The UK hotel industry could take four years to return to 2019 levels of business, even if an effective vaccine helps the sector to recover from the deep financial hit caused by Covid 19.
The daily revenue per hotel room – a key indicator for the sector – is not expected to revive to 2019 levels until 2024 in London, and 2023 across the rest of the UK, according to forecasts published on Tuesday by the accounting firm PricewaterhouseCoopers (PwC).
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Stock markets have opened sharply down in Asia Pacific on Tuesday, taking their cue from the US and Europe where shares fell on Monday amid concerns that the second wave of coronavirus is not being contained. In Sydney the ASX200 has fallen 1.2% and the Dow Jones New Zealand is down 1.3%. Markets in Asia are set to follow suit.
Michael McCarthy, chief market strategist, CMC Markets and Stockbroking in Sydney, said:
“The challenge for markets is that in most cases they are already pricing a very strong economic bounce. The new outbreaks, and the potential for a double-dip recession, directly contradict this assumption.
Asia Pacific markets are under pressure, with futures markets indicating opening falls for stocks. Trade data released this morning in New Zealand is broadly in line with forecasts, although the trade balance for the year was better than expected. China industrial profits and Hong Kong trade numbers could also shape trading today.
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