Latest Market News – 10th June 2020

Overview

• S&P recovers all 2020 losses
• The UK sees lowest level daily rise in COVID-19 deaths
• GBP/USD trades higher

Market Information

• GBP/USD traded broadly higher yesterday, moving above the 1.2700, a level not surpassed since March. British retail sales data showed better UK consumer spending and slightly upbeat retail sales in May, as a result of lockdown restrictions being lifted.  Despite this being positive news, the data still came out as the second sharpest fall this year.
• Global stocks traded higher yesterday, the S&P 500 erased all of its losses accumulated over 2020, as lockdowns begin to ease globally. The index closed 1.2% on the day, above 3,220 – the same as price levels at the start of this year . The Dow Jones Index was also up 1.7% , with gains in US equities fuelled further rallies in Asian stocks, the Hang Seng Index was up 1.8%.
• The UK recorded its lowest daily rise in the number of covid 19 deaths since before the lockdown starting in March. Around 55 people died as of 17:00 BST on Sunday , taking the total number of deaths to 40,597.
• Final GDP quarterly data for the Eurozone, came out better than expected, beating the forecast at -3.8% q/q.
• Emerging Markets have enjoyed recent flows, as market risk appetite has increased, bolstered by economic recovery optimism and continues central bank support.