Well that's all from us today, I'm off to write our market report in Louis' absence. Simon Foy will be back bright and early in the morning.
Here's a quick summary of today's events:
Gold soared to a record high as investors rushed into the safe-haven commodity on concerns about heightened China-US tensions, spiking virus infections and a lack of progress on a new stimulus bill in Washington.
The gold price hit an all-time high of $1,945.72 per ounce, well above its previous record of $1,921.18 in 2011. It later pulled back somewhat.
The euro hit its highest dollar value since September 2018.
In Europe, only Frankfurt held steady at the close after a key survey showed that German business confidence rose for the third month in a row in July.
London and Paris both ended lower.
On Wall Street, the Dow reversed slight opening weakness to trade a touch firmer in the late New York morning.
What to look forward to tomorrow:
Interim results: Fresnillo, Greggs, Reckitt Benckiser, St James’s Place, MoneySupermarket
Full-year: Games Workshop Trading statement Sanne, Virgin Money
Economics: CBI distributive trades (UK)
04:07 PM
Oak Furnitureland to close 27 stores
Oak Furnitureland is to permanently close 27 showrooms, putting 163 jobs at risk in the latest blow for the high street.
The hardwood chain announced its latest restructuring plans today, a month after it was rescued from collapse in a pre-pack administration deal.
Oak Furnitureland said the business had stabilised since stores reopened in June, but the retail environment remained challenging.
03:55 PM
Power network 'could be carbon neutral by 2033'
National Grid
Britain's power network could be removing more carbon than it emits into the atmosphere by 2033 if it embraces renewable energy and technology that can capture and store greenhouse gases, the National Grid has said.
The country is edging closer to a more sustainable future and could go carbon negative in 13 years, the Grid said as it set out its most ambitious vision yet for saving the planet.
It is hoping for a drastic reduction in electricity use at home through efficiency measures and a drop-off in carbon emissions from road transport as more drivers use electric vehicles, cycle or get the bus and train.
Introducing more low-carbon electricity from renewable sources such as wind farms and scrapping natural gas boilers will be essential to achieving net zero emissions, the company said, as will focus on carbon capture technology which removes pollutants from the air and stores them underground or elsewhere.
It has been a lacklustre session in Europe today as there wasn’t a clear direction for stocks. The DAX finished slightly higher, while the FTSE 100, CAC 40 and the FTSE MIB ended the session a touch lower.
London's benchmark index slipped 0.20pc to 6,111.50 while the FTSE 250 dropped 0.41pc to 17,194.29.
David Madden of CMC Markets said: "The same stories are doing the rounds as US-China tensions are hanging over the markets, and the pandemic is playing a role in the broadly negative sentiment too.
The US and China have engaged in a tit-for-tat consulate closure spat, and that has been the latest development in their strained relationship. In the grand scheme of things, the closure of a couple of consulates isn’t a major issue, but as far as traders are concerned, the relationship is heading down the wrong lane.
President Trump has an election to contest in November, so he is likely to keep some pressure on the Beijing administration for the purpose of political point-scoring, and this worries equity dealers.
Belgium announced plans to introduce slightly sticker restrictions in relation to the health crisis. This has added to the fears about the possibility of a second wave. Hong Kong is re-imposing tighter guidelines, and parts of Spain have seen a jump in cases.
Via PA: UK oil company Cairn Energy has sold its 40pc share in a Senegalese oil and gas project to Russia's Lukoil for up to $400m dollars (£312m).
Lukoil will pay 300 million dollars up front, with a further payment of up to 100 million after the Rufisque, Sangomar and Sangomar Deep project starts producing.
The site is around 50 miles (80km) from the shore, and is estimated to have around 500 million barrels of oil equivalent.
It will produce around five million tonnes of crude oil every year, with first oil due in 2023. Cairn's headquarters are in Edinburgh, and it is listed on the London Stock Exchange.
It plans to return $250m to shareholders after the deal.
03:24 PM
Risk Haven Assets update
Oil - WTI (undated) 4069 -1.52%
Gold 1938 +1.93%
USDJPY 105.27 -0.81%
VIX (Undated) 28.36 -2.11%
Bitcoin 10374.38 +4.84%
DOW 26615 +0.53%
03:13 PM
Bank gives lender Amigo more time
Troubled lender Amigo Loans has extended a waiver with its bank which will allow it to amend the terms of a £300 million securitisation.
The waiver was first announced in May when Amigo said it had suspended some of the requirements on the facility as it tried to understand the impact Covid-19 would have on the business.
The lender has been facing difficulties with customer complaints and has agreed with the regulator to fix its complaints backlog by October.
03:07 PM
Handover
That's all from me for today. My colleague LaToya Harding will steer you through the rest of the evening.
03:01 PM
Wall Street pushes higher
After a mixed start, Wall Street is pushing further into the green.
However, the dollar has sunk to a two-year low as investors dump the greenback after a rapid rise in virus cases in the US recently.
US market data - Bloomberg
02:28 PM
Full statement from IATA on Spanish quarantine decision
Planes
This is the full statement from the International Air Transport Association that I flagged earlier on:
This is a big setback for consumer confidence that is essential to drive a recovery. We fully respect the government’s priority on controlling the spread of the virus. But a unilaterally decided blanket quarantine order for everybody returning from Spain does not accurately reflect the risk of a regional spike in one corner of the country.
Seeing governments working together to isolate and precisely manage risks is critical to rebuilding confidence in travel. The UK’s decision falls short of the mark. This also highlights the importance of a layering of measures as an alternative to quarantine, including the universal implementation of the international (ICAO) biosafety measures, comprehensive contract tracing and the potential for testing regimes that are fast, accurate, scalable and affordable. As we learn to live with COVID-19, a stop-and-go approach cannot be the answer.
02:01 PM
Harrods boss warns that Asian and US tourists may not return until 2022
Harrods
Harrods is braced for a 45pc drop in sales this year as the luxury department store's boss warned that Asian and US tourists are likely to stay away until 2022.
My colleague Hannah Uttley reports:
Michael Ward, managing director of Harrods, said visitors to its historic Knightsbridge shop have plunged by 95pc to less than 4,500 per day compared to pre-lockdown when it welcomed an average 80,000 shoppers daily.
In a conversation with investment bank Jefferies, Mr Ward said social distancing measures and restrictions on overseas travel have hammered sales, with revenues this year expected to be 45pc lower than in 2019 and down by 35pc in 2021. The company reported sales of £868.5m for the year to February 2, 2019.
Harrods relies heavily on tourists from the US and Asia to generate sales, with European and UK customers accounting for just 30pc of its revenues.
Mr Ward said he did not expect US and Asian shoppers to return this year or next, warning that there will be no V-shaped recovery for the UK. He has pencilled in a return to growth for Harrods in 2023.
Chinese shoppers are the biggest consumers of luxury goods worldwide and account for around a third of sales globally. Mr Ward said the importance of the Chinese customer is likely to grow even further after the crisis.
A strong start for the tech-focused Nasdaq, but a more muted open for the S&P 500 and Dow Jones as investors contemplate escalating US-China tensions and rising virus cases in several spots around the globe.
US market data - Bloomberg
01:16 PM
Facebook reschedules earnings to Thursday
Facebook has pushed back the release of its second quarter results to Thursday because chief executive Mark Zuckerberg is testifying before Congress on Wednesday.
The firm had initially planned to publish the results on Wednesday.
This means Facebook will now join Amazon, Apple and Google's parent Alphabet in reporting their second quarter figures on Thursday.
Facebook reschedules the release of its 2Q results until Thursday. The reason: Zuckerberg & other tech CEOs testifying before Congress Wednesday. Talk about a big week for big tech
WSJ: Google to extend work-from-home order until summer 2021
Google
It looks like employees at Google won't be going back to the office for another year...
The Wall Street Journal is reporting that the tech giant will keep its staff working from home until at least next July.
The move will reportedly affect nearly all of the roughly 200,000 full-time and contract employees across Google parent Alphabet.
12:54 PM
Hong Kong investors buys Canary Wharf office block for £380m
Canary Wharf
A Hong Kong investor has splashed out £380m on a Canary Wharf office block, in a major vote of confidence for the office property market amid the pandemic.
