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FTSE 100 finishes in the green, USD strong, Bitcoin continues rebound

EconomyJun 29, 2021 16:30
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Key Points

  • FTSE 100 closing price of 7087.97, +0.21%
  • Stocks trend higher in quiet news flow
  • Travel & leisure stocks struggle
  • GBP retraces Javid-inspired bounce
  • Oil higher on demand outlook
  • Bitcoin back above $35,000

By Samuel Indyk – The FTSE 100 finished higher for the third day in four in what was a relatively quiet day in terms of major news flow.

Shares in IWG (LON:IWG) had opened higher by almost 10% after reports that US based private equity group CC Capital was interested in a potential takeover. However, the company denied the reports and shares pared some of the gains.

Travel & Leisure stocks were again soft amid the spread of the Delta variant and fears that the summer vacation season will be a washout. Tui (LON:TUIT) shares fell around 5%, while IAG (LON:ICAG), Wizz Air (LON:WIZZ), EasyJet (LON:EZJ) and Rolls-Royce (LON:RR) all finished nursing losses.

The sell-off came despite reports that the UK and EU was close to a deal on Covid-passports as German hopes for EU-wide banning on UK travellers failed to get enough support. The Guardian reported that talks were “advancing well” between the UK and EU on the mutual recognition of an NHS app and EU green digital certificate ensuring that fully vaccinated travellers can prove their status.

GBP retraced some Monday’s Javid-inspired gains, particularly against the USD, as a rise in global Covid cases supported the safe-haven currency. Data releases had little impact on FX with all focus appearing to turn to Friday’s nonfarm payrolls report. EUR/GBP moved back above 0.8600 amid the broad GBP weakness.

WTI and Brent crude futures eked out gains ahead of the key OPEC+ meeting this week. Ahead of the gathering, OPEC Secretary General Mohammed Barkindo said he expects oil consumption in the second half of the year to be 5 million barrels per day higher than in the first half. Expectation is for the cartel to further increase output by 500,000-1mln barrels per day from August.

Cryptocurrencies resumed their rebound with Bitcoin making a clean break above $35,000 and Ethereum holding firm above $2,200. If Bitcoin continues its push higher, the 50DMA at $38,200 could act as a level of resistance ahead of the psychological $40,000 level.


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FTSE 100 finishes in the green, USD strong, Bitcoin continues rebound

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