FTSE 100 LIVE: European markets drop – but FTSE rises amid hopes of economic recovery

FTSE 100 LIVE: European markets drop – but FTSE rises amid hopes of economic recovery

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Both the German and French stocks exchanges are currently down today while the FSTE 100 has begun to rise. Japan’s Topix index rose 0.5 percent this morning, while Hong Kong’s Hang Seng added 0.6 percent. China’s CSI 300 index of Shanghai- and Shenzhen-listed stocks increased by 0.9 per cent. However, Australia’s stock market was closed for a public holiday. The FT reported that global stocks were given a boost as Chinese figures showed exports got smaller by just 3.3 percent in May in dollar terms.

And imports fell by more than expected over weak local demand.

Futures markets tipped Wall Street’s S&P 500 to rise 0.1 percent when trading begins later in the day.

London’s FTSE 100 was expected to drop 0.4 per cent. 

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FTSE 100 LIVE: London stocks are predicted to drop

FTSE 100 LIVE: London stocks are predicted to drop (Image: GETTY)

5.51pm update: London’s markets closed 11.71 points lower at 6,472.59p at the end of trading on Monday.

David Madden, market analyst at CMC Markets UK, said: “The indices stated off in the red, but as the day went on sentiment turned positive.

“But equity benchmarks traded lower after Peter Navarro, US trade advisor, claimed that China are trying to steal US vaccines via intellectual property theft.

“The adviser to the Trump administration soured the fragile sentiment in stocks, as the commentary could lead to a renewed increase in US-China tensions.”

5.05pm update: FTSE edges higher with news of pubs reopening

Boris Johnson has said he hopes bars and restaurants will be able to open and serve outdoors on June 22. 

3.52pm update: AstraZeneca share prices dip as rumours emerge over merge

There are rumours the pharmaceutcial company will merge with the US drugmaker Gilead.

As a response, AstraZeneca’s share price was down by two percent. 

2.42pm update: Dow Jones rises 

The Dow Jones is currently trading at 27,338.58, 0.84 percent up at the time of writing. 

12.13pm update: FTSE 100 trade at 6,489.29

The FTSE 100 stock exchange is currently 0.08 pecent up at the time of writing. 

11.10am update: German industrial output plummets

According to official statistics, industrial output dropped by 17.9 percent on the month. 

The constructions sector was down 4.1 while the energy sector fell by 7.2 percent. 

The economic ministry said: “The low point has been reached. With the gradual easing of protective measures and the resumption of production in the automotive industry, the economic recovery is beginning now.”

10.37am update: FTSE 100 rises while EU stocks drop 

The FTSE 100 is currently up 0.18 percent while the German Dax Performance Index has dropped by 0.31 percent. 

France’s CAC 40 is currently trading 0.31 percent down today. 

9.58am update: Sterling rise against the dollar 

The sterling rose this morning as plans to ease coronavirus lockdown measures begin to be eased. 

As it stands, the exchange stand at $1.27 to the pound. 

Viraj Patel, FX and global macro strategist at Arkera said: “Sterling-dollar remains anchored around the 200-day moving average of $1.2660/65.

“But it seems that bar the broader weak dollar and positive risk environment, investors currently lack any major catalyst for the pound to move materially above this key level.”

8.44am update: Nikkei 225 on the up 

The Japanese stock exchange has risen 1.37 percent at the time of writing and currently stands 23,178.10. 

8.42am update: FTSE 100 drops 

The FTSE 100 has dropped 13 points this morning and currently stands at 6,471.33 at the time of writing. 

7.23am update: Hang Seng Index on the up 

After a slump in trading this morning, Hong Kong’s stock exchange is currently trading 0.13 percent up on the day. 

The index currently stands at 24,806.45 at the time of writing. 

7.19am update: Japan’s economy still set for huge dip

Although the figures fro the first quarter were revised, the economy is still expected to dip sharply before recovering later in the year. 

Tom Learmouth, economist at Capital Economics said: “Despite the Ministry of Finance and Bank of Japan providing businesses and workers with significant support GDP won’t return to pre-virus levels any time soon.

“Across 2020 as a whole, we think Japan’s economy will shrink by 6.5 percent.”

7.03am update: Japan revises economic retraction 

The Japanese economy shrank at a rate of 2.2 percent in the first quarter, revised from an initial rate of 3.4. 

In figures from the cabinet office, the business investment rose by 1.9 percent compared with the previous quarter. 

Additional reporting by Rachel Russell. 

6.08am update: Global stocks see rise after US employment boost

Equity markets rose after data on Friday showed that US unemployment fell in May.

And non-farm payrolls also rose by 2.5m during the month.

Economists were expecting the US to see a fall in a further 7.5m jobs due to the coronavirus pandemic.

This would have taken unemployment to nearly 20 per cent.

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