Scalping or short-term trading is a trading strategy that the trader will trade small profit but in high frequency, maybe 10-100 or more times daily. It is based on the notion that a currency is very fluctuate, so it would be better to take small profit from small movement than to take large profit.

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Messages - NadiaWits

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1
What the government has to do to get the economy moving again

Ministers must sit down with businesses to work out a recovery plan to stop Britain’s economy falling into recessionUK business confidence collapses as ‘stagflation’ fears growCovid cases rise as UK schools return and furlough endsThe events of the past week have shown the fragility of the UK’s economic recovery. The issue of labour shortages is nothing new.Three years ago, the British Chambers of Commerce (BCC) quarterly economic survey for the fourth quarter of 2018 found 81% of manufacturers were experiencing difficulties in finding the right staff. At the time, this was the joint-highest level since the survey began in 1989. Continue reading...

Source: What the government has to do to get the economy moving again

2
Inflation ‘may mean UK interest rates rise next year’; China’s exports jump; bitcoin slides – as it happened

Rolling coverage of the latest economic and financial newsAfternoon SummaryLatest: Bitcoin tumbles in crypto selloffUK rates could rise if recovery continues and inflation looks persistentCleaning company McBride hit by raw material cost surgeTakeovers of UK companies by foreign buyers jumped in Q2Pound dips as employers warn national insurance hike will cost jobsChina’s exports beat forecasts in August, up 25.6%German investor confidence hit by supply chain shortagesA Bank of England policymaker has suggested that UK interest rates could rise in the next year, if the recovery continues and rising prices lead to ‘more persistent’ inflationary pressures.Michael Saunders, a member of the Bank’s Monetary Policy Committee which sets rates, told an online session this morning that the economic outlook would determine when interest rates will rise from their current record low of 0.1%.If the economy continues to recover, and inflation shows signs of being more persistent, then it might be right to think of interest rates going up in the next year or so. My own view at the August meeting was that with the recovery in the economy, and inflation back to target, we no longer need as much monetary stimulus as previously.I also worry that continuing with asset purchases when CPI inflation is 4% and the output gap is closed - that’s the likely situation later this year - might well cause medium-term inflation expectations to drift higher.Such an outcome could require a more substantial tightening of monetary policy later and might limit the committee’s scope to respond promptly the next time the economy needs more stimulus. Continue reading...

Source: Inflation ‘may mean UK interest rates rise next year’; China’s exports jump; bitcoin slides – as it happened

3
With enough vision, the furlough scheme could have become a lifeboat for industry

All signs are that the chancellor will end his wage support initiative next month. If he does, it will be a chance missedIt seems inevitable that the Treasury will turn down requests from trade unions to maintain the furlough scheme as a permanent safety net beyond autumn.The TUC said it would be a step forward for the UK to have the kind of underpinning to incomes that German workers and many others across the world’s richest nations enjoy. The Kurzarbeit income protection scheme that Berlin has maintained through thick and thin since 1924 always comes to prominence in a major crisis, but it is in place to cope with a mini-crisis as much as a major one.An increase in universal credit is due to be cut back by Sunak in September. This tells everyone a permanent replacement for furlough is unlikely Continue reading...

Source: With enough vision, the furlough scheme could have become a lifeboat for industry

4
Central banks can’t reduce inequality – it’s time for ministers to act

Central bank policies have enriched the wealthy – bold politicians must start redistributing wealthIn the Forbes list of the World’s Most Powerful People for 2012, Ben Bernanke, the then chair of the US Federal Reserve, held the sixth position, while Mario Draghi, the then president of the European Central Bank, came in at number eight. They were both ranked above the Chinese president, Xi Jinping. As the global economy struggled with the aftermath of the global financial crisis that began in 2008, and its European cousin, the eurozone crisis, central banks were in the driving seat, easing quantitatively like there was no tomorrow. They were, it was often said, “the only game in town”. Even at the time, some thought there was an element of folie de grandeur in their elevation.This time is different. Although central banks continue to buy bonds incontinently, fiscal policy has been the key response to the Covid-19 pandemic. In the US, President Joe Biden and Congress have led the charge. In the EU, the European Commission’s recovery and resilience facility is at the heart of the €750bn (£650bn) next generation EU plan, while in the UK, the chancellor, Rishi Sunak, is signing the cheques. Related: Has Brexit fatally dented the City of London’s future?  Related: Rising inequality? Don't blame the rich  Continue reading...

Source: Central banks can’t reduce inequality – it’s time for ministers to act

5
Google’s delay in fighting online scammers is cause for shame

The tech giant’s move to combat fraud and dodgy ads has taken too long. The online safety bill must change“We are committed to leading the necessary changes to help fight online scammers,” trumpeted Google’s UK managing director, Ronan Harris, this week, as if the tech giant were somehow a pioneer of a crackdown on online financial fraud and adverts offering “bonds” with implausibly high rates of interest.The reality is that Google’s harder approach has taken an age to appear. It was 18 months ago that the frustration of Andrew Bailey, then the chief executive of the FCA, boiled over. He called for “more assistance from the big internet service companies, particularly Google” on taking down obviously dodgy adverts quickly. If a bank or a regulated financial institution had received such a public shaming, immediate action would be expected. Related: Bank of England’s Andy Haldane warns of inflation rises  Continue reading...

