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FTSE storms higher after Asian surge

by LLB Editor
6th Jul 20 11:39 am

The willingness of global governments to support an economic rehabilitation from the pandemic and signs of improving sentiment in China provided the backdrop to today’s surge in the FTSE 100 as it looked to recapture the highs seen in early June, rising 2.2% to nearly 6,300,” says AJ Bell investment director Russ Mould.

“Asian markets stormed higher on strong Chinese data which suggested that hopes for a V-shaped recovery might not be so fanciful after all.

“A so-called mini-Budget from UK chancellor Rishi Sunak on Wednesday will come with significant expectations attached after a series of measures were widely trailed in the weekend press.

“Among corporate news, there were boardroom changes afoot in the FTSE 100 as Lloyds chief executive António Horta-Osório announced plans for his departure and Aviva’s Maurice Tulloch stepped down for ‘family health reasons’.

“There had been some debate at boardroom level over Tulloch’s strategy for Aviva. His replacement Amanda Blanc increases the number of female FTSE 100 bosses by 20% to six.

“Oil prices traded higher with the global benchmark Brent reaching $43.49 per barrel, while gold was still not losing any of its sparkle, ticking up to $1,776.26 per ounce.”

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