Bank of England’s Haldane says UK housing market on fire; US job vacancies at record– business live
Rolling coverage of the latest economic and financial news
- Latest: Bank of England chief economist says housing market on fire
- Haldane: Housing boom will widen wealth inequality
- US job vacancies hit record 9.3m
- Massive internet outage hits websites including Amazon, gov.uk and Guardian
- London’s metal trading outcry Ring to reopen
- German industrial output down 1% in April
The global economy is set for the fastest recovery from recession for more than 80 years, but poor nations are at risk of falling further behind wealthy countries amid slow progress with the Covid-19 vaccine, the World Bank has said.
In its half-yearly outlook report, the Washington-based institution said the world economy was forecast to grow at 5.6% this year, in a sharp upgrade from previous estimates it made in January for growth of 4.1%.
Global GDP will expand 5.6% this year, up from 4.1% forecast in January, the World Bank said in its semi-annual Global Economic Prospects report – Bloomberg
*That will be fueled largely by a 6.8% expansion in the U.S. and 8.5% in China. pic.twitter.com/kU0v2QYV2g
Global Economic Prospects report of the World Bank: Global GDP will expand 5.6% this year, up from 4.1% forecast in January. That will be fueled largely by a 6.8% expansion in the U.S. and 8.5% in China.
Related: Global economy set for fastest recovery for more than 80 years
Back on Wall Street, shares in Fastly have actually rallied despite the cloud computing service causing today’s Internet outage.
Fastly stock is up 5%, after its content delivery network (CDN) was identified as the problem behind the problems that afflicted major web site and media outlets today.
The real story here, Fastly’s share price goes up because investors realize how important the clients it supports are. https://t.co/Q6QIQsigpy
“This incident highlights the reliance of many of the world’s biggest websites on content delivery networks (CDNs) such as Fastly. As there are so few of these CDN services, these outages can occur from time-to-time.
The cloud computing service hasn’t clarified what caused the issue but there will be undoubtedly be a lot of questions flying around from clients that lost money. So many eggs in so few baskets doesn’t make for a great recipe.
Fastly $FSLY shares reverse course, last up 3.4%
~ They might want to think about having more outages.. pic.twitter.com/3rfIeN6XP8
