FTSE 100 LIVE: Premier Inn owner plans 6000 job cuts – second lockdown sparks market chaos

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FTSE 100 LIVE: Premier Inn owner plans 6000 job cuts – second lockdown sparks market chaos

ASIAN shares extended losses for the second day on Tuesday amid concerns about second coronavirus pandemic lockdowns in Europe. 

Fears of another lockdown across Europe appears to have knocked investor sentiment this morning. Hong Kong shares of HSBC 0005.HK and Standard Chartered 2888.HK fell more than 2 percent each. Global banking stocks have remained under intense pressure following reports about financial institutions allegedly moving illicit funds.

British lenders HSBC and StanChart were among global lenders named as having transferred more than $2 trillion in suspect funds over nearly two decades.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.5 percent.

Australia’s S&P/ASX 200 .AXJO dropped 0.7 percent pressured by miners and energy stocks, while China’s blue-chip index .CSI300 shed 0.1 percent and Hong Kong’s Hang Seng index .HSI was down 0.5 percent Japanese markets were closed for a public holiday.

“We can’t see any positive news on the horizon in the near-term for the markets to rebound,” said Steven Leung, executive director for institutional sales at Hong Kong brokerage UOB Kay Hian.

FOLLOW BELOW FOR LIVE UPDATES FROM EXPRESS.CO.UK

9.25am update: Wetherspoon to cut hundreds of jobs

Wetherspoon is set to cut 400 to 450 jobs at its airport pubs. 

The losses were announced in a letter to staff this morning. 

Read more on Tim Martin’s decision to here. 

8.40am update: Positive start for FTSE

After yesterday’s horror show, it has been a cautiously positive start to the day for the FTSE 100.

Yesterday the UK index fell from 6,007 points to 5,779, amid growing rumours of a total coronavirus lockdown.

Today, as it emerged Prime Minister Boris Johnson was considering a more lenient approach, the market recovered slightly.

The FTSE has risen from yesterday’s close to 5,779 to 5,827 – a 0.39% increase.

7.20am update: Premier Inn owner warns of 6,000 job losses

Premier Inn owner Whitbread has warned it could axe up to 6,000 jobs as the coronavirus crisis continues to hit demand for hotel stays.

Whitbread, which aslo owns the Brewers Fayre chain of restaurants, made the announcement this morning.

The company said staff consultation will begin shortly. They said they hoped to make the majority of job losses voluntary. 

More to follow… 

Published at Tue, 22 Sep 2020 05:50:00 +0000

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