logo
Plus   Neg
Share
Email

FTSE 100 Falls As Virus Concerns Dent Recovery Optimism

U.K. stocks fell sharply on Tuesday as coronavirus cases continued to surge in the United States and a Federal Reserve official warned that the rebound in the world's largest economy is in danger of stalling.

U.S. Federal Reserve official Raphael Bostic told the Financial Times in an interview that there are signs that the American recovery is "levelling off".

The benchmark FTSE 100 dropped 80 points, or 1.3 percent, to 6,204 after rallying 2.1 percent on Monday.

BP Plc fell over 1 percent and Royal Dutch Shell shed 0.6 percent as oil prices slid on concerns over a recovery in fuel demand.

Micro Focus International plunged 8.7 percent. The technology company swung to a loss after writing off $922 million because of Covid-19 uncertainty.

Whitbread tumbled 4.2 percent after the hotel and restaurant group unveiled a significant slump in first-quarter sales.

Derwent London lost 2.5 percent. The property investment and development company said that for the June quarter so far it had collected 75 percent of office rents due and 70 percent from the portfolio in its entirety.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT