that the UK had to stop importing from countries that allow deforestation .
Read more : Downing Street refuses to call for Londoners to go back to work In a video conference speech he vowed to “ clean up ” the UK ’ s supply chain and ban products made through illegal deforestation , according to the Telegraph @ @ @ @ @ @ @ completely on the world around us , and yet their [ the trees of the rainforests ] value barely registers , the Amazon today is worth more dead than it is alive , and the financial incentives to strip it outweigh it by 40 to one , ” he said .

UK looks at curbing use of products made from illegal deforestation
A new law that would fine UK companies for using products in their supply chains that have been grown through illegal deforestation is being considered by the government.
The proposed new legislation, which will soon be put through a consultation phase, would see companies forced to show that products in their supply chain – like cocoa, rubber, soy and palm oil – had been produced in line with local laws.
Prime Minister Boris Johnson, who is due to host the United Nations’ climate summit in November 2021, has promised to “build back greener” from the coronavirus pandemic which caused its economy to shrink by a fifth in the second quarter.
Environment minister Zac Goldsmith said the new law would help halt the destruction of rainforests and ensure agricultural products are instead produced elsewhere.
Before the Open newsletter: Start your day with the City View podcast and key market data
It has not been revealed what fines companies would face for non compliance with the law.
“There is a hugely important connection between the products we buy and their wider environmental footprint, which is why the government is consulting today on new measures,” Goldsmith said.
Goldsmith spoke last month at a World Wildlife Foundation (WWF) event where he said that the UK had to stop importing from countries that allow deforestation.
In a video conference speech he vowed to “clean up” the UK’s supply chain and ban products made through illegal deforestation, according to the Telegraph.
“We depend all of us completely on the world around us, and yet their [the trees of the rainforests] value barely registers, the Amazon today is worth more dead than it is alive, and the financial incentives to strip it outweigh it by 40 to one,” he said.


cityam--2020-08-24--FTSE 100 and US stocks soar on coronavirus treatment hopes

The FTSE 100 jumped and US stocks hit fresh highs after the US authorised a new coronavirus treatment , lifting the mood among global investors .
London ’ s blue-chip index rose 1.7 per cent to close at 6,104 points .
The FTSE 250 index of mid-cap firms rose 0.6 per cent .
On Wall Street , the S & P 500 was 0.7 per cent higher in morning trading .
The index had hit a new intraday high of 3,427 points before slipping back slightly .
The tech-heavy Nasdaq also hit an all-time high before paring its gains .
@ @ @ @ @ @ @ and the Dow Jones was one per cent higher .
Germany ’ s Dax rose 2.4 per cent .
And The continent-wide Stoxx 600 climbed 1.6 per cent .
Driving global markets was the US Food & Drug Administration ’ s ( FDA ) decision to add the use of blood plasma from recovered patients to the country ’ s coronavirus treatment list .
Signs that the US government is focussing on a Covid vaccine also boosted investor sentiment .
Trump is considering seeking another FDA “ emergency-use authorisation ” for the coronavirus @ @ @ @ @ @ @ University of Oxford , the Financial Times reported .
Read more : Moderna set to provide EU with 80m doses of coronavirus vaccine “ Markets have kicked off the week in style , ” said Joshua Mahony , senior market analyst at trading platform IG .
He said the FDA ’ s move had raised hopes “ that we could see a vaccine fast-tracked before long ” .
The report that Trump was looking to buy fast-track the Astrazeneca and Oxford vaccine helped the UK drugmaker .
It closed 2.1 per cent higher @ @ @ @ @ @ @ index .
“ Trump is apparently keen to get the regulatory approval sped up , ” said David Madden , market analyst at trading platform CMC Markets .
“ The move could come in October , one month ahead of the US presidential election , ” he said .
“ Even though there are no guarantees that things will go according to plan in terms of the drug ’ s success , traders are snapping up stocks nonetheless.
” The biggest FTSE 100 riser was BT , however .
The telecoms giant jumped @ @ @ @ @ @ @ had ramped up its defences against a potential takeover .
Read more : BT shares jump as it ramps up defences against potential takeover Helal Miah , investment research analyst at The Share Centre , said that “ no bidders have been identified ” .
But he added that “ any potential bidder may be attracted by the fact that individual businesses such as Openreach are valued far higher than the sum of the parts of £10bn ” .
Wall Street stocks followed Europe higher , driving them to new all-time highs .
@ @ @ @ @ @ @ completed a remarkable turnaround since its March crash .
It is now around five per cent up this year , despite the economic catastrophe of coronavirus .
The Nasdaq , which is packed with the biggest tech names , has been hitting new highs for months .
It is roughly 24 per cent higher for the year .
Apple hit a new all-time intraday high , days after becoming the first company worth $ 2 trillion ( £1.5 trillion ) .
Rory McPherson , head of investment strategy at Psigma Investment Management , @ @ @ @ @ @ @ driving US markets .
They “ have benefitted from the acceleration of digitalisation induced by coronavirus and from central bank stimulus programmes , ” he said .
Rupert Thompson , chief investment officer at Kingswood , said US tech dominance contrasted sharply with FTSE 100 weakness .
Read more : Italy begins coronavirus vaccine trials as WHO chief urges global cooperation “ Technology outperformance and UK underperformance has been the story [ of ] the whole year , ” he said .
“ The technology sector has outperformed global equities by over 30 @ @ @ @ @ @ @ year while the UK has underperformed by over 20 per cent.
” Upbeat investors chose to shrug off rising coronavirus cases around the world .
France reported 4,897 new cases yesterday , the biggest one-day jump since April .
But the FTSE 100 was unfazed even as new UK cases stayed above 1,000 for the fourth day in a row .
The dollar slipped 0.1 per cent against a basket of other currencies .
The safe-haven asset has lost ground when investors turn to stocks in recent months .
Analysts said investors will @ @ @ @ @ @ @ symposium .
It is online this year and starts on Thursday .
Read more : Coronavirus crisis : How far will the UK economy fall in 2020 ?
Eleanor Creagh , Australian market strategist at Saxo Bank , said the event “ could prove pivotal ” .
Creagh said US Fed chair Jay Powell “ may signal where the [ Fed ] committee are placed in terms of changes to monetary policy and their new inflation commitments ” .

FTSE 100 and US stocks soar on coronavirus treatment hopes
The FTSE 100 jumped and US stocks hit fresh highs after the US authorised a new coronavirus treatment, lifting the mood among global investors.
London’s blue-chip index rose 1.7 per cent to close at 6,104 points. The FTSE 250 index of mid-cap firms rose 0.6 per cent.
Read more: Asian stocks climb after Wall Street rally
On Wall Street, the S&P 500 was 0.7 per cent higher in morning trading. The index had hit a new intraday high of 3,427 points before slipping back slightly.
The tech-heavy Nasdaq also hit an all-time high before paring its gains. It was last up 0.5 per cent and the Dow Jones was one per cent higher.
Germany’s Dax rose 2.4 per cent. And The continent-wide Stoxx 600 climbed 1.6 per cent.
Driving global markets was the US Food & Drug Administration’s (FDA) decision to add the use of blood plasma from recovered patients to the country’s coronavirus treatment list.
Signs that the US government is focussing on a Covid vaccine also boosted investor sentiment.
Trump is considering seeking another FDA “emergency-use authorisation” for the coronavirus vaccine being developed by Astrazeneca and the University of Oxford, the Financial Times reported.
“Markets have kicked off the week in style,” said Joshua Mahony, senior market analyst at trading platform IG.
He said the FDA’s move had raised hopes “that we could see a vaccine fast-tracked before long”.
FTSE 100 lifted by Astrazeneca and BT
The report that Trump was looking to buy fast-track the Astrazeneca and Oxford vaccine helped the UK drugmaker. It closed 2.1 per cent higher on the FTSE 100, boosting the index.
“Trump is apparently keen to get the regulatory approval sped up,” said David Madden, market analyst at trading platform CMC Markets.
“The move could come in October, one month ahead of the US presidential election,” he said. “Even though there are no guarantees that things will go according to plan in terms of the drug’s success, traders are snapping up stocks nonetheless.”
The University of Oxford and Astrazeneca are working on a potential coronavirus vaccine
The biggest FTSE 100 riser was BT, however. The telecoms giant jumped 7.1 per cent after reports said it had ramped up its defences against a potential takeover.
Read more: BT shares jump as it ramps up defences against potential takeover
Helal Miah, investment research analyst at The Share Centre, said that “no bidders have been identified”.
But he added that “any potential bidder may be attracted by the fact that individual businesses such as Openreach are valued far higher than the sum of the parts of £10bn”.
US stocks hit all-time high
Wall Street stocks followed Europe higher, driving them to new all-time highs.
The benchmark S&P 500 has completed a remarkable turnaround since its March crash. It is now around five per cent up this year, despite the economic catastrophe of coronavirus.
The Nasdaq, which is packed with the biggest tech names, has been hitting new highs for months. It is roughly 24 per cent higher for the year.
Apple hit a new all-time intraday high, days after becoming the first company worth $2 trillion (£1.5 trillion).
Rory McPherson, head of investment strategy at Psigma Investment Management, said “mega-cap technology stocks” were driving US markets.
They “have benefitted from the acceleration of digitalisation induced by coronavirus and from central bank stimulus programmes,” he said.
Rupert Thompson, chief investment officer at Kingswood, said US tech dominance contrasted sharply with FTSE 100 weakness.
Read more: Italy begins coronavirus vaccine trials as WHO chief urges global cooperation
“Technology outperformance and UK underperformance has been the story [of] the whole year,” he said.
“The technology sector has outperformed global equities by over 30 per cent since the start of the year while the UK has underperformed by over 20 per cent.”
Traders look towards central banks
Upbeat investors chose to shrug off rising coronavirus cases around the world.
France reported 4,897 new cases yesterday, the biggest one-day jump since April. But the FTSE 100 was unfazed even as new UK cases stayed above 1,000 for the fourth day in a row.
The dollar slipped 0.1 per cent against a basket of other currencies. The safe-haven asset has lost ground when investors turn to stocks in recent months.
Analysts said investors will eagerly await the Jackson Hole central banking symposium. It is online this year and starts on Thursday.
Read more: Coronavirus crisis: How far will the UK economy fall in 2020?
Eleanor Creagh, Australian market strategist at Saxo Bank, said the event “could prove pivotal”.
Creagh said US Fed chair Jay Powell “may signal where the [Fed] committee are placed in terms of changes to monetary policy and their new inflation commitments”.


cityam--2020-08-24--Moderna set to provide EU with 80m doses of coronavirus vaccine

US drugs firm Moderna today announced that it had concluded initial talks with the European Union to supply 80m doses of its potential coronavirus vaccine .
Under the potential purchase agreement , the EU will have the option to acquire an additional 80m doses of the treatment , for a total of up to 160m doses .
Read more : Italy begins coronavirus vaccine trials as WHO chief urges global cooperation A phase three trial of the vaccine is currently underway , into which Moderna hopes to have enrolled 30,000 participants by September .
By 2021 , the company is @ @ @ @ @ @ @ of the treatment a year , but said it hopes to make double that number .
Moderna has already inked a deal with the US to supply 100m doses of the potential Covid-19 vaccine for around $ 1.5bn .
The agreement is the fifth such deal that the EU has signed with major global drugs firms to develop a vaccine for the new disease .
It has already done deals with Sanofi , Johnson & Johnson , Curevac and UK giant Astrazeneca .
European Commission president Ursula von der Leyen said : “ @ @ @ @ @ @ @ now concluded talks with a fifth pharmaceutical company , to enable rapid access to a vaccine against coronavirus for Europeans .
“ We invest in companies using diverse technologies , to increase our chances to have vaccines that are safe and effective .
We continue talks with other companies – as we want to make sure that vaccines are rapidly available on the market.
” In a statement , the Commission said that the envisaged contract with Moderna would provide for the possibility for all EU member states to purchase the vaccine , @ @ @ @ @ @ @ and middle income countries or re-direct to European countries .
A vaccine is widely considered to be the best hope of halting the spread of the coronavirus , which has thus far killed over 800,000 people around the world .
Read more : UK signs deal for 90m more coronavirus vaccine doses In total , there are over 180 programmes attempting to develop a vaccine for the virus underway globally .
Earlier today it was announced that Italy had begun stage three trials of a potential vaccine developed by pharma firm Reithera .

Moderna set to provide EU with 80m doses of coronavirus vaccine
Cases of Covid-19 are forcast to hit 6m in the US this week
US drugs firm Moderna today announced that it had concluded initial talks with the European Union to supply 80m doses of its potential coronavirus vaccine.
Under the potential purchase agreement, the EU will have the option to acquire an additional 80m doses of the treatment, for a total of up to 160m doses.
A phase three trial of the vaccine is currently underway, into which Moderna hopes to have enrolled 30,000 participants by September.
By 2021, the company is aiming to produce at least 500m doses of the treatment a year, but said it hopes to make double that number.
Moderna has already inked a deal with the US to supply 100m doses of the potential Covid-19 vaccine for around $1.5bn.
The agreement is the fifth such deal that the EU has signed with major global drugs firms to develop a vaccine for the new disease.
It has already done deals with Sanofi, Johnson & Johnson, Curevac and UK giant Astrazeneca.
European Commission president Ursula von der Leyen said: “After intense negotiations, the Commission has now concluded talks with a fifth pharmaceutical company, to enable rapid access to a vaccine against coronavirus for Europeans.
“We invest in companies using diverse technologies, to increase our chances to have vaccines that are safe and effective. We continue talks with other companies – as we want to make sure that vaccines are rapidly available on the market.”
In a statement, the Commission said that the envisaged contract with Moderna would provide for the possibility for all EU member states to purchase the vaccine, as well as to donate to lower and middle income countries or re-direct to European countries.
A vaccine is widely considered to be the best hope of halting the spread of the coronavirus, which has thus far killed over 800,000 people around the world.
In total, there are over 180 programmes attempting to develop a vaccine for the virus underway globally.
Earlier today it was announced that Italy had begun stage three trials of a potential vaccine developed by pharma firm Reithera.


cityam--2020-08-24--PwC resigns as auditor of gold miner Petropavlovsk on governance concerns

PwC has resigned as the auditor of under-fire gold miner Petropavlovsk due to concerns over the firm ’ s corporate governance after a long-running boardroom battle .
The FTSE 250 miner today confirmed that the Big Four accountant had turned down its appointment as Petropavlovsk ’ s auditor .
According to the Russia-focused company , PwC cited “ the recent significant changes in the composition of the board of directors , namely the removal of the majority of both independent and executive directors ” as the reason for its decision .
It added that it was concerned “ the governance @ @ @ @ @ @ @ to the future direction of the Petropavlovsk group ” .
The decision comes after activist investor Everest Alliance prevailed in its attempts to prevent the reelection of former chief executive Pavel Mavlovskiy and six other board members at a requisitioned general meeting earlier this month .
Back in June , PwC warned that it would not sign off on the company ’ s accounts until after the meeting .
At the time , it said it would reconsider the offer to audit Petropavlovsk in light of the meeting ’ s results , the @ @ @ @ @ @ @ firm .
Before the Open newsletter : Start your day with the City View podcast and key market data Since the meeting on 10 August , which saw interim chief Alya Samokhvalova and founder Peter Hambro both ousted , the firm said it had been addressing concerns over the make-up of its board .
Last week Petropavlovsk appointed Maksim Meshcheriakov as interim chief executive , returning Samokhvalova to her previous role as deputy chief exec .
This morning it confirmed that it had appointed steel executive Malay Mukherjee as a new independent non-executive @ @ @ @ @ @ @ it was also revealed that Katia Ray , one of only four board members to survive this month ’ s cull , had resigned for personal reasons .
In a statement , Petropavlovsk said that it was “ in the process of engaging an external search consultancy to assist it in making further appointments of independent non-executive directors ” .
Petropavlovsk “ remains committed to ensuring it has the necessary strength and breadth , with a transparent governance structure that will command the trust and support of all stakeholders ” , it was @ @ @ @ @ @ @ governance , the company is also facing an independent forensic investigation into all party transactions in the last three years .
An overwhelming majority of shareholders voted for the investigation via an emergency resolution at the August meeting .

