It was a relief to see financial markets across the world bounce back today, making significant gains across the board. In London the FTSE 100 closed at 5,460, up 466 points or 9.35%. After yesterday’s fall being the biggest since 2011, today’s rise is the biggest since 2008.
We are delighted to report that the FTSE 350 Travel & Leisure Index, which contains many of the best known names in hospitality and catering closed at 5,109 up 524 points or 11.45%.
The big hospitality and catering movers on the FTSE 350 Travel & Leisure Index were, Compass Group up 58 points or 5.79% – Intercontinental Hotels Group up 458 points or 17.67% – Marston’s up 5.42 points, a massive 21.24% – Mitchells & Butlers up 21.4 points or 16.54% – Restaurant Group PLC up 2.48 points or 10.77% – SSP Group up 24.5 points or 11.61% – Whitbread up 297 points or 12.41%.
JD Wetherspoon was also up 152.5 points or 22.02%. The money men clearly being far more impressed with Tim Martin’s recent actions than his 40,000 workers. Here’s what we are referring to in case you haven’t already seen it.
In the US all of Wall Street’s main market gauges were moving sharply higher at the start of trading after the speaker of the House of Representatives said there was “real optimism” amongst democrats that a deal on the Republican coronavirus spending bill could be signed off.
The expectation of seeing even more liquidity injected into the US economy to combat COVID-19 kept confidence higher all day across the world with all main markets significantly up. The Dow Jones Index is currently (UK -7.08pm) trading at 20,151 up 1,559 points or 8.39%.
In the current highly volatile economic climate, in our heart we hope that this glimpse of positivity continues, our head says the roller coaster ride has a few more laps to go yet.
