The recovery for U.S. services businesses gained momentum in September, surveys of purchasing managers show, while fresh coronavirus restrictions hurt activity in Europe and Asia.

The Institute for Supply Management’s nonmanufacturing index—a survey-based measure of activity in U.S. industries such as travel, health care, restaurants and real estate—rose to 57.8, up from 56.9 in August. Separately, private data firm

IHS Markit

said Monday its U.S. services index came in at 54.6 last month, down slightly from 55.0 in August though still in expansion territory.

Both surveys track the direction—as opposed to the magnitude—of change in business activity, with a reading above 50 indicating expansion, while a level below 50 signals contraction.

Recent global surveys of companies separately found that factories bounced back in September and had largely closed the gap opened by lockdowns many countries employed in the spring to contain the coronavirus pandemic.

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The UK’s recovery from the Covid-19 lockdown was losing momentum even before the announcement of new restrictions to control the spread of the virus, the latest snapshot of the economy has found.



a dining room table: Photograph: Martin Godwin/The Guardian


© Provided by The Guardian
Photograph: Martin Godwin/The Guardian

The closely watched monthly estimates from Cips/Markit found the level of activity at its lowest since June, the outlook for business at its weakest since May and jobs being shed at a rapid rate.

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Related: UK recession expected to continue until spring amid Covid-19 surge

While the purchasing managers’ index showed the economy still growing in September, there was a marked easing from last month, when the hospitality sector received a temporary boost from the government’s eat out to help out scheme.

The Cips/Markit report flash estimate of the service and manufacturing sectors dipped from 59.1 in August to 55.7 in September. A reading above 50 indicates

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a person standing in front of a store: Pedestrians are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange in Sydney


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Pedestrians are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange in Sydney

(Reuters) – Australian shares gained more than 1% on Wednesday, tracking an overnight tech-led rebound on Wall Street, while easing border restrictions due to dwindling COVID-19 cases in Queensland and New South Wales also helped boost investor sentiment.

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The S&P/ASX 200 index <.axjo> climbed 1.3% to 5,861.70 by 0030 GMT. The benchmark closed 0.7% lower on Tuesday.

Major Wall Street indexes Dow Jones Industrial Average <.dji>, S&P 500 <.spx wp_automatic_readability="2.5507114744172"> and Nasdaq <.ixic wp_automatic_readability="10.932867557716"> all finished the previous session on a stronger note, led by a jump in Amazon following a stock upgrade to “outperform” by brokerage Bernstein.

Back home, the state of Queensland said it would open its borders to parts of neighbouring New South Wales, the country’s most populous state, amid growing confidence that a second wave

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By Christian Kraemer and Michael Nienaber

BERLIN (Reuters) – Germany, France, Italy, Spain and the Netherlands called on the European Commission to draw up strict regulation for asset-backed cryptocurrencies such as stablecoins to protect consumers and preserve state sovereignty in monetary policy.

The finance ministers of the five European Union member states said in a joint statement on Friday that stablecoins should not be allowed to operate in the 27-member bloc until legal, regulatory and oversight challenges had been addressed.

Stablecoins, a type of cryptocurrency often backed by traditional assets, leapt onto policymakers’ agendas last year when Facebook

revealed plans for its Libra token.

Some central banks and financial regulators, concerned that Libra could destabilise monetary policy, facilitate money laundering and erode privacy, threatened to block it and the project has been delayed and reshaped as a result.

The EU’s regulatory framework for stablecoins should preserve the bloc’s monetary sovereignty

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Recasts with details, background, outlook

Sept 10 (Reuters)Australia’s Myer Holdings Ltd MYR.AX on Thursday reported an annual loss as reduced footfall and store closures due to coronavirus-induced restrictions impacted its sales during the second half, outweighing strong online sales performance.

The department store firm now expects low foot traffic to continue for the foreseeable future at its central business district stores, which are some of its largest stores with high associated rents, it said in a statement.

For the year ended July 25, net loss after tax excluding one-time costs and impairment charges was A$11.3 million ($8.23 million), compared with a profit of A$33.2 million a year earlier.

While supermarket sales across the globe were boosted by hoarding during initial stages of the pandemic and a jump in in-home consumption, brick-and-mortar clothing retailers have experienced a plunge in sales from reduced footfall at malls.

Myer was forced

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Some of the largest emerging economies — including India and Mexico — have suffered the most from coronavirus-related lockdowns, highlighting their limited policy options as the pandemic continues and wealthier countries start to consider reimposing restrictions in the face of a second surge in infections.

India’s economy, the world’s fifth-largest, shrank by about a quarter in the three months to June, when Prime Minister Narendra Modi imposed severe curbs on business activity and movement to contain the disease. In the same period, Mexico lost 17 per cent of its output from the first quarter. Peru, whose output contracted by 27 per cent, was hardest hit.

The list may yet get bleaker as more data come in: South Africa is expected on Tuesday to report a sharp fall in gross domestic product of about 13 per cent in the three months to June, the darkest months of the pandemic.

While China,

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China said it will restrict the exports of some artificial intelligence technology to safeguard national economic security, and will require government permits for overseas transfers.

AI interface technologies such as speech and text recognition, and those that analyse data to make personalized content recommendations, were added to a revised list of export-control products published on the Ministry of Commerces website late Friday.

The new restrictions could encompass technologies used by Chinas ByteDance Ltd, Xinhua News Agency reported, citing a trade expert. Beijing-based ByteDance is being forced by President Donald Trumps administration to sell the United States (US) operations of its popular video-sharing TikTok app, and its unclear if the new rules will affect any potential sale.

Microsoft Corp and Oracle Corp have submitted rival bids to ByteDance to acquire TikTok’s US business, while Centricus Asset Management Ltd and Triller Inc made a last-minute pitch on Friday to buy TikTok’s operations

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