Rolling live coverage of business, economics and financial markets ahead of US non-farm payrolls data
8.05am BST
It’s a steep fall on the FTSE 100 this morning, following in the steps of Wall Street last night and Asian stock markets earlier: London’s blue chips have lost 0.8% at the opening bell.
France’s Cac 40 is down by 0.5%, Germany’s Dax is down by 1.1%, and Europe’s broader Stoxx 600 index has lost 0.3% in the opening trades.
8.02am BST
Pret a Manger is to launch a monthly subscription service offering up to five drinks a day in a bid to get customers back to stores following a sales slump due to the pandemic.
Related: Pret offers monthly subscription to boost post-Covid pandemic sales
7.54am BST
Good morning, and welcome to our live coverage of business, economics and financial markets.
Is the US tech bubble bursting? Was it even a bubble in the first place? That is what appears to be on the minds of investors this morning, after a steep selloff among tech stocks last night on Wall Street triggered losses around the world this morning.
In New York, the Dow Jones Industrial Average fell 808 points, or 2.78%, after passing 29,000 for the first time since February on Wednesday. The S&P 500 was down 3.5% and the tech-heavy Nasdaq fell 4.9%.
Both the S&P 500 and the Nasdaq had set their latest record highs a day earlier, and the latter index is still up nearly 28% for the year.
Related: Stock markets fall as investors sell off tech stock amid US job fears
In the new world, a market correction is expressed in wealth losses: 9bn for @JeffBezos and @elonmusk , only 3 for @BillGates — well drop in FAANG market cap = GDP of « Ça fait cher la frite » cc @PatrickKrizan
Our US economists here at Deutsche Bank are looking for a +1.2m increase in non-farm payrolls, which should push the unemployment rate down to 9.7% (versus 10.2% at present). If realised, that would bring the total gains in nonfarm payrolls since April to +10.5m, but even then it would still mean that less than half of the -22m jobs lost in March and April had been recovered, so this is likely to be a long journey yet.
Continue reading…Rolling live coverage of business, economics and financial markets ahead of US non-farm payrolls data 8.05am BSTIt’s a steep fall on the FTSE 100 this morning, following in the steps of Wall Street last night and Asian stock markets earlier: London’s blue chips have lost 0.8% at the opening bell.France’s Cac 40 is down by 0.5%, Germany’s Dax is down by 1.1%, and Europe’s broader Stoxx 600 index has lost 0.3% in the opening trades. 8.02am BSTPret a Manger is to launch a monthly subscription service offering up to five drinks a day in a bid to get customers back to stores following a sales slump due to the pandemic. Related: Pret offers monthly subscription to boost post-Covid pandemic sales 7.54am BSTGood morning, and welcome to our live coverage of business, economics and financial markets.Is the US tech bubble bursting? Was it even a bubble in the first place? That is what appears to be on the minds of investors this morning, after a steep selloff among tech stocks last night on Wall Street triggered losses around the world this morning.In New York, the Dow Jones Industrial Average fell 808 points, or 2.78%, after passing 29,000 for the first time since February on Wednesday. The S&P 500 was down 3.5% and the tech-heavy Nasdaq fell 4.9%.Both the S&P 500 and the Nasdaq had set their latest record highs a day earlier, and the latter index is still up nearly 28% for the year. Related: Stock markets fall as investors sell off tech stock amid US job fears In the new world, a market correction is expressed in wealth losses: 9bn for @JeffBezos and @elonmusk , only 3 for @BillGates — well drop in FAANG market cap = GDP of « Ça fait cher la frite » cc @PatrickKrizanOur US economists here at Deutsche Bank are looking for a +1.2m increase in non-farm payrolls, which should push the unemployment rate down to 9.7% (versus 10.2% at present). If realised, that would bring the total gains in nonfarm payrolls since April to +10.5m, but even then it would still mean that less than half of the -22m jobs lost in March and April had been recovered, so this is likely to be a long journey yet. Continue reading…
