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FTSE 100 LIVE: UK stocks SOAR as coronavirus vaccine resumes phase 3 trials

Vaccine hopes boosted shared, but  entiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States.

AstraZeneca announced it has resumed British clinical trials of its COVID-19 vaccine at the weekend, after getting the green light from safety watchdogs.

This is one of the most advanced in development.

The late-stage trials of the experimental vaccine, developed with researchers from the University of Oxford, were suspended last week after an illness in a study subject in Britain, casting doubts on an early rollout.

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A vaccine has long been awaited to help pull the world out of a coronavirus-induced lockdown.

“The reopening of the global economy is enticing us to recommend a trade going long a basket of 14 laggard ‘back to work’ stocks versus a basket of 14 high-flying ‘COVID-19 winners’,” BCA Research wrote in a note.

“While we maintain a cyclical and secular bullish outlook on the broad market, a short-term correction due to technical and (geo) political reasons is likely on the cards,” it said

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“A playable short-term pullback is in order.”

FOLLOW EXPRESS.CO.UK BELOW FOR LIVE UPDATES:

Asian shares soar as coronavirus vaccine resumes phase 3 trials (Image: GETTY)

12.45pm update: Expert reacts to markets

Seema Shah, chief strategist at Principal Global Investors, reacted to the markets on Monday.

Shah said: “There is still some caution in markets because US virus numbers appear to be picking up again in some states.

“The vaccine is positive news but there is a lot of scepticism about when it comes in and how widely it will be adopted.”

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12.30pm update: Limited gains despite vaccine hopes

World stocks nudged higher on Monday on hopes for a coronavirus vaccine.

It came after AstraZeneca resumed its phase-3 trial.

But, the gains were limited ahead of a host of central bank meetings this week.

11.45am update: FTSE down

The FTSE-100 index at 11:45am was down 11.35 at 6020.74.

11.00am update: Morning’s gains wiped out

FTSE’s morning gains have been wiped out following a sharp slump.

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The UK index rose from yesterday’s close of 6,032 to 6,074 in just 15 minutes this morning.

However it has since plummeted below open, now sitting at 6,017.

9.15am update: European markets start strong

Like FTSE, European markets have started the day brightly.

Euronext 100 is up 0.70%, CAC 40 is up 0.77%, DAX is up 0.53% and Swiss Market Index is up 0.30%.

8.20am update: FTSE soars on open

FTSE has soared on open this morning, growing 70 points in just a matter of minutes.

The UK index closed at 6,043 on Friday afternoon, after a productive week during which it rose from 5,799.

This morning the index has continued its bright form, rising from 6,043 to 6,076.

More to follow…

Source:Daily Express :: City and Business Feed

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