PwC resigns as auditor of gold miner Petropavlovsk on governance concerns
The East Africa-focused gold producer and explorer promoted Honest Mrema, who has been at the company since 2015, to the role of COO. Most recently he was group technical director.
PwC has resigned as the auditor of under-fire gold miner Petropavlovsk due to concerns over the firm’s corporate governance after a long-running boardroom battle.
The FTSE 250 miner today confirmed that the Big Four accountant had turned down its appointment as Petropavlovsk’s auditor.
According to the Russia-focused company, PwC cited “the recent significant changes in the composition of the board of directors, namely the removal of the majority of both independent and executive directors” as the reason for its decision.
It added that it was concerned “the governance environment and the lack of clarity as to the future direction of the Petropavlovsk group”.
The decision comes after activist investor Everest Alliance prevailed in its attempts to prevent the reelection of former chief executive Pavel Mavlovskiy and six other board members at a requisitioned general meeting earlier this month.
Back in June, PwC warned that it would not sign off on the company’s accounts until after the meeting.
At the time, it said it would reconsider the offer to audit Petropavlovsk in light of the meeting’s results, the culmination of months of strife at the firm.
Before the Open newsletter: Start your day with the City View podcast and key market data
Since the meeting on 10 August, which saw interim chief Alya Samokhvalova and founder Peter Hambro both ousted, the firm said it had been addressing concerns over the make-up of its board.
Last week Petropavlovsk appointed Maksim Meshcheriakov as interim chief executive, returning Samokhvalova to her previous role as deputy chief exec.
This morning it confirmed that it had appointed steel executive Malay Mukherjee as a new independent non-executive director with immediate effect.
However, it was also revealed that Katia Ray, one of only four board members to survive this month’s cull, had resigned for personal reasons.
In a statement, Petropavlovsk said that it was “in the process of engaging an external search consultancy to assist it in making further appointments of independent non-executive directors”.
Petropavlovsk “remains committed to ensuring it has the necessary strength and breadth, with a transparent governance structure that will command the trust and support of all stakeholders”, it was added.
Alongside the concerns over its governance, the company is also facing an independent forensic investigation into all party transactions in the last three years.
An overwhelming majority of shareholders voted for the investigation via an emergency resolution at the August meeting.


cityam--2020-08-24--Zoom down: Thousands of users unable to make calls as video app crashes

Thousands of people in the UK and US were left unable to access work calls this afternoon after video conferencing app Zoom suffered a partial outage .
Outage tracking website Down Detector showed there were nearly 15,000 reports of outages on the platform .
These were concentrated on the east coast of the US , but also impacted UK users .
“ We have identified the issue causing users to be unable to start and join Zoom Meetings and Webinars and are working on a fix for this issue , ” the company said in a statement .
Zoom said @ @ @ @ @ @ @ problem , but did not provide information about the cause of the outage .
The outage will come as a particular blow to students in the US , with thousands returning to college today .
The video conferencing service has surged in popularity since the beginning of the coronavirus pandemic , as millions of people use the app for work , school and socialising .
Its user numbers have soared from roughly 10m daily users in December to more than 300m at the height of the pandemic in April .
But the teleconferencing @ @ @ @ @ @ @ its security and privacy practices as it battles to cope with the sharp increase in demand .
Founder Eric Yuan has since unveiled a string of new privacy measures and vowed to improve his company ’ s security tools .

Zoom down: Thousands of users unable to make calls as video app crashes
Thousands of people in the UK and US were left unable to access work calls this afternoon after video conferencing app Zoom suffered a partial outage.
Outage tracking website Down Detector showed there were nearly 15,000 reports of outages on the platform. These were concentrated on the east coast of the US, but also impacted UK users.
“We have identified the issue causing users to be unable to start and join Zoom Meetings and Webinars and are working on a fix for this issue,” the company said in a statement.
“We sincerely apologize for any inconvenience.”
Zoom said it was still working to fix the problem, but did not provide information about the cause of the outage.
The outage will come as a particular blow to students in the US, with thousands returning to college today.
The video conferencing service has surged in popularity since the beginning of the coronavirus pandemic, as millions of people use the app for work, school and socialising.
Its user numbers have soared from roughly 10m daily users in December to more than 300m at the height of the pandemic in April.
But the teleconferencing app has also come under scrutiny for its security and privacy practices as it battles to cope with the sharp increase in demand.
Founder Eric Yuan has since unveiled a string of new privacy measures and vowed to improve his company’s security tools.


cityam--2020-08-24--UK-Japan trade deal to be completed by next week

The UK is expecting to have a free trade deal with Japan wrapped up by next week , after just under three months of negotiations .
A Downing Street official today told journalists that the government expects to complete the deal before September , meaning by next Monday at the latest .
The completion of a deal would be seen as a boon to international trade secretary Liz Truss as the UK seeks to wrap up trade deals before exiting the post-Brexit transition period on 31 December .
The framework of the deal is based off the EU-Japan deal struck @ @ @ @ @ @ @ reduction or elimination of Japanese tariffs on British goods and vice versa .
It is expected that tariffs will be dropped on products such as Japanese cars and British cheese .
Before the Open newsletter : Start your day with the City View podcast and key market data There is also expected to be increased access to Japanese markets for British companies .
The apparent breakthrough in negotiations comes despite talks stalling two weeks ago over the UK ’ s demands over agricultural goods , particularly Stilton cheese .
Truss and her negotiators @ @ @ @ @ @ @ agricultural exports to Japan .
“ We have reached a consensus in many elements of the deal , incuding digital data and financial services that goes beyond the EU-Japan trade deal , ” the Downing Street official said .
“ We still wish to reach a formal agreement by the end of this month .
Many major elements of the deal have been agreed.
” Read more : A trade deal with Japan flickers on the horizon City A.M. revealed in May that a UK-Japan free trade deal could provide a £383m boost @ @ @ @ @ @ @ .
This would likely come through increased access to the City of London and the UK ’ s digital services industry for Japanese companies .

UK-Japan trade deal to be completed by next week
Prime Minister Boris Johnson meets with Japanese Prime Minister Shinzo Abe at the G7 Summit in 2019
The UK is expecting to have a free trade deal with Japan wrapped up by next week, after just under three months of negotiations.
A Downing Street official today told journalists that the government expects to complete the deal before September, meaning by next Monday at the latest.
The completion of a deal would be seen as a boon to international trade secretary Liz Truss as the UK seeks to wrap up trade deals before exiting the post-Brexit transition period on 31 December.
The framework of the deal is based off the EU-Japan deal struck last year, but with a further reduction or elimination of Japanese tariffs on British goods and vice versa.
It is expected that tariffs will be dropped on products such as Japanese cars and British cheese.
Before the Open newsletter: Start your day with the City View podcast and key market data
There is also expected to be increased access to Japanese markets for British companies.
The apparent breakthrough in negotiations comes despite talks stalling two weeks ago over the UK’s demands over agricultural goods, particularly Stilton cheese.
Truss and her negotiators were pushing for decreased tariffs on British agricultural exports to Japan.
“We have reached a consensus in many elements of the deal, incuding digital data and financial services that goes beyond the EU-Japan trade deal,” the Downing Street official said.
“We still wish to reach a formal agreement by the end of this month. Many major elements of the deal have been agreed.”
City A.M. revealed in May that a UK-Japan free trade deal could provide a £383m boost to London’s economy every year.
This would likely come through increased access to the City of London and the UK’s digital services industry for Japanese companies.


cityam--2020-08-25--Brits more hesitant to return to the office than European neighbours

UK workers are more reluctant to return to the office than people from other large economies , according to a new survey .
The analysis , completed by US staffing firm ManpowerGroup , showed that 73 per cent of UK workers showed a “ negative sentiment ” about returning to work .
Read more : Downing Street refuses to call for Londoners to go back to work This compares to 59 per cent in France , 66 per cent in Spain , 56 per cent in Italy and 54 per cent in Italy .
Figures from the US showed 73 @ @ @ @ @ @ @ want to go back to work .
It comes as Downing Street yesterday said it was individual employers ’ choice whether to bring people back , refusing to take a strong stance on getting people back into the office .
Business secretary Alok Sharma also said today that businesses needed to show “ flexibility ” when deciding to bring people back into the workplace .
He told the BBC : “ The advice that we issued has changed , so up until relatively recently we ’ ve said you should work from home @ @ @ @ @ @ @ we ’ ve now said is that you should talk to your employer about coming back into the workplace.
” A study from investment bank Morgan Stanley showed that the UK ’ s workers are returning to the office more slowly than other western European countries .
The report found that just one-in-three Britons had returned to the workplace , while the number was closer to three-in-four in countries like Germany , Spain and France .
Read more : Number of UK workers on furlough falls to 6.8m The slow return of workers @ @ @ @ @ @ @ some business leaders about the future state of the economy .
Mayor of London Sadiq Khan has also called for a return to work , saying recently that empty offices were “ a big problem ” for the economy as bricks and mortar businesses struggle from decreased footfall .

