Wall Street’s S&P 500 closed 1.5 per cent higher.

Meanwhile, the tech-heavy Nasdaq rose 1.9 percent. 

Wall Street’s S&P 500 is expected to open 0.2 percent lower when US trading opens today.

London’s FTSE 100 could slip 0.1 per cent.

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9.47am update: UK's manufacturing sector returns to razor-thin growth

As the economy begins to stabilise following the deadly outbreak of coronavirus, the UK's manufacturing sector has recorded a score of 50.1 in June, which is up from 40.7 May.

According to the IHS Markit/CIPS manufacturing purhcing manager's index (PMI), anything above 50 is considered an expansion in the sector.

Compared to other European countries, the UK and France (52.3) are the only ones above 50.

Germany recorded 45.2, Italy 47.5 and Spain 49.

9.38am update: UK house prices slowed to a halt in June

According to latest figures from Nationwide found due to the pandemic, UK house price growth slowed to almost a halt throughout June.

The latest house price index revealed prices had fallen 1.4pc in June, leaving them just 0.05pc year-on-year.

Robert Gardiner, Nationwide’s chief economist, said: "It is unsurprising that annual house price growth has stalled, given the magnitude of the shock to the economy as a result of the pandemic...

"Housing market activity also slowed sharply as a result of lockdown measures implemented to control the spread of the virus."

9am update: Business Secretary Alok Sharma says reopening the economy is the best way to help businesses

Last month, non-essential shops were given the green light to reopen and as of July 4, cinemas and pubs will be allowed to continue business as long as they are "Covid secure".

However, many people have raised concerns about a second wave of the deadly virus, but Alok Sharma, the Business Secretary, has said today reopening the economy is the best way to help businesses.

He told BBC Radio 4's Today programme: "The support in the job retention scheme is being provided until October.

"But the best way of providing support for business is to open up the economy, and we have been doing that in a phased and cautious manner."

8.45am update: Upper Crust, British Gas, Royal Mail, easyJet and British Airways suggest further job cuts

As the pandemic continues to sweep across the nation, companies have suggested further job cuts are expected.

Since lockdown measures were placed in March travel and entertainment companies in the FTSE 250 have taken the biggest hit.

Cineworld is down 72.5 percent, Carnival down 73 percent and one of the world's largest tour operators TUI falling 61.6 percent.

Now, early indicators for May from the Office of National Statistics suggested the number of employees in the UK on payrolls is down over 600,000 compared with March.

And it appears more job cuts are expected.

SSP, the owner of bakery chain Upper Crust, could axe up to 5,000 jobs.

Simon Smith, SSP’s chief executive, told The Telegraph: “In the UK the pace of the recovery continues to be slow.

"In response to this, we are now taking further action to protect the business and create the right base from which to rebuild our operations.

“Regrettably, we are starting a collective consultation which will affect our UK colleagues.

"These are extremely difficult decisions, and our main priority will be to conduct the process carefully and fairly.”

8.30am update: FTSE 100 drops by 18.2 percent in six months

According to PA, the FTSE opened the year at 7,542.44 on January 2 and closed on June 30 at 6,169.74, marking a drop of 18.2 percent in just six months.

The figure dipped under the 5,000-point barrier on March 23 when Prime Minister Boris Johnson announced a nationwide lockdown.

The FTSE 250 index also suffered a dramatic loss.

Starting the year at 21,883.40, it has since suffered a 21.7 percent fall to close on Tuesday at 17,119.16.

8.25am update: Sainsbury's report increase in shares during lockdown

The supermarket has reported an 8.2pc rise in like-for-like sales during its first quarter, to the end of June.

Simon Roberts, the group’s new chief executive, said: "Our business has changed fundamentally from four months ago.

"We have more than doubled our weekly sales of online groceries in recent weeks, SmartShop [it’s ‘scan on the go’ service] now accounts for more than half of sales in some supermarkets and Argos sales were strong while operating as an online-only business for almost twelve weeks.

"Warm weather boosted food sales and sales in seasonal categories in Argos, but sales of clothing and fuel and trading in city centre convenience stores were all significantly down year on year as a result of lockdown."

The supermarket saw grocery sales increased by 10.5pc during the period while other merchandise shot up by 7.2pc.

However, clothing plummeted by 26.7pc.

8.16am update: European stock markets open flat

The European stock markets have opened on flat.

The FTSE 100 has opened in green with a slight increase of 0.06 percent increase.

Madrid IBEX 35 has also risen by 0.13 percent.

The CAC 40 was down by just 0.01 percent.

7.55am update: European stocks expected to slip as concerns grow about COVID-19 in the US

The FTSE 100 and European markets are likely to slip during opening hours amid concerns about the rapid increase of COVID-19 cases in the US.

Last week, Florida and Texas both had to return to strict lockdown measures as the number of cases shot up.

The US government’s top infectious disease specialist Anthony Fauci warned cases could rise to 100,000 a day.

7am update: Steven Brown takes over from Rachel Russell

6.14am: Asia's factory pain eases as region emerges from pandemic

Asia’s factory pain showed signs of easing in June, as a rebound in China’s activity offered some hope the region may have passed the worst of the devastation caused by the coronavirus pandemic.

But sluggish global demand and fears of a second wave of infections will tame any optimism on the outlook and keep pressure on policymakers to support their ailing economies.

China’s factory activity grew at a faster clip in June after the government lifted coronavirus lockdown measures, a private sector survey showed on Wednesday.

Manufacturing activity also expanded in Vietnam and Malaysia, pointing to a slow but steady recovery ahead.

Japan and South Korea continued to see manufacturing activity shrink, underscoring the heavy blow the pandemic dealt to their export-reliant economies, although the pace of their declines slowed.

“The chance of a V-shape recovery in the manufacturing sector appears slim at this stage,” said Joe Hayes, economist at IHS Markit, which compiles the survey.

“We’re still awaiting signs of meaningful improvement in Japan’s manufacturing sector, with the PMI for June failing to stage a substantial recovery.”