July 4, 2020

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Stock Market Held Back by New Virus Cases

Stock markets on both sides of the Atlantic struggled Monday to rebound
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Stock markets on both sides of the Atlantic struggled Monday to rebound from last week’s losses as optimism over easing lockdowns was torpedoed by fear over surging coronavirus infections.

Investors were treading water “with the positive implications of easing lockdown measures weighed up against surging COVID-19 cases throughout the US,” said Joshua Mahony, senior market analyst at online trading firm IG.

Key eurozone market barely managed any gains at all, while London advanced slightly more as investors welcomed British Prime Minister Boris Johnson saying the coronavirus crisis needed the type of massive economic response US president Franklin D. Roosevelt mobilised to tackle the Great Depression.

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Travel stocks were up, with both TUI and EasyJet posting gains.

BP’s share price jumped after the British energy major, hit hard by weak oil demand, announced the sale of its petrochemical business to privately-owned rival Ineos.

On Wall Street, the Dow Jones index was around 150 points higher at the opening bell.

Earlier, Asian equity markets had tanked in response to rising virus cases in the US, and after China imposed a strict lockdown on nearly half a million people in a province surrounding Beijing to contain a fresh cluster, with a city official calling the situation “severe and complicated”.

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Bars in Los Angeles and six other counties in California — with a joint population of more than 13 million people — were ordered to close again, just over a week after reopening, while San Francisco was stalling its easing measures.

  • Key figures around 1335 GMT –

London – FTSE 100: UP 0.4 percent at 6,186.05 points

Frankfurt – DAX 30: UP 0.3 percent at 12,120.84

Paris – CAC 40: UP 0.1 percent at 4,914.64

EURO STOXX 50: UP 0.1 percent at 3,206.07

New York – Dow: UP 0.7 percent at 25,192.51

Tokyo – Nikkei 225: DOWN 2.3 percent at 21,995.04 (close)

Hong Kong – Hang Seng: DOWN 1.0 percent at 24,301.28 (close)

Shanghai – Composite: DOWN 0.6 percent at 2,961.52 (close)

West Texas Intermediate: UP 0.5 percent at $38.68 per barrel

Brent North Sea crude: UP 0.7 percent at $41.17

Euro/dollar: UP at $1.1272 from $1.1219 at 2100 GMT

Dollar/yen: UP at 107.44 yen from 107.22 yen

Pound/dollar: DOWN at $1.2304 from $1.2336

Euro/pound: UP at 91.63 pence from 90.94

burs-jh/wai

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