October 21, 2020, 7:11

UK Stocks Surge After Trump Backtracks on His Order to End COVID-19 Stimulus Talks

UK Stocks Surge After Trump Backtracks on His Order to End COVID-19 Stimulus Talks

UK Stocks Surge After Trump Backtracks on His Order to End COVID-19 Stimulus Talks
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AFP 2020 / TOLGA AKMENBusiness12:36 GMT 08.10.2020Get short URLby Oleg Burunov113Subscribehttps://cdn1.img.sputniknews.com/img/07e4/0a/08/1080706925_0:20:3079:1752_1200x675_80_0_0_3a24111a04dd4ef510f6f842af902a47.jpgSputnik Internationalhttps://cdn2.img.sputniknews.com/i/logo.pngOleg Burunov. Sputnik Internationalhttps://sputniknews.com/business/202010081080708254-uk-stocks-surge-after-trump-backtracks-on-his-order-to-end-covid-19-stimulus-talks/

Tuesday saw the US stock market take a dive following President Donald Trump’s announcement that he had ordered an end to COVID-19 stimulus negotiations until after the 3 November election because the “economy is doing very well”.

UK shares were on the rise Thursday after US stocks rebounded last night following President Donald Trump’s apparent U-turn on a coronavirus stimulus bill.

The UK’s GVC Holdings, one of the world’s largest sports betting and gaming groups, surged 7% after posting a 12% increase in its revenue for the third quarter.

The British tobacco company Imperial Brands grew 1.3% as it predicted that its full-year net revenue would comply with market estimates.

The developments come after Trump went on Twitter to signal his support for a new round of $1,200 checks for American taxpayers, hours after he killed talks on the COVID-19 stimulus plan that included such steps.

The move was preceded by POTUS announcing via Twitter that the “economy is doing very well” and that he had ordered an end to stimulus negotiations until after the presidential election.

The announcement was followed by New York Stock Exchange indices instantly plunging into the red, with the Dow Jones Industrial Average index falling by 375.88 points, or 1.3%, and the S&P 500 plummeting 1.4%.

Sourse: sputniknews.com

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