FTSE 100 LIVE: Global stocks extend gains on economic recovery hopes despite US recession

1 min


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13 shares, 93 points
FTSE 100 LIVE: Global stocks extend gains on economic recovery hopes despite US recession

Japan’s Nikkei .N225 bucked the trend to be down 0.5 percent..

“The good news is that this shows central banks’ effort to stabilise the market have worked,” said Tai Hui, Chief Asia Market Strategist at J.P. Morgan Asset Management.

“The current risk rally is driven by investors’ belief that the worst of this recession is behind us, which we agree with. Yet, investors need to be mindful of the potential risks ahead.”

Tai said the “road to recovery” was still long while the threat of a second wave of coronavirus infections cannot be ruled out yet.

It comes as economic downturn in the US due to the pandemic has been officially declared a recession, according to the National Bureau of Economic Research.

FOLLOW OUR LIVE UPDATES HERE:

7.38am update: Holiday rentals firm agree to give customer refunds for coronavirus cancellations

The holiday rentals firm behind Hoseasons and Cottages.com has agreed to give customers refunds for cancelled trips due to the coronavirus crisis after a probe by the competition watchdog.

The Competition and Markets Authority (CMA) said Vacation Rentals had changed its policy after originally refusing to give money back to customers whose stays had been cancelled.

Vacation Rentals has now given the CMA a formal commitment that it will give affected customers the option of a full refund.

6.27am update: Hong Kong hedge funds seek exit as national security law approaches

Fund managers and traders in Hong Kong are said to be concerned that the industry could clash with China, after the Chinese Communist party approved a plan to impose national security laws targeted at what it called “subversion of state power”.

Speaking to the FT, an adviser who works with hedge funds in the city and elsewhere in the region said: “It will become just another city in China. The hedge fund community will move on to Singapore and elsewhere.”

More than 420 funds are based in the city, according to data from research firm Eurekahedge.

Funds in Hong Kong manage assets are worth almost $ 91bn, more than is managed in Singapore, Japan and Australia altogether.

Additional reporting by Rachel Russell


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