Financial News

Tuesday, August 11th
August 10, 2020
AP-NC Newswatch
August 11, 2020
Financial News

 

 

World shares higher…Russia registers COVID-19 vaccine

 

UNDATED (AP) – Shares advanced in Europe and Asia today after the S&P 500 climbed to within striking distance of its all-time high set in February. In early trading in Europe, Germany’s DAX jumped 2% while the CAC 40 in Paris also gained 2%. Britain’s FTSE 100 surged 1.8%. In Asia, the Hang Seng in Hong Kong closed 2.1% higher, while the Nikkei 225 climbed 1.9%. In South Korea, the Kospi picked up 1.4%, while the Shanghai Composite index gave up earlier gains, dropping 1.2%. On Wall Street, Dow and S&P futures are higher.

 

MOSCOW (AP) – Russian President Vladimir Putin says a coronavirus vaccine developed in his country has been registered for use and one of his daughters has already been inoculated, even as international experts have questioned its safety. Speaking at a government meeting today, Putin said that the vaccine has proven efficient during tests, offering a lasting immunity from the coronavirus. Putin added that the vaccine underwent the necessary tests, and that one of his two adult daughters has received two shots of the vaccine. Russian authorities have said that medical workers, teachers and other risk groups will be the first to be inoculated.

 

FRANKFURT, Germany (AP) – The world is rebounding from the coronavirus shutdowns. China is up and running and Europe is bouncing back. Businesses that sell to the U.S are wondering and hoping when the U.S. economy will get back into the game. The U.S. fumbled its response to the virus, meaning some states reopened too early. The resurgence of COVID-19 contagions means the U.S. risks becoming one of the risks keeping the world economy back. Experts say the global recovery will take months and years so it needs all the help it can get. When that might be coming from the U.S. is anyone’s guess.

 

TOKYO (AP) – Japanese technology giant SoftBank Group Corp. says its April-June profit rose 12% as its investments added to its coffers, including sales of its shares in U.S. carrier T-Mobile. Tokyo-based SoftBank reports a fiscal first quarter profit of 1.2 trillion yen, or $11.5 billion. Quarterly sales slipped 2%. SoftBank, whose group includes the carrier that introduced the iPhone to Japan, acknowledged it was worried about the coronavirus pandemic and was shoring up its cash reserves. SoftBank got a lift from U.S. carrier Sprint’s merger with T-Mobile, a deal completed in April. That means Sprint is no longer part of SoftBank’s group.

 

LONDON (AP) – Official figures show that the number of people in employment in the U.K. fell by 220,000 in the three months after the country was put into lockdown as a result of the coronavirus pandemic. That quarterly decline, which took the total number of people in employment to 32.92 million, is the biggest since the deep recession in 2009 in the wake of the global financial crisis. So far, Britain has been partly spared the sharp rises in unemployment seen in the United States, for example, because of the government’s Coronavirus Job Retention plan, which pays the majority of the salaries of workers who have not been fired.

 

 

AP-WF-08-11-20 1039GMT