Brits more hesitant to return to the office than European neighbours
Business groups have welcomed the government’s campaign to push workers back to the office.
UK workers are more reluctant to return to the office than people from other large economies, according to a new survey.
The analysis, completed by US staffing firm ManpowerGroup, showed that 73 per cent of UK workers showed a “negative sentiment” about returning to work.
This compares to 59 per cent in France, 66 per cent in Spain, 56 per cent in Italy and 54 per cent in Italy.
Figures from the US showed 73 per cent of people also did not want to go back to work.
It comes as Downing Street yesterday said it was individual employers’ choice whether to bring people back, refusing to take a strong stance on getting people back into the office.
Business secretary Alok Sharma also said today that businesses needed to show “flexibility” when deciding to bring people back into the workplace.
He told the BBC: “The advice that we issued has changed, so up until relatively recently we’ve said you should work from home if you are able to; what we’ve now said is that you should talk to your employer about coming back into the workplace.”
A study from investment bank Morgan Stanley showed that the UK’s workers are returning to the office more slowly than other western European countries.
The report found that just one-in-three Britons had returned to the workplace, while the number was closer to three-in-four in countries like Germany, Spain and France.
The slow return of workers to the office has caused concern among some business leaders about the future state of the economy.
Mayor of London Sadiq Khan has also called for a return to work, saying recently that empty offices were “a big problem” for the economy as bricks and mortar businesses struggle from decreased footfall.


cityam--2020-08-25--Debenhams launches rates battle to decide future of company

Beleaguered department store Debenhams has launched a fight against business rates hikes , warning it could be forced to shutter more stores and lay off thousands of workers if it is unsuccessful .
The retailer has appealed to a tribunal about a 12 per cent jump in business rates to £1.1m at its Swansea store .
Read more : Debenhams draws up contingency plans for liquidation Debenhams , which has already made 6,500 workers redundant during the pandemic , said the action represented the beginning of a “ nationwide fight ” for business rates to “ reflect reality ” .
@ @ @ @ @ @ @ fell into administration for the second time within a year , said thousands more jobs could be lost unless it is able to agree more “ realistic assessments ” .
Since the UK coronavirus lockdown forced all non-essential retailers to close , Debenhams has reduced its store estate from 142 to 124 .
“ The Swansea hearing is a vital test case , with serious implications for jobs , both locally and across the UK , ” a Debenhams spokesperson said .
“ The outcome will go a long way to defining the @ @ @ @ @ @ @ .
“ Currently , we have a completely unsustainable situation where rents are going down , but our rates bill is going up .
Read more : Debenhams axes 2,500 jobs in bid to cut costs after coronavirus lockdown “ We understand the pressures on the Treasury but , unless common sense prevails , the end result of rates hikes will be further store closures and more job losses .
“ We are fighting hard to save every store – and every job – we can and the outcome of the Swansea tribunal @ @ @ @ @ @ @ the ultimate size of the business .
”

Debenhams launches rates battle to decide future of company
Beleaguered department store Debenhams has launched a fight against business rates hikes, warning it could be forced to shutter more stores and lay off thousands of workers if it is unsuccessful.
The retailer has appealed to a tribunal about a 12 per cent jump in business rates to £1.1m at its Swansea store.
Debenhams, which has already made 6,500 workers redundant during the pandemic, said the action represented the beginning of a “nationwide fight” for business rates to “reflect reality”.
The high street chain, which recently fell into administration for the second time within a year, said thousands more jobs could be lost unless it is able to agree more “realistic assessments”.
Since the UK coronavirus lockdown forced all non-essential retailers to close, Debenhams has reduced its store estate from 142 to 124.
“The Swansea hearing is a vital test case, with serious implications for jobs, both locally and across the UK,” a Debenhams spokesperson said.
“The outcome will go a long way to defining the future of every one of our stores.
“Currently, we have a completely unsustainable situation where rents are going down, but our rates bill is going up.
“We understand the pressures on the Treasury but, unless common sense prevails, the end result of rates hikes will be further store closures and more job losses.
“We are fighting hard to save every store – and every job – we can and the outcome of the Swansea tribunal will go a long way to determining the ultimate size of the business.”


cityam--2020-08-25--Four-in-five recruitment firms expect financial hit this year from Covid-19

Four-in-five recruitment firms said they expect a drop in full-year income in 2020-2021 as a result of the covid pandemic .
The majority of recruitment firms forecast a 15-30 per cent drop in income compared to the previous year , the survey by HSBC ’ s professional services team found .
Read more : Four-in-10 Londoners expect pay rise in next 12 months despite coronavirus recession HSBC UK ’ s head of professional services Chloe Clift said : “ Recruitment does tend to be a great barometer of what ’ s happening in the wider economy .
It is not @ @ @ @ @ @ @ ” However , one finance chief responding to the survey said they suffered a “ larger erosion of revenues due to IR35 ” changes planned for last April than they did from the coronavirus pandemic .
Recruitment firms have been quick to cut costs during the crisis and have also made use of financial support from the government .
Four-fifths of firms said their initial action to save money on staff and remuneration was sufficient , prompt and at the right level .
Eighty-five per cent of firms are using the government ’ @ @ @ @ @ @ @ and 40 per cent have used one of the government ’ s coronavirus loan schemes .
Job cuts are likely in the sector with nearly half of firms expecting to make furloughed staff redundant .
“ November and March and the furlough scheme coming to an end will be pinch points not just for recruitment but for the entire economy and it will be interesting to see how resilient those companies remain when they have to start bringing back workers and fronting that full cost themselves , ” Clift said .
However , @ @ @ @ @ @ @ that the sector can bounce back quickly as the economy improves .
Associate director of professional services at HSBC UK Tim Montagu said : “ A lot of clients see greenshoots .
“ They are flexible businesses in terms of costs and work so much on commission structures that is how they can manage it.
” Clift said : “ Some clients we have been speaking to have gone through a huge amount of change and used it as an opportunity to review underperforming people within their organisation .
“ They are now @ @ @ @ @ @ @ need to hire ?
How can we ramp up to meet demand ?
It looks like clients are starting to look forward and look at growth opportunities .
”

Four in five recruitment firms expect financial hit this year from Covid-19
Four in five recruitment firms said they expect a drop in full-year income in 2020-2021 as a result of the Covid pandemic.
The majority of recruitment firms forecast a 15-30 per cent drop in income compared to the previous year, the survey by HSBC’s professional services team found.
HSBC UK’s head of professional services Chloe Clift said: “Recruitment does tend to be a great barometer of what’s happening in the wider economy. It is not surprising they were hit hard very quickly.”
However, one finance chief responding to the survey said they suffered a “larger erosion of revenues due to IR35” changes planned for last April than they did from the coronavirus pandemic.
Recruitment firms have been quick to cut costs during the crisis and have also made use of financial support from the government.
Four-fifths of firms said their initial action to save money on staff and remuneration was sufficient, prompt and at the right level.
Eighty-five per cent of firms are using the government’s income tax and VAT deferment schemes and 40 per cent have used one of the government’s coronavirus loan schemes.
Job cuts are likely in the sector with nearly half of firms expecting to make furloughed staff redundant.
“November and March and the furlough scheme coming to an end will be pinch points not just for recruitment but for the entire economy and it will be interesting to see how resilient those companies remain when they have to start bringing back workers and fronting that full cost themselves,” Clift said.
However, despite the grim outlook there remains optimism that the sector can bounce back quickly as the economy improves.
Associate director of professional services at HSBC UK Tim Montagu said: “A lot of clients see greenshoots.
“They are flexible businesses in terms of costs and work so much on commission structures that is how they can manage it.”
Clift said: “Some clients we have been speaking to have gone through a huge amount of change and used it as an opportunity to review underperforming people within their organisation.
“They are now looking forward and saying who do we need to hire? How can we ramp up to meet demand? It looks like clients are starting to look forward and look at growth opportunities.”


