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Tag: price

House price growth ‘turns negative for first time since 2012’

House price growth ‘turns negative for first time since 2012’

Business
The annual rate of house price growth has turned negative for the first time since 2012, according to a closely-watched measure.The Nationwide Building Society's monthly index covering June showed average values falling by 0.1% year on year following a 1.4% decline on the previous month. That followed a 1.7% fall during May - the largest monthly drop in 11 years as the country remained in hibernation during the second full month of the coronavirus crisis lockdown. Image: Delays in the construction of new homes are likely to help prop up prices in the months ahead The government eased restrictions on the housing market in England in mid-May but data published by the Bank of England earlier this week showed the lowest number of mortgage...
US oil price plunges below zero for first time in history over coronavirus

US oil price plunges below zero for first time in history over coronavirus

Business
Oil prices in the US have crashed below zero for the first time in history as demand for energy plummeted due to the coronavirus pandemic.The historic fall was fuelled by traders not wanting to get stuck owning crude oil with nowhere to keep it. The dramatic decline in demand due to the COVID-19 crisis means storage facilities are nearly full. Tanks could hit their limits within three weeks, according to analysts.Naeem Aslam, of Avatrade, said in a report: "The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut." ...
Dow futures tumble 900 points as all-out oil price war adds to coronavirus stress

Dow futures tumble 900 points as all-out oil price war adds to coronavirus stress

Finance
Stock futures tumbled in overnight trading Sunday as investors continued to brace for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety.Futures on the Dow Jones Industrial Average plunged more than 900 points. The S&P 500 futures also indicated a 4% drop at the open on Monday. The sharp declines in the futures market pointed to more turbulence ahead after a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight.Saudi Arabia on Saturday slashed official crude selling prices for April, in a sudden U-turn from previous attempts to support the oil market as the coronavirus hammers global demand. The move came after OPEC talks collapsed Friday, prompting some strat...
Price controls considered in UK to stop hikes in coronavirus essentials

Price controls considered in UK to stop hikes in coronavirus essentials

Business
The competition regulator is considering whether to advise the government that price controls may be needed to prevent coronavirus outbreak profiteering.The Competition and Markets Authority (CMA) made its announcement hours after the banking sector revealed it was offering help to customers as growing virus disruption threatens payment deadlines. Meanwhile, the governor of the Bank of England has reiterated that collective action being planned with the Treasury to support the economy would have "maximum impact" if deployed.The CMA said it was urging retailers "to behave responsibly" in their pricing of goods and not exploit the evolving COVID-19 situation.The statement threatened enforcement action against firms charging excessive prices - adding that those making "misleading claims about...
Coronavirus fears hit global shares and oil price

Coronavirus fears hit global shares and oil price

Business
Worries over the continued spread of the coronavirus have hit financial markets, with stocks from Wall Street to Tokyo declining.The three main US indexes closed down more than 1.5%, while London's FTSE 100 index ended almost 2.3% lower.Firms with significant sales in China were among the hardest hit.The coronavirus has killed 81 people in China with almost 3,000 confirmed ill, while at least 44 cases have been confirmed abroad.The outbreak has coincided with the Chinese New Year, when travel and spending typically spikes.Many Asian stock markets were closed on Monday for the holiday, but concerns about the impact of the virus on the Chinese economy were felt globally, weighing on travel and fashion companies.Oil prices also dropped more than 2%, with Bre...