NYSE re-opens trading floor for first time since pandemic closure - as it happened

Rolling coverage of the latest economic and financial news, as the New York Stock Exchange welcomes traders for the first time in two months

3.17pm BST

Global stocks across Asia, Europe and the US jumped on hopes that the lifting of lockdowns across the world will help to re-start economic and corporate growth. The FTSE 100 edged towards highs last seen at the end of April.

Travel stocks had a notable rally as lockdowns eased and Germany agreed to a 9bn bailout for airline Lufthansa.

2.57pm BST

The John Lewis Partnership is the latest retailer to confirm when it will open its doors, following the UK government's planned easing of lockdown measures on non-essential retailers over the coming weeks.

John Lewis said its department stores will re-open from 15 June on a phased basis".

2.51pm BST

With an impressive 2% plus surge right at the open, the #Dow is currently trading above 25,000 and the S&P above 3,000.
This has given a boost to European #markets, with most indices now 1% higher or more.
10-year yields on government #bonds have risen by 4 bps, with UST at 0.70% https://t.co/Y51ATkfANM

2.37pm BST

Investors will be cautiously celebrating another milestone this morning on Wall Street.

The S&P 500 has pushed above 3,000 points and is also above the 200-day moving average for the first time since 5 March this year, according to Reuters.

2.35pm BST

Traders have officially re-entered the physical trading floor at the New York Stock Exchange this afternoon(albeit with precautions) after staying away for two months during the global pandemic.

New York Governor Andrew Cuomo rang the opening bell, in what would have looked like an apocalyptic scene less than six months ago

2.27pm BST

.@NYGovCuomo arrives at @NYSE to ring opening bell on traders' first day back on the floor. #MoneyWatch pic.twitter.com/S2VTJmUuOM

2.25pm BST

Here were some of the scenes around the New York Stock Exchange this morning as traders prepared to enter the live trading floor for the first time in two months.

2.14pm BST

Checking back in with European shares, the FTSE 100 has pared some of its gains but is still up around 1.1% at 6,060 points.

The more domestically-focused FTSE 250 is rallying, up around 3.2%, with TUI up a whopping 45%. Like the blue chip index, the FTSE 250 is edging closer to intraday highs last seen at the end of April.

1.29pm BST

The International Air Transport Association (IATA) has said that more airlines may fail due to an increase in debt taken on during the Covid-19 crisis.

The organisation said that airlines will exit the crisis with around $120bn worth of debt and only around $30bn in new equity.

1.19pm BST

With just over an hour to the US open, futures suggest American stocks will extend the gains seen across Asia and Europe today:

1.05pm BST

We now have the official response from McLaren on those 1,200 job cuts.

The company says that it has been severely affected by the current pandemic" and that the cancellation of motorsport events, suspension of manufacturing and retail, and a drop in demand for tech have impacted its revenue streams.

It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business. But we now have no other choice but to reduce the size of our workforce.

This is undoubtedly a challenging time for our company, and particularly our people, but we plan to emerge as an efficient, sustainable business with a clear course for returning to growth.

12.44pm BST

The peri-peri restaurant chain Nando's has today announced the reopening of 54 restaurants for delivery and click and collection across the UK and Ireland, with 40 more due to reopen tomorrow.

All delivery orders placed through the Nando's website can earn chillies', or reward points, through Nando's loyalty scheme which can be redeemed when the restaurants open their doors for a full dine-in service later in the year.

12.39pm BST

Supercar maker McLaren is set to cut 1,200 jobs or around 25% of its 4,000-strong workforce, according to Sky News.

The Surrey-based company is expected to partially blame the F1 cost cap for prompting its restructuring plans, which come as the firm tries to raise 275m from investors.

Revealed: McLaren Group, the F1 team-owner and supercar maker, is cutting 1200 jobs, or just over a quarter of its workforce, as it cuts costs to cope with the impact of the pandemic. The restructuring comes as McLaren seeks to raise 275m from investors. https://t.co/ejQvCnJZ6G

12.26pm BST

It's the difference between [takeaway] delivery and going to a restaurant, where you can look at the menu and talk to the waiter about the specials," floor trader Steve Grasso told the Washington Post last month.

You get your food either way. But you get an inferior experience if you don't go to the restaurant."

Related: New York Stock Exchange traders hope to prove they are still a big noise

11.38am BST

The New York Stock Exchange will re-open its trading floor this afternoon after closing for nearly two months due to the Covid-19 outbreak.

However, the return of open outcry trading at the NYSE will not be business as usual. Safety concerns mean only 25% of the normal numbers of brokers will be back on the floor, and they will have to wear masks and follow strict physical distancing rules.

11.22am BST

A few more points to highlight from the CBI retail survey:

On jobs:

The retail sector is at the sharp end of a crisis, with many businesses up against it. The government's support packages are making a real difference, with more shops reporting that jobs have been furloughed, rather than lost. The furlough system will need to adapt as more businesses open their doors in the months ahead.

As we gradually reopen the economy, retailers may yet need more support from the government if demand falters. Ensuring safety in the workplace remains the top priority, as more firms look to bring staff back to work. Many challenges remain in managing supply chains and costs in a tough environment.

11.13am BST

Dataflash: The CBI retail survey out this morning shows that retail sales volumes remained deeply depressed" in the year to May with a balance of -50%.

