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FTSE 100 edges higher as crypto recovery and oil prices boost world markets

May 25
11:05 2021

London’s FTSE 100 edged higher on Monday after posting a weekly loss as oil companies surged. The world markets also showed recovery as tech stocks bounced back.

The blue-chip index advanced 0.5 per cent at 7,051, while, the domestically focused mid-cap FTSE 250 added 0.4 per cent.

Stocks at the Wall Street also advanced on Monday with tech stocks finding momentum back and recovery in crypto as well as a retreat in US Treasury yields. The S&P 500 rose 41 points or 1 per cent, Dow Jones Industrial Average added 186 points or 0.5 per cent, and the tech-heavy Nasdaq composite rose 190 points or 1.4 per cent.

Technology stocks added 1.4 per cent leading sectoral gains, with companies like Apple Inc, Microsoft Corp, and Nvidia providing the boost to the benchmark S&P 500 following a rough period for bitcoin over the weekend.

Bitcoin, which dropped under $ 32,000 on Sunday, rose to rebound 20 per cent to reach above $ 39,000 on Monday.

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On Tuesday morning, shares in Asia-Pacific opened higher with by positive cues from the US. In Japan, the Nikkei 225 rose 0.6 per cent by noon. South Korea’s Kospi climbed 0.7 per cent. The S&P/ASX 200 in Australia was 0.6 per cent higher.

Hong Kong stocks edged 1.26 per cent higher, while MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.22 per cent higher.

Indian indices opened higher on Tuesday following gains in Asian peers after Wall Street rose in overnight trade. Sensex was up 234 points at 50,886 while the Nifty rose 85 points to 15,282 in the early trade.

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