On Friday, the FTSE 100 retreated as concerns grew over the rise in COVID-19 infections in the country. But the index still managed to record its best weekly gain since April following hopes of a coronavirus vaccine. The FTSE 100 closed 0.4 percent lower at 6,316.39 on Friday while the European STOXX 600 edged 0.01 percent higher at 385.18.
Russ Mould, AJ Bell investment director, told Reuters: “After the vaccine-infused euphoria at the start of the week a dose of reality seems to have been administered to the market.
“Clearly the COVID-19 crisis is not at an end despite the positive news announced by Pfizer and counterparts in Russia.”
The UK and EU are set to resume trade talks in Brussels on Monday in an attempt to close the gaps on competition rules and fisheries.
Last week James Smith, developed market economist at ING, told Reuters: “Most think that talks realistically can’t stretch much further without causing some degree of logistical problems.
“That said, this is politics at the end of the day and neither side will want to be the one seen to end negotiations.”
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8.10am update: FTSE jumps on open
FTSE has jumped 40 points on open – a 0.64% rise in just 10 minutes.
The UK index closed at 6,316 yesterday and is already at 6,356 today.
8.00am update: Currency latest
The pound at 8am was 1.3224 dollars compared to 1.3172 dollars at the previous close.
The euro at 8am was 0.8966 pounds compared to 0.8975 pounds at the previous close.
More to follow…