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Thursday,09 July 2020 at 16:04
Global equity markets fell, giving back some of their weekly gains, amid renewed concerns over the coronavirus and its impact on the economy.
Oil prices were under pressure as concerns about renewed coronavirus lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand.
Gold held steady on growing fears that surging coronavirus cases could stall a global economic recovery, with the focus shifting to U.S. jobs data later in the day.
In corporate news, Rolls-Royce slumped as it said its free cash outflow was £3bn in the first half of 2020 as widebody engine flying hours halved because of the "historic shock" to civil aviation caused by the Covid-19 crisis. The engine maker said it expected performance to improve in the second half and that annual free cash outflow would be about £4bn. It warned that the civil aviation industry would take several years to recover but said its defence business was resilient.
SSE and National Grid were under the cosh after energy regulator Ofgem said network operators should invest £25bn from 2021 to 2026 to deliver emissions-free energy. It also proposed cutting the returns companies can make to reduce household bills. Both SSE and National Grid said they were "disappointed" with the plans.
At the close
FTSE 100 6,049 (-1.73%)
FTSE 250 16,985 (-1.16%)
DAX 12,489 (-0.04%)
Dow Jones 25,606 (-1.77%)
S&P 500 3,127 (-1.35%)
NASDAQ 10,422 (-0.67%)
UK 10-YR YIELD 0.16
Gold $1,800 (-0.47%)
Brent $42.41 (-2.15%)
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.