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Wednesday,24 June 2020 at 16:06

UK and European stocks closed sharply lower as a surge in coronavirus cases around the world spooked investors.

The dollar gained as a rise in coronavirus cases in the United States weighed on optimism about a quick economic recovery, and as the U.S. weighed tariffs on European products.

Oil prices fell as record high inventories and worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies.

Gold surged as rising coronavirus cases globally dented hopes of a rapid economic recovery and pushed investors towards safe haven assets.

In corporate news, Persimmon was in the red after saying it has recruited National Express chief executive Dean Finch as its next CEO to replace David Jenkinson. Finch is expected to join Persimmon at the end of 2020 after more than 10 years in charge at National Express.

Going the other way, precious metals miner Polymetal shone as gold prices rallied, while Aveva was in the black after being resumed at ‘buy’ by Bank of America Merrill Lynch.

Markets
At the close
FTSE 100 6,123 (-3.11%)
FTSE 250 17,150 (-2.84%)
DAX 12,119 (-3.23%)
At 16:45
Dow Jones 25,523 (-2.42%)
S&P 500 3,058 (-2.33%)
NASDAQ 9,933 (-1.95%)
Fixed Income
UK 10-YR YIELD 0.19
Exchange Rates
GBP/USD 1.242
GBP/EUR 1.102
Commodities
Gold $1,765 (-0.12%)
Brent $39.84 (-5.90%)
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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