The London-based FTSE 100 was 1.63 percent higher at 3.30pm at 5,848 points, having fallen by 0.2 percent on Tuesday. Wall Street also got off on the front foot as markets opened in the US. The Dow Jones jumped 1.2 percent, while the S&P 500 was 1.3 percent higher and the Nasdaq increased 1.4 percent. European markets have also followed suit following a disappointing day of trading on Tuesday.
FTSE 100 LIVE: Asian stocks rose on Tuesday
The pan-European Stoxx 600 was up 1.8 percent, with Germany’s Dax jumping 2.1 percent and France’s CAC 40 climbing 4.4 percent.
Oil markets are continuing their spirited recovery, with prices rising for a fifth successive day off the back of increased optimism that storage space is becoming more readily available and subsequently, demand will also pick up.
Brent crude surged 10 percent to $30 a barrel while WTI, the US benchmark, jumped 16 percent to $23.70 a barrel.
David Madden, market analyst at CMC Markets, said: “One of the reasons behind the painful fall in the oil market recently was because of storage concerns.”
“But some of those fears have been alleviated due to the prospect of increased economic activity, once the lockdown restrictions are eased.”
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Jewellery maker Pandora reported a 41% decline in Sales in the first quarter
4pm update: FTSE 100 beginning to fall
The FTSE 100 is beginning to fall towards the end of the trading session, giving up gains made earlier in the day.
The London stock market was up by 1.54 percent at 4pm, lowering slightly to 5,842 points.
3.30pm update: US service PMIs plummet at fastest rate on record
IHS Markit’s PMI reading for the services sector in the US crashed to 26.7 percent in April. A reading of below 50 indicates contraction.
The company said: “The latest data signaled a substantial decline in business activity across the US service sector in April, as the COVID-19 outbreak escalated and emergency public health measures intensified.
“The rate of contraction accelerated to the fastest on record as client demand slumped and many businesses closed temporarily.”
Virgin Atlantic has announced it will axe 3,000 jobs – over a third of its workforce – in response to the coronavirus pandemic.
The airline giant, owned by Sir Richard Branson, is to announce that it is cutting 3,000 jobs and is expected to close its operations at Gatwick Airport, Sky News reports.
irgin also plans to cut the size of its fleet from 43 aircraft to 36 by the summer of 2022.
The company is anticipating that customer demand will be at least 40 percent lower during 2020, with only a gradual recovery next year.
Virgin Atlantic has announced it will axe 3,000 jobs – over a third of its workforce
Paul Withers taking over live reporting from Emily Ferguson.
2.15pm update: FTSE 100 continues to make gains
The FTSE-100 index was up 98.77 to 5852.55 at 1.45pm.
1.32pm update: FTSE jumped 99 points in first hour of trading
The FTSE-100 jumped 99 pointed within the first hour of trading this morning, up to 5854.52.
Shares in BP were among the biggest risers as the oil price looked set for something of a rally as hovernments gradually eased their lockdowns.
Mining stocks Glencore and Anglo Amercan also made strong starts to the day amid hopes a return of industry would boost their stricken businesses.
1pm update: FTSE 100 rises
The FTSE-100 index was up 75.32 to 5829.10 at 12.45pm.
12.39pm update: HelloFresh records huge boost in sales
HelloFresh, which delivers meal kits and recipes, has seen its sales jump by two-thirds to £699.1million.
The German company deliver 111million meals to households during the first three months of the year.
HelloFresh benefitted from a 68 percent rise in active customers, which totalled more than four million during the first quarter.
The company expects full-year sales to increase by between 40 and 50 percent, compared with the previous forecasts of 22-27 percent.
12pm update: FTSE 100 steadily rises on Tuesday morning
The FTSE-100 index at 11:45am was up 69.18 at 5822.96.
11.48am update: 40million workers furloughed across the eurozone
Bloomberg have estimated that more than 40million workers across Europe have been placed on furlough during the coronavirus shutdown.
The figures are based on data from the region’s biggest economies, getting a portion of their pay covered by the state.
Bloomberg Economics estimates if all workers at risk were to become unemployed, the jobless rate across Germany, France, Italy, Spain – the four largest economies in the euro area – could soar as high as 42 percent at the peak of the lockdown.
Their estimated spend on furlough programs will amount to about €100bn (£87bn) from March to May in the biggest economies.
Fuel prices have been affected by the coronavirus pandemic
10.50am update: Oil market sees its longest run of gains
Oil saw its longest run of gains in nine months on Tuesday, as moves to ease coronavirus lockdowns across the world lifted sentiment.
A more than six percent rise in oil prices boosted oil stocks.
9.41am update: European stocks rise
European stocks rose today as a jump in shares of French energy major Total and a number of positive earnings reports added to optimism over the easing of lockdowns by major economies.
The pan-European index was up 1.3 percent after paring some gains.
8.37am update: FTSE 100 opens higher
The FTSE 100 was up 1.6 percent on Tuesday morning.
BP Plc and Royal Dutch Shell Plc provided the biggest boost, while the domestically focussed FTSE 250 added 1.3 percent.
Both benchmark indexes were set to snap a three-day losing streak, supported by broad-based gains for miners, banks, and travel and leisure stocks, as hard-hit countries including the United States and Italy relaxed stay-at-home orders.
7.46am update: Jewellery firm Pandora sees profits fall
Jewellery maker Pandora reported a 41 percent decline in first-quarter operation profits today.
But the firm said it was encouraged by higher online sales and the reopening of stores in Germany and some other countries.
Some 90 percent of its 2,746 stores were shut during the quarter due to the coronavirus lockdowns, the Copenhagen-based company said.
7.05am update: Hong Kong shares rise
The Hang Song index rose 0.5 percent to 23,742.13 points, having lost more than four percent on Monday as US-China tensions eased.
The Hang Seng China Enterprises index gained 0.4 percent on Tuesday.
The sub-index of the Hang Seng tracking energy shares rose 1.1 percent, the IT sector gained 0.8 percent, the financial sector was 0.1 precent higher and the property sector edged up 0.5 percent.
5.49am update: Massive US stock bounce fuels doubts
Investors are treating the US equity market’s blistering rally with a dose of caution, socking away cash, staying on the sidelines or buying insurance against a reversal even as markets scream higher in the midst of the coronavirus pandemic.
Fund managers and corporations have deployed over $1.1 trillion into money markets.
The S&P 500 mounted a nearly 30 percent bounce from its March lows. Assets in such funds grew to a record $4.73 trillion in April.