FTSE 100 LIVE: Index surges and European stocks reach 8-month high amid Covid vaccine

Drugs company Pfizer’s own shares jumped by 9 percent after it revealed that a potential vaccine has been found to be 90 percent effective based on initial trial results. The FTSE 100 index went up by 5 percent as European stocks closed on Monday at an eight-month high due to vaccine hopes.

STOXX Europe 600 ended the day 4 percent higher at 380.99 which was its best day since early May.

Germany’s DAX index was also up by 5 percent at 13,095.97 while France’s CAC 40 rocketed up by 7 percent at 5,336.32.

Online brokers struggled to keep up with the high levels of demand to buy shares and funds on Monday following the vaccine trial results announcement. 

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9am update: Chief executive of the Recruitment and Employment Confederation responds to latest labour market figures

Responding to the latest labour market figures from the ONS published this morning, Neil Carberry, Chief Executive of the Recruitment and Employment Confederation, said: “There are few surprises in today’s data, and we know that tackling rising unemployment will be a national priority over the next few months.

“But news in the past week – of progress on a vaccine and in the extension of support packages – should mean businesses have more confidence to retain people and bring on new staff than they had a couple of weeks ago.

“Nevertheless, we are in a tough spot with redundancies hitting a record a record 314,000 in the three months to September.

“The focus needs to be on measures that will help employers retain staff and create new jobs, starting with a sensible approach to tax.

“Reducing employers National Insurance contributions, the biggest tax on business, will help struggling businesses retain jobs while encouraging those which need extra capacity to hire more staff.

“We now have 50 days until the Brexit transition period ends.

“The restarting of negotiations is promising but every effort must be made now to secure a deal that ensures businesses can continue to trade, especially in services which makes up 80 percent of our economy.”

8.30am update: FTSE 100 rose as stocks open

London’s FTSE 100 rose on Tuesday after scaling a near three-month high in the previous session, although gains were capped on a slightly stronger pound, while a higher jobless rate stoked fears of a faltering economic recovery.

The blue-chip FTSE 100 index rose 0.6 percent. The domestically-focussed mid-cap FTSE 250 index added 0.5%, boosted by travel and leisure and aero stocks.

Official data showed layoffs in Britain hit a record high during the third quarter as the unemployment rate jumped to 4.8 percent, while surveys said consumer spending faded in October even as the re-introduction of lockdowns prompted a renewed stockpiling spree.

Shares in Premier Foods Plc jumped 3.9 percent after it raised its full-year trading profit outlook and said it expects higher demand for its brands due to the recent government restrictions on eating out.

7.45am update: More on UK job losses

More details are emerging on the UK job losses.

Around 33,000 people were dropped from payrolls at UK employers last month, as the pandemic continues to weigh on the economy.

It helped push the unemployment rate to 4.8%, up 0.9 percentage points on a year earlier, according to official estimates.

7.15am update: UK unemployment soars in ONS update

The number of UK workers on payrolls dropped slightly last month and has fallen by 782,000 between March and October due to the impact of the coronavirus pandemic, the Office for National Statistics (ONS) said.

This is a live blog, check back regularly for the latest updates… 

source: express.co.uk