US News

Energy stocks, banks push FTSE 100 higher as virus fears persist



© Reuters. FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo

(Reuters) – Energy and banking stocks helped the rebound on Tuesday after surging virus cases and fears of an economic slowdown pushed the index to a two-month low in the previous session.

The FTSE 100 gained 1.1% with HSBC Holdings (LON:) and BP (LON:) being the top boosts.

Banks jumped 1.3% after Catherine Mann, a top economist who will soon join the Bank of England’s rate-setting committee, joined interest-rate setter Jonathan Haskel to say cutting stimulus support too early was not the right option.

A recent jump in inflation above the BoE’s 2% target since May had raised worries over the central bank pulling back support sooner than expected.

The domestically-focussed mid-cap index rose 0.6%.

Among stocks, global miner Anglo American (LON:) jumped 1.8% after it said its production rose by 20% in the second quarter, driven by strong diamond and platinum output.

British airline easyJet (LON:) gained 1.5% after it said it would fly 60% of its pre-pandemic capacity in the July-September period, a big jump from the 17% it flew in the previous quarter, as COVID-19 restrictions ease and demand across Europe grows.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  Activision Blizzard's next esports bet hinges on the power of the Call of Duty franchise

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.