UK services firms cut jobs; gold at record high; ADP payroll disappoints – business live

Rolling coverage of the latest economic and financial newsLatest: ADP say just 167k new jobs in JulyUK Service sector growth best since 2015But job cuts accelerate amid recovery worriesWH Smiths plans job cutsEarlier:Introduction: Gold has scaled $2,000 for first timeAnalysts: Gold can go higher still 2.44pm BST The oil market’s leap above $45 a barrel today for the first time since the coronavirus outbreak forced much of Europe into lockdown may prove to be short-lived, according to oil market analysts.Brent crude has now climbed to $46 a barrel, a fresh five-month high, after official US data revealed that its stores of crude – which were filled to the brim in April – are beginning to empty as demand for energy returns in line with the easing of lockdown restrictions. “It is interesting to see how Opec+ itself will assess the new reality and if any new amendments of the production curtailment deal will be suggested later this month in its coming meeting.”Oil price pushing ahead of consensus estimates for 2020 average price, should provide a tailwind for E&P sector EPS. YTD average brent price is USD42.5/bbl vs consensus USD41.2/bbl #Oil #EPS pic.twitter.com/FLvaqa3wSA 2.37pm BST Wall Street has shrugged off the weak/confusing ADP Payroll report, with stocks rising at the start of trading in New York. Continue reading…
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