FTSE 100 LIVE: Markets tumble across Europe despite China stocks extending rally

1 min


84
12 shares, 84 points
FTSE 100 LIVE: Markets tumble across Europe despite China stocks extending rally

Wall Street’s S&P 500 and London’s FTSE 100 are expected to fall 0.1 percent when US and UK markets open.

This is despite having shown signs of gains.

Investors said a rally in Chinese shares, which rose 5.7 per cent on Monday, gave hope of economic recovery.

FOLLOW OUR LIVE UPDATES HERE: 

1.30pm update – FTSE continues to fall

FTSE has fallen further after a torrid start to the day. 

At mid-morning the index was at 6,233 but it now sits at 6,191. 

11.30am update – EU markets down

EU markets have tumbled across Europe, with the Euronext 100, CAC 40, DAX and Swiss Market Index all suffering tough mornings.

The Euronext has fallen 1.07%, CAC 1.25%, DAX 1.49% and Swiss Markert Index 0.82%.

9am update: FTSE drops on open

The FTSE has dropped on open as fears of a second wave hinder recovery.

FTSE close at 6,285 yesterday but fell to 6,220 soon after open this morning.

It marked a one percent drop.

6.16am update: US trade groups urge China to increase purchases of US goods, services

The US Chamber of Commerce and over 40 trade associations on Monday urged top American and Chinese officials to redouble efforts to implement a Phase 1 trade agreement signed by the world’s two largest economies in January despite pandemic-related strains.

In a letter to US Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, the groups said they were encouraged by the progress so far, but urged a significant increase in China’s purchases of U.S. goods and services.

They said combating the novel coronavirus pandemic and restoring global growth depended in part on successful implementation of the US-China trade deal, which helped defuse a nearly 18-month trade war marked by tit-for-tat tariffs.

The agreement called for China to purchase $ 200 billion in additional US goods and services over the next two years.

Jeremie Waterman, who heads the Chamber’s China Center, said some progress had been made on structural issues and purchases of farm goods, but China needed to step up its purchases of US manufactured goods, services and energy to meet its targets now that its economy was starting to recover from the pandemic.


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84
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