Connect with us

Economy

European shares bounce back, focus shifts to ECB meeting By Reuters

Published

on


© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt

By Shreyashi Sanyal

(Reuters) – European shares bounced back on Wednesday, on the eve of the European Central Bank’s policy meeting, as AstraZeneca (NYSE:) reversed declines after a report that it may resume its COVID-19 vaccine trial next week.

AstraZeneca Plc (L:) had to pause global trials of its experimental vaccine after an unexplained illness in a participant. But its shares rebounded from small declines earlier in the session to inch 0.5% higher after the Financial Times report.

“Given how brash the markets have been around any vaccine updates, this understanding that delays in the process aren’t necessarily cause for concern is a surprising acknowledgement of nuance,” said Connor Campbell, financial analyst at spread better Spreadex.

The pan-European STOXX 600 index () rose 1.6%, with telecoms (), insurers () and technology stocks () leading sectoral advances.

Travel and leisure stocks () were the laggards with a 0.9% fall.

The British airline easyJet (L:) fell 2.1%, a day after reducing its flying schedule as frequent changes in government travel restrictions hit demand.

Fellow airlines Ryanair (I:) and IAG (L:) and cruise operator Carnival (L:) fell between 3.5% and 6%.

The plane manufacturer Airbus (PA:) fell 2% after deliveries slipped in August, slowing its recovery from a meltdown in demand induced by the coronavirus.

The STOXX 600 index has been stuck in a tight range since June, but investors are looking to Thursday’s ECB policy meeting as a possible catalyst.

Analysts are not expecting any changes in rate policy, focusing instead on the central bank’s inflation outlook and commentary on the euro’s recent strength.

“We believe the ECB will try to address the downside risks to inflation and recent euro appreciation through words rather than actions at this point,” wrote analysts at TD Securities.

Investors were following developments around Britain’s plan for life outside the European Union’s single market from Jan. 1 as the UK published legislation that it acknowledged would break a binding agreement with the EU, casting a dark shadow over the latest round of talks on a free trade agreement.

Expectations for third-quarter STOXX 600 earnings have worsened, according to the latest data from Refinitiv.

Profits are now expected to fall 39.2% for the 600 companies listed on the pan-European index, against an expectation of 37.9% a week ago.

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.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Bank of Canada survey finds business sentiment improves but remains negative By Reuters

Published

on

By


© Reuters. FILE PHOTO: Restaurants, gyms and cinemas re-open under Phase 3 rules from COVID-19 restrictions in Toronto

OTTAWA, Oct 19 (Reuters) – Business sentiment in Canada has improved as COVID-19 restrictions have eased, though it remains “negative” with one-third of firms saying they do not expect sales to return to pre-pandemic levels within the next 12 months, a Bank of Canada survey showed on Monday.

The Bank of Canada’s business outlook indicator improved slightly from the second quarter, but remained well below its historical average, signaling weak business sentiment.

“After many containment measures were lifted and business activity resumed over the summer months, firms now expect sales to increase from low levels,” the Bank said.

However, “firms reported that their sales prospects are limited by weak demand and precautionary health guidelines, and that their investment and hiring plans remain modest due to elevated uncertainty.”

The survey of 100 firms took place between August 24 and September 16, when COVID-19 cases were still lower in Canada. A second wave of new infections has led to targeted restrictions in certain hot spots.

(

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.





Source link

Continue Reading

Economy

U.S. screened over one million airline passengers Sunday for first time since March By Reuters

Published

on

By


© Reuters. Workers in protective gear walk on the tarmac at Oakland International Airport as authorities continue debarkation from the ship after 21 people on board have tested positive for the COVID-19 coronavirus in Oakland

By David Shepardson

WASHINGTON (Reuters) – The U.S. Transportation Security Administration (TSA) said it screened more than 1 million airline passengers on Sunday for the first time since mid-March.

The number, 1.03 million, is still about 60% lower than the same day last year, but is a dramatic rise from the collapse in air travel demand caused by the coronavirus pandemic. Screening fell to as little as 87,000 in a single day in April.

The previous high was 1.26 million screened on March 16.

U.S. airlines are collectively burning more than $5 billion in cash a month and have failed to date to convince Congress to approve a new $25 billion bailout that would have kept more than 32,000 workers on the payroll for another six months.

American Airlines (NASDAQ:) furloughed 19,000 workers, while United Airlines furloughed 13,000 workers.

Staff for the top Democrats and Republicans on the House and Senate committees overseeing airlines have been working to try to reach agreement on a potential standalone airline bill, but the airlines are not optimistic any bill will be approved before the Nov. 3 presidential election.

A previous airline payroll support program expired on Sept. 30. At some point, airlines may shift messaging to seeking new government funds to bring workers back.

Airlines for America, a trade group representing American Airlines, United, Delta Air Lines (NYSE:) and others have said passenger volumes are down about 64%, including 62% domestically and 79% internationally.

U.S. airlines are operating 48% fewer flights than a year ago and still have nearly one-third of their fleet idled, the group added.

The TSA statement on Monday also said it is adopting new measures to make security screening safer, including installing credential authentication devices at some checkpoints enabling passengers to insert IDs directly into a card reader.

New CT scanners at some checkpoints also often allow officers to check items without having to open a carry-on bag.

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.





Source link

Continue Reading

Economy

More important for U.S. to get digital currency right than be first By Reuters

Published

on

By


© Reuters. FILE PHOTO: Senate’s Committee on Banking, Housing, and Urban Affairs hearing

(Reuters) – In any development of a cross-border digital currency, it is more important for the United States “to get it right than be first,” U.S. Federal Reserve Chair Jerome Powell said on Monday.

“We do think it’s more important to get it right than to be first and getting it right means that we not only look at the potential benefits of a CBDC, but also the potential risks, and also recognize the important trade offs that have to be thought through carefully,” Powell said in a panel discussion of digital payments hosted by the International Monetary Fund.

Powell said it is vital the Fed assess what impact a CBDC might have on a range of critical issues, including monetary policy, financial stability, cyber-security and preventing illicit activity.

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.





Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme.