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FTSE 100 LIVE: UK unemployment SOARS – ONS issues bleak coronavirus update

The number of UK workers on payrolls fell by 730,000 between March and July, ONS said. This includes another 81,000 jobs lost last month, in large part due to the coronavirus pandemic, they said.

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It comes amid instability in world markets.Japan’s Topix index rose 2.2 percent as trading resumed in Tokyo following a long weekend.

Hong Kong’s Hang Seng index climbed 2.1 percent and China’s CSI 300 of Shanghai- and Shenzhen-listed shares gained 1.3 percent. Australia’s S&P/ASX 200 index went up by 1.2 percent.

Robert Rennie, global head of market strategy at Westpac, told the FT that there was “no single piece of hard data” showing why there were gains on Tuesday.

He added the reopening of markets in Tokyo and Singapore had “boosted liquidity”.

Mr Rennie also said: “You continue to see signs of a V-shaped recovery for markets versus a W-shaped recovery from an economic perspective.”

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9.00am update: FTSE soars on open

FTSE has soared on open for its best morning performance in weeks.

The index closed at 6,050 yesterday but has risen to 6,157 this morning.

It comes despite disappointing job loss figures released by ONS.

FTSE 100 live: Global stocks rallied on Tuesday morning (Image: GETTY)

7.15am update: UK unemployment rises 

The number of UK workers on payrolls fell by almost three-quarters-of-a-million people from March to July. 

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This marked the largest March-July loss in over a decade. 

The Office of National Statistics (ONS) has issued a bleak update, which showed 81,000 more jobs were lost last month. 

This was in large part due to the coronavirus pandemic, ONS said.

6.24am update: Asian stocks make gains despite Sino-US tensions

When European markets open this morning, they are expected to open higher with EUROSTOXX 50 STXEc1 futures up 0.86 percent and FTSE futures FFIc1 up 0.77 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up nearly 1 percent. Japan’s Nikkei .N225 returned from a holiday with a 1.85 percent gain led by healthcare and industrial stocks and the Hang Seng .HSI bounced 2.3 percent.

South Korean stocks .KS11 shrugged off a drop in exports and rose for a seventh straight session, adding 1.4 percent for a 7.5 percent gain already in August.

Source Daily Express :: City and Business Feed

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