The UK markets don’t seem too happy about the various lockdown-easing reports going around this Monday morning.
Though Boris Johnson will reveal the official timeline later today, the weekend papers were full of details on the road out of lockdown 3.0. Schools are expected to re-open from March 8th, while people will be able to meet outside in groups of 6 from March 29th, just in time for Easter.
Those steps have been prioritised ahead of the re-opening of restaurants and non-essential retail, which will not occur until April (daily covid-19 numbers permitting).
This delay to the retail re-opening helps explain why the FTSE and pound have both opened the week in the red. While investors are no doubt happy the country is loosening the restrictions once again, the reality is they don’t hold positions in schools and picnics.
Tumbling 1.2%, the UK index is at a 10-day low of 6,560, while the pound retreated back below $1.40 against the dollar following a 0.2% dip.
Then again, the mood was sour across the board, suggesting it might not be the re-opening plans alone driving trading, but an overall sense of concern with the markets recent levels.
The DAX was right there alongside the FTSE, falling 190 points to a 20-day nadir of 13,815. The CAC was also down 1.3%, shrinking back to 5,700.
Facing a rough open for Boeing (NYSE:BA), which has been forced to ground its 777 planes, the Dow Jones is heading for a 0.7% slide this afternoon. And while that is half the percentage point- decline seen in Europe, it still amounts to a 220 point loss, forcing the Dow below 31,300.
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