Tue, 14 Jul 2020

LONDON, UK - Shares in the UK and Europe were on the rise on Monday, although markets were quiet with U.S. stock and bond markets closed for the holiday.

In London, the FTSE 100 rose 24.72 points or 0.38% to 7,433.25.

The German Dax gained 39.68 points or 0.29% to 13,783.89.

The Paris-based Cac 40 added 16.60 points or 0.27% to 6,085.95.

The British pound fell sharply on Monday on fears of a hard Brexit. The pound was last quoted late in London at 1.2999.

The euro was a little weaker at 1.0833. The Japanese yen eased to 109.94, while the Swiss franc firmed a touch to 0.9809.

The Canadian dollar had a firmer tone at 1.3232. The Australian dollar was weaker at 0.6717, while the New Zealand dollar improved to 0.6437.

On Asian markets the data revealed the Japanese economy in the December quarter was the slowest since 2014. The Nikkei 225 fell 164.35 points or 0.69% to 23,523.24.

In China however the mood was jubilant. The Shanghai Composite jumped 66.61 points or 2.28% to 2,983.62.

The Hong Kong Hang Seng advanced 144.00 points or 0.52% to 27,959.60.

The Australian All Ordinaries fell, losing 5.90 points or 0.08% to 7,221.20. General Motors announced Sunday it was closing its Australian and New Zealand plants as they had become unprofitable. "GM is focusing on markets where we have the right strategies to drive robust returns, and prioritizing global investments that will drive growth in the future of mobility," GM Chair and CEO Mary Barra said in a statement published on Sunday.

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