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: 663511

Reported Deaths: 12633
CountyCasesDeaths
Marion908511647
Lake48510882
Allen35951638
Hamilton32138398
St. Joseph30096513
Elkhart25423417
Vanderburgh21283379
Tippecanoe20096203
Johnson16380360
Porter16009272
Hendricks15855300
Clark11999181
Madison11764319
Vigo11636230
Monroe10363163
Delaware9854179
LaPorte9790197
Howard9075198
Kosciusko8574111
Bartholomew7479147
Warrick7430151
Hancock7418132
Floyd7226170
Wayne6645192
Grant6437157
Boone610389
Morgan6103125
Dubois5923111
Dearborn549068
Cass545899
Marshall5432105
Henry542593
Noble510178
Jackson465167
Shelby461490
Lawrence4189113
Gibson401781
Harrison401064
Clinton396553
Montgomery388483
DeKalb386478
Miami357663
Knox357585
Whitley349837
Huntington346277
Steuben339255
Wabash332376
Putnam331159
Ripley327762
Adams323949
Jasper317043
White297452
Jefferson295474
Daviess285596
Fayette271956
Decatur271088
Greene261680
Posey261431
Wells258575
Scott251250
Clay241544
LaGrange241270
Randolph225576
Spencer218030
Jennings215744
Washington212127
Sullivan203639
Fountain201842
Starke188451
Owen182853
Fulton179337
Jay178328
Carroll176519
Perry173435
Orange171150
Rush165322
Vermillion160842
Franklin159535
Tipton146841
Parke139416
Pike127833
Blackford120727
Pulaski106744
Newton96632
Brown95139
Benton92213
Crawford91013
Martin80214
Warren75814
Switzerland7558
Union67310
Ohio53911
Unassigned0433

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 972605

Reported Deaths: 16750
CountyCasesDeaths
Franklin1123671214
Cuyahoga961861832
Hamilton735721034
Montgomery47359903
Summit40384802
Butler35577505
Lucas35489685
Stark29456803
Warren22464271
Lorain22068414
Mahoning19509537
Lake18445318
Clermont18425201
Delaware16499116
Licking15022189
Fairfield14563180
Trumbull14369413
Greene13595218
Medina13423226
Clark12288248
Wood11575163
Portage11050164
Allen10793216
Richland10316183
Miami10035189
Muskingum8195112
Columbiana8151200
Pickaway8067107
Tuscarawas8054227
Marion7996125
Wayne7886193
Erie6914140
Ross6152128
Geauga6083136
Hancock6006116
Ashtabula5978152
Scioto596280
Lawrence527118
Union513537
Darke5036114
Belmont496659
Huron4825107
Jefferson4806107
Sandusky4780108
Seneca4702107
Washington465791
Athens465047
Mercer458780
Auglaize456180
Shelby441679
Knox4037101
Putnam399390
Madison393553
Fulton380658
Ashland380581
Defiance372583
Brown369844
Crawford358396
Logan355772
Preble353678
Clinton340852
Highland328349
Ottawa324369
Williams302662
Jackson290545
Champaign288149
Guernsey287844
Perry269847
Fayette269141
Morrow260334
Henry246658
Hardin245858
Holmes243293
Coshocton237454
Van Wert229854
Gallia222631
Adams217036
Pike215626
Wyandot210447
Hocking194554
Carroll181341
Paulding160530
Meigs135730
Noble129233
Monroe117027
Morgan101119
Harrison100624
Vinton76613
Unassigned00
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