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Wednesday,20 May 2020 at 16:02

UK and European stocks closed higher as investors monitored corporate earnings as well as efforts to gradually open up economies.

The U.S. dollar fell against the euro as the common currency enjoyed a boost from the recently announced proposal for a common fund that could move Europe closer to a fiscal union as it tries to counter the economic hit from the coronavirus pandemic.

Oil prices firmed on signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.

Gold rose amid extensive stimulus measures and uncertainty over a possible coronavirus vaccine, but bullion’s gains were limited as risk appetite improved on hopes of an economic recovery.

In corporate news, Experian was sitting pretty at the top of the index after it left its dividend unchanged as the information services company said the Covid-19 crisis and currency swings could reduce first-quarter revenue by up to 15%.

Rolls-Royce gained, having fallen earlier after saying they would cut at least 9,000 jobs as part of a plan to save more than £1.3bn a year in response to the Covid-19 crisis. The engine maker said the job cuts from its global workforce of 52,000 would mainly affect the civil aerospace business and that it would review the division's facilities.

Markets
At the close
FTSE 100 6,067 +1.08%
FTSE 250 16,367 +0.29%
DAX 11,223 +1.34%
At 17:00
Dow Jones 24,611 +1.67%
S&P 500 2,977 +1.86%
NASDAQ 9,382 +2.15%
Fixed Income
UK 10-YR YIELD 0.23
Exchange Rates
GBP/USD 1.225
GBP/EUR 1.116
Commodities
Gold $1,747 +0.18%
Brent $35.58 +3.10%
This report has been prepared for private circulation. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.
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