Coronavirus: Can London’s suburbs lead the capital’s economic recovery?

By Sam Francis
BBC News, London

Carnaby Street and Bromley High Street

image copyrightGetty Images/BBC

image captionDuring lockdown shoppers have traded central London for suburban high streets

The UK economy has suffered its

biggest slump on record and remains in recession. Central London’s world-famous shopping district sits largely empty with no prospect of returning to normal soon. But can green shoots of a recovery be seen on suburban high streets in other parts of the capital?

London was the epicentre of the UK’s coronavirus outbreak at the start of the pandemic.

While the prevalence of the virus is now lower in London than other regions there has been evidence economic recovery in the capital has lagged behind the rest of the country.

There were 2.5 times more unemployment benefit claimants in London as of June than at the beginning of the year – steeper than the 2.1 times

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Protests in Thailand could ‘derail’ its economic recovery from Covid-19, warns Nomura

  • As protests sweep across Thailand, one economist at Nomura warns the civil unrest could hinder the country’s economic recovery from the coronavirus pandemic.
  • Thailand is no stranger to political turmoil, and has seen one of the highest number of military coups in modern history.
  • Nomura is “relatively cautious” on the Thai economy’s growth outlook and expects a 7.6% decline for the year.

a man sitting in a chair talking on the phone: Thai protestors rally in front of the Royal Thai Army Headquarters on September 23, 2020 in Bangkok, Thailand.

© Provided by CNBC
Thai protestors rally in front of the Royal Thai Army Headquarters on September 23, 2020 in Bangkok, Thailand.

As protests continue to sweep across Thailand, one economist at Nomura warns the the civil unrest could hinder the country’s economic recovery from the coronavirus pandemic.


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“(The protests) could potentially delay, if not even derail, the economic recovery. You know, despite Thailand (being) relatively successful in flattening the Covid-19 curve,” Euben Paracuelles, chief Asean economist at Nomura, told CNBC’s “Street Signs Asia” on Thursday.

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Japan Upgrades View on Exports and Output but Flags Economic Weakness | Investing News

TOKYO (Reuters) – Japan’s government upgraded its view on exports, factory output and employment in its September economic report but said its overall assessment was unchanged from last month, as the country continues to struggle with the coronavirus pandemic.

The world’s third-largest economy suffered its worst contraction in the postwar era in the second quarter, but it has shown some signs of life since the government lifted a nationwide lockdown in late May.

With consumers and businesses still cautious as the country battles the virus, the government downgraded its view on consumer spending and business expenditure in the monthly report released on Thursday.

“The economy remains in a severe condition due to the coronavirus impact but it is showing signs of picking up recently,” the government said in the report.

Japan’s economy shrank an annualised 28.1% in the April-June period, contracting for a third consecutive quarter.

The government has sought

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JPMorgan slashes its forecast for US economic growth amid a lack of new stimulus

a person standing in front of a building: REUTERS/Carlos Osorio

© REUTERS/Carlos Osorio
REUTERS/Carlos Osorio

  • JPMorgan is the latest Wall Street bank to slash its forecast for US economic growth because of weakened hopes for near-term stimulus.
  • The bank on Thursday lowered its fourth-quarter 2020 estimate to 2.5% from 3.5% and cut its first-quarter 2021 growth forecast to 2% from 2.5%.
  • The lack of fresh fiscal aid has an “immediate impact” on household incomes and will drive a contraction in disposable income into 2021, Michael Feroli, the bank’s chief economist, said in a note.
  • JPMorgan projected that the absence of a new stimulus measure would also lower the 2021 federal deficit to $2 trillion from $3.5 trillion.
  • Visit Business Insider’s homepage for more stories.

Dwindling odds of a new stimulus deal are driving economists to tamper expectations for US economic growth. JPMorgan on Thursday became the latest Wall Street giant to follow suit.


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Michael Feroli, the bank’s chief

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Economic Data Puts the U.S Economy Back in the Spotlight

Earlier in the Day:

It’s was a particularly quiet start to the day on the economic calendar this morning. There were no material stats to provide direction through the Asian session, leaving the markets to take their cues from the U.S.

For the Majors

At the time of writing, the Japanese Yen was down by 0.07% ¥105.48 against the U.S Dollar. The Aussie Dollar was up by 0.18% to $0.7060, with the Kiwi Dollar up by 0.14% to $0.6555.

The Day Ahead:

For the EUR

It’s a quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.

