G ood morning. Stock markets are set for another positive day as hopes grow that the pandemic might be easing in Europe and countries will soon be able to set out their exit strategies from lockdown.
This optimism spurred markets on Monday. London gains were capped by a stronger pound, however Wall Street the Dow Jones soared more than 1, 823 points.
5 things to start your day
1) The former MEP and university lecturer tasked with taking on the Chancellor : Judging from current Government policy, Labour’s first female shadow chancellor might be forgiven for thinking her party won last December’s election.
2) Building work ground to a halt in the UK and Europe last month as the coronavirus stopped construction sites operating, delayed material deliveries and prevented workers from traveling. Activity slumped at its fastest rate since the financial crisis, according to IHS Markit’s purchasing managers ’index (PMI) survey.
3) P&O Ferries ‘running out of time’ to stay afloat with 4, jobs at risk : The ferry company Dubai owner is scrambling to agree a £ 823 m rescue deal that will include cuts to staff’s wages and pensions alongside a Government bailout.
4) Sir Stelios threatens to sue easyJet bosses as Airbus row takes off : EasyJet’s founder and biggest investor issued a blistering broadside against easyJet, warning that the carrier risked running out of cash by August.
5) Lloyds staff have claimed they are struggling with unclean office space and ultra-long hours as the banking industry scrambles to cope with surging demand. Workers told trade union BTU that they are putting in 100 – hour days amid an onslaught from small business customers afraid of going bust during the lockdown.
What happened overnight
E quities rose again on Tuesday as investors seized on signs of a slowdown in the spread of the coronavirus in key hotspots and some governments began making plans to ease restrictions aimed at containing the disease.
Crude prices were also lifted by hopes of major producers will agree to cut output this week, while the pound clawed back some of its losses that came in response to news Prime Minister Boris Johnson was in intensive care.
Asia extended Monday’s rally following a surge on Wall Street, with much-needed optimism on news that fresh cases were slowing in Spain, Germany, Italy and France.
Tokyo stocks ended the morning more than 1pc higher, while Hong Kong gained 0.6pc and Shanghai jumped 1.7pc as investors returned from a long weekend to play catch-up with Monday’s advance.
Seoul, Taipei, Singapore, Manila and Wellington were also more than 1pc higher, though Sydney and Jakarta fell slightly.
Coming up today
Interim results: Ferrexpo
Full-year: Alliance Pharma, Saber Insurance
Trading statement: Homeserve
Economics: Halifax house price index (UK), industrial production (Germany)
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