FTSE 100 LIVE: UK market falls as fears of pandemic could last for years | City and business | Finance

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The index for Britain’s largest companies fell this morning as it canceled out much of the significant gains it had recorded this week, with several countries showing signs of easing the bottlenecks. The decline comes as BBC political editor Laura Kuenssberg warned that Boris Johnson might have a tough job convincing the British to leave their homes when he lifted tough measures. She said the Prime Minister hinted in his speech Thursday that the ministers were concerned that people might be too afraid to venture outside.

She also said she heard from a cabinet source that the administration was aware of parents’ concerns about the reopening of schools.

“I think there is actually an allusion to nothing to do with science, but something that worries cabinet ministers a lot is that people could really, really be afraid to leave the house,” said she said.

“Now a cabinet member told me about data in a survey that suggested that about half of the parents did not think it would be safe enough to send their children back to school even if they could.”

“And there is a real nerve in the government to know how to put people back in the tube after something like that?”

“How do you encourage people to go to work?” “

Johnson will release the government’s exit strategy for the foreclosure next week, which will serve as a “road map” for the coming months.

SEE BELOW FOR LIVE UPDATES:

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FTSE 100 LIVE: Global stocks are falling

FTSE 100 LIVE: Global stocks are falling (Image: GETTY)

BORIS JOHNSON CLAPS for key workers

Boris Johnson may have trouble convincing Britons to leave their homes as the lock is lifted (Image: GETTY)

5:03 p.m. update: increased savings during lockdown

Households saved more than £ 13 billion in March, a record increase as the coronavirus lockout keeps people from spending money.

The increase in savings is more than three times the normal rate, which generally amounts to $ 34 billion each month.

This money would normally be spent in stores, restaurants, hotels and entertainment – something people cannot do during the foreclosure.

Bank of America

Bank of America predicts European stocks will rise 20% before August (Image: GETTY)

4 p.m. update: U.S. stocks slide in response to Trump’s tariff threats

Major Wall Street indices fell on Friday after President Donald Trump threatened to impose new tariffs on China on the coronavirus crisis.

The S&P 500 tech sector fell 1.5% at the start of the session, while Philadelphia Semiconductor’s trade-sensitive index fell 4%.

Trump said yesterday that his trade deal with China is now of secondary importance to the pandemic.

The threat rekindled the trade war between the two largest economies in the world, which kept the global financial markets in suspense for almost two years.

2:47 p.m. update: Wall St slides into opening amid Trump’s tariff threat

US stocks plummeted Friday after President Donald Trump threatened to impose new tariffs on China.

Apple and Amazon have become the latest companies to warn of more pain in the future.

The Dow Jones Industrial Average fell 224.94 points, or 0.92%, at opening to 24,120.78.

The S&P 500 opened down 43.34 points, or 1.49%, to 2,869.09.

The Nasdaq Composite lost 208.26 points, or 2.34%, to 8,681.29 at the opening bell.

2:43 p.m. Update: Tiff Macklem announced as new Governor of the Bank of Canada

2:10 p.m. Update: Bank of America predicts European equities will rise 20%

Bank analysts expect the Pan-European Stoxx 600 to rise 20% by August.

In a note to clients, Bank of America equity strategists said that stocks across the continent should rebound as PMI activity indicators recover.

They added: “A second wave of epidemics would reduce the expected peak for the Stoxx 600 from 400 to 375: the main challenge to our positive view of the market is the risk that a relaxation of containment measures could lead to a second wave epidemics. , forcing governments to impose new locks. “

1.58pm update: Ireland Aer Lingus seeks to reduce staff by 20%

Irish airline Aer Lingus has told unions it is looking to downsize by about 20 percent due to the coronavirus pandemic, a source familiar with the talks told Reuters.

Aer Lingus is part of the International Airlines group (IAG) which also owns British Airways.

The airline declined to comment, saying it “continues to communicate directly with our employees and interact with their representative bodies.”

Reductions of 20% would represent around 800 to 900 employees, with management promising to offer a voluntary redundancy program, the source said.

ryanair chief executive michael o'leary

Ryanair CEO Michael O’Leary announced 3,000 job cuts on Friday (Image: GETTY)

1:00 p.m. Update: Government Ready to Help Ryanair Employees

The government is ready to help the 3,000 Ryanair workers lose their jobs.

A spokesman for Boris Johnson said, “We recognize that this is a difficult time for employees and we are ready to help those affected.”

This morning, the airline announced plans to cut thousands of jobs, mostly cabin crew and pilots.

12:25 p.m. Update: COVID-19 general insurance losses are higher than September 11 claims

Insurance broker estimated general insurance losses in key US and UK coronavirus categories to be between $ 32 billion (£ 25.5 billion) and $ 80 billion (£ 63.8 billion).

Willis Towers Watson’s figures exceed claims of the September 11 terrorist attacks.

A broker’s report showed early estimates of the business interruption in the U.S. and the U.K., the eventuality, U.S. directors and officers, U.S. employment practices, liability, general liability of the United States, American mortgage, commercial credit and surety bonds and workers’ compensation

11:00 am update: Chinese yuan falls under threat from US tariffs

On Friday, the Chinese yuan fell to a month-low against the dollar, marking its worst day since March 25.

