Rolling coverage of the latest economic and financial news
- Latest: Cineworld shares halve in value in early trading
- Cineworld to temporarily suspend operations in UK and US
- 45,000 employees impacted
- Closures begin on Thursday
- James Bond delay was final blow
Also coming up…
- UK car sales fell around 4% in September
- Global markets rise on Trump medical news
Newsflash: Britain’s car industry has just experienced its weakest September sales in two decades.
The UK new car market declined -4.4% in September, according to figures published today by the Society of Motor Manufacturers and Traders, with just 328,041 new registrations.
Private registrations fell by -1.1% over the month. Demand from business was also muted, with around 10,000 fewer cars joining larger fleets, representing a -5.8% decline.
We also have confirmation that the eurozone’s service sector struggled last month, as governments imposed new restrictions as Covid-19 cases rose.
The latest Services PMI report, which measures activity in the sector, has slumped into contraction in September.
“With the eurozone economy having almost stalled in September, the chances of a renewed downturn in the fourth quarter have clearly risen.
Spain has been especially hard-hit as rising Covid19 case numbers led to further disruptions to daily life. With the exception of the March-to-May period at the height of the first wave of infections, Spain’s service sector contraction in September was the largest recorded since November 2012.
France’s service sector registered its first contraction in 4 months, with the headline #PMI Business Activity Index slipping to 47.5 in September (Aug: 51.5), amid a fresh decline in new business and a sharp rise in COVID-19 cases. Read more: https://t.co/JnLMvw6biG pic.twitter.com/ks1As8WP9i
Italy Services #PMI pointed to another weak month of activity in September. The Business Activity #Index posted at 48.8 in September (Aug: 47.1) as firms registered a slight drop in new orders and low foreign demand. Read more: https://t.co/KfqssTYcPj pic.twitter.com/wBvtElZeTj
The Spanish Services #PMI showed increasing signs of a ‘double-dip’ in services activity, with the headline #index tumbling to 42.4 in September (Aug: 47.7). Falling workloads led to the largest round of job losses since June. Read more: https://t.co/2NCQ3sza8w pic.twitter.com/PgovrNt3uI