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Wednesday,08 July 2020 at 16:02
UK and European markets closed lower as surging coronavirus cases in parts of the world continue to cast doubt over the prospect of a global economic recovery.
The dollar edged lower against its rivals as investors weighed hopes for a swift economic recovery against fears about a resurgence in the pandemic, particularly in the United States.
Oil prices eased in early trade as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply.
Gold pushed above $1,800 an ounce with analysts expecting further gains as investors stock up on an asset they expect to hold its value while the coronavirus convulses the global economy.
In corporate news, WPP was under pressure after Credit Suisse reinstated coverage of shares in the advertising company at ‘underperform’. The bank said its analysis of the marketing industry suggests clients are shifting spend more rapidly to digital transformation at a time when agencies still have at least 70% of their revenues from traditional services.
Going the other way, Persimmon was on the rise after a rating upgrade to ‘add’ at Peel Hunt and ahead of a trading update on Thursday.
At the close
FTSE 100 6,156 (-0.55%)
FTSE 250 17,185 (-0.95%)
DAX 12,494 (-0.97%)
Dow Jones 25,887 (-0.01%)
S&P 500 3,146 +0.01%
NASDAQ 10,387 +0.42%
UK 10-YR YIELD 0.18
Gold $1,811 +0.94%
Brent $43.06 +0.14%
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.