Source: Google’s delay in fighting online scammers is cause for shame

6
Does Joe Biden’s spending plan really risk high inflation?

We should expect price increases in the Covid recovery phase – and we have the tools to cool the economySlight increases in the rate of inflation in the United States and Europe have triggered financial market anxieties. Has Joe Biden’s administration risked overheating the economy with its $1.9tn (£1.3tn) rescue package and plans for additional spending to invest in infrastructure, job creation and bolstering American families?Such concerns are premature, considering the deep uncertainty we still face. We have never before experienced a pandemic-induced downturn featuring a disproportionately steep service sector recession, unprecedented increases in inequality and soaring savings rates. No one even knows if or when Covid-19 will be contained in the advanced economies, let alone globally. While weighing the risks, we also must plan for all contingencies. In my view, the Biden administration has correctly determined that the risks of doing too little far outweigh the risks of doing too much. Related: A shortage of workers is driving up wages: are we entering a new economic era? | John Harris  Related: Post-lockdown summer: Americans out for fun and with money to spend  Continue reading...

Source: Does Joe Biden’s spending plan really risk high inflation?

7
With workers in short supply right now it may pay to sweeten the deal

The effects of the pandemic are still with us, writes Gene Marks, creating a problem of supply and demand. It makes sense to pay workers moreIt’s not news that employers are struggling to fill open positions. There are a lot of different reasons why so many people are staying at home – the lack of childcare options and a continuing fear for health and safety to stimulus payments and expanded federal unemployment benefits. None of this really relevant to small business owners right now. The fact is that, despite a growing economy and increased demand, there’s a serious labor shortage and just about every small business owner I talk to is struggling to find people. Related: Does Biden’s Pro Act contain a nasty surprise for small businesses? | Gene Marks  Continue reading...

Source: With workers in short supply right now it may pay to sweeten the deal

8
FTSE 100 posts biggest fall in two months as Covid-19 worries hit markets – as it happened

Tobacco, travel and hospitality stocks lead fallers on the FTSE 100 index, as European markets have worst day this yearLatest: FTSE 100 dives 2%Europe-wide Stoxx 600 fell 1.9%, worst fall since last DecemberShares in travel and hospitality firms down amid Covid-19 worriesJapan’s Nikkei fell 2% today as cases riseWSJ: US considering cutting nicotine levels in cigarettesEarlier:Vacancies up 16% in March, ONS sayUK jobless rate falls to 4.9% in December-FebruaryNewbie traderer workers have suffered most job losses 9.26pm BST A late PS: The US stock market ended the day rather lower too, as anxiety over Covid-19 weighed on shares in New York.Airlines, energy firms, chemical producers, financial stocks and were manufacturers among the fallers. United Airlines lost 8.5%, making it the top S&P 500 faller.U.S. stocks fell for a second day as strong corporate earnings failed to boost the market, while an alarming rise in global Covid cases raised concerns about the recovery.The Dow fell 0.75%. The S&P 500 was down 0.68%. The Nasdaq tumbled 0.92%. https://t.co/ZnKZHAItFn pic.twitter.com/MlEKc8r1fMNetflix shares fell as much as 11% in after-hours trading after reporting a large miss in subscriber numbers in its first-quarter earnings report. The company also said it only expects to add about 1 million subscribers in the current quarter.The company’s revenue still grew 24% year over year and was in line with its beginning of quarter forecast, Netflix said. It also delivered a strong beat on earnings compared to Street estimateEARNINGS: Netflix posts Q1 earnings that beat expectations, but reports a dramatic slowdown in subscribers.-EPS: $3.75, vs. $2.97 expected-Revenue: $7.16 billion, vs. $7.13 billion [email protected] has the numbers. https://t.co/Unc1y54WW2 pic.twitter.com/9SDPgeHsYX 7.39pm BST The FTSE 100 fell sharply on Tuesday, taking it back below 7,000, as global markets were dragged lower by growing investor concern over the Indian variant of Covid-19 and sliding tobacco shares.The blue-chip index dropped by 2% or 140 points to close the day at 6,860, led by the British Airways owner, IAG, amid fears over renewed travel restrictions and as shares in major tobacco firms fell on the prospect of tougher rules being introduced by the Biden administration. Related: FTSE 100 falls sharply amid fears for travel due to India Covid variant  Related: UK unemployment rate falls to 4.9% despite Covid restrictions  Related: MPs urge Cameron to make public Greensill lobbying texts to Sunak  Related: Primark owner to hand back £72m in furlough funds after record sales  Related: Next boss received 28% pay rise last year  Related: Rishi Sunak urged to end hostility to green spending or miss net zero target  Related: Asda takeover by Issa brothers could lead to higher fuel prices, says CMA  Related: Hair by Amazon? Tech giant to open hi-tech salon in London  7.07pm BST The City regulator has warned social media sites that it may take action if they continue to promote risky and sometimes fraudulent investments to often inexperienced consumers.The Financial Conduct Authority is concerned about the growing influence that sites such as YouTube, Instagram and TikTok are having on a new breed of mainly Newbie traderer DIY investors, whom it believes are taking big financial risks when investing in cryptocurrencies, foreign exchange trading and other high-risk products.“If needed, we will take action.” Related: Social media sites warned over risky investment offers  6.42pm BST On the issue of travel....Ministers have urged Heathrow airport to dedicate a terminal to processing passengers arriving from “red list” countries, my colleagues Aubrey Allegretti and Gwyn Topham write.It comes amid fears that the number of people coming from India could swell and create a more dangerous environment for Covid variants to spread.The Guardian understands the Home Office has suggested Terminal 4 be used to separate those who have travelled from places where entry is banned for all apart from UK citizens and residents, and avoid them mixing with people coming from safer countries. Additional Border Force staff would also be provided to help deal with incoming passengers. Related: Ministers urge Heathrow to dedicate terminal for ‘red list’ arrivals  6.22pm BST Wall Street’s main indexes are still in the red, with the Dow Jones industrial average now down 256 points or 0.75% at 33,821 points.Reuters has more details on the selloff:Shares of airline operators and cruiseliners including JetBlue Airways, American Airlines, Norwegian Cruise Line and Carnival Corp, which were hammered last year as widespread lockdowns led to a halt in global travel, fell between 5% and 9%.“Rising COVID-19 cases around the world is a risk,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. 6.10pm BST CNBC have a good take on today’s European markets selloff - here’s a flavour:The pan-European Stoxx 600 ended the session down by 1.9%, with with travel and bank shares both dropping 3.7% to lead losses as all sectors and major bourses declined.European markets are following a pattern of uncertain sentiment around the world as rising Covid-19 cases in multiple countries resurface concerns about stock valuations. India, which has seen a resurgence in cases of late, reported more than 200,000 infections for the sixth consecutive day Tuesday.At the bottom of the European blue chip index, Austrian chipmaker AMS plunged 12.9% after a media report that it lost some business from U.S. tech giant Apple, while Swiss Re slid 7.5% after entering into a partnership with Veoneer to advance assessment and development of ADAS technology.On the opposite end of the pan-European benchmark, Czech antivirus software maker Avast rose 1.3% after a promising first-quarter trading update. 5.40pm BST Here’s Danni Hewson, AJ Bell financial analyst, on the market selloff today: “Whilst last week investors were rushing to drink the Kool-Aid, or a pint of whatever brew was handy to toast reopening, this week that optimism is giving way to a sort of grudging gloom.In the UK the FTSE 100’s hurtled back below the 7,000 mark. The 2% fall wiping around £37 billion off the value of shares fuelled by a mixed bag of economic news. Big tobacco’s concern about potential caps on nicotine levels from Joe Biden’s administration delivered two of the biggest slides of the day but there was also further to go for Primark owner, Associated British Foods. 5.36pm BST The Europe-wide Stoxx 600 share index fell by 1.9% by the close of play today, hit by Covid-19 worries.That’s its biggest one-day loss since last December, after a strong rally which saw the index hit a new all-time high last week. 5.04pm BST Here’s Reuters explaining how oil prices have been hit by Covid-19 concerns:Oil fell by $1 on Tuesday, pulling back from one-month highs, on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths soar in that country.Oil prices have risen steadily this year on expectations of a recovery in demand but while the United States and China are rebounding, numerous other countries are not.  5.00pm BST Overall, European markets have suffered their worst day this year (as measured by the Stoxx 600 index, which has closed down 1.9%)Stoxx 600 biggest drop this yearFTSE 100 biggest drop in 2 monthsDAX biggest drop since late-JanCAC biggest drop this yearIBEX biggest fall this year 4.57pm BST Ouch. The UK’s blue-chip FTSE 100 index has racked up its biggest one-day fall in almost two months. 4.26pm BST Travel stocks are also sharply down on Wall Street.United Airlines (-9.3%) and American Airlines (-7%) are among the top fallers on the S&P 500 index (which has now dropped around 0.9% today). 4.19pm BST The oil price, another gauge of economic optimism, is also dropping.Brent crude is down around 2% at $65.71 per barrel, a drop of $1.34 today. 4.09pm BST The Europe-wide Stoxx 600 share index is also sharply lower, down 2% in late trading.That puts it on track for its biggest one-day drop since last December.*STOXX EUROPE 600 INDEX FALLS 2%, SET FOR BIGGEST DROP SINCE DEC 3.47pm BST Back in London, the FTSE 100 has dropped further into the red, as worries about the pandemic weigh on stocks.The blue-chip share index is now down 127 points, or 1.8%, at 6874 points in late trading.Airline stocks are also getting a bit of a pounding after the UK put India on the red list for flights, while there is also rising concern about increasing cases across Asia, with Japan a particular concern.With the French government also increasing its stake in Air France KLM, and the airline raising another €1bn, it would appear that this has also spooked the markets, in a sign that any recovery in this sector is likely to take a lot longer than had originally been anticipated. 3.33pm BST Reminder: Japan’s Nikkei 225 index fell almost 2% today (it closed hours ago!) which the AFP newswire says was partly due to worries about rising Covid-19 cases.The key index opened lower on profit-taking following a three-day winning streak, with investors disheartened by falls in US shares, brokers said. “Selling then spread nearly across the board on concerns over another virus state of emergency,” said Daiwa Securities chief technical analyst Eiji Kinouchi. 3.02pm BST In New York, stocks have opened a little lower.The Dow Jones industrial average is down 103 points, or 0.3%, at 33,974 points, dipping further from Friday’s record high. 2.37pm BST We’d like to hear from those under 25 who have been made unemployed, or are struggling to get a job, due to coronavirus. If that’s you, please click here and tell us your story. Related: Newbie trader people in the UK: have you been made unemployed during the pandemic?  2.23pm BST Back in the City, shares in some travel and hospitality companies are also falling today, Airline group IAG is down 5%, pushing the FTSE 100 index a little deeper into the red (although the tobacco firms are still doing the most damage). Jet engine maker/servicer Rolls-Royce is also lower (-2.6%). Related: What do we know about the Indian coronavirus variant? “Investors seem to be struggling to make up their minds on where we are with the Covid-19 pandemic, unsurprisingly as this is a global picture with plenty of moving parts.“The markets are bouncing from reopening optimism to concerns over mounting infections in parts of the world as the rollout of vaccines proves patchy. Related: Coronavirus live news: EU to rule on J&J vaccine safety; India records nearly 1.6m cases in a week  1.36pm BST ING Developed Markets Economist James Smith has dug into the ONS’s data, and found more signs that the labour market is turning a corner:The UK jobs market has proved fairly resilient through the latest lockdowns. The latest unemployment rate covering the three-month period to February dipped to 4.9% - and new weekly data suggests it has gone as low as 4.6% during that time. More timely payroll data dipped back slightly in March but also suggests that – outside of the hard-hit consumer services sector – other parts of the jobs market are beginning to turn a corner.“The small rise in employment recorded in February during a period of national lockdown, is proof of the increased resilience of the UK economy to lockdowns.The improved optimism that the worst of the pandemic may be over should be tempered by the fact that employers generally wait until the end of a lockdown period to reassess their business plans and we may still see a rise in redundancies later on if business activity doesn’t recover quickly to pre-pandemic levels.” Our latest #NIESRwage Tracker suggests the #economy created more #jobs than it lost during the third national #lockdownIt also forecasts that average weekly earnings will grow at 5.2% in the second quarter of 2021Read here our analysis in full https://t.co/lha6z1SSQ4 12.59pm BST On the competition concerns over the Asda takeover, a spokesperson for the Issa brothers and TDR Capital says:“We will be working constructively with the CMA over the course of the next 10 days in order to arrive at a satisfactory outcome for all parties within Phase 1.This would provide welcome certainty for our colleagues, suppliers and customers, and allow us to move forward with our exciting plans for investment and growth at Asda.” 12.32pm BST The jump in vacancies last month is an encouraging sign that employment levels will rise again once the lockdown is lifted, says Josie Dent, managing economist at the CEBR: Single-month figures suggest that job vacancies began to grow again in March 2021, rising from 562,000 in February to 650,000.This 16% increase was likely in anticipation of lockdown restrictions lifting. Last month’s rise in vacancies came after a 3% contraction in February, and takes the number of vacancies to its highest level since March 2020.“While the labour market continues to battle with the pandemic, there are signs it is turning a corner.“The Job Retention Scheme is doing a lot of heavy lifting and is helping to keep a lid on jobs losses. Over 2021 the unemployment rate will creep upward as firms tend to weak balance sheets and furlough support ends in September. Nonetheless, the green shoots of a recovery in the jobs market are emerging. As more of the economy reopens over the coming months, businesses will look to take on more staff to meet pent-up demand.  12.10pm BST Encouragingly, the number of vacancies jumped last month, as companies prepared to reopen from the lockdown.The Office for National Statistics says that vacancies jumped by 16% month-on-month in March alone, compared with February.The online job advert estimates estimates also provide an early insight into a possible strengthening of vacancies in March and into the first two weeks of April 2021.According to the KPMG and REC, UK Report on Jobs published in April 2021, the number of permanent and temporary vacancies grew rapidly in March 2021 compared with February 2021. Demand for permanent workers rose at the quickest rate in six years, reflecting the anticipated easing of lockdown restrictions. “There are some further positive signs, with the ONS reporting a marked rise in job vacancies in March 2021, coinciding with the lifting of restrictions. With the vaccination programme on target and producing good levels of protection against COVID-19 and businesses working diligently to re-open, we can expect to see the labour market figures remain steady and continue to improve in the short to medium term. The continued success of the vaccination programme will prove critical for the UK job market in advance of the furlough scheme expiring in September. Although ONS describes the labour market as “subdued”, these figures give cause to be cautiously optimistic and there is certainly an element of anticipation as we watch the government’s four-point plan unfold.”  11.19am BST Britain’s competition regulator is worried the £6.8bn takeover of Asda by the billionaire Issa brothers and private equity group TDR Capital could push up fuel prices for motorists in parts of the UK.The Competition and Markets Authority says it has concerns about the takeover of the supermarket chain. That’s because Mohsin and Zuber Issa and TDR also own EG Group, which operates 395 petrol stations in the UK, while Asda owns 323. Our job is to protect consumers by making sure there continues to be strong competition between petrol stations, which leads to lower prices at the pump. These are two key players in the market, and it’s important that we thoroughly analyse the deal to make sure that people don’t end up paying over the odds.Right now, we’re concerned the merger could lead to higher prices for motorists in certain parts of the UK. However, if the companies can provide a clear-cut solution to address our concerns, we won’t carry out an in-depth Phase 2 investigation.  Related: New Asda owners snap up fast food chain Leon  10.42am BST Shares in UK-listed tobacco giants are sliding this morning, following a report that the US government is considering whether to cap nicotine levels in cigarettes.According to the Wall Street Journal, the Biden administration is considering requiring tobacco companies to lower the nicotine in all cigarettes sold in the U.S. to levels at which they are no longer addictive.Administration officials are considering the policy as they approach a deadline for declaring the administration’s intentions on another tobacco question: whether or not to ban menthol cigarettes.The Food and Drug Administration must respond in court by April 29 to a citizens’ petition to ban menthols by disclosing whether the agency intends to pursue such a policy. The Biden administration is weighing whether to move forward on a menthol ban or a nicotine reduction in all cigarettes—or both, the people familiar with the matter said.SCOOP: The Biden administration is considering requiring tobacco companies to reduce the nicotine levels in all cigarettes sold in the U.S. to levels at which they are no longer addictive. https://t.co/kZTew0Vq17 10.24am BST Sterling hit the $1.40 mark against the US dollar for the first time in over a month this morning, amid signs that the UK economy is picking up.The pound traded as high as $1.4009, its highest since early March, adding to strong gains yesterday when the US dollar was broadly weaker. Retail footfall and consumer spending is picking up rapidly.Of course, all this data is massively skewed by interventions – furlough masks the true employment situation, arbitrary reopening dates skew spending to the first few days and weeks as the pent-up demand is let out. Related: Footfall in England up by almost 200% as Covid controls ease “The improvement in the unemployment rate provides further evidence the UK economy is on the road to recovery.The better than forecast data will add fuel to the recent GBPUSD rally, however expect a flurry of profit taking within the FX market while GBPUSD sits above the 1.40 handle as participants de-risk their sterling balances”  9.57am BST Primark reported record sales last week when non-essential retailers were allowed to reopen in England and Wales, with shoppers eager to buy spring and summer clothes, as well as stay-at-home staples. Related: Primark reports record sales as Covid lockdown eases in England and Wales  9.52am BST Britain’s unions say the government must do more to help people back into work, and provide more support for the unemployed.Particularly Newbie traderer people (as under-25s suffered over half the job losses in the last year).“Now that Covid-19 restrictions are easing we need urgent action to support the recovery. “Newbie trader workers are bearing the brunt of this pandemic. Many of them working in badly-hit industries like retail, hospitality and the arts have lost their jobs and are at risk of long-term unemployment.  Related: 'Families are struggling': Britons react to Rishi Sunak's 2021 budget Researchers said government could help change public perceptions of benefits by treating claimants with dignity and ensuring that the Department for Work and Pensions and ministers spoke respectfully about them.Ben Baumberg Geiger, lead author of the report and a senior lecturer at the University of Kent, said: “Some of these people say they don’t need benefits – but others don’t claim because they don’t understand that they are eligible, hope that things will get better soon, or are put off by the perceived ‘hassle’ or stigma of claiming.” Related: Tens of thousands in UK avoided universal credit during Covid over stigma  9.21am BST The British Chambers of Commerce’s head of economics, Suren Thiru, warns that the long-term damage caused by the pandemic means the government must provide more support, once the furlough scheme ends.In particular, Newbie trader people will need help, even once the economy is recovering.“The latest data confirms that the UK labour market remains subdued. While there was a marginal fall in the unemployment rate, the squeeze on activity from ongoing restrictions helped drive a decline in payroll employment in March.“Unemployment remains on course to peak towards the end of 2021, once the furlough scheme expires and those who stopped job hunting during the pandemic look to return to the workforce as restrictions ease.️ @Suren_Thiru: "The latest data confirms the UK labour market remains subdued. While there was a marginal fall in the unemployment rate, ongoing restrictions helped drive a decline in payroll employment."Our reaction to latest Labour Market stats https://t.co/CRnQ0UFBha 9.16am BST Minister for Employment Mims Davies MP says: “Another drop in unemployment, vacancies on the rise, and over half a million people joining payrolls in the last month is welcome news as we continue on our roadmap to recovery with key sectors of our economy reopening.“This is still a challenging time, but right across the country our Plan for Jobs is helping people of all ages to get back on their feet and giving employers the confidence to recruit as we push to build back better.”Today we see another drop in unemployment, vacancies on the rise & over half a million people people joining payrolls in the last month. But it remains a challenging time for many. Our roadmap is key to our recovery as sectors reopen safely-we are determined to #BuildBackBetter https://t.co/VxwBxRjMCsThere are a million ways to cut the UK labour market stats. But perhaps the most unusual is the employment minister Mims Davies' approach: "over half a million people joining payrolls in the last month"The ONS: "56,000 fewer people were in payrolled employment in March" 1/2There is an answer to this. DWP clarifies Davies is referring to gross payroll inflows. 613,334 versus 669,449 outflow... net -56,115. "highlighting that opportunities are out there and people are finding employment."But you have to go to tab 6 of an excel sheet to find it. 2/2By the same data, there were 443,998 jobs created in April 2020... Great news! But 907,032 lost in the single worst month of the pandemic. Net -463,034. 8.53am BST The slight fall in the unemployment rate from 5.0% in January to 4.9% in February suggests that the government’s job furlough scheme is still insulating the labour market from the worst effects of the pandemic, says Thomas Pugh of Capital Economics.We still expect the unemployment rate to rise to a peak of 6.0% by early 2022, but that would be a much better result than most feared only a few months ago.  8.52am BST Average pay rose by 4.4% per year in December-February... but that doesn’t tell the whole story.The jump in pay growth is parrly because so many lower-paid jobs have been lost in the pandemic - creating a compositional effect. 8.16am BST The number of vacancies at UK firms has risen slightly, but remains much lower than before the pandemic.In January 2021 to March 2021, there were an estimated 607,000 job opportunities at UK businesses.The increase in vacancies over the latest quarter was 17,000, which is a six-month consecutive slowdown in the quarterly figures from the 165,000 increase seen in September 2020.  8.05am BST Newbie traderer workers have born the brunt of the jobs lost in the pandemic.More than half of those losing their jobs in the last year were aged below 25, with another quarter in the 25-34 bracket.Official jobs stats show a quarterly dip in unemployment below 5% - broader trend is stable, more than would have been expected in second lockdown - again confirmation that of 813,000 lost payrolls in a year436k (53.7%) were under 25635k (78.2%) were under 35 pic.twitter.com/h2Ua8uUPFr 7.59am BST Around 813,000 workers have been cut from company payrolls in the last 12 months, as the pandemic has hit the jobs market hard.That’s based on company payroll data from tax office HMRC, released with the ONS this morning.Early estimates for March 2021 indicate that there were 28.2 million payrolled employees a fall of 2.8% compared with the same period of the previous year and a decline of 813,000 people over the 12-month period. Compared with the previous month, the number of payrolled employees decreased by 0.2% in March 2021 – equivalent to 56,000 people.  7.37am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.The UK jobless rate has fallen for the second month in a row, but more workers have left company payrolls in March as the pandemic continues to grip the economy.#Breaking The number of UK workers on payrolls dropped by 56,000 last month and has fallen by 813,000 since March 2020 due to the impact of the pandemic, according to the Office for National Statistics (ONS)Commenting on today’s labour market data, ONS Director of Economic Statistics Darren Morgan said (1/3) pic.twitter.com/2C6SjI3gHdContinuing, Darren Morgan said: (2/3) pic.twitter.com/KLVzuVSBD8Darren Morgan added: (3/3) pic.twitter.com/jPsWK8I3pDEuropean stocks started the week in a subdued fashion, with the FTSE100 only just managing to close above the 7,000 level, while the DAX also slipped back from its record highs of last week.US markets also finished the day on the back foot, weighed down largely by weakness in tech stocks, which may well have been prompted by a large fall in Bitcoin over the weekend.Wall Street slipped from last week’s record highs as the Dow fell 123 points, the S&P 500 lost 22 points and the Nasdaq dropped 137 points https://t.co/GrBZn8yl01 pic.twitter.com/izyV5Ruu3H Continue reading...

Source: FTSE 100 posts biggest fall in two months as Covid-19 worries hit markets – as it happened

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Forex News / Osinbajo defies expectations as Nigeria's vice-president
« on: April 05, 2021, 06:15:05 PM »
Osinbajo defies expectations as Nigeria's vice-president

Analysis: Buhari’s deputy wants to create jobs, feed pupils and cut red tape. Is he too high-profile for his critics?The role of vice-president is one that John Adams, the first person in the US to hold the position, called “the most insignificant office that ever the invention of man contrived”.Nigeria’s Patience Jonathan captured the situation in her sarcastic response to a journalist who asked about her husband, Goodluck Jonathan, when he was vice-president. She said: “He is in his office reading newspapers.” Related: 'I'm a fighter': WTO's first female, African head ready for battle Here you have a man of ideas, marrying that into his role as a man of action Continue reading...

Source: Osinbajo defies expectations as Nigeria's vice-president

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Less regulation means more business for the City, right? It’s not that simple | Dan Davies

A post-Brexit ‘Big Bang 2.0’ is the last thing finance needs: the rules are what make London an attractive place to do businessDan Davies is an investment banking analystBeing a specialist in financial services regulation is a great way to make sure you never talk about your job at parties. It’s complicated and it’s boring and the only times it’s ever in the news are exactly the times when everyone hates you because something has gone badly wrong. Nevertheless, it’s important, and it ought to be in the news a bit more at the moment, because one of the UK’s biggest industries, in terms of output, employment and (yes) tax revenue is under serious threat.After more than 20 years in this business, I’ve come to the conclusion that almost nobody understands the single most important thing about the City of London from an economic point of view. And that’s that regulation isn’t a constraint on the financial sector – it’s a vital commodity input.Dan Davies is an investment banking analyst Continue reading...

Source: Less regulation means more business for the City, right? It’s not that simple | Dan Davies

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'I'm a fighter': WTO's first female, African head ready for battle

Ngozi Okonjo-Iweala, set to be named director general, joins as global trading system facing make-or-break momentEven for an economist, there are lots of very large numbers in the life of Ngozi Okonjo-Iweala. As the chair of Gavi, the vaccine alliance, she has overseen the annual immunisation of millions of children. When managing director of the World Bank, she oversaw $81bn (£58bn) worth of operations. In her stints in charge of Nigeria’s finances, she tackled Africa’s most populous country’s $30bn debt. And she has 1.5 million followers on Twitter.There are lots of smaller numbers too: the 20 non-profit organisations that have appointed Okonjo-Iweala to their advisory boards, the major banks and corporations she has advised, the 10 honorary degrees in addition to her own doctorate, 20 or so awards, dozens of major reports authored, and the books. Related: 'It can’t be business as usual': the Nigerian frontrunner to be next WTO head  Continue reading...