My colleague Rachel Millard reports:
Link Asset Management's purchase of The Cabot in Canary Wharf marks Link's first investment in the UK as it stretches its roots outside of Hong Kong and mainland China.
It comes despite major uncertainty over when and whether workers will return to the office following prolonged working from home due to the pandemic.
The building in 25 Cabot Square has 481,605sq ft of office space and is home to major tenants including Morgan Stanley and government departments, bringing in a total annual rent of £18.83m.
Yet many banks in Canary Wharf are choosing to keep their staff at home until at least September, raising questions over whether their long term need for office space will change.
Link is a real estate investment trust listed in Hong Kong.
Chief executive George Hongchoy said he believed the building had "long-term growth potential."
He added: "It’s a prominent, Grade A building and one of the few freehold properties in Canary Wharf. "It’s well located with excellent connectivity and accessibility and it is almost fully occupied with long leases to high quality tenants.
"We're looking at opportunities in the UK, Singapore, Australia and Japan – transparent and liquid markets with sound legal frameworks and strong economic fundamentals.”
The £380m price tag was a 0.4pc discount on the July 17 valuation of the building by Colliers International. Data from the estate agent Savils suggests the commercial property market is coming back to life.
Investors splashed out £1.3bn in the UK duringJune, a 42pc increase on the £755m spent in May.
The market looks particularly positive for West End offices and industrial and distribution properties. Investment manager Patrizia advised Link.
12:36 PM
US futures pointing higher
Wall Street opens in just under an hour and futures are in positive territory, with tech companies and gold miners leading the charge.
Here's how futures stand:
S&P 500 +0.6pc
Dow Jones +0.5pc
Nasdaq +1pc
12:23 PM
Chinese industrial profits continue recovery
Steel workers
Chinese industrial businesses saw profits rebound for a second month in June as policymakers ramped up stimulus measures.
My colleague Lizzy Burden reports:
Profits climbed 11.5pc year-on-year to 666.6bn yuan (£74.2bn), the fastest rate in more than a year, according to the National Bureau of Statistics.
Analysts are dubious about the sustainability of the recovery, however. The sector is heavily reliant on state-led investment, while global and domestic demand remains weak.
Heavy flooding has disrupted construction and other economic activity in the Yangtze Delta, for example, while Zhu Hong, an official at the bureau, warned that the international trade situation is “complex and severe”.
It comes as gold hit a record price as tensions stirred about US-China relations, which could slow the US recovery. Gold is seen as a safer haven than the dollar because its finite nature makes it a better store of value than a printable currency.
In Germany, sentiment among businesses improved for the third month running, the Munich-based Ifo Institute’s monthly survey showed.
Across manufacturing, services, construction and trade, indices of businesses’ assessment of their current situation rose, signalling that optimism is gradually returning to Europe’s biggest economy.
Rolls-Royce’s downgraded to 'junk' status by Moody’s
Rolls Royce
Rolls-Royce’s credit rating has been downgraded to “junk” status by Moody’s, which has cut its verdict on the engineer’s long-term senior unsecured bonds by two notches.
My colleague Alan Tovey reports:
The downgrade, which means the company’s bonds are no longer seen as being of investment grade, came as Moody’s warned about demand for Rolls’s jet engines and maintenance deals for them.
The bonds were reduced from a rating of Bas to Baa3, and Rolls itself was rated as Ba2, with a negative outlook.
A junk rating will make it harder and more expensive for Rolls to raise capital, with some investors banned from buying into the business.
Standard & Poor’s also rates the FTSE 100-listed engineer as junk, cutting its status two months ago.
Yesterday, The Sunday Telegraph revealed how Rolls is in talks with private equity firms about a sale of ITP, its Spanish offshoot which makes aircraft engine parts.
Rolls is also looking at other fundraising options including equity raises after the collapse in air travel caused by coronavirus saw it burn through £3bn of cash in the first half of the year.
Shares in Rolls-Royce were down almost 5pc at 254.0p in late morning trade. Prior to the pandemic they were trading at about 650p.
11:02 AM
IATA slams Spanish quarantine as 'disproportionate'
The International Air Transport Association is not happy with the UK's decision to quarantine arrivals from Spain...
