Business surveys have highlighted developing risks from the relentless coronavirus pandemic. Businesses exhausting existing order books without refilling them, and households facing the end of unemployment benefits and other support is having a devestating effect on the US economy.
Meanwhile, Asian equity markets ground higher as investors tried to look past gathering tensions with the US and renewed coronavirus lockdowns.
Investors appear to be looking to upcoming company earnings, hoping that global stimulus efforts will result in upbeat outlooks.
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9.30am update: Erratic start for FTSE
The FTSE has dipped and risen erratically this morning, in the wake of Rishi Sunak’s £30bn jobs pledge.
The FTSE closed at 6,156 yesterday and has remained roughly at the same level, despite dropping to 6,139 earlier this morning.
After rising to 6,170 on open, as of 9.30am it is now sitting at 6,151.
More to follow…