Home Business FTSE 100 LIVE: Rollercoaster morning for markets as second wave fears spark...

FTSE 100 LIVE: Rollercoaster morning for markets as second wave fears spark chaos

China’s newest equity market also struggled to takeoff this week as shares plummeted as the coronavirus pandemic continues to wreak havoc on global economies. The FT reported two-thirds of the 32 stocks on the New Third Board Select, which is a Beijing-based trading venue for small firms, fell on Monday. “I am very disappointed about [the] performance,” said Zhou Yunnan, founder of Beijing-based fund Nanshan Investment, which owns NTBS-listed stocks. “It has undermined our confidence in the market.”

FTSE 100 LIVE: Global stocks struggled on Wednesday (Image: GETTY)

Global stocks are also struggling this morning.

Japan’s Topix index fell 1 per cent in early Asia-Pacific trading and Australia’s S&P/ASX 200 barely changed.

China’s CSI 300 index of Shanghai- and Shenzhen-listed stocks fell 0.6 per cent.

The S&P 500 will struggle when Wall Street begins trading later on Wednesday and London’s FTSE 100 is expected to drop 0.4 percent.

FOLLOW OUR LIVE UPDATES HERE:

- Advertisement -

{%=o.title%}

]]>

12.20pm update: Expert reacts to markets

Michael Hewson, chief market analyst at CMC Markets UK, reacted to the “wobbly” markets.

He said: “Global stock markets appear to be starting to get a little wobbly as the latest earnings numbers start to paint a picture of a global economy that could start to face a challenging time in the weeks and months ahead.

“The resurgence of coronavirus cases starting to get reported across the world is prompting the realisation that hopes of a V-shaped recovery are starting to look like pie in the sky.”

12.05pm update: European shares edge higher

European shares rose on Wednesday, but a resurgence of COVID-19 cases kept investors cautious. Investors also awaited news from the US Federal Reserve’s latest policy meeting.

The MSCI world equity index, which tracks shares in 49 countries, was flat at 1007 GMT, while mixed corporate earnings sent MSCI’s main European Index down by a quarter of a point.

- Advertisement -

Europe’s STOXX 600 was up 0.1%, Germany’s DAX was down 0.1% and France’s CAC 40 gained 0.7%.

Spanish bank Santander reported a record second-quarter loss while Germany’s Deutsche Bank gave a slightly improved outlook.

11.25am update: Mortgage lending bounces back after record low

Mortgage lending bounced back last month after hitting a record low in May.

Bank of England figures show mortgage approvals increased to 40,010 in June from 9,300 the previous month.

The central bank’s monthly money and credit report said: “The mortgage market showed some signs of recovery in June but remained relatively weak in comparison to pre-COVID.”

- Advertisement -

UK Chancellor Rishi Sunak pictured leaving No10 (Image: getty)

11am update: Mixed bag for EU markets

It’s a mixed back in Europe today, with Euronext 100 and CAC 40 enjoying bright starts and DAX and Swiss Market Index losing ground.

Euronext is up 0.36%, CAC 0.68%, while DAX is down 0.16% and Swiss Market 0.15%.

8:45am update: Rollercoaster morning for FTSE

After a bright start, the FTSE plunged this morning, wiping out early games.

After hitting a high of 6,142 this morning, the index quickly dropped to 6,120 at 8:30am.

It’s since risen, however, and is currently sitting pretty on 6,139 – a gain on the day.

8.10am update: FTSE opens with a bang

FTSE has soared on open this morning, despite Boris Johnson’s warnings of a second coronavirus wave.

The index closed on 6,129 but has already risen to 6,142 just minutes after opening.

6.27am update: India’s gloomy outlook darkens as recovery path in doubt

The outlook for India’s reeling economy has worsened again as business activity slows and COVID-19 infections soar, and will probably prompt the Reserve Bank of India to cut interest rates again soon, a Reuters poll of economists has said.

The Indian economy is now likely to contract this quarter and next and in this fiscal year as a whole, according to the July 20-28 poll of nearly 60 economists. Growth had been expected for all of those periods except the second quarter in the previous poll, taken in April.

“India’s failure to contain the spread of the coronavirus, and the government’s underwhelming support package for firms and households, means the economy will suffer its largest drop in output on record this year,” said Darren Aw, Asia economist at Capital Economics in Singapore.

In the quarter just gone by, the Indian economy is forecast to have shrunk 20.0 percent – the first double-digit contraction since official quarterly data started being released in the mid-1990s. It will then contract 6.0 percent and 0.3 percent in the current and following quarters, respectively, according to the poll.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -
%d bloggers like this: