Economy bounces as business optimism hits 15-year high – live updates

Economy bounces as business optimism hits 15-year high – live updates

Good morning. Oil giant Shell has said that a storm that blanketed Texas in February, killing more than 100 people, cost it around $200m (£145m) in adjusted earnings.

Elsewhere, Deliveroo shares begin unconditional trading today. 

5 things to start your day 

1) US economy will be bigger because of Covid, says IMF: Heavy borrowing saw the world’s largest economy through the pandemic and will supercharge the recovery, according to the IMF.

2) Billionaires’ wealth grows despite pandemic: Jeff Bezos and Elon Musk top Forbes’ list, but Donald Trump plummeted almost 300 places..

3) Arm alerts US gov as rogue customer obtains restricted tech: The illegally obtained restricted tech from the British microchip firm, gave access to products covered by a US national security ban.

4) Independent Scotland faces Singapore-style model or debt binge: The country would need a radical overhaul to match the performance of other small, rich economies like Norway or Singapore, report finds.

5) Cinema bosses fear Covid passports to slam brakes on recovery: The industry fears that the Government may be about to inadvertently jeopardise its recovery, just as Godzilla vs Kong has provided some hope.

What happened overnight 

Global stocks traded around all-time highs on Wednesday as investors weighed the economic rebound from the pandemic and stimulus support. The dollar halted a four-day loss.

A gauge of Asia-Pacific equities fluctuated, as did US and European futures. Chinese stocks underperformed while Japan advanced. Toshiba shares are poised to surge after the company received an initial buyout offer from CVC Capital Partners. The S&P 500 and Nasdaq 100 retreated overnight as volume on US exchanges slipped below 10 billion shares for the first time this year.

Oil held above $59 a barrel amid optimism that economic expansion will pick up. The International Monetary Fund upgraded its global growth forecast while warning about a divergence between advanced and less-developed economies.

Coming up today

Corporate: Saga, Hilton Foods, Pharos Energy (Full year)

Economics: Services purchasing managers’ index (EU, UK), RICS housing market survey (UK), FOMC minutes

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