Gold Prices Soar Jolted by Weaker-Than-Expected US Job Data Reported for April albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
LONDON MARKET CLOSE: Strong pound hurts FTSE as lockdown set to ease
Mon, 10th May 2021 17:00
(Alliance News) - Stocks in London ended lower on Monday, with the internationally-exposed FTSE 100 stifled by an appreciating pound, as the UK prepares for further easing of lockdown restrictions next week.
The Covid-19 alert level in the UK has been downgraded after a consistent fall in cases, hospital admissions and deaths.
The four chief medical officers of the UK have said the threat level should be lowered from level 4 to level 3 , thanks to the success of the vaccination programme and social distancing restrictions.
This means that the epidemic is in general circulation, but transmission of the virus is no longer deemed to be high or rising exponentially.
Tech sends stocks down with inflation angst rising
Andreea Papuc, Bloomberg News VIDEO SIGN OUT
Technology shares led U.S. stocks lower as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the worldâs largest economy and spoil a record stock rally.
The tech-heavy Nasdaq 100 Index tumbled 2.6 per cent amid the growing anxiety over inflation, which can threaten longer-horizon revenues typical of the sector. Tesla and Apple were among the biggest decliners. The ARK Innovation ETF resumed its slide. The Dow Jones Industrial Average briefly topped 35,000 for the first time. The benchmark S&P 500 fell from an all-time high. Treasury yields edged higher as traders brace for a busy week of auctions.
Governor Bailey sees no intrinsic value to these assets despite recent run up Published: May 07, 2021 17:28 Bloomberg Bitcoins been doing good, and so have other altcoins. But the Bank of England Governor is not amused by any of this. Image Credit: Reuters
London: Bank of England Governor Andrew Bailey issued a stark warning to those investing in cryptocurrencies - Buy them only if you re prepared to lose all your money.
Bailey objected to the use of the phrase cryptocurrency and took the opportunity to push back on their growing popularity. I m afraid crypto and currency are two words that don t go together for me, he said. They have no intrinsic value.
Asked at a press conference Thursday about the rising value of cryptocurrencies, Bailey said: They have no intrinsic value. That doesn t mean to say people don t put value on them, because they can have extrinsic value. But they have no intrinsic value. I m going to say this very bluntly again, he added. Buy them only if you re prepared to lose all your money.
Bailey s comments echoed a similar warning from the U.K. s Financial Conduct Authority. Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors money, the financial services watchdog said in January.