Five Minute Finance – The Last Week

Economic Activity

New unemployment claims in the US fell from 1.19m to 0.96m their lowest level since mid-march.

The UK economy contracted by a record of 20.3% in the second quarter. In comparison to other European economies, the UK has seen a more significant fall.

UK retailer Debenhams currently in administration is to cut a further 2,500 jobs.

Around 10.5 million diners took advantage of the UK government’s ‘Eat Out to Help Out’ Scheme in its first week.

With financial markets continuing to surge, Jenny Harrington shares her thoughts on the US markets, the potential for a vaccine and the US election.

Politics & International Relations

Joe Biden has selected Kamala Harris as his running mate for the 2020 election. Kamala Devi Harris is an American politician and lawyer who has served as the junior United States senator from California since 2017.

The latest poll published by the Wall Street Journal shows 50% of registered voters nationally supporting Joe Biden with 41% backing Donald Trump.

In a move that significantly impacts geopolitics in the Middle East, Israel and the United Arab Emirates announced on Thursday that they will normalise diplomatic relations.

The agreement comes after Israel’s Prime Minister Benjamin Netanyahu agreed to suspend plans to annex parts of the West Bank.

Phone lines between Israel and the UAE are now open, with further trade and security deals expected. Benjamin Netanyahu has confirmed talks are underway for direct flights to take place.

France has deployed part of its naval fleet in the eastern Mediterranean following tensions between Greece and Turkey over oil and gas exploration.

Protests took place in Belarus following the disputed re-election of President Alexander Lukashenko.

COVID-19

Globally, more than 294,000 people tested positive for Covid-19 in the last 24 hours, according to the World Health Organisation’s figures. This is the highest daily increase of the pandemic so far, the BBC reported.

The United Kingdom – According to Statista The UK reported 7,682 last week.

The UAE – The UAE government report 1,802 new cases last week.

Globally – 1,838,815 new cases were reported last week.

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