Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

London stocks post positive start to quarter; Brexit worries remain

share with twitter share with LinkedIn share with facebook
10/01/2020 | 01:10pm EDT
The London Stock Exchange Group offices are seen in the City of London, Britain

London-listed shares rose on Thursday on hopes of more U.S. stimulus and signs that the British government would not impose another sweeping national lockdown, but a slide in oil stocks capped gains.

Markets globally held steady after the Trump administration on Wednesday proposed stimulus measures worth $1.5 trillion, including $20 billion of aid for the airline industry.

In Britain, Environment Secretary George Eustice said the government was seeking to avoid a full national lockdown to contain a resurgence in COVID-19 cases, in the interest of preventing unemployment soaring into the millions.

The more domestically focused mid-cap index rose 0.4%, while the blue-chip FTSE 100 edged up 0.2%. Defensive plays such industrials <.FTNMX2720>, utilities <.FTNMX7530> and healthcare stocks <.FTNMX4530> were among the top boosts as Brexit concerns remained.

The European Union launched a legal case against the United Kingdom on Thursday for undercutting their earlier divorce deal and a senior UK minister said differences remained in talks on a trade agreement.

"The first piece of good news is that...Brussels has not shut down trade talks," said James Smith, developed markets economist at ING.

"Instead, the EU has signalled it is pursuing legal action against London, but this will take time and doesn't preclude a deal being done in the meantime," he said, adding that the Internal Market Bill was not necessarily a barrier to a deal, and that there have been signs that negotiations have taken a more positive turn.

The FTSE 100 has been range bound over the past month as new restrictions and rising COVID-19 infections offset hopes for an economic revival on the back of fresh stimulus measures.

Sentiment on Thursday was lifted as a survey showed British factory activity grew for the fourth month in a row in September and the sector cut the fewest jobs since before the COVID-19 lockdown.

Oil stocks <.FTNMX0530> slumped 3.4% to a two-month low as crude prices dropped more than 5%, with a rise in OPEC output last month and rising coronavirus cases dampening the demand outlook.

Among individual shares, Rolls-Royce dropped 10.2% after the aero-engine maker said it planned to raise 2 billion pounds ($2.6 billion) from shareholders, 1 billion pounds from the bond market and secure further loans to rebuild its balance sheet after the pandemic.

Retailer Halfords surged 31.5% to its highest level since June 2019 after it raised its first-half profit outlook as it continued to benefit from a cycling boom during the pandemic.

By Shashank Nayar and Susan Mathew

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) -0.43% 0.89922 Delayed Quote.6.81%
HALFORDS GROUP PLC 1.69% 240.5 Delayed Quote.42.06%
LONDON BRENT OIL 0.53% 37.86 Delayed Quote.-43.09%
ROLLS-ROYCE HOLDINGS PLC -1.49% 71.32 Delayed Quote.-69.58%
WTI -1.29% 35.72 Delayed Quote.-41.06%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
01:19pKLM pilots reject Dutch government's wage freeze demand
01:18pDutch government puts KLM bailout on hold over pilots' pay
01:08pDUTCH GOV'T : Bailout package for klm on hold after pilots refuse wage freeze -nos
11:50aFord sells struggling Brazil factory
11:10aTHE CENTRAL BANK PUBLISHES &LDQUO;RECENT ECONOMIC DEVELOPMENTS : Highlights of 2020 and Prospects for 2021”
10:43aAirport transfer Blacklane bets on intercity trips to revive COVID-hit business
10:43aMali's auditor general recommends review of mining contracts
10:32aCellex And Gauss's Fully At-Home Rapid COVID Test To Move Forward - Axios
09:45aChina to hold annual intl consumer products expo
09:45aCENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : China's transport investment up 9.8% in first three quarters
Latest news "Economy & Forex"