However, full results are unlikely on election night due to an expected surge in postal voting because of the pandemic. “The fact that equities are paying close attention to the election is evident in the sharp kink in the VIX futures curve around the election,” said Marion Laboure, a Deutsche […]
Street
Briton Jane Fraser becomes first woman to run a Wall Street bank at Citi
Jane Fraser has been appointed as the new chief executive of Citigroup, making her the first woman and the first Briton to lead a Wall Street bank. Ms Fraser, who became Citi’s president last year, will join the board immediately, replacing Mike Corbat, who has led the New York-based bank […]
Tech stock volatility rocks Wall Street despite leap in jobs as economy recovers
SoftBank has been accused of being the “Nasdaq whale” that pumped up the US stock market with massive financial bets. According to the Financial Times, the Japanese conglomerate has bought billions of dollars’ worth of options linked to its prolific tech investments over the past month in what one anonymous […]
Tech bubble jitters send Wall Street tumbling into the red
Wall Street tumbled on Thursday, with hundreds of billions of dollars wiped off the value of America’s booming tech sector amid worries of a Nineties-style bubble. The tech-heavy Nasdaq dropped nearly 5pc as heavyweights such as Apple, Amazon, Microsoft and Facebook lost ground. The index has notched up a string […]
Next fashions a calm path through the storms threatening high street
Q: Next seems to have been one of the retail success stories of the Covid crisis, recently posting a lower than expected fall in quarterly sales and upgraded profit guidance. What has it got right and is it getting right in your opinion? A: Thanks to a history of sound […]
Return of business rates will unleash carnage on the high street
Of course it’s right that retailers pay their share towards local services, and no one’s arguing with that. But there is a huge imbalance between what physical retailers pay and the minimal rates paid by the online giants on their warehouses. That might have made sense in 2015 when retail […]
Wall Street Journal staff hit out at their own opinion pages
Hundreds of journalists at the Rupert Murdoch-owned Wall Street Journal have mounted an attack on their own newspaper’s opinion pages, accusing editors and contributors of undermining readers’ trust with misinformation and basic errors on topics including coronavirus and racism. In what will be viewed as the latest escalation of the […]
Spending vouchers are not a magic bullet for the high street
A handful of other countries have tried such schemes on a smaller scale, and the evidence has been mixed. In China, for example, where retail sales are still in negative territory, a study of 42 cities where almost £1bn was handed out, found the scheme’s ‘multiplier effect’ varied wildly. Use of […]
Time is running out to cut the two-metre rule and save the high street
Just like the bizarre and damaging quarantine, and the doomed contact-tracing app, a U-turn is inevitable. It will probably come in time for the reopening of pubs and restaurants, perhaps early next month, but in the meantime retailers will attempt a consumer recovery with both hands tied behind their backs. […]
Dow plunges 1,800 points as Wall Street wakes up to pandemic threat
NEW YORK — Wall Street’s magical run came to a crushing end Thursday as fears of a second wave of the coronavirus wiped out any notion of the market’s immunity from the economic consequences. The Dow Jones Industrial Average closed down 1,862 points to 25,128 after spikes in coronavirus infections […]