Like in the UK, the US markets returned from their Memorial Day break keen to cling to the weekend’s positive developments, rather than the increasingly frosty relationship between Beijing and Washington.
Surging 320 points, the Dow Jones found itself venturing beyond 25000 and towards 25100, a level it last struck more than 11-weeks ago. It was a fitting landmark for a key coronavirus milestone – the return to trading on the floor of the New York Stock Exchange.
This both echoed and enhanced the situation in Europe. The DAX finally crossed 11500 – a similar 11-week high – following a 160 point increase, while the CAC struck 4600 thanks to a 1.9% rise. What the continent brought to the table was news that both Germany and Spain are eyeing easing travel restrictions, giving a huge boost to airlines et al. (it didn’t hurt that Lufthansa was also on the receiving end of a €9 billion bailout).
Though the FTSE couldn’t get back to the levels struck not long after the open, a 1% rise still kept it above 6060. The UK saw some of its energy leeched away by the pound, which climbed 1.2% against the dollar and 0.5% against the euro following Boris Johnson’s announcement that non-essential retailers can open from June 15th. This also, obviously, was an enormous lift to the FTSE 250, the domestic-focused index bounding more than 530 points higher to hit 16900.
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