cityam--2020-08-25--Retail employment falls at sharpest rate in more than a decade

Retail employment fell at the fastest rate in more than a decade in the year to August as high street firms cut jobs amid the coronavirus pandemic .
Employment in the retail sector fell 45 per cent in August – the sharpest drop since February 2009 – compared to a drop of 20 per cent in May .
Read more : UK retail sector enjoys ‘ significant ’ jump in footfall as economy recovers A bigger fall of 51 per cent is expected in September as the government winds down its coronavirus jobs retention scheme , according to the CBI @ @ @ @ @ @ @ recently announced job cuts as the pandemic continued to pile pressure on already struggling high street firms .
John Lewis announced it will not reopen eight stores after they were forced to close in March , putting around 1,300 roles at risk .
Boots is preparing to close 48 stores and cut 4,000 jobs , while Debenhams has axed 6,500 positions during the pandemic .
M & S will also make 7,000 members of staff redundant over the next three months .
Read more : Government urged to pay £5bn of retailers ’ @ @ @ @ @ @ @ Paleja said : “ The furlough scheme has proved effective at insulating workers and businesses in some of the worst-hit sectors during the pandemic , but these findings reinforce fears that many job losses have been delayed rather than avoided.
” Meanwhile , the survey found that retail sales fell six per cent in the year to August , and are expected to plunge 17 per cent next month .
Orders fell again , by 27 per cent compared to a 14 per cent drop in July , and stock levels eased to @ @ @ @ @ @ @ expect the business situation to improve moderately over the next three months , the CBI ’ s Distributive Trades Survey showed .
Paleja added : “ The latest survey shows that trading conditions for the retail sector remain tough , even against the backdrop of business slowly returning .
Read more : UK firms cut more than 106,000 jobs amid coronavirus pandemic “ Firms will be wary of deteriorating household incomes and the risk of further local lockdowns potentially hitting them in the pocket for a second time .
“ As a result @ @ @ @ @ @ @ for the retail sector if demand continues to disappoint .
Extending business rates relief will go a long way towards alleviating pressure on retailers ’ cash flow .
”

Retail employment falls at sharpest rate in more than a decade
Retail employment fell at the fastest rate in more than a decade in the year to August as high street firms cut jobs amid the coronavirus pandemic.
Employment in the retail sector fell 45 per cent in August – the sharpest drop since February 2009 – compared to a drop of 20 per cent in May.
A bigger fall of 51 per cent is expected in September as the government winds down its coronavirus jobs retention scheme, according to the CBI.
A number of major retailers have recently announced job cuts as the pandemic continued to pile pressure on already struggling high street firms.
John Lewis announced it will not reopen eight stores after they were forced to close in March, putting around 1,300 roles at risk.
Boots is preparing to close 48 stores and cut 4,000 jobs, while Debenhams has axed 6,500 positions during the pandemic. M&S will also make 7,000 members of staff redundant over the next three months.
CBI lead economist Alpesh Paleja said: “The furlough scheme has proved effective at insulating workers and businesses in some of the worst-hit sectors during the pandemic, but these findings reinforce fears that many job losses have been delayed rather than avoided.”
Meanwhile, the survey found that retail sales fell six per cent in the year to August, and are expected to plunge 17 per cent next month.
Orders fell again, by 27 per cent compared to a 14 per cent drop in July, and stock levels eased to the lowest levels since March.
Retailers expect the business situation to improve moderately over the next three months, the CBI’s Distributive Trades Survey showed.
Paleja added: “The latest survey shows that trading conditions for the retail sector remain tough, even against the backdrop of business slowly returning.
“Firms will be wary of deteriorating household incomes and the risk of further local lockdowns potentially hitting them in the pocket for a second time.
“As a result, further support may well be needed for the retail sector if demand continues to disappoint. Extending business rates relief will go a long way towards alleviating pressure on retailers’ cash flow.”


cityam--2020-08-25--FTSE 100 rises amid new US-China trade hopes

The FTSE 100 rose in morning trading amid signs of progress in US-China trade talks and as investors grew increasingly hopeful about coronavirus treatments .
London ’ s main stock index was 0.1 per cent higher at 6,111 points , having dropped back after climbing more than one per cent .
The FTSE 250 of mid-cap companies was roughly flat after slipping back .
Read more : Moderna set to provide EU with 80m doses of coronavirus vaccine Germany ’ s Dax was up 0.6 per cent and France ’ s CAC 40 was 0.7 per cent higher .
The @ @ @ @ @ @ @ cent .
The broadly upbeat mood followed a call between US and Chinese officials about trade .
Reports said both parties see progress on some of the key issues surrounding the “ phase one ” trade deal struck in January .
China ’ s commerce ministry said after the call that there had been “ constructive dialogue ” .
The US Treasury said that “ both sides see progress ” .
Market optimism pushed the FTSE 100 up for the second day after a stellar 1.7 per cent jump yesterday .
Stocks that @ @ @ @ @ @ @ US-China tensions rose .
British Airways-owner IAG was one of the the biggest risers , climbing 4.2 per cent .
Intercontinental Hotels gained 2.7 per cent and luxury brand Burberry , which has a large Asian market , climbed 2.1 per cent .
There was also some residual optimism from yesterday ’ s session .
The FTSE 100 rose sharply and US markets hit fresh all-time highs after US authorities gave the green light to a new coronavirus treatment .
Drug giant Astrazeneca ’ s shares rose for the second day this week @ @ @ @ @ @ @ of a drug to help treat and prevent coronavirus .
The trials are separate from its work on a Covid vaccine with the University of Oxford .
“ Lately , any pharma story that is trying to tackle the virus tends to get a positive reaction from traders , ” said David Madden , market analyst at trading platform CMC Markets .
He said this was “ even though the industry is notorious for successes and failures in terms of drugs ” .
Dollar slips but pound rises along with FTSE 100 The @ @ @ @ @ @ @ basket of other currencies .
Seen as a “ safe-haven asset ” , it has fallen in recent months when stocks have risen .
The dollar is trading close to two-year lows but has risen slightly since earlier in August .
Sterling , helped by the falling dollar , jumped 0.4 per cent to $ 1.312 .
Traders have shrugged off Brexit concerns to bid up the currency .
Read more : Italy begins coronavirus vaccine trials as WHO chief urges global cooperation “ The US dollar continues to consolidate at lower levels @ @ @ @ @ @ @ done throughout this month , ” said MUFG currency analyst Lee Hardman .
Hardman said traders are looking towards this year ’ s online Jackson Hole central banking symposium .
US Federal Reserve chair Jay Powell is due to speak on the economy .
Germany ’ s Dax stock index was helped by a survey that showed business morale in the country picked up by more than expected in August .
“ The German economy is on the road to recovery , ” said Clemens Fuest , president of the Ifo Institute that @ @ @ @ @ @ @ data showed the German economy shrank by a record 9.7 per cent in the second quarter .
However , the reading was better than an earlier estimate of a contraction of 10.1 per cent .
Neil Wilson , chief market analyst at Markets.com , said : “ Risk sentiment remained robust after official figures showed Germany ’ s economy shrank less than previously thought .
”

