Rolling coverage of the latest economic and financial news as online retailers swoop in on two of Britain’s major high street brands
The economic blow from Covid-19 has cost workers around the world $3.7tn (£2.7tn) in lost earnings, after the pandemic wiped out four times the number of working hours lost in the 2008 financial crisis, according to the UN’s labour body.
The International Labour Organization (ILO) said women and younger workers had borne the brunt of job losses and reductions in hours, and warned that people in sectors hardest-hit by the crisis – such as hospitality and retail – risked being left behind when the economy recovers.
Related: Covid-19 has cost global workers $3.7tn in lost earnings, says ILO
Stocks have fallen further in the past two hours, with most major indices down more than 1%, as the prospect of extended or tougher Covid lockdowns threatens economic growth in the short term.
It would appear that European markets are not enjoying the benefits of the Biden spending hopes like their US counterparts as restriction fears are the dominant story on this side of the Atlantic.
There has been little in the way of fresh news to spark excitement. Last week, US stocks set fresh records on account of President Biden’s stimulus plans, which influenced the positive moves we saw in Asia overnight but the mood is a little duller in this part of the world.
France already has tough restrictions in place but there is speculation the country is heading for a renewed lockdown.
