FTSE 100 Set for Best Month Ever on Vaccine, Recovery Hopes

Nov 30 Reuters Londons FTSE 100 rose on Monday and was on course for its biggest monthly gain ever as investors bet on a working COVID19 vaccine to speed up an economic recovery next year.

The bluechip FTSE 100 recovered early declines to trade up 0.3 by 0856 GMT, extending a rally of more than 14 this month.

LLoyds Banking Group gained 1.5 after appointing Charlie Nunn, currently head of wealth and personal banking at HSBC, as its next chief executive officer.

The domesticallyfocussed FTSE 250, considered a barometer for Brexit sentiment, added 0.4, tracking its best month since the global financial crisis in 2009.

There is tentative optimism that this could be the week where Brexit talks finally reach a breakthrough, although we have been hearing those headlines for the last few weeks and nothing has materialized so far, said James Smith, developed markets economist at ING in London.

Britain and the European Union are heading into a very significant week, British foreign minister Dominic Raab said on Sunday, as talks over the trade deal enter their final days with serious differences yet to be resolved.

The expectation in markets is that there will be a deal, INGs Smith said.

The exporterladen FTSE 100 has rebounded 30 from a coronavirusdriven crash in March, but until this month, had lagged its U.S. and European peers on fears about the extent of the economic damage from pandemicrelated lockdowns.

Data on Monday showed confidence among British businesses…

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News