FTSE 100 swings into the red as pound surges with US stocks mixed
The FTSE 100 stumbled as traders shrugged off Brexit worries to bid up the pound, while US stocks were mixed after the US and China signalled progress on trade.
London’s main stock index was 0.3 per cent lower at 6,088 points in afternoon trading, having dropped back after climbing more than one per cent. The FTSE 250 of mid-cap companies was down 0.2 per cent.
The blue-chip index was weighed down by the pound, which jumped 0.6 per cent to $1.314. A more expensive pound dents the value of FTSE 100 firms’ overseas earnings.
On Wall Street, the S&P 500 rose 0.1 per cent in early trading. But the Dow Jones and Nasdaq were down 0.1 per cent.
Read more: Moderna set to provide EU with 80m doses of coronavirus vaccine
Germany’s Dax was up 0.5 per cent and France’s CAC 40 was 0.9 per cent higher. The continent-wide Stoxx 600 was up 0.4 per cent.
The mixed mood followed a call between US and Chinese officials yesterday about trade. Reports said both parties see progress on some of the key issues surrounding the “phase one” trade deal struck in January.
China’s commerce ministry said after the call that there had been “constructive dialogue”. The US Treasury said that “both sides see progress”.
FTSE 100 choppy despite Europe’s rise
Market optimism initially pushed the FTSE 100 up for the second day after a stellar 1.7 per cent jump yesterday. However, it fell in afternoon trading as the pound climbed.
The pound was pushed up by a weaker dollar. The greenback slipped 0.3 per cent against a basket of other currencies. Seen as a “safe-haven asset”, it has fallen in recent months when stocks have risen.
UK drug giant Astrazeneca’s shares rose for the second day this week. This morning it started clinical trials of a drug to help treat and prevent coronavirus. The trials are separate from its work on a Covid vaccine with the University of Oxford.
Read more: Astrazeneca starts trial of Covid-19 antibody treatment
However, doubts about the UK’s economic recovery and rising coronavirus cases also weighed on the index.
Among the biggest fallers were building materials firm CRH and miner Anglo American, which both shed more than 1.8 per cent. ITV and British American Tobacco both dropped 1.5 per cent.
Dollar tumble pushes up pound
Traders shrugged off Brexit concerns, huge government borrowing and rising coronavirus cases to bid up the pound. It also rose 0.2 per cent against the euro to €1.11.
Connor Campbell, market analyst at trading platform Spreadex, said: “Investors were willing to look past the various issues attached to the pound.”
“This in turn spelled disaster for the FTSE, which swung from 6,175 to 6,090 despite its US and Eurozone peers holding onto their gains.”
Traders were also unfazed by a weaker than expected retail survey from CBI. It showed that British retailers have cut the most jobs since the depths of the financial crisis during the coronavirus pandemic.
Read more: Italy begins coronavirus vaccine trials as WHO chief urges global cooperation
The dollar remained stuck near two-year lows. “The US dollar continues to consolidate at lower levels against other G10 currencies as it has done throughout this month,” said MUFG currency analyst Lee Hardman.
Hardman said traders are looking towards this year’s online Jackson Hole central banking symposium. US Federal Reserve chair Jay Powell is due to speak on the economy.
US stocks keep hitting new highs
In European and American markets, there was also some residual optimism from yesterday’s session. The FTSE 100 rose sharply and US markets hit fresh all-time highs after US authorities gave the green light to a new coronavirus treatment.
“Lately, any pharma story that is trying to tackle the virus tends to get a positive reaction from traders,” said David Madden, market analyst at trading platform CMC Markets.
He said this was “even though the industry is notorious for successes and failures in terms of drugs”.
Germany’s Dax stock index was helped by a survey that showed business morale in the country picked up by more than expected in August.
“The German economy is on the road to recovery,” said Clemens Fuest, president of the Ifo Institute that released the survey.
Read more: German economy suffers record quarterly contraction
It came after data showed the German economy shrank by a record 9.7 per cent in the second quarter. However, the reading was better than an earlier estimate of a contraction of 10.1 per cent.
Neil Wilson, chief market analyst at Markets.com, said: “Risk sentiment remained robust after official figures showed Germany’s economy shrank less than previously thought.”


cityam--2020-08-25--Alibaba's Ant Financial files for dual listing in Hong Kong and Shanghai

Alibaba ’ s fintech arm Ant Financial has filed for a dual listing in Hong Kong and Shanghai , in what could become the world ’ s largest ever IPO .
Ant ’ s float would be the first simultaneous listing in Hong Kong and Shanghai ’ s Nasdaq-style Star market , in a listing which could raise as much as $ 30bn .
Read more : Ant Financial to float in dual Shanghai-Hong Kong listing Ant Financial , which made around $ 1.3bn in profit in the first quarter , is an affiliate company of Jack Ma ’ s @ @ @ @ @ @ @ s most valuable unicorn , with a valuation of $ 150bn .
With almost a billion users of its Alipay service , Ant is pushing further into financial services offering robo investing and a lending platform on top of its role as a payments provider and digital wallet app .
The fintech firm did not disclose the size , timetable or other details of the offer in its prospectus .
Last month Ant Financial released a statement saying a public listing would “ help the company accelerate its goal of digitising the service @ @ @ @ @ @ @ ” “ “ The innovative measures implemented by SSE STAR market and the SEHK have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets , ” executive chairman Eric Jing said last month .
Alibaba raised $ 25bn when it is listed in New York in 2014 and returned with a $ 13bn secondary listing in Hong Kong last year .
Read more : Alibaba gets lockdown revenue boost as @ @ @ @ @ @ @ Kong debut , the company said the listing would allow Asian investors to “ participate in Alibaba ’ s growth , ” as it looks to tap “ substantial new capital pools ” in the region .
The e-commerce giant had originally considered a Hong Kong IPO in 2013 , but chose New York after failing to secure regulatory approval .
Get the news as it happens by following City A.M. on Twitter .

Alibaba’s Ant Group files for dual listing in Hong Kong and Shanghai
Ant Financial is an affliate of Jack Ma’s Alibaba
Alibaba’s fintech arm Ant Group has filed for a dual listing in Hong Kong and Shanghai, in what could become the world’s largest ever IPO.
Ant’s float would be the first simultaneous listing in Hong Kong and Shanghai’s Nasdaq-style Star market, in a listing which could raise as much as $30bn.
Ant Group, which made around $2.6bn in net profit last year, is an affiliate company of Jack Ma’s Alibaba Group and is the world’s most valuable unicorn, with a valuation of $150bn according to a 2018 funding round.
With over a billion users of its Alipay service, Ant is pushing further into financial services offering robo investing and a lending platform on top of its role as a payments provider and digital wallet app.
The fintech firm did not disclose the size, timetable or other details of the offer in its prospectus.
Last month Ant Group released a statement saying a public listing would “help the company accelerate its goal of digitising the service industry in China and driving domestic demand.”
“The innovative measures implemented by SSE STAR market and the SEHK have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets,” executive chairman Eric Jing said last month.
Alibaba raised $25bn when it is listed in New York in 2014 and returned with a $13bn secondary listing in Hong Kong last year.
Ahead of its Hong Kong debut, the company said the listing would allow Asian investors to “participate in Alibaba’s growth,” as it looks to tap “substantial new capital pools” in the region.
The e-commerce giant had originally considered a Hong Kong IPO in 2013, but chose New York after failing to secure regulatory approval.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-25--Four-in-10 Londoners expect pay rise in next 12 months despite coronavirus recession

Four in 10 Londoners expect a pay rise in the 12 months despite the impact of the coronavirus pandemic on the economy .
A survey by job board CV Library found 43.8 per cent of Londoners expected a pay bump in the next year .
According to CV Library data , salaries in London increased two per cent month-on-month in July and 6.1 per cent year-on-year .
Additionally , 22 per cent of Londoners think they will be offered a promotion in the next 12 months .
Lee Biggins , founder and CEO of CV-Library comments : “ It ’ @ @ @ @ @ @ @ looking to regain some of their lost income in the coming months , particularly if they ’ ve been placed on furlough .
“ However , the government ’ s Job Retention Scheme will come to an end in October and a second wave of the virus could make the job market even more competitive in 2021 .
“ If you ’ re expecting a pay rise or promotion in the next year , it ’ s important that you remain realistic with your expectations .
“ Many businesses have struggled during this @ @ @ @ @ @ @ to offer you exactly what you want .
“ That said , it ’ s still possible to secure a great offer .
Just be sure to go to your manager with clear justifications and evidence for why you deserve that pay rise or promotion.
” The survey found that half of Londoners who are currently unemployed feel confident they will secure a new role in the next three months .
Biggins added : “ The data clearly shows that professionals in London are hopeful about the future of the job market .
@ @ @ @ @ @ @ the number of job opportunities available in the capital , job seekers may find that there is more competition for top roles .
”

Four-in-10 Londoners expect pay rise in next 12 months despite coronavirus recession
Four in 10 Londoners expect a pay rise in the 12 months despite the impact of the coronavirus pandemic on the economy.
A survey by job board CV Library found 43.8 per cent of Londoners expected a pay bump in the next year.
According to CV Library data, salaries in London increased two per cent month-on-month in July and 6.1 per cent year-on-year.
Additionally, 22 per cent of Londoners think they will be offered a promotion in the next 12 months.
Lee Biggins, founder and CEO of CV-Library comments: “It’s understandable that professionals in London are looking to regain some of their lost income in the coming months, particularly if they’ve been placed on furlough.
“However, the government’s Job Retention Scheme will come to an end in October and a second wave of the virus could make the job market even more competitive in 2021.
“If you’re expecting a pay rise or promotion in the next year, it’s important that you remain realistic with your expectations.
“Many businesses have struggled during this difficult time and may not be able to offer you exactly what you want.
“That said, it’s still possible to secure a great offer. Just be sure to go to your manager with clear justifications and evidence for why you deserve that pay rise or promotion.”
The survey found that half of Londoners who are currently unemployed feel confident they will secure a new role in the next three months.
Biggins added: “The data clearly shows that professionals in London are hopeful about the future of the job market. While we are seeing an increase in the number of job opportunities available in the capital, job seekers may find that there is more competition for top roles.”


