FTSE 100 opens nearly 0.5% up as it climbs 28 points to 5,882 as investors welcome easing of lockdown and Chinese exports rise quicker than expected
- FTSE 100 of Britain’s biggest firms rose by 28 points or 0.47% to 5,882 today
- Investors welcome plans to ease rules imposed under lockdown from Monday
- Analysts also react to Chinese exports proving far stronger than predicted
- Also watching huge amount of new US debt set to be sold in coming weeks
- Here’s how to help people impacted by Covid-19
London markets opened up today as investors welcomed plans to ease rules imposed under the six-week coronavirus lockdown from Monday.
The FTSE 100 of Britain’s biggest firms rose by 28 points or 0.47 per cent to 5,882 in early trading this morning.
Analysts also reacted to Chinese exports proving far stronger than predicted, as well as the huge amount of new debt set to be sold in the US in the coming weeks.
Prime Minister Boris Johnson will outline proposals for a ‘second phase’ in the battle against the virus this weekend, with the ‘Stay at Home’ slogan dropped in favour of a less restrictive message.
PAST FORTNIGHT: The FTSE 100 rose again this morning after plunging at the end of last week
2020 SO FAR: The FTSE has regained some ground in April and May since collapsing in March
Ssome regional markets in Asia steadied overnight after a shaky start with indexes in Japan and South Korea back to flat. People walk past a displaying share prices in Tokyo today
The lockdown will still be extended for another three weeks today – but a series of ‘easements’ will be announced on Sunday after the Cabinet finalises the details.
Mr Johnson will also host a Cobra emergency meeting with leaders in Scotland, Wales and Northern Ireland in the hope of agreeing a UK-wide approach.
Elsewhere, Beijing said exports rose 3.5 per cent in April on a year earlier, defying expectations of a 15.1 per cent fall and outweighing a 14.2 per cent drop in imports.
The surprise stoked speculation that China could recover from its lockdown quicker than first thought and support global growth in the process.
The news helped some regional markets in Asia steady overnight after a shaky start with indexes in Japan and South Korea back to flat.
In the US, President Donald Trump said he would be able to report in about a week or two whether China is meeting its obligations under a trade deal.
And the US Treasury said it would borrow an astonishing $2.999trillion during the June quarter, five times larger than the previous single-quarter record.
Traders worldwide are still cautious that recent tensions between the US and China could escalate into another tariff stand-off.
China said tariffs should not be deployed as a weapon, after Mr Trump said he might use them to punish Beijing over its handling of the virus outbreak.
The Dow Jones in New York closed down 0.9 per cent at 23,665, while oil prices hovered around the $30 a barrel mark as lockdown measures began to ease.