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Friday,10 July 2020 at 16:06

UK and European markets closed higher as data showed French and Italian industry output rebounding more strongly than expected in May.

U.S. stocks rose as traders digested news about a potential coronavirus treatment as well as another record spike in virus cases.

The dollar and other safe-haven currencies were well bid after a surge in new coronavirus cases in the United States further undermined the case for a quick economic recovery.

Oil prices steadied but were still set for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand.

Gold prices retreated as investors embraced the safe-haven greenback in the face of record U.S. coronavirus cases.

In corporate news, Petropavlovsk was the standout gainer after one of its investors called a shareholder meeting to remove Peter Hambro and four other directors after a judge failed to rule that most of the appointments were invalid. The Russian gold miner said it would hold a general meeting at the request of Everest Alliance, which holds about 7.5% of the company's shares.

Markets
At the close
FTSE 100 6,095 +0.76%
FTSE 250 17,179 +1.15%
DAX 12,633 +1.15%
At 16:50
Dow Jones 25,864 +0.62%
S&P 500 3,160 +0.28%
NASDAQ 10,539 (-0.08%)
Fixed Income
UK 10-YR YIELD 0.16
Exchange Rates
GBP/USD 1.264
GBP/EUR 1.117
Commodities
Gold $1,798 (-0.27%)
Brent $42.96 +1.51%
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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