‘Businesses demand billions in help to avoid failures’. A rescue package is being pieced together by the UK government after warnings from the leisure, transport, and retail sectors suggested the £7 billion set aside in last week’s Budget won’t be enough. Chancellor Sunak is to chair the new ‘Business Economic Response Committee’ and is expected to outline new measures later today. (Financial Times)
‘European Union proposes ban on non-essential travel to Europe’. President of the European Commission, Ursula von der Leyen, proposed a temporary ban on non-essential travel to the European Union for 30 days. The proposal was put forward to G7 leaders in a video call on Monday. Travel between the EU and UK will still be allowed under the plan which is expected to be finalised on Tuesday. (Bloomberg)
US and European futures climbed overnight after the biggest drop in Wall Street stocks since 1987. In Asian trading, Japanese equities closed 2% higher after swinging sharply between gains and losses throughout the session. The Swiss Franc and Japanese Yen dropped off while bond yields ticked higher.
The German ZEW Economic Sentiment survey is forecast to indicate pessimism at -29.7, down from last month’s marginally optimistic 8.7.
US Retail Sales and Core Retail Sales for February are expected to show small growth in the measure at 0.2% and 0.1% respectively.