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Monday,06 July 2020 at 16:10

U.K. and European stocks were firmly higher, underpinned by a strong showing from housebuilders as investors digested a better-than-expected reading on the U.K. construction sector. 

U.S. stocks jumped, with tech shares leading the way. 

Sterling fell against the euro and held steady against the U.S. dollar, as traders looked ahead to this month’s Brexit negotiations and more government support measures expected later this week. 

Gold held steady as lingering fears of a surge in coronavirus cases countered pressure from stronger equities and the market awaited U.S. services sector data expected later in the day. 

In equity markets, housebuilders rallied on reports that Chancellor Rishi Sunak will announce plans this week to raise the threshold at which people start paying stamp duty to as much as £500,000 from £125,000. Barratt Developments, Persimmon, Taylor Wimpey, Berkeley Group, Crest Nicholson, Vistry, Redrow and Bellway were all sharply higher. 

On the downside, Hochschild Mining lost ground as it said it was suspending operations at its Inmaculada mine in Peru after some of its workers tested positive for Covid-19.

the close
FTSE 100 6,285 +2.09%
FTSE 250 17,550 +1.43%
DAX 12,733 +1.64%
16:55 BST
Dow Jones 26,198 +1.57%
S&P 500 3,177 +1.52%
NASDAQ 10,455 +2.43%
Fixed Income
UK 10-YR YIELD 0.20
Exchange Rates
GBP/USD 1.248
GBP/EUR 1.104
Gold $1,784 +1.67%
Brent $43.26 +1.17%
This report has been prepared for private circulation. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.
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