FTSE Points Higher As GDP Shows Strong June Recovery
Fiona Cincotta August 12, 2020 4:46 PM
UK enters recession as QoQ GBP -20.4%, although June GDP beats forecasts with +8.7% jump
European bourses are looking towards a lower start to trading on Wednesday, following on from a choppy session in Asia amid rising uncertainty over whether US lawmakers will agree to an additional round of stimulus. The FTSE looks to outperform its peers, aiming higher after better than forecast GDP data and on rising oil prices.
After its phenomenal run higher, gold is dropping hard this week. The precious metal is already down over 7% this week and could slip further in light of the excessively quick upswing overt the past month. Vaccine hopes and global economic recovery optimism have taken the shine off gold. US treasury yields and the greenback rising have also added downward pressure to the price of the yellow metal.
There aren’t many stocks which have benefited from the coronavirus lockdown, but Just Eat Takeaway has been one of them. The online food ordering company saw a surge in revenue and underlying profit in the first six months of the year, a customers and restaurants alike rushed to use its services. The stock is up an impressive 18% year to date.
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.