From Breakingviews: Online retailers make the most of lockdown, and there are dark skies facing troubled Cathay Pacific. Catch up with the latest financial insights
- UK recessionDELIVERY BOOM. Online retailers have made the most of lockdown. Fashion group ASOS said on Wednesday that sales and pre-tax profit in the current financial year would significantly exceed market expectations. One reason is fewer returned items. The other is a surge in demand for workout gear from its main client base, shoppers in their twenties, while they were housebound.
BAD RECORD. Britain’s second-quarter recession was brutal. GDP shrank by a record 20.4% compared with the first three months of the year, official data showed on Wednesday. That was worse than even the hardest-hit euro zone country, Spain. The explanation is simple. The tough UK lockdown lasted for more of the second quarter than similar measures in the four biggest euro zone countries and the United States.
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