Market Rebound

Stocks in London are set to open higher on Wednesday, continuing their recovery from a start-of-week sell-off that had been set off by surging coronavirus cases across the globe.

Indonesia, Iran, and France were suffering alarming surges in coronavirus cases on Tuesday, as governments raced to vaccinate populations in a bid to outpace the highly contagious Delta variant, first detected in India.

The new cases come as the head of the Olympics admitted Tuesday he suffered “sleepless” nights leading up to the Tokyo Games, due to open Friday and already marred by outbreaks of the virus.

Nonetheless, markets are poised to continue their recovery on Wednesday.

The US had a solid close yesterday, which in effect will help the European markets to open a little bit higher this morning, although we still have some way to go wipe out the losses from last Friday’s close.

Wall Street rallied on Tuesday, with the Dow Jones Industrial Average ending up 1.6%, the S&P 500 up 1.5%, and Nasdaq Composite up 1.6%.

In Asia on Wednesday, the Nikkei 225 index in Tokyo was up 0.4%. In China, the Shanghai Composite was up 0.7%, while the Hang Seng index in Hong Kong was down 0.5%. The S&P/ASX 200 in Sydney was up 1.0%.

In foreign exchange, the pound steadied after dropping from highs of around USD1.3900 last week.

Sterling was quoted at $1.3613 early Wednesday, firm on $1.3602 at the London equities close on Tuesday.

The euro traded at $1.1772 early Wednesday, edging up from $1.1764 late Tuesday. Against the yen, the dollar was flat at ¥109.91.

Gold was quoted at USD1,809.54 an ounce early Wednesday, firm on $1,808.34 on Tuesday. Brent oil was trading at $68.95 a barrel, soft on $69.14 late Tuesday.

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