Japan’s Topix index and Australia’s S&P/ASX 200 both dropped 1.2 percent. South Korea’s Kospi dropped 0.9 percent, the FT has reported. “Equities were getting ahead of economic fundamentals,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management. He added the rise in US infections “could also prompt concerns in Europe, as European governments are considering further opening up of borders during the summer holiday season”.
Meanwhile, futures markets tipped Wall Street’s S&P 500 to gain 0.2 per cent when trading begins later on Monday.
London’s FTSE 100 was set to fall 0.2 percent.
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11.30am update: McLaren Group arranges financing facility with the National Bank of Bahrain (NBB)
The British supercar manufacturer has arrange a £150m financing facility with the NBB as sales plummet due to the coronavirus outbreak.
“Final documentation has been signed and all the necessary approvals have been granted in relation to a … 150 million (pound) financing facility,” NBB said in a statement.
Bahrain sovereign wealth fund Mumtalakat Holding Co is the majority shareholder in McLaren Group, with a 56 percent stake, according to Reuters.
10.24am update: BP sells petrochemicals business to Ineos for £5bn
The FTSE 250 group has sold the business to Ineos, owned by Sir Jim Ratcliffe, for £5bn as a part of reinventing the energy giant.
Bernard Looney, BP’s chief executive, said: ‘I am very grateful to our petrochemicals team for what they have achieved over the years and their commitment to BP.
“I recognise this decision will come as a surprise and we will do our best to minimise uncertainty.
“I am confident however that the businesses will thrive as part of Ineos, a global leader in petrochemicals.”
9.55am update: UK mortgage approvals hit new record low
The UK mortgage approvals have plummeted to 9,273 in May after a near-total shutdown of the real estate sector.
But British households have been able to save money and pay debts during the crisis.
Around £4.6bn has been reportedly paid back on credit cards and other unsecured loans
The Bank of England said: “The extremely weak net flows of consumer credit meant that the annual growth rate was -3.0 percent, the weakest since the series began in 1994.”
9.30am update: Markets have fallen into red again
Within the first half an hour of trading, European markets entered into green.
But now, stocks are slipping back into red.
FTSE 100 has shed 0.58 percent with the DAX dropping by 0.31 percent and the CAC 40 by 0.83 percent.
9.23am update: Construction group Kier shares jump as much as 13pc
As Prime Minister Boris Johnson prepares to announce plans for large-scale infrastructure spending once COVID-19 has passed, the construction group Kier has seen its shares jump as much as 13pc in the FTSE 250.
Other peers have also seen gains with the UK’s top blue-chip housebuilders gaining ground in the markets today.
8.45am update: European markets enter green
Since opening in red, within the first half an hour of trading, European markets have flipped into the green.
The FTSE 100 has increased by 0.18 percent, CAC 40 0.09 percent and DAX 0.58 percent.
8.08am update: FTSE 100 drops by 0.27 percent
As stock markets open, the FTSE 100 has opened in red after dropping by 0.27 percent.
The CAC 40 has also slightly dropped by 0.49 percent while the Madrid Ibex 35 also opens in red after shedding 0.31 percent.
7.45am update: European markets to open in red
Due to the ongoing coronavirus pandemic, the European markets are set to open in red as cases of the deadly virus continue to rise.
Cases in Florida saw a dramatic increase last week, with governors being forced to put the state back into lockdown.
Globally, the number of cases has surpassed 10 million.
7.20am update: Asia-Pacific shares outside Japan fall
The Asian markets opened cautiously but Reuters reported the MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 percent.
Japan’s Nikkei also fell by 2.2 percent and Chinese blue chips 0.9 percent.
E-Mini futures for the S&P 500 eased 0.2 percent, while EUROSTOXX 50 futures lost 0.7 percent. FTSE futures 0.9 percent.
7am update: Steven Brown takes over from Rachel Russell
6.31am update: South Korea exports to fall for fourth month but at a slower pace, poll shows
South Korean exports likely shrunk for a fourth month but at a slower pace in June due to easing global virus lockdowns and more working days, yet a second wave of infection and Sino-U.S. tension were seen clouding near-term recovery, a poll showed on Monday.
Overseas sales were expected to decline 7.8 percent year-on-year, according to the median forecast in a Reuters poll of 12 economists. That compared with a 23.6 percent plunge in May and a 7.5% fall in preliminary data for the first 20 days of the month.
“The rate of contraction should have narrowed to a single-digit due to resumption of economic activities in some parts of the world and more working days in the month,” said Park Sung-woo, economist at DB Financial Investment.
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