Source: 'I'm a fighter': WTO's first female, African head ready for battle

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Biden executive orders target federal minimum wage and food insecurity

Actions aim to help American families and workers struggling with economic toll of Covid-19Declaring the US government had a “moral obligation” to act, Joe Biden signed a pair of executive orders meant to provide emergency relief to millions of American families grappling with the economic toll of the Covid-19 pandemic. Related: Biden warns Covid will 'get worse before it gets better' as he unveils strategy  Continue reading...

Source: Biden executive orders target federal minimum wage and food insecurity

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Now is not the time for Rishi Sunak to worry about the deficit | William Keegan

Threatening us with even more austerity is the last thing the chancellor should be doing in the midst of this profound crisisIn The Alchemist, the poet Ben Jonson, a rather more considerable figure than his near-namesake Boris Johnson, allows his principal character, Face, to make use of the plague for all manner of subterfuge.Until recently, the hardcore Brexiters were assuming that the latest plague, Covid-19, would divert attention from the predictable horrors of Brexit. Oh no. It is not turning out like that. Even during the “transition” period the monstrosity of it all was beginning to dawn on people. Why, the latest YouGov poll tells us that between 10% and 13% of Leave voters now regret their vote.His rationale is to prepare for the next crisis – 'building up the resilience you need to deal with the future shock'. But this IS the next crisis. This is the future shock Continue reading...

Source: Now is not the time for Rishi Sunak to worry about the deficit | William Keegan

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Forex News / What fishing rights mean to Brexit Britain | Letters
« on: December 12, 2020, 12:15:17 AM »
What fishing rights mean to Brexit Britain | Letters

Readers discuss the importance of the fishing industry to a final deal with the European UnionSimon Jenkins is absolutely right (Boris Johnson must give up on fishing: it’s the only way to get a Brexit deal, 3 December). It would be an extraordinary act of self-harm if Britain failed to do a Brexit deal owing to the minuscule issue of fishing. Significantly more people work in Debenhams than in fishing. I think I’d describe the situation as mad if our government decides to destroy the economy in an attempt to help a few fishermen. It’s a sad sign that jingoistic nationalism before all else is still the government’s priority.Sebastian MonblatSutton, London• Uncharacteristically for him, Simon Jenkins misses the point: commercial fishing might be economically irrelevant to England, but it is of enormous political significance in Scotland. Nicola Sturgeon would never be able to persuade the Scots to leave the union if it meant reopening Scottish water to EU fleets. For that reason, Boris Johnson is right to want to repatriate fishing rights.Michael HeatonWarminster, Wiltshire Continue reading...

Source: What fishing rights mean to Brexit Britain | Letters

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Stocks hit by investor caution as Covid vaccine excitement fades – as it happened