International Air Transport Association says the UK government's decision to remove Spain from the safe travel list is "disproportionate" and "falls short" of required cooperation
Sainsbury's testing virtual queues to prepare for local lockdowns
Sainsbury's
Sainsbury’s is testing virtual queues before shoppers enter its shops as it gears up for local lockdowns.
My colleague Laura Onita writes:
The supermarket chain will run the trial in London, Leicester and Newham for almost a month before it implements it elsewhere.
Customers will be able to download an app on their smartphone and join a virtual queue from their car, home or a coffee shop without having to physically queue outside shops.
Sainsbury’s said it will help it respond quickly if there is a local lockdown and the number of shoppers fluctuates widely.
Rival grocer Asda, which Sainsbury’s tried and failed to merge with last year, started testing virtual queues in May.
10:24 AM
French jobless total drops in June
France saw a record drop in the jobless total last month as some jobseekers found part-time work, data from the country's Labour Ministry showed.
The number of people out of work fell by 204,700 in June to 4,220,900, the ministry said.
The jobless total had jumped to a record 4,575,500 in April due to the coronavirus lockdown that began in mid-March, with most restrictions remained in place until May 11.
The ministry said the improvement in June was mainly due to some jobseekers being reclassified as partly active in the labour market because they had found part-time work.
🇫🇷 FRENCH JOBLESS TOTAL RISES BY 815,500 IN Q2 (+24.5% Q/Q, +22.7% Y/Y) TO 4,149,300
JUNE JOBLESS TOTAL FELL BY RECORD 204,700 (-4.6%) M/M TO 4.22 MLN
JOBLESS TOTAL INCLUDING PARTLY ACTIVE JOBSEEKERS ROSE BY 31,500 IN JUNE M/M (+0.5%) TO RECORD 6,156,900
Tech giant Amazon said it will create 1,000 jobs in Ireland and open a new campus in Dublin as demand for its cloud services grows.
The new roles include a range of engineering roles, as well as security and big data specialists, and program and account managers.
Technical management and senior leadership positions in Amazon and Amazon Web Services are also being created, the firm said.
A new 170,000 square foot campus will be created in the capital and will open in 2022.
Mike Beary, country manager for Amazon Web Services Ireland, said: “We have seen a surge in demand for cloud services in Ireland and globally, and we are excited to add 1,000 highly skilled roles so we can continue to help our customers to innovate,”
09:32 AM
AstraZeneca to pay up to $6bn for cancer treatment
Lab
Drugmaker AstraZeneca could pay up to $6bn (£4.7bn) for the global rights to a new Japanese cancer treatment.
Via PA:
The Anglo-Swedish pharmaceutical giant said it would pay $1bn up front to its new partner Daiichi Sankyo.
It has also promised to pay up to one billion dollars if the new treatment gets approval from regulators, and up to four billion (£3.1 billion) more if it sells as hoped.
The treatment, DS-1062, targets the Trop2 protein which is overproduced by most breast and lung cancers.
Honing in on the cells that produce too much of the protein allows the treatment to deliver selective chemotherapy to certain areas, rather than subjecting the whole body to the treatment.
The medicine has not yet been approved for use in any country, and its safety and efficacy have not been established.
"We see significant potential in this antibody drug conjugate in lung as well as in breast and other cancers that commonly express Trop2," said AstraZeneca chief executive Pascal Soriot.
The deal will give AstraZeneca a slice of the global sales of the treatment, as the two companies have agreed to partner up to develop and then commercialise DS-1062.
09:16 AM
Market update: FTSE extends losses
The FTSE 100 has continued to slide as investors mull worsening Sino-US relations and a raft of new virus outbreaks.
Germany's DAX remains in the green but has given back some of its earlier gains.
Here's how things stand:
European market data - Bloomberg
09:08 AM
Finance gender gap widens as female applicants to top job falls
Female staff
Women made up only a fifth of job applications to senior manager roles in the UK finance sector, highlighting sluggish progress on efforts to make the industry more diverse.
