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FTSE 100 LIVE: Global stocks surge as investors shift focus on major bank rule change

Meanwhile, futures markets pointed to a slow start when Wall Street starts trading later in the day.

This is with the S&P 500 tipped to open 0.1 percent lower.

And the FTSE 100 was expected to climb 0.7 percent.


7.15am update: Nikkei closes up 

Japan’s stock market finished trading 246 points up in trading on Friday. 

Closing at 22,507, the market finished 1.1 percent up. 

7.07am update: Rishi Sunak waiting for ‘independence day’ 

The Chancellor will wait to see how the public responds to the reopening of the hospitality sector before deciding on whether a fiscal stimulus is needed. 

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Mr Sunak is set to present his statement on July 9 but could move that further back as the Treasury assesses the state of mind of the British consumer. 

It is expected that Mr Sunak will put forward temporary tax cuts and spending measures. 

Bill McLoughlin takes over from Rachel Russell. 

6.14am update: No breakthrough yet from global recovery outlook – new poll

The outlook for a global economic recovery over the past month has worsened or at best stayed about the same, according to a firm majority of economists in Reuters polls, with the ongoing recession expected to be deeper than predicted only last month.

World stocks fell to their lowest in over a week on Thursday, as recovery doubts have crept in, driven by a surge in coronavirus cases in many countries.

That includes the United States, which appeared to have gained some control over the pandemic in May, leading to several states lifting restrictions.

Along with increasing trade tensions, prospects of a second wave of the virus and the latest warning from the International Monetary Fund of a near 5 percent plunge in the global economy this year has raised fears the V-shaped recovery expected by financial markets is in jeopardy.

Reuters polls of over 250 economists taken this month showed ongoing recessions in most major developed economies would be deeper than predicted last month, leaving unemployment rates well above pre-COVID levels even by the end of next year.

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When asked how the global economic recovery outlook had changed over the past month, 80 percent or 71 of nearly 90 economists said it had worsened or at best stayed the same.

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