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BT cuts 13,000 jobs; US inflation watch; Oil price surge

1. BT cuts 13,000 jobs: British media group BT said Thursday it will cut 13,000 jobs and leave its c...

Posted: May 10, 2018 12:57 PM
Updated: May 10, 2018 12:57 PM

1. BT cuts 13,000 jobs: British media group BT said Thursday it will cut 13,000 jobs and leave its central London headquarters in order to save billions.

The company said the cuts will be made over three years and affect mainly back office and middle management roles. Two-thirds of the job losses will be in the United Kingdom.

BT said would hire 6,000 new workers as part of a broad restructuring of the group.

Shares in BT dropped 8% in London.

2. US inflation watch: The US Labor Department will release April inflation data at 8:30 a.m. ET.

Strong price growth at the start of the year raised fears that the US Federal Reserve would accelerate interest-rate hikes to keep inflation from rising.

Inflation numbers have flattened since then. The April jobs report revealed a modest 2.6% increase in wages, which should calm price fears.

Still, some analysts are expecting wages to tick up in coming months.

3. Carney walks the line: The Bank of England will announce its interest rate decision at 7:00 a.m. The statement will be followed by a press conference with bank chief Mark Carney.

A slew of disappointing economic data in recent weeks may be forcing the bank to rethink its next steps.

"Only one month ago, the markets were predicting a more than 90% probability of a UK interest rate increase this month. Today, this probability has evaporated to less than 15%," said Lukman Otunuga, a research analyst at FXTM.

The central bank will also release its quarterly inflation report.

The pound was trading a slightly lower against the dollar ahead of the decision.

4. Energy rally: Surging oil prices have sparked an energy stock rally.

Oil prices gained another 0.7% on Thursday to trade at $71.60 per barrel, its highest level since late 2014. That's giving a boost to energy stocks, with Royal Dutch Shell and Gazprom among the companies posting gains.

Crude prices have gained over 9% over the past month, largely because of President Donald Trump's decision to withdraw from the Iran nuclear deal.

Investors are worried that renewed sanctions on Iran, a major oil producer, could disrupt the world's oil supply.

5. RBS settlement: Shares in Royal Bank of Scotland jumped 6% after the bank agreed "in principle" to pay $4.9 billion to the US Department of Justice to end the investigation into allegations it sold risky loans worth billions between 2005 and 2007.

The size of the settlement was lower than analysts had feared. Some predicted RBS might have to pay around $10 billion.

The settlement marks a "milestone moment" for the bank, CEO Ross McEwan said in a statement.

"Reaching this settlement in principle with the US Department of Justice will, when finalized, allow us to deal with this significant remaining legacy issue and is the price we have to pay for the global ambitions pursued by this bank before the crisis," he said.

6. Global market overview: US stock futures were pointing up.

European and Asian markets were mostly higher.

The Dow Jones industrial average gained 0.8% on Wednesday. The S&P 500 and the Nasdaq both added 1%.

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7. Earnings and economics: AMC Networks and Tribune Media will release earnings before the open. News Corp, Noodles & Co and NVIDIA will follow after the close.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

8. Coming this week:
Thursday - US CPI
Friday - University of Michigan's Consumer Sentiment survey

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 129863

Reported Deaths: 2367
CountyConfirmedDeaths
Hennepin33310981
Ramsey13782357
Dakota9541137
Anoka8414150
Stearns566541
Washington546970
Scott329334
Olmsted318330
St. Louis285065
Wright236714
Nobles221916
Clay221443
Blue Earth20207
Carver17437
Kandiyohi16505
Sherburne163421
Rice16059
Mower150315
Winona123618
Crow Wing98021
Lyon9516
Chisago9502
Waseca9229
Benton9107
Beltrami8717
Otter Tail8187
Todd7695
Steele7413
Nicollet71417
Itasca70617
Morrison6948
Freeborn6594
Douglas6473
Le Sueur6145
Martin60616
Polk5964
McLeod5804
Watonwan5764
Goodhue55811
Becker5383
Pine5230
Isanti5195
Chippewa4243
Carlton4111
Mille Lacs38714
Dodge3860
Hubbard3692
Wabasha3590
Cass3575
Pipestone34217
Meeker3223
Brown3163
Rock3154
Yellow Medicine2755
Cottonwood2720
Murray2723
Redwood26911
Fillmore2500
Renville24311
Sibley2433
Roseau2280
Faribault2210
Wadena2153
Unassigned21153
Jackson2071
Houston1951
Kanabec19510
Swift1941
Stevens1771
Lincoln1760
Pennington1741
Aitkin1652
Koochiching1654
Pope1540
Big Stone1320
Lac qui Parle1313
Wilkin1294
Lake1150
Norman1080
Mahnomen1062
Marshall1031
Clearwater1010
Grant924
Red Lake692
Traverse540
Lake of the Woods441
Kittson380
Cook120

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 112754

Reported Deaths: 1615
CountyConfirmedDeaths
Polk18617286
Woodbury704194
Johnson576330
Black Hawk544098
Linn5342129
Dubuque501657
Scott433738
Story394418
Dallas339744
Pottawattamie314844
Sioux236416
Buena Vista224112
Marshall198336
Webster180715
Plymouth161927
Wapello150562
Clinton143026
Muscatine140758
Crawford134414
Des Moines133610
Cerro Gordo131425
Warren12037
Carroll109912
Jasper107034
Henry10325
Marion96310
Lee93110
Tama92737
Delaware74212
Dickinson7217
Wright7101
Boone7039
Mahaska67024
Bremer6559
Harrison63711
Washington63411
Jackson5763
Benton5532
Lyon5337
Clay5144
Louisa51215
Winnebago46619
Hamilton4624
Hardin4606
Winneshiek4609
Kossuth4510
Poweshiek44711
Cedar4375
Buchanan4314
Jones4284
Floyd42511
Emmet42017
Clayton3933
Iowa3918
Cherokee3882
Page3860
Sac3854
Guthrie38015
Franklin37818
Cass3712
Mills3711
Shelby3621
Fayette3604
Butler3592
Madison3533
Allamakee3518
Chickasaw3411
Clarke3393
Humboldt3163
Palo Alto3082
Hancock3064
Grundy2925
Calhoun2904
Osceola2660
Howard2629
Monroe25811
Mitchell2430
Monona2361
Jefferson2311
Taylor2312
Union2234
Appanoose2203
Pocahontas2192
Lucas1986
Fremont1941
Ida1872
Greene1830
Van Buren1672
Davis1654
Montgomery1647
Keokuk1561
Adair1521
Decatur1480
Audubon1411
Worth1370
Wayne1163
Ringgold882
Adams740
Unassigned80
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