Bloomberg has the details:
A review of 4,044 individuals who applied to senior roles at firms including banks, insurers, fund managers, hedge funds and private equity in the year through March shows that 833 were women and 3,211 were men, according to law firm Pinsent Masons. The previous year women represented 26pc of applicants across a smaller set of firms.
The data underscores the finance sector’s longstanding and persistent gender gap. Recent legislation in the U.K. requiring big companies to disclose pay data has drawn further attention to the issue. One reason often cited for the lack of progress is that women, who are oftentimes the primary caregiver, favor flexibility. The coronavirus pandemic has seen thousands of City of London employees work from home for months boosting the case for diversity advocates.
“Women will be hoping that City employers are going to be much more receptive to flexible working requests and this won’t be used as an excuse for the low levels of women at senior levels,” said Elizabeth Budd, partner at Pinsent Masons.
08:53 AM
Ex-BEIS minister joins Provident Financial
Margot James
Margot James, a former minister at the Department for Business, Energy & Industrial Strategy, has joined the board of doorstep lender Provident Financial as a non-exec director.
Ms James served as an MP from 2010 to 2019 and held a number of ministerial offices, including as Minister of State for the Department of Digital, Culture, Media & Sport.
Patrick Snowball, Chairman of Provident said:
I am delighted to welcome Margot to the Board and look forward to working with her. Her appointment brings a great balance of skills and experience to the Board, with her wide ranging career as a commercial and entrepreneurial business owner and her work in the UK Government.
Margot’s experience of working in consumer policy, citizens advice and advising on labour markets will enable her to understand and promote the interests of our customers and wider stakeholders, as we seek to deliver our purpose of helping put people on the path to a better everyday life.
08:36 AM
JP Morgan: Risk of further lockdowns in Europe
Analysts have JP Morgan have warned there is a risk of further local lockdowns outside of Spain, particularly in France and Belgium.
In a note, Richard Vosser, James Gordon, Ashik Musaddi and M.W. Kim write:
The last week, July 20-July 26, has been the second bad week in a row for the new infection count across the EU 5, with cases increasing in all countries and by 50pc in aggregate to the highest level since the end of May. As well as the significant spike in Spanish infections, which have increased by further 83pc (after 106pc last week), there are now large spikes in France, Belgium and the Netherlands.
Although we aren’t classifying this re-acceleration in daily cases as a second wave, this is the second week in a row that cases have increased significantly across Europe and it is clear that there is the risk of further local lockdowns outside of Spain, at least in France and possibly Belgium.
08:14 AM
German business sentiment rises to highest level since 2018
Angela Merkel
German business sentiment beat expectations and rose to the highest level since 2018 in July, according to the influential Ifo institute.
The institute said the latest survey highlights the good start to the third quarter, adding that optimism is gradually returning.
The DAX is beating the gloom and pushed higher on the update, up 0.4pc.
German IFO business sentiment index (July): 90.5 vs 89.3 expected, prior 86.2
Travel stocks are really struggling this morning after Spain was added to the UK's quarantine list, raising fears that arrivals from other European destinations could be forced to self-isolate too.
Here is a list of the damage so far:
TUI -13.4pc
IAG -9.4pc
Ryanair -7.6pc
easyJet -12.4pc
07:36 AM
Hong Kong tightens public gathering limit to two
Hong Kong
The UK is not the only country reimposing some virus restrictions.
In Hong Kong, public gatherings are to be limited to two people, restaurants are to stop dine-in services and masks are to be made compulsory outdoors.
It comes after the city reported 103 local cases on Sunday.
🇭🇰 #HONGKONG TO REQUIRE MASK-WEARING OUTDOORS FROM WED.: TV - BBG *HONG KONG EXCO AGREES TO BAN ALL DINE-IN SERVICE FROM WED.: TV
Ryanair slumps to £168m loss after 'most challenging' quarter
Ryanair
Ryanair is the big corporate story this morning.
The Dublin-based carrier said it suffered its "most challenging" quarter as it slumped to a €185m (£168m) loss for the three months to June.
We report:
The low-cost carrier also warned that a second wave of coronavirus cases in Europe could prolong any recovery from the pandemic into next year.
Europe's biggest airline swung into the red after it was forced to ground 99pc of its fleet due to Covid-19.
