- Weekend reports suggest easing of planning restrictions that stop pubs and restaurants from using outdoor areas
- Oil prices rise 2% after the extension of production cuts before turning negative
12.41pm BST
Oil prices have just turned negative, following earlier gains of over 2% after the Opec oil cartel and its allies extended production cuts to prop up the oil price. Brent crude has slipped 0.17% to $42.23 a barrel while US light crude is down 0.6% at $39.31 a barrel.
The FTSE 100 index is now trading just under 9 points higher at 6,493, a 0.14% gain. Germany’s Dax is flat while France’s CAC 40 is down 0.32%. Italy’s FTSE MiB has advanced 0.67% while Spain’s Ibex is up 1.16%, despite the dire economic forecasts from the Bank of Spain.
12.25pm BST
The Bank of Spain estimates that the Spanish economy shrank by 16% to 21.8% in the second quarter, a massive drop in economic output.
It expects a recovery in the second half of the year after the government began lifting coronavirus lockdown measures… but the Spanish economy is still on track to shrink by 9% to 11.6% this year, in its most likely scenario. Ouch.
Source: UK shares rise on further lockdown easing hopes – business live
Category: Business, Stock markets, China, Asia Pacific, World news
