Stocks rise again … Layoffs less than expected … Europe’s unemployment up only slightly
NEW YORK (AP) – Stocks opened the trading day higher on Wall Street, extending gains into a fourth day. Banks, industrial and energy companies led the way higher. Those sectors have been the most badly bruised this year and would also be among those that would stand to benefit the most from a recovering economy.
BALTIMORE (AP) – The latest snapshot of the job market is less terrible than recent data have been. Payroll processor ADP says U.S. businesses shed 2.8 million jobs in May, far less than the 9.3 million expected. The coronavirus pandemic has forced employers to shutter offices, factories, gyms and schools, while demand from consumers for gasoline, clothing, airline tickets, hotel rooms and restaurant meals quickly vanished.
BERLIN (AP) – Europe’s unemployment rate ticked up only modestly last month. It appears to be contained by use of programs that have kept millions of workers on payrolls. It also appears flattered by the fact that some people stopped looking for work. The new figures released Wednesday show that the ájobless rate in the 19 countries that use the euro rose to 7.3% in April, the first full month when pandemic lockdowns hit the continent, from 7.1% in March. Europe’s rise in unemployment has been moderate by international standards because employers are making extensive use of government-backed short-time work programs that allows them to keep employees on the payroll while they await better times.
LONDON (AP) – The Bank of England is reminding British banks to prepare for the possibility that the U.K. and the European Union will fail to agree a trade deal by the end of the year, amid few signs of progress in discussions between the two sides. In a statement released Wednesday, the Bank of England said it is “fundamental” that it prepares the financial system for “all risks that it might face.” Though the U.K. left the EU’s political institutions in January, it remains within its economic arrangements, like the single market, until the end of the year.
ROME (AP) – Rome’s international Leonardo da Vinci airport sprang back to life today as Italy opened regional and international borders in the final phase of easing its long coronavirus lockdown. The move allows families and loved ones separated by the global pandemic to finally reunite but normalcy is still a long way off. Italy is the first to open international borders, dropping the 14-day quarantine requirement. But most European nations viewed Italy’s start date – áwhich is aimed at boosting its collapsed yet crucial tourism industry – as premature. Many European nations are moving to open only on June 15 and some much after that.