FTSE 100 recovers some losses as European and US markets also settle down, Asian stocks trade mixed

Covid cases remain a concern in Asia while global markets inch towards their previous levels

London, Europe and US stocks witness a rebound after the sharp fall of Monday (AFP/Getty)

London’s FTSE 100 regained some of its losses in Tuesday’s session after falling to lows of over two months the previous day, triggered by Covid-19 fears around the world. However, the index still remains below the 7,000 mark.

The blue-chip index advanced by 0.5 per cent, or 37 points, to close at 6,881, with the help of rebounds in hospitality, travel and house-builder stocks that fell massively yesterday. The rebound came in after the FTSE 100 fell by over 2.3 per cent on Monday, the worst single-day performance since 11 May.

Stocks of broadcaster ITV that saw the biggest fall on the index on Monday advanced in Tuesday’s session and was one of the top gainers, while Rolls Royce and Berkley performed the best. Just Eat Takeaway was the biggest drag in the session falling by over 4.8 per cent.

A rebound similar to London was witnessed in other markets as well, as the pan-European Stoxx 600 closed up by 0.5 per cent.

While on Wall Street, the major US indices also rebounded on Tuesday, with the Dow Jones Industrial Average gaining 1.7 per cent and the S&P 500 and Nasdaq also in positive territory.

Meanwhile new Covid cases continued to surge as the US is averaging about 26,000 daily cases in the last seven days, more than double the average from a month ago, according to CDC data.

Asian stocks, however, saw a mixed opening despite a global rebound as rising Covid cases continue to remain a concern in the region. Japan’s Nikkei advanced after the country reported June exports jumped 48.5 per cent over a year earlier, beating forecasts. While Shanghai Composite and Sydney’s S&P/ASX also continued trading in green. Hong Kong’s Hang Seng and Seoul’s Kospi declined.

India’s stock markets remain closed on Wednesday on account of a national holiday to mark Eid-al-Adha.