OECD says UK will be hardest hit major economy Following a sharp sell-off yesterday, London-listed stock indices continued falling on Wednesday after the OECD warned that the UK is likely to be the major economy hardest hit by the pandemic. The OECD anticipates the UK economy will sink by 11.5% in 2020, worse than contractions…
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Sharp pullback for UK stocks in face of new data The FTSE 100 and FTSE 250 sank sharply yesterday, with both indices losing 2.1% apiece, leaving London-listed stocks stuck in correction territory while US shares are creeping past the breakeven point year-to-date. Investors had multiple data points to digest, including information from the British Retail…
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What to watch Chewy: Online pet food and supply retailer Chewy has been a natural beneficiary of the coronavirus pandemic, as large numbers of people have chosen to adopt dogs and other pets during this period. At the same time, many haven’t been able to go shopping physically. The company reports its latest set of…
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FTSE 100 and 250 soar in lock step Both of the UK’s major indices jumped 2.6% on Wednesday, with the FTSE 250 now up 12% over the past month. London-listed stocks remain well behind their US counterparts but have been making solid progress in recent weeks. The gains reflect investor optimism about both the UK…
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What to watch Zoom Video Communication: The rise of Zoom has been dramatically accelerated by the coronavirus pandemic, which has propelled it into both the public consciousness and companies worldwide. The company’s share price gained 13% on Monday ahead of its latest set of quarterly earnings on Tuesday, as investors are widely expecting an impressive…
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What to watch Although Q1 corporate earnings season is drawing to a close, there are still some interesting names reporting this week which have been direct beneficiaries of the lockdown. Video conferencing firm Zoom and business communications platform Slack have made major gains in 2020 so far, with Slack up 55.9% and Zoom up by…
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What to watch Autodesk: Software firm Autodesk’s clients include engineering, architecture, construction firms and more. Its share price has held up well in 2020, gaining 8.8% year-to-date while the broader market has tumbled, taking its 12-month share price gain to 23.8%. Investors will be watching for how the shutdown of construction projects during the pandemic…
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OIL The oil price is consolidating, while the July expiry is challenging its recent high of $34.50. The positive mood seen in the stock markets is pulling oil up with markets now revising downwards the risks from coronavirus. The current price seems to reflect that markets are viewing the risk of a second wave as…
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Pinduoduo: Pinduoduo is another Chinese e-commerce firm with a Nasdaq listing, that has enjoyed a huge share price rally in 2020 so far — jumping by more than 50%. The company reports its Q1 earnings results on Friday morning New York time, after being downgraded from a buy rating to neutral by a Bank of…
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Bank of England governor says negative rates under ‘active review’ London-listed stocks closed the day higher, with the FTSE 100 up 1.1%, as Bank of England governor Andrew Bailey said that negative interest rates in the United Kingdom were under “active review.” The statement is a U-turn on his position a week ago, when he…
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