However, that is a slightly slower decline than in April, when volumes fell to -55%. Volumes are also expected to fall at a slightly slower, but historically fast" pace next month, the survey showed.

Retail sales fell sharply in the year to May, albeit at a slower pace than last month's joint record low. The improvement was largely driven by grocer volumes returning to growth territory. Overall, sales are expected to fall at a slower pace again next month. #DTS pic.twitter.com/Y3R3EwWFMm

65% of retailers reported that coronavirus has had a significantly negative" impact on sales, broadly similar to last month. 47% of retailers are now in complete shutdown, up from 39% in April.

Financial pressures remain acute, but have eased slightly. 80% of retailers reported cash-flow difficulties, down from 96% in April. 26% reported difficulties in meeting tax obligations (down from 40%).

10.35am BST

The Bank of England's chief economist Andy Haldane has said that the central bank is not even remotely close to making a decision on whether to cut rates below zero.

Speaking as part of a webinar organised by the Confederation of British Industry, he explained that the Bank would have to take key issues into consideration, including the consequences on the financial sector (with banks relying on income from interest) and confidence in the economy.

10.15am BST

Newsflash: Accounting watchdog the Financial Reporting Council has launched an investigation into KPMG and PwC over the audits of haulage firm Eddie Stobart.

The FRC said it was linked to audits for the years ending 30 November 2017 (conducted by KPMG) and 30 November 2018 (which were done by PwC).

10.05am BST

US futures are pointing to another strong start for stocks on Wall Street.

Most notably, S&P 500 futures are up 1.8% and pushing above 3,000 points for the first time since early March.

9.34am BST

Confirming reports out yesterday, luxury carmaker Aston Martin said this morning that it had sacked CEO Andy Palmer as part of a wider board overhaul.

It follows collapse in its share price and a slump in sales due to the coronavirus pandemic.

Palmer's replacement, Tobias Moers, will join on 1 August from Mercedes-AMG, where he is currently the boss of the German carmaker's high-performance division.

Palmer had served as Aston Martin's chief executive since 2014, and the company confirmed his departure following reports over the weekend. Palmer left the company, James Bond's favourite car marque, on Monday.

Related: Aston Martin confirms sacking of chief after share collapse

9.10am BST

Newsflash: Singapore has unveiled its fourth economic stimulus package in response to the Covid-19 crisis this morning.

The package is worth 33bn Singapore dollars (about 19bn), bringing the total stimulus to 100bn Singapore dollars which represents around 20% of the island nation's GDP.

8.53am BST

Consumer stocks have also been boosted by Prime Minister Boris Johnson's announcement yesterday that non-essential retailers will start re-opening over the coming weeks.

As my colleague Rowena Mason reports, outdoor markets and car showrooms will be allowed to reopen in England from Monday next week, while other non-essential retail premises will be allowed to open in three weeks' time.

Related: Outdoor markets and car showrooms can open next week in England

8.49am BST

Consumer and travel stocks are surging ahead in Europe, and are among the best performers on the FTSE 100 this morning.

Investors seem to be warming back up to companies like British Airways owner IAG and cruise ship operator Carnival, following news that Germany had agreed to a 9bn bailout for airline Lufthansa.

The deal still needs to get the nod from the European Commission, who might impose a number of conditions in return for its approval, including the surrender of key flight slots. These types of rescue usually come with strings attached as UK bank Royal Bank of Scotland found when it was bailed out by the UK government in 2008. The bank was forced to sell a number of assets at fire sale prices including Worldpay, Direct Line, as well as spending years to try and sell off Williams and Glyns branches at a significant cost.

The EU Commission will certainly feel the heat from Ryanair CEO Michael O'Leary if they do wave this bailout through without extracting a heavy price from Lufthansa, which has been badly run for several years now.

8.28am BST

The FTSE 100 is pushing ahead at 6,130 points. If it manages to hold above these levels we will reach a one-month high at the close. But with 4:30pm still a long way off, we'll have to stick to intra-day levels, which were still higher at 6,151 points on 30 April.

8.14am BST

With the FTSE 100 trading at around 6,107 points, the blue chip index is nearing a one-month high. (The previous high came on 29 April when the FTSE 100 rose above the 6,115 mark)

However, we're still a long way off before we get anywhere close to pre-Covid levels:

8.02am BST

And, we're off! Major indices across Europe are all higher as markets open for trading:

7.57am BST

Asian and Australian stocks have set the tone for a strong start in Europe:

7.54am BST

UK and US stock markets are back in action today after being closed for the bank holiday Monday. Major indices in both countries are expected to rise, taking their cue from Asia where stocks are climbing thanks to the easing of Covid-19 lockdown restrictions across the world and some better-than-expected economic data out of Singapore.

Singapore is among the world's most open economies and is viewed as a bellwether on the economic front. And while the market was positioning for more pain, the GDP contraction was much less than expected. It will be received quite favourably in the global context since Singapore's economy is only now emerging from lockdown status.

Asia markets have continued in this vein, rising sharply on reports that Japan is also easing its remaining emergency measures, while news that American firm Novavax is set to start its first human studies of its experimental coronavirus vaccine also provided a boost.

With UK markets set to play catch-up this morning we can expect to see a very strong open for the FTSE100, with other markets in Europe also set to open higher and build on the gains made yesterday.