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: 20573

Reported Deaths: 878
CountyConfirmedDeaths
Hennepin6918534
Ramsey231697
Stearns192312
Nobles14572
Anoka116455
Dakota105935
Olmsted55110
Washington50626
Kandiyohi4541
Clay36623
Rice3652
Scott3462
Wright2401
Sherburne2081
Todd1970
Benton1662
Carver1612
Mower1501
Steele1400
Martin1245
Blue Earth1121
St. Louis11113
Pine850
Freeborn840
Winona7715
Carlton730
Nicollet683
Cottonwood620
Polk582
Otter Tail550
Itasca527
Goodhue522
Watonwan500
Chisago481
Dodge430
Meeker420
Crow Wing421
Le Sueur411
Chippewa400
Jackson390
Morrison380
Murray350
Becker320
Lyon310
Douglas290
McLeod260
Isanti250
Waseca240
Rock210
Unassigned199
Fillmore171
Mille Lacs161
Wabasha160
Swift150
Sibley120
Beltrami120
Wilkin113
Norman110
Kanabec111
Cass113
Faribault110
Brown112
Pipestone100
Marshall80
Pennington70
Pope70
Aitkin60
Wadena60
Yellow Medicine50
Koochiching50
Lincoln50
Mahnomen51
Renville50
Lac qui Parle30
Red Lake30
Big Stone30
Redwood30
Traverse30
Grant20
Houston20
Clearwater20
Hubbard10
Kittson10
Lake10
Roseau10

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 17227

Reported Deaths: 456
CountyConfirmedDeaths
Polk3714108
Woodbury255524
Black Hawk167639
Linn92775
Marshall86611
Dallas84914
Johnson5987
Muscatine54339
Wapello5004
Crawford4772
Tama39023
Louisa3347
Scott3319
Dubuque31916
Jasper25616
Buena Vista2310
Pottawattamie2106
Sioux1990
Washington1798
Allamakee1184
Wright1170
Plymouth1080
Warren1060
Story941
Poweshiek888
Bremer676
Henry611
Clinton601
Boone540
Des Moines531
Mahaska526
Cedar451
Guthrie433
Taylor370
Benton371
Jones360
Monroe334
Iowa320
Clarke320
Osceola320
Shelby310
Buchanan310
Clayton303
Marion290
Webster271
Fayette260
Hamilton260
Madison241
Monona230
Cerro Gordo221
Lee220
Winneshiek210
Davis200
Lyon190
Grundy190
Harrison190
Floyd181
Jefferson150
Cherokee150
Butler150
Mills140
Delaware140
Humboldt130
Sac130
Greene130
Keokuk130
Hardin130
Howard120
Hancock120
Appanoose123
Audubon111
Jackson110
Cass110
Ida100
Page100
Clay100
Winnebago100
Carroll90
Van Buren80
Franklin80
Dickinson80
Adair80
Chickasaw80
Kossuth70
Emmet70
Lucas60
Montgomery60
Union60
Adams50
Ringgold40
Fremont40
Pocahontas40
Mitchell40
Palo Alto30
Worth30
Unassigned30
Calhoun20
Wayne10
Decatur00
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