London Markets: London stocks struggle while U.S. markets are closed for July 4 holiday

London stocks fell on Friday, with the index set to underperform its European rivals for the week, as weak oil prices weighed on major energy names, and alongside concerns that next week’s summer statement from the U.K. Chancellor will lack big tax cuts.

The FTSE 100 UK:UKX dropped nearly 1% to 6,180.18, while the pound US:GBPUSD was flat at $1.2454. U.S. markets are closed on Friday for the Independence Day holiday, something that was keeping volumes pinned down in Europe.

Energy names were also lower as oil prices US:CL fell about 1%. Shares of BP US:BP UK:BP and Royal Dutch Shell US:RDS UK:RDSA stock fell more than 1% each.

Banks also bore the brunt of losses, with Royal Bank of Scotland US:RBS, UK:RBS, Lloyds Bank US:LYG UK:LLOY and Barclays US:BCS UK:BARC all down more than 2% each.

The Financial Times reported that Chancellor Rishi Sunak won’t offer up big tax cuts next week, but he is expected to make an announcement on supporting jobs retention plans. Saturday will mark the reopening of U.K. pubs, restaurants and cinemas, though the city of Leicester will remain locked down over a COVID-19 outbreak. The U.K. is also expected to announce on Friday that visitors from up to 75 countries may be exempt from quarantines, which includes returning U.K. vacationers.

The U.K. services purchasing managers index posted 47.1 in June, up sharply from 29.0 in May and the highest for four months. But it was in line with an earlier ‘flash’ figure of 47.0 in June.

Pub chain Whitbread UK:WTB was one of the gainers, up 0.8%, while Just Eat Takeaway UK:JET rose 2%, after German-based rival Delivery Hero DE:DHER jumped nearly 5% on a positive trading update.

Shares of Rolls-Royce Holdings UK:RR led the decliners with a 5% drop.

Shares of Land Securities Group UK:LAND rose 1.5% after the commercial-property developer and investment company said rental collection and footfall improved in June, and that it plans to restart paying dividends from November.

Filed in: Top News Tags: 

You might like:

As U.S. infections near 5 million, Fauci says public should temper expectations on COVID-19 vaccine As U.S. infections near 5 million, Fauci says public should temper expectations on COVID-19 vaccine
Trump’s stimulus orders don’t seem to be feasible or legal, experts say Trump’s stimulus orders don’t seem to be feasible or legal, experts say
The Tell: Gold will top $3,000, says this firm, one of the first to call the gold bull market of the 20th century The Tell: Gold will top $3,000, says this firm, one of the first to call the gold bull market of the 20th century
The Margin: Republican satisfaction with the state of America has plummeted The Margin: Republican satisfaction with the state of America has plummeted
Mutual Funds Weekly: These money and investing tips aim to keep your investment portfolio grounded in reality Mutual Funds Weekly: These money and investing tips aim to keep your investment portfolio grounded in reality
Why are some people with coronavirus asymptomatic — and what makes them so contagious? Why are some people with coronavirus asymptomatic — and what makes them so contagious?
Brett Arends's ROI: Thinking about retiring early? You may want to think again Brett Arends's ROI: Thinking about retiring early? You may want to think again
Outside the Box: Robinhood investors are beating the stock market — and here’s the data that proves it Outside the Box: Robinhood investors are beating the stock market — and here’s the data that proves it

Leave a Reply

Submit Comment
© 2020 Stock Investors News. All rights reserved. XHTML / CSS Valid.