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London stocks rebound as investors bet on central bank stimulus

Published 03/02/2020, 04:15 PM
Updated 03/02/2020, 04:16 PM
London stocks rebound as investors bet on central bank stimulus
UK100
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BP
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SHEL
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FTMC
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FTNMX405010
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FTNMX551030
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FTNMX402040
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 up 1.7%, FTSE 250 adds 2%

March 2 (Reuters) - London-listed shares bounced back on
Monday as investors hoped of further monetary stimulus from
central banks to mitigate the economic impact of the coronavirus
epidemic.
The blue-chip FTSE 100 .FTSE gained 1.7%, while the
mid-cap index .FTMC was up 2%. Oil majors BP Plc BP.L and
Royal Dutch Shell Plc RDSa.L added 4% each, tracking oil
prices, and were the biggest boosts to the FTSE 100. O/R
Both benchmark indexes had closed on Friday with their
biggest weekly declines since the 2008 financial crisis as the
outbreak threatened to blow into a global pandemic and cripple
supply chains.
Investors now expect central banks around the world to
launch a coordinated effort to cut interest rates and shore up
growth. Bets of the U.S. Federal Reserve reducing rates this
month stand at 100%, according to CME Group's FedWatch tool.
Miners .FTNMX1770 , airlines .FTNMX5750 and luxury goods
makers .FTNMX3760 , which were among the worst hit sectors last
week, were up between 1.6% and 2.4%.
Investor attention in Britain will also turn to fresh Brexit
negotiations, starting Monday, that aim to hammer out a trade
deal by the end of the year to govern everything from aviation
to fisheries and student exchanges.

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