FTSE 100 trades range-bound on concern over the surge in coronavirus cases

Summary 

  • FTSE 100 trades on the positive side as investors concern with the recent rise in coronavirus cases and fear of economic slowdown.
  • European market trade in the positive zone as investor’s eyes the all-important policy meet of the European Central Bank on Thursday.

FTSE 100 made a slight rebound on Tuesday in the first half of trade led by the commodity and housing stock, after yesterday’s fall of over 2.5% in the blue-chip index amid the fear of economic slowdown due to the rise in coronavirus cases.

The top gainer of the FTSE100 stocks remains the home construction company Berkeley Group Plc, which was positively impacted after a 0.7% rise in the UK housing prices in June month because of the surge in demand outstripping the supply side, as per the property listing website Rightmove. Mid-cap focused FTSE250 also moved higher and reclaimed 22,000 level, up by 0.4% at 22,027.

European Markets

Major European indices have also bounced back after yesterday’s fall. German blue-chip DAX index was up by 0.30% at 15,179, German producer prices rose by 8.5% in June, which is at a 40-year high and will be a discussion topic during the European Central Bank meeting on Thursday. French index CAC40 was at 6,343, up by 0.77%.

Currency Markets

The pound slipped 0.33% at 1.3628 against the US dollar, the dollar traded at multi-month highs against the European currencies, while the EUR/ GBP currency pair traded at 0.8649, up by 0.27%.

Commodities

Brent crude oil contract trades at USD 68.52, down by 0.13%. Meanwhile, WTI crude oil for the August future traded at USD 66.38, down by 0.01% after the 7% fall on Monday over OPEC+ supply decision, which pushed the crude oil prices to over two months low.

Gold August futures contract was marginally up by 0.75% at USD 1822 per ounce after hitting a one-week low of USD 1794 in the previous session.

Cryptocurrency

Major cryptocurrency continues to trade downward after yesterday’s fall, with Bitcoin breaking below the USD 30,000 mark and currently trading at USD 29,728, down by over 3.2%. At the same time, Ethereum traded at USD 1756, down by 12.11%.

Asian Markets

Major Asia Pacific indexes closed the day in red, with Australia’s ASX200 snapping the session at 7252, down by 0.46%. Nikkei 225 of Japan also closed in red, down by 0.96% at 27388, which is a six-month low for the index amid the growing concern of coronavirus during the Tokyo Olympics. Hosting thousands of overseas visitors could put the danger of new variants and accelerate infection rate. India’s Nifty 50 closed at 15632, down by 0.76%. Shanghai Composite of China closed in red, down by 0.07% at 3536, and Hong Kong’s Hang Seng index was down by 0.89% at 27,213.


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