- London’s mid-cap index ticked up on Wednesday as investors clung to hopes of fresh stimulus and a pickup in economic activity in the second half of the year, shrugging off concerns about more possible lockdowns following a surge in COVID-19 cases.
“The direction of improving economic numbers is leading to believe the economy isn’t dead yet,” said Andrea Cicione, strategist at TS Lombard. The FTSE 100 has rallied about 25% and the FTSE 250 about 39% since crashing to multi-year lows in March, powered by hopes of a swift revival in economic activity following the easing of the coronavirus-induced lockdown.
Data on Wednesday showed the downturn in euro zone manufacturing in June was not as bad as initially feared, while UK figures confirmed that manufacturing activity expanded slightly last month.
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