Market roundup: strong performances on both sides of the Atlantic
European markets rallied and the Dow Jones boasted some strong performers
It was a better day for the FTSE 100 after fears about the economic impact of the spread of coronavirus receded a little.
On the news that the World Health Organisation had not declared the outbreak in China an emergency for the rest of the world, the FTSE and other European markets rallied. The FTSE was up 1.04 per cent to 7585.98 compared with yesterday’s close.
Among the climbers were Autotrader, up 3.44 per cent and Experian up 2.9 per cent. The latter rose after a Morgan Stanley upgrade to the credit score service’s share outlook.
As we reported earlier, Just Eat’s shares nosedived after it was revealed that Competition and Markets Authority is investigating its proposed merger with Takeaway.com.
The French CAC 40 closed at 6024.26 up 0.88 per cent. Germany's DAX closed up 1.41 per cent at 13,576.68. In the US the Dow Jones 100 also started briskly rising to 29,181.55 up 0.074 per cent by lunchtime buoyed not only by the WHO news but also by strong performances from Intel and American Express.
In the foreign exchange markets the pound was static against both the dollar ($1.31) and the Euro (€1.19). The day’s big faller was palladium which was down over four per cent at lunchtime trading.
Bitcoin had another turbulent day. By the end of the morning in the UK it was down as low as $8,225.34. However it rallied significantly in the afternoon and at the time of writing was trading for $8462.2.
Similarly Ethereum, which had started the day at $162.43 fell sharply but had rallied to $161.77 by late afternoon in the UK.