Stocks are rebounding for a second straight day as risk sentiment continues to improve on tentative signs that coronavirus cases are leveling off.
In the UK, the number of coronavirus cases and deaths dropped by a third on Monday. Statistics point to a leveling off in New York and in hotspots in Europe as well. Gains are lacking the momentum from the previous session but perhaps that isn’t so surprising given the size of Monday’s surge and the size of the economic hit which is expected over this quarter.
The is pointing to a 1.5% jump on the open after soaring over 3% in the previous session. On Monday, the UK index booked impressive gains despite awful data. Consumer confidence plummeted to 2008 levels on the coronavirus lockdown. Data also showed that UK construction firms axed jobs at the fastest pace in a decade, and Goldman Sachs forecast the deepest recession in the UK in a century.
Risk sentiment tops macro data
The fact that the…