Restrictions saw the firm carry 500,000 passengers in its first quarter compared with 41.9 million in the same period last year, while revenue plummeted from £2.1bn to £113m.
The Dublin-based company said: "The past quarter was the most challenging in Ryanair's 35-year history.
"Covid-19 grounded the group's fleet for almost four months (from mid-March to end June) as EU governments imposed flight or travel bans and widespread population lockdowns."
It added: "It is impossible to predict how long the Covid-19 pandemic will persist, and a second wave of Covid-19 cases across Europe in late autumn, when the annual flu season commences, is our biggest fear right now."
European equities have opened mixed, with travel and leisure stocks weighing down London's FTSE 100 after the decision to add Spain to the UK's quarantine list.
European market data
07:10 AM
Gold hits record high
Gold
Gold has soared to an all-time high as worsening diplomatic tensions between the US and China push investors into haven assets.
The metal rose 1.6pc to a record high of $1,943 per ounce, surpassing its previous peak touched in September 2011.
Gold is also helped by aggressive monetary easing, which has taken place around the globe in the wake of the wake of the pandemic.
06:22 AM
Agenda: Busy earnings week ahead
Good morning. The FTSE 100 is set to start the week marginally in the green despite growing fears about a resurgence of coronavirus in Europe and the simmering tensions between the US and China.
Today also kicks off what will be a very busy week for earnings in Europe and the US.
2) Europe’s recovery deal is already falling apart. The EU Recovery Fund was not designed for immediate liquidity problems, writes Ambrose Evans-Pritchard. Italy is already warning that the money will not come soon enough to avert an autumn liquidity squeeze.
4) Could live stream shopping change online retail for good? The shopping channel has been largely unaltered since it emerged in the heady consumerism of Eighties America, hooking in thousands of viewers desperate for everything from a new fridge to a necklace. Now, however, the digital world is finally catching up.
5) Trade groups warn of Brexit paperwork pile-up. Ministers said earlier this year that about 50,000 more private sector staff would be needed to meet customs demand when Britain left the single market, although this could be lower if a trade deal was struck.
What happened overnight
Asian stock markets were mixed and gold surged to a record price on Monday amid US-China tensions and concern a recovery from the coronavirus pandemic might be weakening.
Tokyo declined while Shanghai and Hong Kong swung between gains and losses. Australia advanced.
The Nikkei 225 in Tokyo fell 0.5pc to 22,629.30 while the Shanghai Composite Index was little-changed at 3,197.47. The Hang Seng in Hong Kong lost 0.1pc to 24,668.14.
The Kospi in Seoul advanced 1.1pc to 2,226.56 and Australia's S&P-ASX 200 was off under 0.1pc at 6,022.90. New Zealand lost 0.4pc while Singapore and Jakarta advanced.
Gold jumped $30 to a record $1927.60 per ounce in a sign investors were looking for safe havens to park money.
Jeff Bezos amassed his wealth through Amazon stocks and owns hundreds of millions of dollars worth of real estate, but one of his most valuable possessions may surprise you: art. Among his collection is the renowned piece "Hurting the Word Radio #2 (1964)" by Ed Ruscha, purchased by Bezos for almost $53 million. This artwork, a prime example of Ruscha’s text-based paintings, stands as a signature piece in Bezos’ collection. As concerns over stock market volatility persist, the world’s wealthiest
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The Department of Transportation and the Consumer Financial Protection Bureau are exploring possible regulation of the credit-card rewards system and the frequent-flier programs linked to them, officials said at a joint hearing held by the DOT and CFPB on Thursday.
MacroGenics shares plunged 77.4% on Friday, erasing $773.2 million in market value, after the biotech reported late Thursday that five patients died in a study of the company’s cancer drug. MacroGenics said two of the deaths were deemed unrelated to the drug, known as vobra duo, according to researchers. “The cause and effect with regard to the drug is still being investigated,” Chief Executive Scott Koenig said of the three deaths on the company's first quarter earnings call on Thursday.
Donald Trump told oil industry executives he would dismantle Joe Biden’s pro-electric vehicle agenda as he asked for $1bn (£800m) to help return him to the White House, it has been claimed.
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