Carnival extends P&O suspension, Wizz Air traffic plunges in April

London open

The FTSE 100 is expected to open 89 points higher on Tuesday, having closed down 0.16% at 5,753.78 on Monday.

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Carnival said it had extended the suspension of its P&O Cruises operations in Australia and New Zealand to August 31, in response to continuing travel restrictions due to the impact of Covid-19.

Low-cost airline Wizz Air said April traffic plunged to almost zero in April as the coronavirus pandemic and government travel bans hammered passenger traffic. Wizz on Tuesday reported a 97.1% fall in capacity to 104,956 seats and 97.6% plunge in passenger bookings to 78,389. The company said it had operated 71 cargo flights with medical equipment as well as 28 rescue flights since the breakout of the pandemic. Operations resumed from Wizz Air's bases in London Luton and Vienna on 1 May with flights to selected destinations.

Refractory products company RHI Magnesita said on Tuesday that trading in its steel division remained weak in the first quarter in Europe and South America, largely offset by a robust performance in North America. The FTSE 250 company said its industrial division continued to perform well, particularly in cement, with overall demand levels in the first quarter similar to the final three months of 2019, with EBITA slightly ahead, in line with management expectations. In the second quarter, it said the trading environment had become “increasingly challenging” as a result of the Covid-19 coronavirus pandemic, with a “significant” slowdown in customer activity and a fall in order book levels.

Newspaper round-up

Workers may refuse to turn up or stage walk-outs unless the government helps guarantee their safety, trade unions have warned amid anger over guidance designed to ease the lockdown. As ministers prepare to urge the country back to return to work, Labour joined a string of trade unions in criticising draft guidelines for being vague, inadequate and putting staff at risk because employers can choose how closely to follow them. - Guardian

Carl and Kerry Humphreys were looking forward to celebrating the second anniversary of the opening of their sandwich shop and catering business when the coronavirus crisis struck and trade dried up almost overnight. Hubbubs was turning a small profit, providing takeaway coffee and buffet lunches to local businesses. It ran from a Basepoint business centre in Swindon, a shared office building managed by International Workplace Group (IWG), the world’s largest flexible workspace provider. – Guardian

Demand for new cars fell by around 97pc last month during the coronavirus lockdown, to the lowest level in nearly 75 years. Around 4,000 new cars were registered in April compared with 161,000 in the same month in 2019, according to preliminary figures released by the Society of Motor Manufacturers and Traders (SMMT). – Telegraph

Britain's manufacturing heartlands in the Midlands have been hardest hit by the coronavirus lockdown, according to new research which threatens Boris Johnson's bid to “level up” the regions and will pile pressure on ministers to spell out plans for a return to work. The shutdown is costing the UK economy £2.7bn every day in lost growth as nationwide output slumps an estimated 34pc, the study by the Centre for Economics and Business Research (CEBR) and law firm Irwin Mitchell warned – with regions meant to benefit most from Prime Minister Johnson's reforming agenda hammered worst. – Telegraph

The accounting watchdog has launched an investigation into EY over its audit of NMC Health, the private hospitals operator now in administration amid allegations of fraud. The Financial Reporting Council said that it has started investigating the audit of the financial statements of NMC Health for the year to the end of 2018.- The Times

US close

Trading on Wall Street finished in the green on Monday, as technology stocks led a late-session turnaround, and after Donald Trump's continued attacks on China raised fears of a resumption in trade hostilities between the world's two largest economies.

The Dow Jones Industrial Average closed up 0.11% at 23,749.76, the S&P 500 added 0.42% to 2,842.74, and the Nasdaq Composite was 1.23% firmer at 8,710.72.

It was a stark change from the open, when the Dow lost 147.02 points, initially continuing on losses recorded last week after the president apparently reignited America's trade war with China, with some alarming claims regarding the Covid-19 pandemic's origin.

Also helping sentiment improve in late trading was an improvement in oil prices to comfortably above $20 per barrel, with West Texas Intermediate last 7.38% firmer at $21.24.

Donald Trump doubled down on his claims over the weekend that he believed that China had made a "mistake" and was responsible for spreading the coronavirus.

"I think they made a horrible mistake and didn't want to admit it," he said.

Trump did not offer up any evidence to support his claims and the office of the Director of National Intelligence actually went as far as to say the Covid-19 virus was not man-made.