The fall comes after Donald Trump accused China of mismanaging the COVID-19 epidemic on Thursday and threatened to cut new tariffs on Beijing.

The Chinese yuan fell 0.7% in the offshore market to 7.1350 against the US dollar, its lowest level since April 2.

british lock

Government may find it difficult to convince Britons to leave their homes when the lock is released (Image: GETTY)

ASSET

Donald Trump has threatened to cut new tariffs on China because of the virus crisis (Image: GETTY)

10:46 am update: Spanish GDP hit by coronavirus pandemic

Spain’s gross domestic product (GDP) will shrink 9.2% in 2020, surpassing the drop during the country’s great recession of 2008-2013, Economy Minister Nadia Calvino said on Friday.

GDP is expected to recover in 2021 and increase by 6.8%, she added.

The Economy Minister said she expected an “asymmetric V-shaped recovery, with the largest decline in the second quarter and then a strong and gradual recovery in the second half.”

9:35 am update: global stocks continue to drop

On Friday, global stocks fell further on gloomy US economic data, mixed corporate results and the threat of Donald Trump to impose new tariffs on China.

The MSCI global equity index fell 0.5% after a fall on Thursday night broke a six-day winning streak for the index.

In Asia, with many markets closed, the Nikkei core index fell 2.8%, with declines driven by chip manufacturing companies.

Australian stocks fell 5%, their maximum in five weeks.

8:53 am update: London stocks slide amid Trump’s tariff threats

The FTSE 100 was down 2.2% at 7:06 a.m. on Friday, canceling out much of the solid gains it had seen this week on signs from several countries canceling the foreclosure measures.

The domestic-focused mid-cap index fell 1.3%, as US President Donald Trump said Thursday night that his tough trade deal with China was now of secondary importance to the pandemic.

The Trump administration is developing retaliatory measures for China during the epidemic.

British Airways operator IAG lost an additional 2.6% as details of its downsizing plans, including a quarter of its pilots, and deal with the collapse of air travel under the coronavirus continued to infiltrate.

Overall, trading volumes were weak as many markets elsewhere in Europe were closed for the May 1 holiday.

8:49 am update: SNCF forecasts a turnover of 3 billion euros on coronaviruses

French public rail company SNCF estimates it will lose at least € 3 billion (£ 2.62 billion) in revenue as a result of the coronavirus epidemic.

The expected losses were reported this morning in the daily Les Echos, citing anonymous sources.

8:12 am update: Ryanair will cut 3,000 jobs

Ryanair plans to cut 3,000 jobs and speak to Boeing to delay aircraft deliveries, as it does not expect European air traffic to fully recover from the coronavirus crisis until 2022, the airline announced on Friday. Irish airline.

The majority of the layoffs would affect pilots and cabin crew, said general manager Michael O’Leary.

The announcement comes two weeks after Ryanair said it could make windfall profits in 2021 and had no plans to delay orders for jets.

But in an unexpected update, the low-cost airline delayed the start of a return to normal programming in July from June.

The company said it would only use 50% of the planned capacity in the three months to the end of September, which is usually the busiest season.

The airline said it is currently reviewing growth plans and aircraft orders and is in talks with Boeing and the aircraft rental companies to reduce the number of deliveries over the next 24 months.

O’Leary said in the investor update: “Ryanair now expects recovery in passenger demand and prices (to 2019 levels) to take at least two years, up to summer 2022 at the earliest. “

ryanair

Ryanair to cut 3,000 jobs (Image: GETTY)

7:45 am update: FTSE 100 should drop 96 points

The FTSE 100 is expected to open around 96 points at 5,805, according to data from the IG.

The markets of major European economies, including Germany, Italy and France, are closed for Labor Day.

Thursday, European stocks ended their strongest month since October 2015.

7:35 am update: Australia defends trade relations with China amidst line of viruses

Prime Minister Scott Morrison said on Friday that the country’s relations with China are “mutually beneficial”.

His comments come amid an escalating argument with Beijing over plans for an international investigation into the coronavirus epidemic.

China, Australia’s largest trading partner, has accused Canberra of “little tricks” in the dispute that could affect diplomatic and economic relations between the countries.

6:11 am update: Trump threatens new tariffs on China in retaliation for coronavirus

US President Donald Trump said on Thursday that his hotly contested trade deal with China is now of secondary importance to the coronavirus pandemic and that he has threatened new tariffs on Beijing as his administration develops retaliatory measures against the epidemic.

Trump’s sharp rhetoric against China reflected his growing frustration with Beijing over the pandemic, which claimed the lives of tens of thousands of people in the United States, sparked economic contraction and threatened his chances of re-election in November. .

Two US officials, speaking on condition of anonymity, said a series of options against China were under discussion, but warned that efforts were in the early stages. The recommendations have not yet reached the level of Trump’s or President’s highest national security team, an official told Reuters.

“There is a discussion on how hard it is to hit China and how to calibrate it correctly,” said one of the sources as Washington steps down in its ties to Beijing while it matters personal protective equipment (PPE) and is wary of damaging a sensitive commercial agreement.

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