FTSE 100 rebounds after rout

U.K. stocks recovered on Tuesday after the worst day in two months, as concerns about the endurance of COVID-19 in the face of vaccines are still casting an overhang over the market.

After the FTSE 100
fell by 2.3% on Monday, the worst single-day performance since May 11, the benchmark index rose 1%.

U.S. stock futures
also rose.

Television broadcaster ITV
the worst performer on Monday, was the strongest FTSE 100 component, while food-delivery service Just Eat Takeaway,
which advanced on Monday, declined on Tuesday.

“Even if market volatility is picking up in the second half of July, investors are still struggling with both lower summer liquidity and an ambiguous macro context. While short-term bearish drivers like mounting virus fears and inflation worries are still shaking this month’s market sentiment, today’s strong reactions over key support levels suggest the bullish trading stance remains alive,” said Pierre Veyret, technical analyst at ActivTrades.

Cinema-chain operator Cineworld
was the top performer in the midcap FTSE 250.

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