Coronavirus: Stocks on 'firm footing' as Johnson sets out lockdown roadmap - Yahoo Finance UK

UK prime minister Boris Johnson in his television address to the nation on Sunday evening. (Andrew Parsons/10 Downing Street vía AP)

European stock markets opened higher on Monday, as economies around the world continued to tentatively reopen after the COVID-19 pandemic.

The FTSE 100 (^FTSE) rose 0.6% in London. It came after prime minister Boris Johnson announced tentative easing of the UK’s lockdown. Construction and manufacturing staff were told to go back to work from this week.

Non-essential shops and schools could reopen in June if infection and death rates improve, while restaurants could follow in July.

“This is a long road to bring life back to its normal level but the good news is that we are finally exiting the lockdown and some part of economic activity will resume,” said Naeem Aslam, chief market analyst at Avatrade.

Halfords (HFD.L) topped the London Stock Exchange, with shares in the bike and car parts rising 17.1%. The government hailed a ‘golden age for cycling’ over the weekend as it urged the public to walk and cycle more due to the pandemic.

Airline stocks were among the worse performers, after Johnson confirmed travellers to the UK will face a 14-day quarantine period. EasyJet (EZJ.L) shares fell 4.1% and International Consolidated Airlines Group (IAG.L), which owns British Airways and Iberia, dropped 2.3%.

Meanwhile, the CAC 40 (^FCHI) rose 0.2% in Paris. French shops, hair salons, primary schools, and nurseries are set to reopen to the public from today.

In Germany, the DAX (^GDAXI) climbed 0.3%.

“European markets [are] on a firm footing at the start of the new trading week,” said Neil Wilson, chief markets analyst at Markets.com.

Stocks largely rallied overnight in Asia. Japan’s Nikkei (^N225) rose 1%, the Hong Hang Seng (^HSI) climbed 1.4%, and China’s Shanghai Composite (000001.SS) was flat. South Korea’s KOSPI (^KOSPI) fell 0.5%. Fresh COVID-19 outbreaks have been recorded in Wuhan, China, and South Korea.

Futures were pointing to a higher open in New York later today. S&P 500 futures (ES=F) were up 0.1%, Dow Jones futures (YM=F) were up 0.3%, and Nasdaq futures (NQ=F) were 0.3% higher.

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2020-05-11 07:35:00Z
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