Rolling coverage of the latest business and markets news, as rising Covid cases overshadowed enthusiasm for a vaccine 3.02pm GMT  2.48pm GMT US regulator the Securities and Exchange Commission has charged the ex-Wells Fargo chief executive John Stumpf for his role in misleading investors about the success of its core business. He’s agreed to pay $2.5m to settle the charges.  2.32pm GMT Wall Street is open for trading and stocks are broadly higher:  1.41pm GMT The FCA is not getting much applause for its proposed censure of Carillion and its warning to executives- at least not from Prem Sikka, professor of accounting at the University of Sheffield and emeritus professor at the University of EsForex and Stock Speculating: Need evidence of UK regulatory failure? Look no further than Carillion collapse. Thousands lost jobs, savings, pensions. After nearly 2 yrs, the FCA censures directors, no financial penalty. That is not a deterrent . FCA is unfit to be a regulator.https://t.co/EkXERsoV1i 1.35pm GMT DATA FLASH: The US producer price index (PPI) for October rose 0.5% year-on-year.That is higher than economist expectations for a 0.4% rise.  1.23pm GMT Despite a pullback today, the London stock market is heading for its best week since April amid rising hopes that a coronavirus vaccine can trigger a faster economic revival from the pandemic than first anticipated.The FTSE 100 index of leading UK company shares is on track to end the week more than 300 points higher, a rise of almost 7%, despite a modest sell-off on Friday as City investors bet it would still take time to deploy the vaccine and for Britain’s economy to stage a full recovery. Related: FTSE 100 set for best week since April as Covid vaccine triggers hopes for economy  12.56pm GMT BREAKING: Spanish bank Santander is set to cut 4,000 jobs in Spain and cut around 1,000 branches. That’s according to Reuters, citing local news agency EFE. 12.32pm GMT Prime minister Boris Johnson’s spokesman has confirmed that Brexit talks will be paused over the weekend but will resume in Brussels net week, according to Reuters. The spokesman added that familiar differences remain in EU trade talks over a level playing field and fisheries.  Related: Brexit standoff blamed on No 10 infighting over Cummings' departure  12.16pm GMT Tesco has apologised after its grocery website was overwhelmed with shoppers trying to book delivery slots for Christmas. Customers complained they had been forced to join an online queue for hours after it opened bookings for Christmas week for shoppers signed up to Tesco’s Delivery Pass subscription service. pic.twitter.com/6cvTb0mM6W 11.58am GMT Time to check back in on stocks markets, which are mixed across Europe. While major continental indices are still managing to trade in positive territory, the FTSE 100 and FTSE 250 are down -0.5% and -0.4%, respectively.Equity markets started off in the red this morning but they have been driving higher recently and most European indices are in positive territory. The rebound in sentiment seems a bit strange seeing as the number of new coronavirus cases in the UK, Germany and Italy are worrying. France is committed to maintaining its lockdown in the near term and so is the UK.  11.17am GMT Strong figures have been released by the food delivery arm of Uber.  11.06am GMT  The Financial Conduct Authority has warned it may publicly censure Carillion and issued warnings to certain former executives for acting “recklessly” ahead of the company’s collapse. They made misleadingly positive statements about Carillion’s financial performance generally and in relation to its UK construction business in particular, which did not reflect significant deteriorations in the expected financial performance of that business and the increasing financial risks associated with it.The FCA considers that Carillion and the relevant executive directors acted recklessly in relation to the above matters.  10.34am GMT The Bank of England has written to insurance executives this morning, warning they may have been “optimistic” when estimating their Covid-related losses. Our work has highlighted that a number of firms have not been able to accurately identify and track Covid exposed policies, leading to unexpected Covid losses. Firms should ensure that this uncertainty is reflected in the reserve estimates and that, where possible, appropriate procedures are put in place to identify and track exposed policies. 10.13am GMT The 12.6% rise in eurozone GDP is still a record high for quarterly growth, despite its downward revision, according to Eurostat: These were by far the sharpest increases observed since time series started in 1995, and a rebound compared with the second quarter of 2020, when GDP had decreased by 11.8% in the euro area and by 11.4% in the EU. 10.09am GMT Eurozone employment was up 0.9% on on a quarterly basis in Q3, according to Eurostat. However, on an annual basis, employment was still 2% lower in the three months to September, compared to the same period last year. Euro area #employment +0.9% in Q3 2020, -2.0% compared with Q3 2019: flash estimate from #Eurostat https://t.co/acpB7FkG9Y pic.twitter.com/VkB34t1YbF 10.03am GMT DATA FLASH: Eurozone GDP rose 12.6% in the three months to September, according to the second estimate of quarterly economic data. That is slightly lower than the first estimate of a 12.7%.  9.48am GMT Investors seem to be buying on the dip, which is helping European stocks reverse losses less than two hours into trading. NEW: Joe Biden will win the state of Arizona, Edison projects. https://t.co/f7rfqQpOSe pic.twitter.com/aXCi9qc0Wq 9.11am GMT Brexit jitters and the power struggle at 10 Downing Street are also weighing on global stock markets this morning. As Susannah Streeter, senior investment and markets analyst at Hargeaves Lansdown, explains: The wave of optimism which washed over the financial markets has begun to ebb away as anxieties over a Brexit deal take hold once again....The expected departure of two of Boris Johnson’s top advisors has added to the cloud of uncertainty which has been gathering over concerns trade negotiations could be heading for fresh deadlock. The pound has already steadily gained ground earlier in the week, boosted by the Pfizer announcement but has slipped back to below 1.12 against the euro, reflecting the dawning realisation that there will be no quick fix to the pandemic. Sterling is ticking up slowly again this morning, but there is a distinct lack of momentum as traders await the latest twist in the Brexit saga. 8.48am GMT If you’re looking for some escape from the doom and gloom of the markets, my colleague Sarah Butler has the inside tale on John Lewis’ new Christmas advert (yep, it’s that time of year already). Over the past decade the retailer’s festive ad has become a big annual TV moment that kicks off the Christmas shopping season. Related: John Lewis Christmas ad stars children, snowmen and hip-hop pigeons  8.25am GMT Oil prices have also tumbled this morning amid fears that rising Covid cases will continue to hold back an economic recovery, including fuel demand. Traders are still gloomy after the International Energy Agency (IEA) warned yesterday that global oil demand is unlikely to recover from any Covid vaccine until further into 2021.  8.03am GMT We’ve now got a print for Germany’s Dax which is down 0.1% at the open. 8.02am GMT As expected, European stocks have fallen into the red at the start of trading:  7.45am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Excitement over a Covid-19 vaccine is fading fast, with investors Currency carry trade that things are likely to get worse before they get better. With the worst of the cold weather yet to arrive and the pace of new infections only expected to increase as we head towards year end, it is slowly becoming apparent that the arrival of a vaccine can’t come soon enough. It is also quite apparent that even if one was to arrive in the near future it wouldn’t be able to change the situation on the ground as it is now, which means things are only likely to get worse before they get better.European Opening Calls:#FTSE 6298 -0.64%#DAX 13042 -0.09%#CAC 5348 -0.28%#AEX 598 -0.41%#MIB 20725 -0.45%#IBEX 7694 -0.41%#OMX 1891 -0.07%#STOXX 3422 -0.18%#IGOpeningCall Continue reading...

Source: Stocks hit by investor caution as Covid vaccine excitement fades – as it happened

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