FTSE dives as Europe tightens restrictions – live updates


gHello. The FTSE 100 is expected to open in the red following reports that London is expected to be subject to level two restrictions as of Friday, meaning different households will not be able to come together in indoor environments.Countries in Europe are tightening restrictions as cases of the virus continue to rise.

France announced a curfew in Paris and other cities, Ireland ended all home visits, while Northern Ireland continued to tighten restrictions by closing schools, bars and restaurants.

In Britain, Greater Manchester and Lancashire are also expected to be subject to the highest level of restrictions, which would shut down large swathes of the hotel industry in those areas.

However, Germany is taking a gentle approach and urging citizens to double down on hygiene and social distancing rules.

Chancellor Rishi Sunak on Wednesday warned that a new ‘blackout’ lockdown would inflict terrible damage on the UK and precipitate a new ‘economic emergency’.

5 things to start your day

1) Asos fears recession will reduce demand: The fast fashion retailer has warned that many young customers may not be able to afford fast fashion as Covid destroys a generation’s fortunes.

2) Hedge fund surrounds British Airways owner: One of Britain’s most powerful hedge funds has taken a major stake in BA owner IAG as the national carrier braces for a rough winter.

3) Deloitte steps down as auditor of the Issa brothers’ gas station chain EG Group: The Big Four accountant is said to have resigned his post with immediate effect due to governance issues.

4) The plan for the Ocado depot in London was derailed by the intervention of the inhabitants: Ocado lost the right to open a new depot in north London after local council ruled a planning request was misleading.

5) Why China is winning the pandemic: President Xi Jinping wants Shenzen to become a technological powerhouse to challenge Silicon Valley.

What happened during the night

Global stocks slipped Thursday as investors locked in on recent gains amid growing concerns over the resurgence of Covid-19 infections and after the US Treasury Secretary dashed all hope of a stimulus package ahead of the presidential election November 3.

The MSCI’s largest Asia-Pacific stock index outside of Japan fell 0.5% while Japan’s Nikkei lost 0.5%.

US S&P 500 futures fell 0.27% in Asia after major US equity indices ended the previous session lower, with the S&P 500 closing 0.7% lower and the Nasdaq Composite Index losing 0.8%.

Disappointing quarterly results from Bank of America and Wells Fargo drove the S&P 500 bank index down 2.4%.

Fears that a resurgence of the pandemic could lead governments to shut down economies again have boosted profit taking, especially after the recent rally in stocks.

Coming today

Commercial declaration Country estates, Domino’s Pizza, Dunelm, Hays, Mondi, Rathbone Brothers

Economy Inflation (China); Meeting of the Council of the EU on the first day of two; jobless claims (United States)


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