Economics News Results

  • UK facing Depression-style hit as firms slump in March

    Britain's economy looks set for a slump that in the short term could be deeper than during the depression of the 1930s, as a survey showed the coronavirus crisis caused a record downturn among services and manufacturing firms in March.

  • Business activity collapses across Europe as coronavirus lockdowns spread

    Business activity has cratered across Europe as attempts to contain the coronavirus pandemic push governments to shut down vast swathes of their economies, from shops to factories to restaurants, surveys showed on Friday. The pandemic has infected more than a million people worldwide, paralysing economies as consumers worried about their health and job security stay indoors and rein in spending.

  • Italy's Services Sector Suffers Hardest Coronavirus Blow

    Italy's services sector suffered an unprecedented decline in activity as the government tightened its lockdown during March in an effort to slow the spread of the coronavirus, with Spain seeing a collapse that was almost as severe. Data firm IHS Markit Friday said its Purchasing Managers Index for Italy's services sector plummeted to 17.4 from 52.1 in February, the largest drop in a single month since the series began in 1998. It was the largest drop ever recorded by IHS Markit...

  • U.S. Jobs Report Likely to Show Start of Record Labor-Market Collapse

    The March jobs report is expected to show the start of a labor-market collapse that this spring could shed all the U.S. jobs added by employers in the past decade and push the unemployment rate to record highs. The near shutdown of swaths of the U.S. economy due to the new coronavirus pandemic-- from corner restaurants to manufacturing plants to international tourism-- is inflicting damage on the labor market that economists say dwarfs the most significant economic downturns of the...

  • Ukrainian central bank's reserves at $25 bln, enough to continue market interventions

    The Ukrainian central bank's reserves of around $25 billion are sufficient to continue interventions on the market to smooth out the excessive volatility of the hryvnia currency, a deputy central bank governor said on Friday. The hryvnia lost 12% of its value, weakening to below 28 to the dollar, in March but rebounded to around 27.4-27.5 in early April.

  • China slashes reserve requirements for small banks to support virus-hit economy

    China's central bank said on Friday it was cutting the amount of cash that mid-sized and small banks must hold as reserves, releasing around 400 billion yuan in liquidity to shore up the economy, which has been badly jolted by the coronavirus crisis. The People's Bank of China said on its website it will cut the reserve requirement ratio for those banks by 100 basis points, in two phases.

  • FOREX-Dollar resumes climb as investors bid for safety

    * Dollar index set to gain nearly 2.5% for the week. * Euro weakens on indecision on EU stimulus measures. * Graphic: World FX rates in 2020 By Iain Withers. The dollar resumed its climb versus major currencies on Friday as investors once again made safety bids, amid worsening economic fallout from the coronavirus pandemic.

  • Euro zone retail sales jump on food stocking, online spend in Feb

    Euro zone retail sales jumped by more than expected in February, the month before coronavirus measures spread across the continent, as shoppers stocked up on food and drink and sharply increased their online spending.

  • UK Export Finance expands exporter protection against non-payment

    Britain is expanding the scope of its export insurance policy to cover exporters against the risk of non-payment if customers become insolvent. UK Export Finance, a government department, on Friday said it has expanded the policy to cover transactions with the European Union, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the United States.

  • Irish central bank predicts record unemployment, 8.3% GDP fall

    * Irish services sector PMI 32.5 vs 59.9 in February. * Finance Minister says such a GDP a possible scenario. By Graham Fahy. Ireland's central bank said on Friday the shock to the economy from the coronavirus pandemic could be greater than in any year of the financial crisis as a record collapse in services sector activity demonstrated the speed of the decline.

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