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Tuesday,07 July 2020 at 16:03

UK and European markets retreated as concerns over the threat to economic recovery of new coronavirus cases in the U.S. and weak German data put the brakes on Monday’s rally.

Risk currencies were trading flat, with investors hitting pause on a China-led equity market rally, as new coronavirus flare-ups and local lockdowns in some countries lifted the safe-haven dollar.

Oil prices cautiously rose with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.

Gold dipped as investors booked profits after bullion rallied to a near eight-year peak and as demand for dollars rose amid a new surge in COVID-19 cases.

In corporate news, Whitbread was in the red as it said UK first quarter like-for-like sales slumped, reflecting the impact of the coronavirus lockdown. Like-for-like sales for the three months to May 28 fell 79.8% across Whitbread’s British hotel and pub estate, while total group sales fell 79.4%.

HSBC was under pressure following reports the bank will cut more than a third of the 678 jobs at its French investment banking business as part of its wider push to slash costs.

Markets
At the close
FTSE 100 6,189 (-1.53%)
FTSE 250 17,350 (-1.14%)
DAX 12,616 (-0.92%)
At 16:45
Dow Jones 26,110 (-0.67%)
S&P 500 3,179 (-0.02%)
NASDAQ 10,505 +0.69%
Fixed Income
UK 10-YR YIELD 0.18
Exchange Rates
GBP/USD 1.257
GBP/EUR 1.113
Commodities
Gold $1,794 +0.59%
Brent $43.36 +0.67%
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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