cityam--2020-08-25--Wizz Air plots Gatwick growth despite Covid-19 quarantine rollercoaster

Budget airline Wizz remains committed to expansion at Gatwick airport despite the government ’ s ever-changing quaratine rules causing travel chaos .
Wizz ’ s ambition is to build a 20-plane base at London ’ s Gatwick Airport , and the UK ’ s 14-day quarantine rules , brought in with little notice and often setting off a wave of cancellations , have not changed its plan .
Wizz CEO Jozsef Varadi told Bloomberg the base will open in October with just one plane , but sees scope to grow that quickly to employ as many as 800 people in @ @ @ @ @ @ @ been one of the fastest airlines to recover from the pandemic , now flying at 80 % of its capacity .
It restarted flights from the UK in June before the government changed its travel advice to allow for non-essential trips .
“ For the time being , the UK is manageable , ” Varadi said .
“ Eighty per cent is as good as I think we ’ re going to get this time around .
From here on , either you ’ re going be able to hold the line or @ @ @ @ @ @ @ Varadi said .
Shares in London-listed Wizz are up 0.7 per cent today .
It ’ s a rare sliver of good news in the aviation sector which has been beseiged by Covid travel chaos including lockdowns , closed borders , flight restrictions and shrinking appetite for travel .
However , the ambition to expand shows Wizz attempting to gain market share in London while rivals recover at a slower pace .
Read more : Wizz Air agrees to launch spin-off airline out of Abu Dhabi The new Wizz base may offset British @ @ @ @ @ @ @ with reports BA won ’ t return to Gatwick .
Last month Wizz said its earnings plunged 95 per cent in the first quarter of the year as Covid-19 lockdowns set off a wave of flight cancellations .

Wizz Air plots Gatwick growth despite Covid-19 quarantine rollercoaster
Low-cost airline Wizz Air (seen here in Berlin) will take on Easyjet when it expands Gatwick operations from October. (Getty Images)
Budget airline Wizz remains committed to expansion at Gatwick airport despite the government’s ever-changing quaratine rules causing travel chaos.
Wizz’s ambition is to build a 20-plane base at London’s Gatwick Airport, and the UK’s 14-day quarantine rules, brought in with little notice and often setting off a wave of cancellations, have not changed its plan.
Wizz CEO Jozsef Varadi told Bloomberg the base will open in October with just one plane, but sees scope to grow that quickly to employ as many as 800 people in the West Sussex airport.
Wizz has been one of the fastest airlines to recover from the pandemic, now flying at 80% of its capacity.
It restarted flights from the UK in June before the government changed its travel advice to allow for non-essential trips.
“For the time being, the UK is manageable,” Varadi said.
“Eighty per cent is as good as I think we’re going to get this time around. From here on, either you’re going be able to hold the line or somewhat come down on capacity,” Varadi said.
Shares in London-listed Wizz are up 0.7 per cent today.
Good for Gatwick
It’s a rare sliver of good news in the aviation sector which has been beseiged by Covid travel chaos including lockdowns, closed borders, flight restrictions and shrinking appetite for travel.
However, the ambition to expand shows Wizz attempting to gain market share in London while rivals recover at a slower pace.
The new Wizz base may offset British Airways ditching flights from the airport – with reports BA won’t return to Gatwick.
Last month Wizz said its earnings plunged 95 per cent in the first quarter of the year as Covid-19 lockdowns set off a wave of flight cancellations.


cityam--2020-08-25--Linklaters tells lawyers they can spend half their time at home permanently

Magic circle law firm Linklaters today said its lawyers could spend up to half their time out of the office on a permanent basis .
The London-headquartered firm , which has more than 2,000 lawyers worldwide , said the new policy was based on its experience during the coronavirus pandemic .
Read more : How PwC is welcoming staff back into the office safely The majority of Linklaters lawyers are still working from home and the firm would not comment on its future plans to bring back staff in large numbers .
Linklaters City office on Silk Street is open @ @ @ @ @ @ @ it with social distancing in place .
“ We are being very clear with our teams that if individual circumstances or preference are currently to still work remotely , then we continue to fully support that approach , ” the firm said in a statement .
Linklaters said it is “ encouraging open and continuous dialogues across the firm ” on issues such as flexible start and finish times , modified daily ‘ core ’ hours and modified hours to allow for commitments outside of work .
Andrea Arosio , managing partner of @ @ @ @ @ @ @ ’ global people committee , said : “ The Covid-19 pandemic and our enforced remote working experiment has given us an opportunity to take stock and revisit how we approach agile and remote working .
Our recent experience has demonstrated that , whilst we are a people-focussed business and collaboration is key , remote working has worked remarkably well and we can deliver high quality work whilst working remotely .
Conversely , it has also reinforced the huge benefits we and our clients obtain from face to face interaction and the value of @ @ @ @ @ @ @ learning and this policy does not detract from that .
Read more : Hugo Boss will only ask staff to work in the office three days a week even after Covid-19 “ Being agile is essential to our business , meeting the needs of our people and our clients .
We are committed to fostering our agile culture which encourages our people develop working arrangements which suit their needs along with those of the firm and our clients.
” The firm said the ultimate application of the new rules would be down to @ @ @ @ @

Linklaters tells lawyers they can spend half their time at home permanently
Research suggests London may have to expand its night-time economy by extending opening hours once the pandemic passes.
Magic circle law firm Linklaters today said its lawyers could spend up to half their time out of the office on a permanent basis.
The London-headquartered firm, which has more than 2,000 lawyers worldwide, said the new policy was based on its experience during the coronavirus pandemic.
The majority of Linklaters lawyers are still working from home and the firm would not comment on its future plans to bring back staff in large numbers.
Linklaters City office on Silk Street is open for staff that would like to use it with social distancing in place.
“We are being very clear with our teams that if individual circumstances or preference are currently to still work remotely, then we continue to fully support that approach,” the firm said in a statement.
Linklaters said it is “encouraging open and continuous dialogues across the firm” on issues such as flexible start and finish times, modified daily ‘core’ hours and modified hours to allow for commitments outside of work.
Andrea Arosio, managing partner of Linklaters in Italy and member of Linklaters’ global people committee, said: “The Covid-19 pandemic and our enforced remote working experiment has given us an opportunity to take stock and revisit how we approach agile and remote working.
Our recent experience has demonstrated that, whilst we are a people-focussed business and collaboration is key, remote working has worked remarkably well and we can deliver high quality work whilst working remotely. Conversely, it has also reinforced the huge benefits we and our clients obtain from face to face interaction and the value of our offices as hubs of teamwork and learning and this policy does not detract from that.
“Being agile is essential to our business, meeting the needs of our people and our clients. We are committed to fostering our agile culture which encourages our people develop working arrangements which suit their needs along with those of the firm and our clients.”
The firm said the ultimate application of the new rules would be down to individuals and their teams.


cityam--2020-08-25--Co-operative Bank to cut 350 jobs and close 18 branches after Covid hit

The Co-operative Bank will lay off around 350 employees and shutter 18 branches as it struggles to deal with the economic fallout from the coronavirus pandemic , it said today .
The lender said that record-low interest rates put in place to try to spur the economy had squeezed its income .
Read more : TSB to phase out branch cashier roles in job cuts “ We are very sorry to announce this news today , ” said Co-operative Bank chief executive Andrew Bester .
“ Unfortunately , we ’ re not immune to the impact of recent events , @ @ @ @ @ @ @ it ’ s important we reduce costs and have the right-sized operating model in place for the future.
” Co-operative Bank became the latest UK high-street business to lay off workers in response to the dire state of the economy .
Marks & Spencer said last week that it would cut an enormous 7,000 roles over the next three months .
Boots and Pizza Express are among the countless big names to have announced sharp reductions .
The UK economy shrank by 20.4 per cent in the second quarter of the year .
@ @ @ @ @ @ @ since records began after World War II .
And it was one of the worst figures of any country in the world .
The Bank of England slashed interest rates in March to record lows in a bid to stimulate lending .
But low rates have dented lenders ’ profitability .
Banks traditionally make money by lending at a higher rate than they borrow , but interest rates on loans have been squeezed .
The Co-op Bank said the “ period of prolonged economic uncertainty ahead ” was also a major factor in @ @ @ @ @ @ @ branches .
It said that aside from the specific branches affected , the cuts are expected to focus on middle management positions and head office roles .
Read more : A third of UK firms plan job cuts by October as furlough scheme ends The planned branch closures are expected to be completed by 1 December 2020 .
Co-op Bank said the branches have been chosen “ following careful analysis of individual branch footfall over a 12-month period ” prior to Covid .
The 18 branches proposed for closure are : Ashton ; @ @ @ @ @ @ @ ; Chichester ; City of London ; Dartford ; Halesowen ; Harrogate ; Luton ; Oxford ; Rotherham ; Solihull ; Truro ; Wakefield ; Walsall ; York .

