Home Business news UK car sales recover as showrooms reopen after lockdown – business live

UK car sales recover as showrooms reopen after lockdown – business live

9

Rolling coverage of the latest economic and financial news

8.05am BST

ITV is hoping that the delayed UEFA Euro 2020 championships, and the return of Love Island, will boost its forecasts this summer.

“We have made a good start to 2021 with total revenue and total viewing both up, despite the continuing impact of the pandemic. We finished the quarter strongly with the substantial majority of our shows back in production and a recovery in the advertising market.

“We are encouraged by the UK roadmap out of lockdown and remain cautiously optimistic about the year ahead. Our advertising revenues are rebounding from last year with April up 68% and we expect May to be up around 85% and June up between 85% and 90%, compared to the same period in 2020. This is driven by UK COVID-19 restrictions being reduced and a strong schedule featuring Love Island and the Euros.

8.03am BST

Virgin Money, HQd Glasgow, formerly Clydesdale Bank, reports Oct-Mar pre-tax profit of £72m (£161m loss Apr-Sep) after exceptional items, including £49m merger and rebranding costs. Bad loans down from £232m last year and £269m Apr-Sep to £38m

7.49am BST

UK challenger bank Virgin Money has returned to profit – another signal that the economy is picking up.

We are cautiously optimistic about the improving outlook as the impact of the vaccination programme in the UK delivers positive revisions to economic expectations.

We’re continuing to manage through what is still an uncertain economic backdrop, but the bank is well placed, with a strong balance sheet, and through ongoing strategic delivery we have a clear path to long-term, improved sustainable returns.”

Related: Lloyds profits soar as Covid loan loss provisions released

7.25am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Last month, customers were able to buy cars in person from April 12 in England whilst delivery, click and collect and online services also facilitated purchases. Plants have continued to operate with COVID safe measures in place.

Sales stood at around 141,000 vehicles last month, still down 13% on the 2010-2019 monthly average, the Society of Motor Manufacturers and Traders (SMMT) said on Wednesday.

UK new car sales recover in April from last year’s lockdown hit https://t.co/JcwtVt772E pic.twitter.com/gZzZZDEFWM

Related: Mini will pause Oxford production line due to computer chip shortage

Related: Jaguar Land Rover to suspend work at UK plants amid computer chip shortage

Related: Fear of rising interest rates sends shares tumbling in both US and Europe

Yellen’s ‘rate hike’ comment, clarification later !

Yellen causes a flutter -> “It may be that int rates will have to rise a little bit to make sure our eco doesn’t overheat”

Yellen clarifies later in the day -> “Let me be clear,it’s not something Im predicting or recommending”

Ultimately, we all know that the investment made by the Biden Administration will need to be offset by tighter monetary policy in the future, so these comments should in no way shock but hearing it from a high-level official makes the market nervous.

Again, a world where we see lower liquidity from central banks is a world questioning how financial assets perform, as so much of the future performance has been brought forward. And as the gravy train is pulled away, it brings the extreme valuation into question and ascribes a lower risk premium. This will mean higher volatility.

On Wednesday, ADP employment, PMI composite final, and ISM services. ADP has been greatly underestimating the strength of payroll growth are on tap. An unexpectedly strong call by ADP (1 million is the high estimate) could lift forecasts further for Friday’s employment report. pic.twitter.com/kIvzL9Dv2d

Continue reading…Rolling coverage of the latest economic and financial newsUK car sales recovered in April as lockdown easedSales expected to have rebounded as showrooms reopenedYesterday: Fear of rising interest rates hit marketsJanet Yellen later clarified remarks on interest rates 8.05am BST ITV is hoping that the delayed UEFA Euro 2020 championships, and the return of Love Island, will boost its forecasts this summer.“We have made a good start to 2021 with total revenue and total viewing both up, despite the continuing impact of the pandemic. We finished the quarter strongly with the substantial majority of our shows back in production and a recovery in the advertising market. “We are encouraged by the UK roadmap out of lockdown and remain cautiously optimistic about the year ahead. Our advertising revenues are rebounding from last year with April up 68% and we expect May to be up around 85% and June up between 85% and 90%, compared to the same period in 2020. This is driven by UK COVID-19 restrictions being reduced and a strong schedule featuring Love Island and the Euros. 8.03am BST Virgin Money, HQd Glasgow, formerly Clydesdale Bank, reports Oct-Mar pre-tax profit of £72m (£161m loss Apr-Sep) after exceptional items, including £49m merger and rebranding costs. Bad loans down from £232m last year and £269m Apr-Sep to £38m 7.49am BST UK challenger bank Virgin Money has returned to profit – another signal that the economy is picking up.We are cautiously optimistic about the improving outlook as the impact of the vaccination programme in the UK delivers positive revisions to economic expectations. We’re continuing to manage through what is still an uncertain economic backdrop, but the bank is well placed, with a strong balance sheet, and through ongoing strategic delivery we have a clear path to long-term, improved sustainable returns.” Related: Lloyds profits soar as Covid loan loss provisions released 7.25am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Last month, customers were able to buy cars in person from April 12 in England whilst delivery, click and collect and online services also facilitated purchases. Plants have continued to operate with COVID safe measures in place. Sales stood at around 141,000 vehicles last month, still down 13% on the 2010-2019 monthly average, the Society of Motor Manufacturers and Traders (SMMT) said on Wednesday.UK new car sales recover in April from last year’s lockdown hit https://t.co/JcwtVt772E pic.twitter.com/gZzZZDEFWM Related: Mini will pause Oxford production line due to computer chip shortage Related: Jaguar Land Rover to suspend work at UK plants amid computer chip shortage Related: Fear of rising interest rates sends shares tumbling in both US and Europe Yellen’s ‘rate hike’ comment, clarification later !Yellen causes a flutter -> “It may be that int rates will have to rise a little bit to make sure our eco doesn’t overheat”Yellen clarifies later in the day -> “Let me be clear,it’s not something Im predicting or recommending”Ultimately, we all know that the investment made by the Biden Administration will need to be offset by tighter monetary policy in the future, so these comments should in no way shock but hearing it from a high-level official makes the market nervous.Again, a world where we see lower liquidity from central banks is a world questioning how financial assets perform, as so much of the future performance has been brought forward. And as the gravy train is pulled away, it brings the extreme valuation into question and ascribes a lower risk premium. This will mean higher volatility.On Wednesday, ADP employment, PMI composite final, and ISM services. ADP has been greatly underestimating the strength of payroll growth are on tap. An unexpectedly strong call by ADP (1 million is the high estimate) could lift forecasts further for Friday’s employment report. pic.twitter.com/kIvzL9Dv2d Continue reading…