What to watch
Emergency UK budget: Today at 12:30pm, Chancellor Rishi Sunak will present an emergency summer budget update, in which he is expected to announce a host of measures intended to assist the UK economy’s recovery from the coronavirus lockdown. A multi-billion pound green jobs scheme, cash for firms that hire trainees, and vouchers for households to spend in hard hit areas of the economy are all initiatives that may be announced today. National Insurance cuts, funding for the arts, and tax cuts for the hospitality sector are other ideas that have been mooted to be included.
Bed, Bath & Beyond: One of the few companies reporting earnings on Wednesday in the US is home goods retailer Bed, Bath & Beyond, which has been a rollercoaster stock for investors this year. The firm’s share price is down 40.8% year-to-date but has jumped 117.4% over the past three months. Expectations for the earnings report are low. Bed, Bath & Beyond’s fiscal Q1 covers much of March, April and May, when lockdowns meant that its stores were mostly closed. To add to that, in the same quarter last year the firm only just eked out a profit. Digital sales will be put in the spotlight, as will the revenue prospects of stores reopening. Analysts are anticipating a $1.27 per share loss for the quarter; three rate the stock as a buy, 12 as a hold and four as a sell.
Crypto corner: South America bucks global trend as Bitcoin investing surges
Bitcoin continues to grow in popularity in South America, new data has revealed, with a surge in the volume of trades placed across the continent.
New figures from investment publication Invezz showed the volume of coins transacted in Argentina, Chile and Colombia have all outstripped last year’s levels on platform LocalBitcoins.
This stands in contrast to the US, UK and China where trading volumes have dropped this year amid the coronavirus pandemic.
All data, figures & charts are valid as of 08/07/2020. All trading carries risk. Only risk capital you can afford to lose.
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