What to watch: Queues form as shops reopen, sharp sell-off for stocks, and BP writes off $17.5bn
Customers at Primark in Birmingham that are not essential stores in England are opening their doors to customers for the first time since the corona virus restrictions were introduced in March. (Jacob King / PA Images via Getty Images)
Here are the key business, market and economic stories you should see today in the UK, Europe and abroad:
Queues form when shops open again
Photographers held queues in shopping centers and high streets across the country on Monday when retailers who weren't needed opened their doors for the first time in months.
Queues were recorded outside of Primark in Birmingham and John Lewis in Kingston-upon-Thames, while lines were also reported outside of Primark's London office.
Customers outside of John Lewis's Kingston stores that are not required in the UK are opening their doors to customers for the first time since the corona virus restrictions were introduced in March. (Steve Parsons / PA Images via Getty Images)
It came when restrictions on non-essential retailers officially eased on Monday. The government is now allowing non-food stores to open as long as new health and safety measures are in place.
The prime minister said people should "shop and shop with confidence" as long as social distance measures are followed.
Fears of the second wave trigger a strong sell-off in global stocks
Stocks around the world sold out on Monday as fears of a recurrence of COVID-19 infections around the world dampened risk appetite.
The FTSE 100 (^ FTSE) opened 2.1% in London, while the DAX (^ GDAXI) in Frankfurt fell 2.8% and the CAC 40 (^ FCHI) in Paris fell 2.4%.
US futures indicated a strong sell-off when stock markets opened in New York today. S&P 500 futures (ES = F) fell 2.8%, Dow Jones futures (YM = F) fell 3.2% and Nasdaq futures (NQ = F) fell 2.1%.
The Asian markets closed largely lower overnight. The Japanese Nikkei (^ N225) lost 3.4% and the Hong Kong Hang Seng (^ HSI) fell 2.1%. On the Chinese mainland, the Shanghai Composite (000001.SS) fell by 1% and the Shenzen Component (399001.SZ) by 0.5%.
"Beijing officials reported the highest number of new cases in two months and have imposed regional closures in certain areas. Spokesman Xu Heijian warned that the risk of a more severe outbreak was" very high, "" said Connor Campbell, a financial analyst at SpreadEx.
"China is not alone. The United States has never got a grip on the pandemic and has seen an increase in new cases in several states.
“After the situation in Texas deteriorated rapidly last week, Alabama, Florida and South Carolina followed with three consecutive record days. This is because Trump plans to open the US economy further. "
BP is writing off $ 17.5 billion as this lowers the oil price outlook
BP (BP.L) has sharply downgraded its oil price expectations for the coming decades and predicted that the coronavirus crisis will accelerate a shift towards greener energy.
The numbers now indicate that the benchmark's crude oil prices will average $ 55 a barrel between next year and 2050, with gas prices also revising down.
According to Reuters, this was a decrease of around 30% compared to previous forecasts.
The downgrade means that BP's assets are now worth far less than originally forecast. The oil and gas giant said Monday that it would require depreciation of up to $ 17.5 billion (GBP 13.9 billion) for the second quarter. The share price fell 5.5% in early trading in London.
BP warns of a $ 17.5 billion hit if the globe moves away from oil
Yahoo Finance's Oscar Williams-Grut has the latest from London.
Metro Bank in "early talks" to buy peer-to-peer lenders RateSetter
Troubled challenger bank Metro (MTRO.L) has confirmed it is in early talks to acquire peer-to-peer lender RateSetter.
Metro Bank said in a statement Monday that it had started exclusive business talks with RateSetter, but the talks were "at an early stage." The statement followed a Sky News report on Sunday evening that revealed the deal talks.
Metro Bank said a takeover could "accelerate the company's stated strategy of expanding its unsecured consumer credit book."
"At this stage, there can be no certainty that a formal settlement will be reached, nor of the terms of an agreement," said the bank. "Another announcement may be made."
In response, stocks rose almost 3%.
Real estate prices in England are rising as estate agents are overwhelmed
According to Rightmove, offer prices for property in England are more than £ 6,000 higher than before the block began.
Homeowners appear to be confident of benefiting from a "flood of pent-up demand" and renewed interest in moves that have been triggered by the closure despite the economic impact of the pandemic.
Rightmove's figures released on Monday suggest that the number of people contacting real estate agents about valuation requests has broken through daily records.
MEPs warn over a million workers about work plans
A bipartisan group of MPs released a report Monday calling on the government to "help those who have fallen through the loopholes." The Treasury Select Committee warns many workers of difficulties, while others receive grants for six months that are far more generous than the UK benefit system.
The "forgotten" include many workers in new occupations, new or partially self-employed, managers who have been paid mainly through dividends, and people who have earned over £ 50,000 in recent years regardless of current income.
British manufacturers are calling for a national recovery plan as production drops
UK manufacturers are calling for a national recovery plan that includes an immediate stimulus package to boost investment and save jobs.
This is the result of a survey by Make UK, a representative of the manufacturers and the auditing and management consultancy BDO, which shows that manufacturing output fell to a record low in the second quarter given the economic consequences of the corona virus pandemic.
Make UK said the government should launch an economic stimulus package, starting with a holiday for business rates for manufacturers, similar to that granted to the retail sector earlier this year.
Think Tank calls for the creation of super pension funds for environmentally friendly projects
Britain needs super pension funds to invest in green projects to help the country recover from the economic effects of the corona virus, The Social Market Foundation (SMF) think tank said.
Ministers should encourage pension funds to join fewer and larger funds that can invest large sums in large long-term projects, the organization said. These funds could be used to build roads, power sources and communication networks, while creating more jobs.
The report also states that ministers should be willing to take risks and spend public money to support innovative infrastructure projects and new renewable energy markets at an early stage.
Click to receive the most important news as a notification!
Spotify CEO defends Alex Jones' appearance on Joe Rogan's podcast: 'It's more about the content itself'
Ruth Bader Ginsburg should have retired under Obama to prevent Trump from filling her seat, says Bill Maher
Milwaukee reportedly talked to Indiana about Victor Oladipo trade
Social media is freaking out over Drake's 'awful' birthday dinner menu: ‘Was there a mistake?’
Man calls out girlfriend over her ‘ridiculous’ household decoration: ‘I don’t feel at home’
NFL Next Gen Stats simulates race between Tyreek Hill, DK Metcalf and Daniel Jones