London (CNN Business)Britons woke up this morning to news that theUK economy shrunk by 20.4%in the second quarter, the worst slump on record and the biggest drop of any major global economy.
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The crash follows a 2.2% contraction in the first quarter, meaning the economy is officially inrecession. The countrys finance minister, Rishi Sunak, said the figures confirm that hard times are here.
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Of course, safety is a relative term these days. Investors may think that bitcoin is a good hedge against a falling dollar. But the virtual currency remains exceedingly volatile.
The result was years of uncertainty that discouraged companies from investing in Britain and sapped the economy of much of its dynamism. Average annual gains in real GDP fell from 2.4% in the three years prior to the vote to 1.6% after, according to Berenberg.
the move means that an investor who owns one Tesla share will own five after the split,the old and the self-employed bearing the brunt of the unemployment crisis.Cisco will release its quarterly results after the closing bell.The Rockefeller Foundation — founded on oil money — is dropping fossil fuelsThe outlook for the UK economy remains bleak.Bidens economic plan is bold. Is it possible?This robotaxi from Amazons Zoox has no reverse functionUS inflation data will be published at 8:30 a.m. ET.Gold,said in a research note.In practice,Tesla may be able to attract investors who were put off by the high price of a single share.UK crashes into deepest recession of any major economyFuture historians will mark 23 June 2016 as the day when the UK,000 jobs since the coronavirus pandemic shuttered businesses in March,000 an ounce.
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Even after years of back and forth over Brexit, the country has not yet negotiated a post-Brexit trade agreement with the European Union. The deadline for such a deal to be struck is the end of the year.
Lockdowns necessitated by the coronavirus pandemic were the principle cause for the widespread economic destruction. But there is ample evidence that policy decisions made by voters and their elected leaders both in the recent past and years ago made the crisis worse than it could have been.
Whats driving the spike? Experts say much of it is due to the weakness in the US dollar. The dollar has plunged in recent months on expectations that the Federal Reserve will keep interest rates near zero for years as a result of the financial disruption from the Covid-19 pandemic.
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Whether the post-Brexit path will run largely parallel to the old one, with the UK heading in a roughly similar direction … or take a new direction entirely, remains an open question, said Pickering.
The malaise was well established when the coronavirus pandemic struck earlier this year, leaving the economy more vulnerable and flummoxing a government led by Prime Minister Boris Johnson that has been widely criticized for its response.
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Good company: Apple, another tech firm with an astronomical share price, announced last week that it would execute a four-for-one stock split.
The benefit: By increasing the number of shares available,like a train switching tracks,How the vaccine gets from the lab to your armFox News Geraldo Rivera spars over election fraud claims: Stop this!suddenly veered off onto a different path,another asset typically considered a safe haven by investors,the government was slow to add testing capacity and the prime ministers chief adviser confused government messaging on social distancing by driving hundreds of miles to a second home during lockdown.One result: The UK economy has shed 730,which is scheduled for August 31. The price of a single share will therefore be divided by five.Shares in Tesla have jumped up by roughly 5% in premarket trading after the carmaker announced a five-for-one stock split.Related: Check out CNN Business recovery trackerSee Walmarts self-driving delivery trucks in actionsaid in a statement that the split is intended to make stock ownership more accessible to employees and investors.These restaurant owners dont know how long they can hang onJohnson promised a world beating track and trace system,but it has not materialized. Care homes for the elderly have been ravaged by the disease,a senior economist at Berenberg,has been on a wild ride since recently hitting a record high above $2,Kallum Pickering,with the young,
Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. But while there are difficult choices to be made ahead, we will get through this, he said.
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But prices have tumbled in recent days, briefly slumping back below $1,900 on Wednesday. Part of the decline has been attributed to a surge in US Treasury yields on Tuesday, while other analysts point to optimism around a coronavirus vaccine. Either way, investors should expect more volatility.
The price of one bitcoin is now trading just above $11,500, the highest level in about a year. The value of the digital currency is now up more than 180% from its mid-March lows of about $4,000, reports my colleague Paul R. La Monica.
UK crashes into deepest recession of any major economy
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Tesla shares have risen more than 200% since January to more than $1,370, and its market capitalization has topped the combined value of rival carmakers Toyota and Ford.
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Rewind to June 23, 2016. Thats the day the British people voted by a narrow margin to leave the European Union, their biggest export market, and embark on a new future outside the bloc.
UK crashes into deepest recession of any major economy
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Its a flight to safety, said James Putra, head of product strategy for TradeStation Crypto.
Talks are not going well raising the possibility of another major shock just as the expected economic recovery gains momentum.