FTSE 100 LIVE: British pub industry faces DESTRUCTION – 3,640 on brink in London alone | City & Business | Finance
In comes amid chaos in the Asian stock markets, after MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.22 percent. Meanwhile, US stock futures ESc1 also eased 0.12 percent. Shares in China .CSI300 initially rose as investors snapped up banking shares due to an improving earnings outlook, but the broader market surrendered those gains and fell 0.55 percent.
Meanwhile, US President Donald Trump’s offer to raise the size of a fiscal stimulus package to win the support of Republicans and Democrats helped narrow Wall Street’s losses.
However, many investors still believe a deal is unlikely before the Nov 3 election.
“There’s a bit of worry there and also at what we’re seeing in America and in Europe regarding the virus and how it seems to be taking hold pretty significantly again,” said Grant Williamson, investment adviser at Hamilton Hindin Greene in Christchurch, New Zealand.
On Wall Street, the Dow Jones Industrial Average .DJI fell 0.07 percent, the S&P 500 .SPX 0.15 percent and the Nasdaq Composite .IXIC dropped 0.47 percent.
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7.00am update: Pub industry could be ‘decimated’
Tougher coronavirus restrictions will “decimate” pubs unless they receive further government support, an industry body has warned.
The British Beer & Pub Association (BBPA) said the Tier 2 Covid-19 measures – which ban households from mixing indoors – could lead to permanent closures in the sector.
It came as Health Secretary Matt Hancock announced that London, along with Essex, Elmbridge in Surrey, Barrow-in-Furness, York, North East Derbyshire, Erewash and Chesterfield will move into the second tier of restrictions from Saturday.
Some 3,640 pubs and 7,556 restaurants across London will be affected, according to analysis of official government data by real estate adviser Altus Group.
BBPA chief executive Emma McClarkin said the tighter measures will leave “most pubs fighting for their very survival”.