The US economy is experiencing a “spectacular acceleration”; Increased retail sales in the UK; Chinese crackdown weighs on bitcoin – as it happened | Business
Okay, it’s time to wrap up. Here’s a quick recap.
Businesses on both sides of the Atlantic reported increased activity this month as lockdowns were relaxed.
In the United States, the “ flash ” composite PMI reached an all-time high, driven by a strong recovery in the service sector and continued rapid growth of factories. But price pressures are also at an all time high.
It was a similar story in the UK, where the PMI hit a new high and business confidence hit a record high.
Eurozone companies reported their fastest growth in three years, as vaccination programs boosted demand.
The EC reported that consumer confidence in the euro area had increased again.
Despite these signs of recovery, ECB President Christine Lagarde insists it is too early to consider slowing down her bond buying stimulus.
European markets rallied, while the US dollar also rallied this afternoon. US tech stocks weakened as investors favored manufacturers, banks, oil companies and retailers.
Home sales in the United States fell last month as a shortage of properties hit the area.
Bitcoin has been rocked by yet another warning from China, where the State Council has vowed to crack down on Bitcoin’s mining and trading behavior. It fell back below $ 37,000, down more than 7% today, at the end of an eventful week.
Elsewhere, UK retail sales jumped much faster than expected this month as people rushed to clothing stores following the easing of restrictions.
In the corporate space, luxury goods maker Richemont exceeded expectations as jewelry sales increased …
… while the waste collector Biffa acquires a competing company for the collection and recycling of bins.
Calls for a wealth tax have intensified after the number of British billionaires hit a new record.
Shares of a UK subprime lender Amigo fell more than 34% in one day, amid fears it could collapse if a controversial proposal to cap customer compensation claims is rejected by a UK court.
WeWork’s losses have quadrupled as the pandemic’s shift to flexible work resulted in a 30% drop in customer numbers at the struggling office-sharing business.
In all the countries predicted that the boom in UK house prices will continue …
The leader of the International Monetary Fund urged rich countries to support a $ 50 billion (£ 35 billion) global mass vaccination campaign that could provide a $ 9 billion boost to the global economy.
The richest nations of the world have agreed to end their financial support for coal development abroad, which is a major step towards phasing out the dirtiest fossil fuels.
And the strong winds that hit the UK have helped wind turbines generate a record share of the energy mix.
Have a good week-end! (time permits …) GW