Europe’s major markets rebounded on the back of a recovery in cryptocurrency and calm over potential inflation rises. The FTSE 100 closed 69.59 points higher, or 1%, at 7,019.79 on Thursday. Michael Hewson, chief market analyst at CMC Markets UK, said: “After yesterday’s shenanigans European markets have rebounded quite strongly, setting aside yesterday’s concerns over cryptocurrency volatility and the US central banks stance on inflation to close higher, and mark a welcome respite to the declines of the last couple of days. The pound increased by 0.19% versus the US dollar to 1.418 and was up 0.15% against the euro at 1.160. It closed 20.2p lower at 962.8p as it reported underlying losses of £701 million for the six months to March 31 against £193 million a year ago.

Source: Irish Independent May 20, 2021 16:54 UTC