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Deloitte to shut four UK offices to cut costs amid pandemic: FT By Reuters

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© Reuters. Offices of Deloitte are seen in London

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(Reuters) – Deloitte will permanently close four of its 50 UK offices in coming months as the company aims to cut costs amid the coronavirus pandemic, the Financial Times reported on Saturday.

Deloitte, one of the world’s “Big Four” accounting firms, will move about 500 of its employees who work at offices in Gatwick, Liverpool, Nottingham and Southampton to other locations or offer full-time remote working, the newspaper said. https://on.ft.com/2H7KAcD

(This story corrects to reflect FT correction of total number of offices to 50 from 20.)

 

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Wall Street extends slide on virus worries, elusive stimulus deal By Reuters

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© Reuters. FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City

(Reuters) – U.S. stocks extended their slide on Monday, setting the Dow for its worst day in more than seven weeks, as soaring coronavirus cases and a deadlock in Washington over the next fiscal relief bill raised concerns over the economy and corporate earnings.

At 12:17 p.m. ET, the was down 731.56 points, or 2.58%, at 27,604.01, the S&P 500 was down 70.49 points, or 2.03%, at 3,394.90, and the was down 188.60 points, or 1.63%, at 11,359.68.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wall Street Lower on Virus Surge, Stimulus Impasse; Dow Down 631 Pts By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened weakly on Monday and sank through the morning session, on fears that a third wave of the coronavirus pandemic will push back the day when economic life can get back to normal. Failure by politicians in Washington to make any progress in passing a support package to bridge the gap until that day has also weighed on sentiment.

By 11:13 AM ET (1513 GMT), the was down 631 points, or 2.2%. The index was down 1.8% and the was down 1.5%.  All three indexes have now been trending downward for the last two weeks. 

The U.S. is clearly experiencing a third wave of the pandemic with just a week to go before the election. Hospitalization rates have risen by around half over the last month to their highest since August, while the seven-day moving average for deaths has been trending up for nearly two weeks. Whether the economy has adapted enough in the last six months to ride out the new wave seems open to question, with initial jobless claims still running at nearly 800,000 a week.

Airline and cruise stocks were conspicuous early fallers, with United Airlines (NASDAQ:) stock falling 3.8% and American Airlines (NASDAQ:) stock falling 3.3%

Various software stocks came under pressure after German enterprise planning giant SAP slashed its short- and medium-term outlook for profitability, as the pandemic weighs on business spending and accelerates transition to the Cloud – an area where SAP’s margins are lower than in its legacy business. SAP (NYSE:) ADRs fell over 20%, while Salesforce (NYSE:) stock, exposed to many of the same factors, fell 1.4%.

Elsewhere, Dunkin Brands Group (NASDAQ:) stock rose 14.8% to a new all-time high after it said it was in early talks to be acquired by Private Equity group Inspire Brands, which already owns the Arby’s and Buffalo Wild Wings restaurant franchises.

The moves came on a day when the biggest deal in world stock markets was taking place far away, as Chinese financial services giant Ant Group priced its initial public offering to raise some $34 billion on the Hong Kong and Shanghai stock exchanges. 

The IPO is a reminder of the growing distance between U.S. and Chinese capital markets: Ant’s founder, Jack Ma, had listed his Alibaba (NYSE:) group on the New York Stock Exchange only six years earlier, but such moves have been complicated by U.S. regulatory moves, as part of a general move to tighten Chinese access to U.S. capital and technical expertise. 

Overnight, China had announced sanctions against Boeing and Lockheed Martin in response to a U.S. deal to sell arms to Taiwan earlier this year. Boeing (NYSE:) stock fell 2.6%, while Lockheed (NYSE:) stock fell 2.6% to a three-month low.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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‘Orderly’ Trump win most favorable outcome for equities, JPMorgan says By Reuters

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© Reuters. United States flags fly outside of the NYSE as markets continue to react to the coronavirus disease (COVID-19) at the NYSE in New York

LONDON (Reuters) – U.S. investment bank JPMorgan (NYSE:) expects the S&P500 index () to surge to 3,900 points if U.S. President Donald Trump is re-elected next week, calling such an outcome the most favorable for stock markets.

A rise to 3,900 would mark a 12.6% jump from Friday’s closing level.

A clean sweep by Democrats would be “mostly neutral” for markets, JPM said in a note received on Monday, adding: “We see an ‘orderly’ Trump victory as the most favorable outcome for equities.”

The odds of a “blue wave” have narrowed slightly since mid-October. Former vice president Joe Biden has a substantial lead in national opinion polls, although the contest is closer in battleground states likely to decide the race.

JPMorgan said several of its data gatherings, such as voter registration, Twitter sentiment, point to a “tightening race”. The bank sees a gridlock in the election as a “net positive” for stocks.

Within sectors, JPM sees beaten down energy and financial stocks to likely be key beneficiaries of a Trump victory, while a Biden win could trigger a rotation from U.S. growth stocks to non U.S. growth stocks, given the risk of higher taxes.

“We find that energy, financials and healthcare sectors could likely see the most outsized moves as they have been explicitly referenced by each candidate on the campaign trail,” the bank added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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