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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 1:57 PM
Updated: May 10, 2018 1:57 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.

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

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 726600

Reported Deaths: 13379
CountyCasesDeaths
Marion992781737
Lake53359964
Allen40387675
St. Joseph35449550
Hamilton35440408
Elkhart28376439
Tippecanoe22336217
Vanderburgh22271396
Porter18637306
Johnson17876377
Hendricks17154314
Clark12919191
Madison12574339
Vigo12426245
Monroe11845169
LaPorte11773210
Delaware10615185
Howard9859215
Kosciusko9366117
Hancock8239140
Bartholomew8042155
Warrick7766155
Floyd7645177
Grant7019174
Wayne7018199
Boone6669101
Morgan6547139
Dubois6148117
Marshall6000111
Dearborn578577
Cass5780105
Henry5681102
Noble558283
Jackson500472
Shelby489496
Lawrence4492120
Gibson434391
Harrison434271
Clinton426853
DeKalb425284
Montgomery423388
Whitley394439
Huntington387480
Steuben382957
Miami380266
Knox371890
Jasper362747
Putnam358560
Wabash353178
Adams340654
Ripley338970
Jefferson328881
White312854
Daviess295899
Wells290481
Decatur283592
Fayette278662
Greene276685
Posey270933
LaGrange264770
Scott264753
Clay259245
Randolph239781
Washington239532
Spencer231331
Jennings229248
Starke214452
Fountain211946
Sullivan211042
Owen197056
Fulton194640
Jay191830
Carroll188120
Perry182637
Orange182454
Rush172925
Vermillion168343
Franklin167735
Tipton162345
Parke145916
Blackford134532
Pike133034
Pulaski116045
Newton107034
Brown101541
Crawford99114
Benton98414
Martin87815
Warren81415
Switzerland7848
Union70710
Ohio56211
Unassigned0413

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1080121

Reported Deaths: 19344
CountyCasesDeaths
Franklin1254981392
Cuyahoga1115202107
Hamilton798171200
Montgomery512711012
Summit46997933
Lucas41982782
Butler38273580
Stark32190907
Lorain24910480
Warren24249297
Mahoning21474586
Lake20586368
Clermont19727238
Delaware18496131
Licking16396210
Fairfield16144199
Trumbull15996466
Medina15233262
Greene15027244
Clark13960297
Wood13056188
Portage12806201
Allen11609231
Richland11308198
Miami10659215
Muskingum8795132
Wayne8777210
Columbiana8756229
Pickaway8547121
Marion8511135
Tuscarawas8467243
Erie7859154
Hancock6900126
Ross6835152
Ashtabula6777169
Geauga6665148
Scioto6398101
Belmont5856167
Union570047
Lawrence5542102
Jefferson5511151
Huron5422119
Darke5344122
Sandusky5330120
Seneca5268121
Athens518258
Washington5148109
Auglaize488484
Mercer480185
Shelby468593
Knox4479110
Madison435461
Putnam4268100
Ashland421289
Fulton420969
Defiance418997
Crawford3965106
Brown392957
Logan381176
Preble379098
Clinton370561
Ottawa366279
Highland353861
Williams338075
Champaign330458
Guernsey315453
Jackson312051
Perry294550
Morrow283839
Fayette281449
Hardin270364
Henry268166
Coshocton264258
Holmes2590101
Van Wert242863
Pike237433
Adams237052
Gallia235048
Wyandot230654
Hocking215162
Carroll191247
Paulding172440
Meigs144639
Noble133337
Monroe131942
Morgan108323
Harrison107537
Vinton82415
Unassigned02
Fort Wayne
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Angola
Cloudy
37° wxIcon
Hi: 56° Lo: 37°
Feels Like: 37°
Huntington
Clear
39° wxIcon
Hi: 59° Lo: 35°
Feels Like: 39°
Decatur
Cloudy
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Hi: 60° Lo: 37°
Feels Like: 38°
Van Wert
Cloudy
42° wxIcon
Hi: 60° Lo: 37°
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We'll start Friday off dry, but the chance of rain returns. Scattered showers will be possible by late morning until the evening.
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