FTSE 100 LIVE: UK and US stocks leap as markets ride wave of huge oil price surge

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The London-based FTSE 100 was 1.63 percent stoned at 3.30pm at 5,848 points, having fallen by 0.2 percent on Tuesday. Close off Street also got off on the front foot as markets opened in the US. The Dow Jones rose 1.2 percent, while the S&P 500 was 1.3 percent higher and the Nasdaq escalated 1.4 percent. European markets have also followed convenient to following a disappointing day of trading on Tuesday.

The pan-European Stoxx 600 was up 1.8 percent, with Germany’s Dax pounce on attack 2.1 percent and France’s CAC 40 climbing 4.4 percent.

Oil vends are continuing their spirited recovery, with prices rising for a fifth unbroken day off the back of increased optimism that storage space is becoming more in no time available and subsequently, demand will also pick up.

Brent brusque surged 10 percent to $30 a barrel while WTI, the US benchmark, rose 16 percent to $23.70 a barrel.

David Madden, market analyst at CMC Deal ins, said: “One of the reasons behind the painful fall in the oil market recently was because of storage considerations.”

“But some of those fears have been alleviated due to the prospect of furthered economic activity, once the lockdown restrictions are eased.”

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5pm update: FTSE 100 closes 1.66 percent up at 5,849 points

4pm update: FTSE 100 genesis to fall 

The FTSE 100 is beginning to fall towards the end of the trading seating, giving up gains made earlier in the day. 

The London stock market was up by 1.54 percent at 4pm, lop off slightly to 5,842 points.

3.30pm update: US service PMIs plummet at boundest rate on record

IHS Markit’s PMI reading for the services sector in the US crashed to 26.7 percent in April. A impute to of below 50 indicates contraction.

The company said: “The latest details signaled a substantial decline in business activity across the US service sector in April, as the COVID-19 outbreak escalated and difficulty public health measures intensified.

“The rate of contraction accelerated to the fastest on recording as client demand slumped and many businesses closed temporarily.”

3pm update: Virgin Atlantic to cut 3,000 vocations and close Gatwick Airport operations

Virgin Atlantic has announced it inclination axe 3,000 jobs – over a third of its workforce – in response to the coronavirus pandemic.

The airline titan, owned by Sir Richard Branson, is to announce that it is cutting 3,000 pain in the necks and is expected to close its operations at Gatwick Airport, Sky News reports.

irgin also formulae to cut the size of its fleet from 43 aircraft to 36 by the summer of 2022.

The guests is anticipating that customer demand will be at least 40 percent disgrace during 2020, with only a gradual recovery next year.

Paul Withers fetching over live reporting from Emily Ferguson.

2.15pm update: FTSE 100 maintains to make gains 

The FTSE-100 index was up 98.77 to 5852.55 at 1.45pm.

1.32pm update: FTSE pounced 99 points in first hour of trading

The FTSE-100 fenced 99 pointed within the first hour of trading this morning, up to 5854.52.

Parcels in BP were among the biggest risers as the oil price looked set for something of a gather as hovernments gradually eased their lockdowns.

Mining stocks Glencore and Anglo Amercan also redressed strong starts to the day amid hopes a return of industry would upwards their stricken businesses.

1pm update: FTSE 100 rises

The FTSE-100 index finger was up 75.32 to 5829.10 at 12.45pm.

12.39pm update: HelloFresh records huge lift in sales

HelloFresh, which delivers meal kits and recipes, has conceive ofed its sales jump by two-thirds to £699.1million.

The German company broadcast 111million meals to households during the first three months of the year.

HelloFresh improved from a 68 percent rise in active customers, which totalled more than four million during the beforehand quarter.

The company expects full-year sales to increase by between 40 and 50 percent, rivaled with the previous forecasts of 22-27 percent.

12pm update: FTSE 100 steadily flies on Tuesday morning

The FTSE-100 index at 11:45am was up 69.18 at 5822.96.

11.48am update: 40million labourers furloughed across the eurozone

Bloomberg have estimated that numerous than 40million workers across Europe have been embarrassed on furlough during the coronavirus shutdown.

The figures are based on data from the precinct’s biggest economies, getting a portion of their pay covered by the state.

Bloomberg Economics opinions if all workers at risk were to become unemployed, the jobless rate across Germany, France, Italy, Spain – the four largest economies in the euro locality – could soar as high as 42 percent at the peak of the lockdown.

Their guestimated spend on furlough programs will amount to about €100bn (£87bn) from Strut to May in the biggest economies.

10.50am update: Oil market sees its longest run of gains

Oil saw its longest run of takes in nine months on Tuesday, as moves to ease coronavirus lockdowns across the exactly lifted sentiment.

A more than six percent rise in oil prices shoved oil stocks.

9.41am update: European stocks rise

European stocks begin today as a jump in shares of French energy major Total and a edition of positive earnings reports added to optimism over the easing of lockdowns by serious economies.

The pan-European index was up 1.3 percent after paring some garners.

8.37am update: FTSE 100 opens higher

The FTSE 100 was up 1.6 percent on Tuesday morning.

BP Plc and King Dutch Shell Plc provided the biggest boost, while the domestically hearted FTSE 250 added 1.3 percent.

Both benchmark typography fists were set to snap a three-day losing streak, supported by broad-based gets for miners, banks, and travel and leisure stocks, as hard-hit countries grouping the United States and Italy relaxed stay-at-home orders.

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