London stocks rebound from worst day since 1987 crash

[snoop1130]

London stocks rebound from worst day since 1987 crash

By Shivani Kumaresan, Devik Jain

 

FILE PHOTO: A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020. REUTERS/Toby Melville

 

(Reuters) - London stocks rose on Friday as a recovery in oil prices and moves by policymakers to limit the economic hit from the coronavirus helped them rebound from their worst selloff since the 1987 “Black Monday” crash a day earlier.

 

The blue-chip FTSE 100 .FTSE rose 3.2%, but was still on course to post its worst week since the global financial crisis in 2008.

 

Helping the slight move up on Friday were miners, supermarket chains and oil & gas producers.

 

“It was perhaps inevitable, given that the FTSE suffered its second worst session ever yesterday and it’s probably some people deciding to buy at those lows,” said Connor Campbell, analyst at financial spread better Spreadex.

 

Global equities were hammered on Thursday after U.S. President Donald Trump shocked investors with a move to restrict travel from Europe, with the ECB’s decision to hold off on interest rate cuts adding to panic about a liquidity crunch.

 

Emergency actions including the Bank of England’s 50 basis point interest rate cut and the UK government’s 30 billion-pound ($39 billion) stimulus plan have also failed to reassure investors about economic growth.

 

Traders are now hoping that U.S. lawmakers and the White House will agree on a stimulus package, expected to be announced on Friday.

 

Travel stocks continued to be the worst hit, with Carnival Corp (CCL.L) tumbling 7.9% to its lowest level since 2009 after its unit, Princess Cruises, said it would suspend the voyages of all its 18 ships for two months.

 

Shares in holiday company TUI (TUIT.L) dropped 9.5%, while travel group Saga (SAGA.L) fell 3.9% after suspending its cruise operations until early May in response to the coronavirus crisis.

 

The domestically focussed FTSE mid-cap index .FTMC was up just 0.5%. Oil producer Premier Oil (PMO.L) surged 56.1% and was on course for its best day in over four years, after eyeing at least $100 million in potential savings on its annual capital spending plans to adjust to the plunge in global crude price.

 

BP Plc (BP.L) and Royal Dutch Shell Plc (RDSa.L) rose between 6% and 7%, tracking higher oil prices. [O/R]

 

Miners Rio Tinto (RIO.L), BHP group BHP.L and Anglo American (AAL.L) jumped more than 6% and were the top gainers on the main index.

 

-- © Copyright Reuters 2020-03-13

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[justin case]

some people will make billions when buying low... we normally have a stock market crash every few years, but corona is doing super ...

 

scaring people, panic buying good, panic selling stocks...

 

you don't see it (again) ?

 

Tax payer's money is going to go to save "STOCK MARKET & BANKS" AGAIN ...

 

does it ring a bell ?

 

 

Edited March 14, 2020 by justin case

[evadgib]

Rejoiner voodoo dolls must be so full o' pins that they keep falling off their mantle-pieces.

[Polang]

Wait and watch.....who will came up (magically) with the vacin in a couple of months will be the "killer". 

And we all know "who's" business are the wars and the terror the death and "the market". 

[TopDeadSenter]

6 minutes ago, Polang said:

Wait and watch.....who will came up (magically) with the vacin in a couple of months will be the "killer".

 I'm not convinced an improperly tested and rushed vaccine is the magic bullet here. Did I read somewhere they think thalidomide could be useful in treating the symptoms? Would you rather have the sniffles for a few days or have kids missing limbs?

 

[alanrchase]

Only 5 posts, I am still waiting for the post Brexit pound to climb. What's going on leave voters?

[evadgib]

25 minutes ago, alanrchase said:

Only 5 posts, I am still waiting for the post Brexit pound to climb. What's going on leave voters?

You have answered your own question.

[Polang]

Believe me....the same laboratory USA designed the virus and the vaccine...it is a multi trillion party....they will be selling it to a 7 billion customers obligingly  and yours and mine government will pay big money. 

Since they have it they can demolishe all markets and buy at a fraction of the price any stocks they wish few days before the resurrection of the world as we know it. 

It is business as usual from the same(10 families) people that are creating "democracy" wars around the world for making trillions. 

It is the most effective and cheap way for them to buy out cheap all of us.... With a stupid flu and the terror of the media They own. 

If this conspiracy theory of mine is not correct and the virus and media continues same style.... Prepare for military control in Europe and America because after of 1-2 months of self carantine the economy and the food supply chain will be destroyed and will be chaos and riots. 

[Loiner]

6 hours ago, alanrchase said:

Only 5 posts, I am still waiting for the post Brexit pound to climb. What's going on leave voters?

Boris and Brexiteers are keeping it artificially low solely to torment people like you. He's engineered a pandemic and market crash too, just to keep you all in misery. It's all part of the Machiavellian plan and it's working very well. 
Roll on the next unexpected phase of the non-Armageddon that Remainers predicted. 

[bartender100]

Just a dead cat bounce, I am all out in cash while I was still in profit. If you are invested someone posted this 20 minute video yesterday, thanks to him/her. Well worth a watch

 

https://www.youtube.com/watch?v=ZtQUqlbIHrQ&feature=youtu.be

[Walter Travolta]

On 3/14/2020 at 1:32 PM, alanrchase said:

Only 5 posts, I am still waiting for the post Brexit pound to climb. What's going on leave voters?

Well, the UK only left the EU at the end of Jan, less than 2 months ago so Im not sure where you thought we would be at this early stage? Add to that, Covid-19 has got absolutely zero to do with Brexit so maybe your comment should be removed for being off topic?

And maybe, seeing as you rejoiners halted Brexit for 3 and a half years, its your turn to wait 3 and a half years for things to improve. If you are taking a hit on your pension because of the exchange rate, you have only yourselves to blame

Buy some shares in the FTSE100 while its low (if you have any spare cash) haha