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BUSINESS CLOSE: UK economy shrinks by a fifth

Elena De Vries

Geplaatst op September 30 2020

BUSINESS CLOSE: UK economy shrinks by a fifth

 

The FTSE 100 index closed lower this afternoon, ending up down 0.53 per cent or 31.40 points at 5,866.10. 

US markets are up following a dismal presidential election TV battle last night. 

The UK economy shrank by 19.8 per cent in size between April and June, according to the Office for National Statistics. The figures are less severe than first thought, but are still the worst GDP contraction on record. 

House prices rose by 5 per cent in September compared to the same month last year, figures from mortgage lender Nationwide show. It is the highest price increase on record and is also up 0.9 per cent from August. 

Royal Dutch Shell today announced plans to cut up to 9,000 jobs or more than 10 per cent of its workforce around the world. The oil and gas giant said that the reorganisation will lead to annual savings of up to £2billion by 2022. 

British car makers could face higher export tariffs even with a Brexit deal, according to a letter seen by the BBC. The European Commission has apparently rejected a request for car parts from Japan and Turkey used on UK car production lines to be considered British.

School and office reopenings hand Compass an uplift

Catering firm Compass believes earnings will still be significantly depressed in the fourth quarter despite receiving a boost from the reopening of schools and business premises in its major markets.

It also said the likely imposition of lockdown measures over the winter period in Northern Hemisphere countries made it unable to predict the rate at which its margins and sales will recover.

Palantir makes its NYSE debut

Data-mining firm Palantir Technologies is making its debut on the New York Stock Exchange on Wednesday in the biggest Wall Street tech offering since Slack and Uber last year. 

Palantir forged ahead with a direct listing of its stock 17 years after it was born with the help of CIA seed money. 

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