With a lack of major stats, French and Italian consumer confidence figures for September will draw attention early in the session.

With little else for the markets to focus, COVID-19 and Brexit will remain areas of focus on the day.

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Americas’ Economic Winner Is Landlocked Nation Helped by Farming

(Bloomberg) — Paraguay has so far outperformed all main American nations during the pandemic with an economic contraction that has been cushioned by strong results in the agriculture and construction sectors.

The landlocked South American nation recorded a 6.5% decline in gross domestic product in the second quarter from a year ago, the central bank reported on Friday. Farming expanded 17.5% while construction grew 9% in the same period.

Outperforming Peers

© Bloomberg
Outperforming Peers

“The results have surprised to the upside,” Central Bank Chief Economist Miguel Mora said in a live webcast on Friday, adding that there’s upside bias to the bank’s forecast for a 3.5% contraction this year.


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Policy makers are expected to update their 2020 outlook October 28.

The pandemic has triggered deep recessions across the globe, with the International Monetary Fund warning Latin America faces a lost decade. Paraguay’s decision to adopt a strict lockdown and

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Rise in virus cases adds to economic uncertainty ahead of U.S. election

(Reuters) – With COVID-19 deaths in the U.S. topping 200,000 this week following a rise in new daily cases last week for the first time in eight weeks, the role of the economy in the looming presidential election could take on heightened importance — but it is not clear how.

FILE PHOTO: Yard signs supporting U.S. President Donald Trump and Democratic U.S. presidential nominee and former Vice President Joe Biden are seen outside of an early voting site at the Fairfax County Government Center in Fairfax, Virginia, U.S., September 18, 2020. REUTERS/Al Drago

Federal Reserve Chair Jerome Powell has said repeatedly, including several times this week alone, that the strength of the country’s economic recovery depends on keeping the novel coronavirus under control — critical to instilling confidence in Americans that it is safe to resume normal activity.

Among the six battleground states, ones that are hotly contested because their

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S&P 500’s Fourth Week of Losses Sounds Alarm on Economic Growth

(Bloomberg) — The September stock-market selloff that started as comeuppance for overheated tech shares evolved this week into a more troubling sign for the U.S. economy.


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While stocks advanced Friday after lawmakers revived hopes for a fresh spending bill, the S&P 500 notched a fourth straight weekly drop. This time, it wasn’t Apple or Tesla that bore the brunt of selling. Companies with profits most closely tied to economic growth, like commodity producers and banks, led the drop. The recovery trade faltered, with airlines sinking the most since June and small-caps dipping below their average price for the past 200 days.

The shift upended the market narrative that September’s slide was a cleansing pullback after August’s rally stretched valuations to levels not seen in 20 years. Investors who ignored the curtailment of federal stimulus this summer suddenly grew concerned the economy would falter without another boost, endangering the

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Canadian dollar sees biggest weekly drop in five months as economic risk climbs

By Fergal Smith

TORONTO (Reuters) – The Canadian dollar weakened to a seven-week low against its U.S. counterpart on Friday as rising economic and political uncertainties raised demand for safe-haven currencies, with the loonie losing ground for the third straight week.

The loonie <CAD=> was trading 0.2% lower at 1.3385 to the greenback, or 74.71 U.S. cents. The currency touched its weakest intraday level since Aug. 4 at 1.3418.

For the week, the loonie was down 1.4%. That was its biggest weekly decline since April.

“Risk sentiment this month is not doing so well,” said Mazen Issa, a senior FX strategist at TD Securities. “I think it is pretty clear that we’re in a (U.S.) dollar firming tactical phase … CAD has been a byproduct of that.”

The U.S. dollar <.DXY> extended its recent gains against a basket of major currencies as investors sought safety amid a slowing economic recovery,

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Predicting the Aftermath of the Economic Asteroid Known as COVID-19

This article was written by Duncan Robins, a member of the Entrepreneur NEXT powered by Assemble content team. Entrepreneur NEXT is our Expert solutions division leading the future of work and skills-based economy. If you’re struggling to find, vet, and hire the right Experts for your business, Entrepreneur NEXT is a platform to help you hire the experts you need, exactly when you need them. From business to marketing, sales, design, finance, and technology, we have the top 3 percent of Experts ready to work for you.

When the asteroid that is COVID-19 struck world economies, the market was in the middle of a protracted, painful transition out of the Industrial Era. That asteroid will cost the global economy anywhere from $10 trillion to $15

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