Day: June 12, 2020

U.S. Futures Rise, Europe Stocks Steady After Rout: Markets Wrap

(Bloomberg) — U.S. futures rose and European stocks were steady on Friday as a sharp selloff spurred by concerns over a second wave of coronavirus infections and the prospect of a protracted economic recovery eased. Treasuries and the dollar slipped.

Contracts on the the three main U.S. equity benchmarks pointed to gains at the open after Wall Street suffered its biggest drop in 12 weeks on Thursday, with airlines, cruise and travel shares that had soared in recent weeks bearing the brunt of the selling. The Stoxx Europe 600 Index erased an earlier decline, with car makers and banking shares

UK economy shrinks 20.4% during April lockdown

April’s decline follows a 5.8% contraction in March.

Official figures show that the British economy shrank by a colossal 20.4% in April, the first full month that the country was in its coronavirus lockdown.

The Office for National Statistics said Friday that all areas of the economy were hit, in particular pubs, education, health and car sales.

Jonathan Athow, deputy national statistician for economic statistics, said April’s fall is “the biggest the U.K. has ever seen,” and “almost 10 times larger than the steepest pre-COVID-19 fall.” April’s decline follows a 5.8% contraction in March.

In April, the economy was about

Oil Ministry sets up high-level panel to inquire into Assam oil well disaster

The cause of the fire has not been ascertained till now.

The Petroleum Ministry has constituted a three-member high-level committee to inquire into the blowout at an Oil India Ltd well in Assam and the subsequent fire that killed two firefighters and injured at least one.

The panel will be headed by SCL Das, Director General of Directorate General of Hydrocarbons (DGH), a ministry order said.

It will “identify the lapses in following laid down protocols and procedures which led to the incident,” the order said.

The committee will also recommend short and long-term measures to prevent the recurrence of