Co-operative Bank to cut 350 jobs and close 18 branches after Covid hit
Co-op bank made a small profit in the first three months of 2021.
The Co-operative Bank will lay off around 350 employees and shutter 18 branches as it struggles to deal with the economic fallout from the coronavirus pandemic, it said today.
The lender said that record-low interest rates put in place to try to spur the economy had squeezed its income.
“We are very sorry to announce this news today,” said Co-operative Bank chief executive Andrew Bester.
“Unfortunately, we’re not immune to the impact of recent events,” he said. “Which means it’s important we reduce costs and have the right-sized operating model in place for the future.”
Co-operative Bank became the latest UK high-street business to lay off workers in response to the dire state of the economy.
Marks & Spencer said last week that it would cut an enormous 7,000 roles over the next three months. Boots and Pizza Express are among the countless big names to have announced sharp reductions.
Interest rate cuts squeeze UK banks
The UK economy shrank by 20.4 per cent in the second quarter of the year. That was by far the worst performance since records began after World War II. And it was one of the worst figures of any country in the world.
The Bank of England slashed interest rates in March to record lows in a bid to stimulate lending. But low rates have dented lenders’ profitability.
Banks traditionally make money by lending at a higher rate than they borrow, but interest rates on loans have been squeezed.
The Co-op Bank said the “period of prolonged economic uncertainty ahead” was also a major factor in its decision to cut jobs and close branches.
It said that aside from the specific branches affected, the cuts are expected to focus on middle management positions and head office roles.
The planned branch closures are expected to be completed by 1 December 2020. Co-op Bank said the branches have been chosen “following careful analysis of individual branch footfall over a 12-month period” prior to Covid.
The 18 branches proposed for closure are: Ashton; Bradford; Cambridge; Chatham; Chester; Chichester; City of London; Dartford; Halesowen; Harrogate; Luton; Oxford; Rotherham; Solihull; Truro; Wakefield; Walsall; York.


cityam--2020-08-27--The City View: Richard Holt of Oxford Economics on the future of cities

In this episode Christian is joined by Richard Holt , head of cities at the consultancy and research outfit Oxford Economics .
Richard explores the trends and changes underway in cities across the world and offers a view of where there may be winners and losers from the great Coronavirus shakeup .
Also in this episode Christian looks at the CBI ’ s latest call for workers to return to offices ; new data on footfall and economic activity from the ONS ; and Brewdog ’ s plans to plant a million trees .
Read more : The City View @ @ @ @ @ @ @ hybrid working requires more than just new tech ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with @ @ @ @ @ @ @ 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis , @ @ @ @ @ @ @ during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Richard Holt of Oxford Economics on the future of cities
In this episode Christian is joined by Richard Holt, head of cities at the consultancy and research outfit Oxford Economics.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Richard explores the trends and changes underway in cities across the world and offers a view of where there may be winners and losers from the great Coronavirus shakeup.
Also in this episode Christian looks at the CBI’s latest call for workers to return to offices; new data on footfall and economic activity from the ONS; and Brewdog’s plans to plant a million trees.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-08-27--London business confidence improves for second consecutive month

Business confidence in London continued for the second consecutive month as the Eat Out to Help Out scheme provided a boost to the capital ’ s hospitality industry .
The Lloyds Business Barometer , which measures monthly economic trends , found confidence in the capital rose eight points but remains in negative territory , at minus 13 per cent , slightly higher than the national average .
Read more : London business confidence rises but gloom remains as lockdown eased Companies surveyed reported higher confidence in their own business prospects month-on-month at minus 13 per cent again .
However , @ @ @ @ @ @ @ on London firms during August , with 66 per cent experiencing a drop in demand for products and services .
Just 11 per cent reported an uptick in demand , unchanged on July .
Of the 52 per cent of businesses reporting disruption to their supply chain this month , 39 per cent expected the situation to improve within six months , while 7 per cent expected it would take more than a year to return to normal levels .
There was some movement away from government support schemes , with almost a @ @ @ @ @ @ @ not currently using the furlough scheme .
As feared , some businesses expect to make redundancies as the job retention scheme winds down in October .
When asked about job retention among firms with furloughed staff , only 16 per cent expect to bring back more than 90 per cent of their staff .
Paul Evans , regional director for London at Lloyds Bank Commercial Banking , said : “ It ’ s encouraging to see firms ’ outlook improving for a second consecutive month , but there ’ s clearly still some @ @ @ @ @ @ @ VAT cuts and the Eat Out to Help Out scheme will have provided a boost to the capital ’ s huge hospitality industry and contributed to the improved picture this month.
” “ We remain by the side of businesses across all sectors in the capital to help them emerge from this pandemic in as strong a position as possible.
” Nationally , overall UK confidence edged up to minus 14 per cent for the month , with South East the first region to register a positive reading since March , at one @ @ @ @ @ @ @ reported confidence at their highest levels since the pandemic hit .
Manufacturing jumped 14 per cent to minus 7 per cent , while construction rose 11 points to minus 11 per cent .
The retail sector rose to minus 8 per cent while services increased to minus 18 per cent , as the government ’ s Eat Out to Help Out scheme kicked in .

London business confidence improves for second consecutive month
The study found that past Covid infection likely provided 83 per cent protection against reinfection
Business confidence in London continued for the second consecutive month as the Eat Out to Help Out scheme provided a boost to the capital’s hospitality industry.
The Lloyds Business Barometer, which measures monthly economic trends, found confidence in the capital rose eight points but remains in negative territory, at minus 13 per cent, slightly higher than the national average.
Companies surveyed reported higher confidence in their own business prospects month-on-month at minus 13 per cent again. However, the pandemic continued to have an effect on London firms during August, with 66 per cent experiencing a drop in demand for products and services.
Just 11 per cent reported an uptick in demand, unchanged on July.
Of the 52 per cent of businesses reporting disruption to their supply chain this month, 39 per cent expected the situation to improve within six months, while 7 per cent expected it would take more than a year to return to normal levels.
There was some movement away from government support schemes, with almost a quarter of London firms saying they were not currently using the furlough scheme.
As feared, some businesses expect to make redundancies as the job retention scheme winds down in October. When asked about job retention among firms with furloughed staff, only 16 per cent expect to bring back more than 90 per cent of their staff.
Paul Evans, regional director for London at Lloyds Bank Commercial Banking, said: “It’s encouraging to see firms’ outlook improving for a second consecutive month, but there’s clearly still some way to go. The introduction of VAT cuts and the Eat Out to Help Out scheme will have provided a boost to the capital’s huge hospitality industry and contributed to the improved picture this month.”
“We remain by the side of businesses across all sectors in the capital to help them emerge from this pandemic in as strong a position as possible.”
Nationally, overall UK confidence edged up to minus 14 per cent for the month, with South East the first region to register a positive reading since March, at one per cent.
All four major industries reported confidence at their highest levels since the pandemic hit. Manufacturing jumped 14 per cent to minus 7 per cent, while construction rose 11 points to minus 11 per cent.
The retail sector rose to minus 8 per cent while services increased to minus 18 per cent, as the government’s Eat Out to Help Out scheme kicked in.